As businesses increasingly look for ways to expand beyond the borders that confine them, leaders are looking for tech solutions that can quickly springboard their companies to the next big goal. Whether a company is going global to capitalize on expansion opportunities in other markets or the need to draw from a larger talent pool, the right HR tech stack is an often overlooked but critical element for successful long-term growth. Companies need to scale quickly while minimizing the extra strain this causes on their existing HR departments. Employer of record (EOR) solutions make this possible for businesses around the world.
Velocity Global was one of the first companies to offer EOR solutions and has been behind the scenes of major global expansions since 2014, building dream teams by combining HR technology with local hiring expertise in over 185 countries. Since then, they’ve helped thousands of organizations hire talent globally, taking the stress and strain out of global hiring. Their unified platform makes it simple to compliantly hire, pay, and manage talent anywhere—without having to set up a foreign entity, absorb the hefty associated costs, and incur potential legal risks. The platform also integrates smoothly with leading HR technology in real time to simplify data synchronization, increase accuracy, and boost efficiency for HR teams.
Successfully growing beyond borders? Here’s how it’s done.
1. Hire the right person for the job, not the one closest to it
As physical distance from employees becomes a consideration of the past for many businesses, a whole new world of talent has opened up to HR leaders. With access to global talent, companies can offset skills and labor shortages domestically, have more room for salary negotiations, and tailor their workforce to their organization’s unique needs. A broader talent pool also means global companies can develop a more diverse and inclusive workforce, initiating a positive cycle for future recruiting. According to Glassdoor, 76% of job seekers prefer working for diverse companies.
Finding the niche skill sets to successfully grow a business is now easier than ever. But things start to get tricky when it comes to global payroll and staying on top of all things compliance—from local labor laws to contractor classifications. Velocity Global offers international expertise to ensure businesses avoid the many risks of misclassification and can advise when and whether to convert contractors to full-time employees.
Mergers and acquisitions (M&A) across borders add even more urgency and complexity. Leveraging EOR ensures companies hit those tight deal closures while also being a cost-effective way to pursue M&A initiatives. Velocity Global’s in-country experts will navigate regulations surrounding payroll, benefits, taxes, and more to ensure that inherited talent and newly hired employees are all brought into the company quickly and compliantly.
2. Be an in-country expert in every country
There are so many reasons for global expansion—testing new markets, diversifying the workforce, creating opportunities for innovation, and reducing business costs. However, many SMBs and mid-market companies in the U.S. that want to hire across borders do not feel confident to do so: 23% of mid-market companies say that the current size of their workforce remains insufficient for market conditions (Source: National Center for the Middle Market, 2022). For companies that need to expand but are still in the early stages of trying to determine the right markets, Velocity Global can step in to offer guidance and help identify countries that align with the business’s goals.
3. Attract the brightest talent and keep them glowing
Assembling dream teams of top talent requires offering the most competitive total compensation packages for the specific location you’re hiring. Salary and benefits expectations can vary greatly between countries and even between regions in the same country. Velocity Global has in-country experts who will navigate this complexity for you—putting together locally tailored total compensation packages in over 185 countries.
Communicating with talent across the globe can be challenging without localized support. From understanding cultural norms to being on top of the competitive salaries and benefits in a specific region, businesses often need guidance and support from in-country specialists to meet their global talent’s expectations. Velocity Global’s local experts provide this valuable support before, during, and after a hire. They act as a liaison between the company and employee throughout the entire employee journey, helping retain talent that is invested in the long-term success of the business.
The decision to go global is a big one, and it’s crucial to get it right. Having an EOR provider like Velocity Global in your HR tech stack helps mitigate risk and takes the stress out of HR processes so companies can focus on what they do best—building their now-international business.
With Velocity Global, the world is yours. Ready to be borderless?
