Multicurrency Payrolls Simplify Compliance, Improve Global Workforce Experience

In today’s world where workers are no longer required to be physically present in offices all day long, it’s not uncommon for a Paris-based tech firm to count multiple international hires based in neighboring European countries or far-off countries in Africa or Asia, among its workforce.

But as much as remote work has allowed firms to spread their wings and look beyond skilled local workers which in many areas are in extremely short supply today, managing a global workforce, particularly making payments in multiple currencies, can be a difficult undertaking for firms sourcing global talent.

Read more: As Remote Work Goes Global, Paying Workers Gets Complex

That challenge is what remote hiring firm Deel is looking to solve, giving clients access to a software as a service (SaaS) platform where they can easily and seamlessly manage payments and compliance for an international workforce.

In June, the remote-work startup announced the launch of a new offering designed to run payroll in 90+ countries and 120+ currencies through a single platform, further enabling clients to manage multiple regional payroll systems, streamline global workflows and pay their entire international teams on time and with ease.

Read also: Deel, Paysend Partner on XBorder Contractor Payroll

“Global payroll is really key to consolidate and to have one point of view to manage people around the world and ensure that all aspects of payroll will be managed in a secure way, in the right currency and at the right time,” Julien Couderc, Deel’s France Country Leader, told PYMNTS in an interview.

Couderc added that the service, which is gaining traction in France, will usher in the next phase of growth for the company, helping clients avoid the cost of setting up teams in 90+ countries where Deel owns local legal entities and stay compliant with various local labor laws and regulations.

See more: Deel Raises $156 Million In Series C Funding For Remote Payroll Solution

Another area where Deel supports clients is with visa applications, sponsoring visas for workers and independent contractors in certain countries under its Employer of Record (EOR) model.

Today, the global payroll and compliance platform, which counts companies such as Revolut, Reddit, Dropbox, and Nike among its clients, has a workforce of more than 1,300 people, managing more than 20,000 employees and over 200,000 independent contractors daily.

See also: Deel Nets $425M in Series D Funding

Their global presence, Couderc pointed out, gives them a competitive edge, and allows them to help multiple firms across different industries expand and grow their businesses while providing their workers with a “strong employee and remote experience.”

Remote Work Here To Stay

When it comes to remote hiring trends, Couderc says more and more French companies are embracing talent from other European countries, including Spain, Bulgaria, Italy, and the U.K.

Another trend he has observed in France is demand from large companies looking to hire international workers for short-term project-based assignments lasting anywhere from 12 to 36 months. “We [are well placed to be] a strong partner in this context, [managing] a dedicated workforce of 500 to 1,000 to even 2,000 independent contractors required for these kinds of projects,” he noted.

Read Deel CEO Interview: Crypto Gives Employers New Payroll Option to Attract Global Workforce

Moving forward, he said the goal is to continue to make the process of growing remote and international teams even more effortless for clients as they look to expand their offering with new innovative functionalities around sourcing global talent.

Couderc also pointed to technology, crypto and gaming companies — organizations with 500 to 1,000 employees that are growing rapidly and looking to quickly expand their workforce — as their “sweet spots” and where they will continue to see increased demand for their services.

Finally, he said there’s a bright future for remote work as more employers continue to adopt it. Larger companies in France, for example, are offering more flexibility and are now using their offices as less of a daily working space for employees and more as a co-working area where collaborators can meet from time to time.

It’s a trend that has been triggered by employee’s demand for agility and flexibility tailored to specific needs for work-life balance, physical and emotional health or simply those looking to turn away from the high cost of living in big cities.

This, according to Couderc, has resulted in an increasing number of people reassessing their careers and rethinking the way they work, a clear indication that working remotely, particularly in the hybrid work model, is the standard now and very much here to stay.

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