The COVID-19 pandemic ushered in transformational changes in companies, forcing them to rethink, reinvent and reimagine in many areas. From adopting a remote work culture to utilizing video conferencing platforms like never before, organizations came up with different ways of dealing with the crisis. One of these was the way they hired talent.
Remote global hiring became the new thing since remote working made it possible to recruit individuals without geographical constraints. Infrastructural constraints were a concern since companies lacked the required infrastructure for supporting remote hiring practices.
However, the Deel growth story shows how successful solutions to fundamental problems of remote hiring are possible. Using this payroll, compliance, and hiring platform, you can hire anyone in any part of the world within a few minutes. What are some of the details you must know? Read on.
Challenges of traditional hiring
To appreciate the importance of remote hiring solutions, it would help to know the problems associated with the traditional hiring practices in a foreign country. In most cases, companies would have to set up a local branch with the necessary infrastructure, including a local bank account.
They would then have to search for talent and, upon finding them, manually handle the onboarding process, including payroll compliance. It involved a significant amount of money, time, and resources.
What does a hiring platform do?
A hiring platform like Deel acts as an EOR (employer-on-record), removing the necessity of a local entity by managing the entire employee onboarding cycle. They take care of various processes like hiring, onboarding, contracting, payrolls, and even terminations while offering solid IP protection and data security. It saves you the costs of maintaining an in-person team at the hiring location.
Benefits of using this tool
A payroll and compliance software quickens the hiring process of employees and allows you to hire contractors while adhering to the regional law requirements.
Here are some of its other advantages you should know.
It speeds up the onboarding process.
Whether your employee stays in Indonesia or Germany, you can complete the compliance process within minutes. Create a contract containing your company’s rules and regulations while keeping in mind the local laws, and send it to them immediately. Once they have signed and mailed it back to you, the onboarding process is complete.
Stay updated with the local laws.
The local laws of your employee’s country, state, or city might change from time to time, and it can be challenging to keep up with every minor change.
A hiring platform has a team of local experts acquainted with the local laws and regulations. They help you follow the required procedures, avoid fines with the necessary documentation and reduce operational overhead expenses.
Organize your payment process
Paying your contractors and employees can be time-consuming. Using this tool helps streamline the entire payment process. Your team members receive their salaries on time, and in the currency of their choosing, thus avoiding delays and other inconveniences. It also distributes the payslips automatically after every payment.
Things to check before using a platform
You should check the number of countries where a hiring and compliance payment platform has entities, as that would expand your options for remote hiring. It must handle essential compliance, including local tax requirements, minimum wage, social security, and termination requirements. It would be better to select a software that supports at least 200 currencies and automatically transfers the salaries to the bank accounts.
Additionally, if you require your team to sign Data Protection Agreements, it should enable you to do that through its dashboard and store the signed agreements in a single place. It should also integrate with your existing accounting system, helping you streamline your HR workflows.
The Deel growth story teaches a lot when it comes to remote hiring. A hiring platform manages the onboarding process while ensuring timely payments and compliance with local rules and regulations. It saves you time and money and allows you to hire the best candidates from across the globe.