For decades, people would take jobs based on their proximity to a company. Remote work wasn’t a ... [+]
What we thought the future of work would be is happening right now. Deel, a fintech startup founded by Alex Bouaziz and Shuo Wang in 2019, pioneered an innovative business model, which is completely changing how people will work.
For decades, people would take jobs based on their proximity to a company. Remote work wasn’t a thing, and relocations happened sporadically. If you lived in a ritual area or a country outside of the United States, you were basically barred from getting a job in Silicon Valley or Wall Street.
Deel has built the tools and software to enable companies to offer remote work around the world. It takes care of all the paperwork, legal, compliance, tax, human resources, benefits and country-specific requirements.
This means that a person who lives in India no longer has to uproot, relocate to San Francisco and leave their family and friends behind. Similarly, a brilliant person who resides in rural Arkansas can now have the choice of interviewing and procuring a job anywhere in the world they want. It's a complete game-changer.
Work Anywhere Your Want And Get Paid In Cryptocurrency
The company makes it easy for its roughly 7,000 corporate clients to make better hiring decisions. Deel can bring about contractors or full-time permanent employees, depending upon their needs. Businesses have the opportunity to hire top talent from across the world. Since they can now recruit worldwide, it becomes easier to build a diverse and inclusive workforce. A worker is liberated to live wherever they please. It's a win for both workers and companies.
As runaway inflation degrades the value of the dollar and other fiat currencies, the Andreesen Horowitz-backed startup offers a crypto payroll tool, enabling remote workers to be paid in cryptocurrency. Both the workers at Deel, who are based in over 70 countries, and clients’ team members in more than 150 locations, have the opportunity to choose the currency that is best for them.
Remote Work Unlocks Employee Flexibility And Mobility
To help with the humanitarian crisis in Ukraine, the global company offers free Deel Cards and Deel Advance for its Ukrainian contractors, so they can access their paycheck money easily and early in U.S. dollars. The company provides relocation assistance to other countries for those seeking or needing to move.
Global Hiring Trends
In an email, a company spokesperson said that the global hiring of U.S. workers by international companies is up 23% since February 2022, according to Deel contracts as of April 2022.
London, Toronto, Buenos Aires, Bogota and Madrid represent the top cities where remote workers are being hired from.
San Francisco, London, New York, Wilmington and Toronto represent the top cities where companies are hiring remote workers.
Recent Developments
The fast-growing startup has had to deal with a good challenge. As it quickly grew to more than 1,000 employees and its clients up to around 7,000, it was critical to get a handle on the rapid growth.
Deel announced new initiatives to help both the company and its customers cultivate a virtual corporate culture for its globally distributed workforces. The global remote-assisting company recently brought aboard Casey Bailey, an experienced HR professional who previously worked in high-level roles at fast-growing organizations, including Divvy and Uber.
The remote-first company acquired Roots, a human resources software platform that makes it easier for people who work remotely to collaborate efficiently. The Roots org chart offers a Slack feature that makes it easy for people to find out reporting lines, who is responsible for projects and divisions and more about the folks they work with remotely.
A new Global Hiring Toolkit offers a suite of employment information accessing hiring insights from more than 80 countries across the world. This includes compliance documents and real-time salary insights. Companies can effectively benchmark salaries paid to people internationally to ensure that they are fair and competitive. It also allows for comparing minimum wages, benefits, onboarding and other matters to ensure that business leaders understand what is going on and workers are treated fairly. Job seekers and newly hired staff can easily figure out what their take-home pay is after taxes. The moves help Deel and its customers build and maintain their respective cultures among distributed teams.
