With remote hiring and talent procurement becoming critical at an unprecedented rate, Deel is changing how HR tech works. The platform has leveled up the playing field for all businesses, even new startups; now they all can compete in the space.
The human resources industry is shifting from traditional hiring and onboarding processes to even better and more advanced hiring processes. Let’s go into more detail on how the San Francisco-based human resources technology platform Deel is shifting how HR technology works and quickly becoming a “people’s platform” no matter the size of the business.
Table of Contents
What Is Deel?
Founded in 2019 by Alex Bouaziz and Shou Wang, it is encouraging to see HR tech platforms focusing on transforming and modernizing outdated hiring practices, payroll, and payment models. We can all agree that the traditional processes are no longer working in today’s demanding borderless workforce.
Deel has grown to be an advanced HR offering for companies all over the globe and services more than 15,000 companies. Deel proudly supports in more than 150 countries, and that is a reflection of the speed at which remote hiring services grow.
In just a few years, the company’s valuation reached over $12 billion. Rapid growth and demand are making it one of the fastest-growing HR technology providers.
Deel’s Key Features
Deel provides several features to change the HR processes that businesses have in place. Let’s look at its primary features:
Global Hiring Solutions
Deel pledges to streamline remote work hiring processes that can sometimes feel complicated:
Automated compliance management: Deel oversees compliance with current employment regulations and laws across various regions. This takes the burden of ensuring that all the contracts are automatically compliant with any local requirements across the region. This, in turn, helps lessen the possibility of employers facing legal repercussions.
Automated contract management: Long-form HR contracts are a thing of the past! Deel now takes care of this for employers—offering customizable, legally compliant contracts for every type of workforce. These templates are all updated regularly, accounting for all the local law changes to help avoid legal challenges.
Entity management: For companies without local entities, Deel will act as an employer of record (EOR) and manage all legal and regulatory requirements to allow businesses to hire full-time employees in a country where they do not have any local operations.
Revolutionary Payment Options
The payment infrastructure of the Deel platform has transformed how global teams are paid.
Local currency: Deel provides an easy and accessible payment option for a global workforce in 120+ currencies, allowing employers to pay their workforce employees in the preferred local currency. This offering allows for seamless payment transfers in local currencies; this alleviates any currency conversion costs.
Options for payment flexibility: Employers have payment options from multiple payment methods. Offering flexible payment options gives employers the ability to make payments via bank transfers, PayPal, cryptocurrency, or any other online payment provider. This makes it easier for workers to get paid.
Tax Documentation: Employers do not need to use different apps to carry out HR processes, including taxation. Deel has a taxation feature and manages tax documents such as W-8BEN, W-9, and 1099s. This also ensures payments by either party are tax-compliant.
Enhancing Employee Experience
The platform has had an incredible effect on employee experience.
On-time payments: Workers are guaranteed on-time, predictable payments in their preferred currency and payment method, without the uncertainty of regular international work.
Self-service: Employees and contractors have self-service access to their contracts, payment history, and tax documentation, all from a single interface, giving employees greater confidence and direct access to their employment information.
Digital signing of contracts and collection of tax forms through the onboarding process, with a communication platform to keep employers and employees in sync, has simplified the process significantly.
How is Deel Effective in Coping with HR Challenges?
The HR industry continues to grow in sophistication and intensity. HR departments have been battling the fragmentation of their HR tech stack. HR managers are not only frustrated but often overwhelmed by having to jump from one tool to the next. This leads HR managers to face integration issues, causes a bad employee experience, and overall drives up costs.
Hire talent in more than 150 countries, effortlessly and compliantly. Source: Deel.
Now HR managers can take advantage of Deel’s HR services to combine their functionalities in a way that improves workflow and the employee experience. In addition to creating efficiencies, Deel is an assimilation of HCM functions, including payroll, which drives costs down and improves employee experience.
How Does Deel Leverage AI?
Artificial intelligence is a strong technological slice being used by companies around the world for greater and smaller business undertakings. Payroll functions and hiring functions are now all powered by various AI tools. Deel is effectively leveraging AI to enhance its primary business functions, including talent sourcing, payroll, onboarding, and other financial functions, as well as to help its clients.
The targeted AI function analyzes comprehensive data sets to provide information regarding compliance practices, human resource trends, and taxation.
AI tools assist in gathering information regarding employment and other HR processes without conducting additional or fitting extended research or worrying about unintentionally contacting technical support.
The HR industry continues to grow in sophistication and intensity. HR departments have been a way to improve workflow and the employee experience. In addition to creating efficiencies, Deel is an assimilation of HCM functions, including payroll, which drives costs down and improves employee experience.
The Future Outlook of Deel
Deel’s influence goes well beyond the services it offers, as it has fundamentally changed the way companies think about global workforce management and set a new standard for what HR technology solutions should provide.
As more companies look to the future in terms of remote work and global talent acquisition, it is probable that Deel’s footprint in the HR technology sector will continue to grow. Now, businesses want easy solutions for employment processes, and Deel is the answer. The platform breeds innovative solutions in the HR landscape.
For more similar blogs, visit EvolveDash today!
FAQs
- How does Deel handle employee benefits for international workers?
Deel offers localized benefits packages, including healthcare, retirement plans, and other perks tailored to different countries. This helps companies stay competitive in the global hiring market.
- Is Deel suitable for small businesses and startups?
Yes, Deel is designed for companies of all sizes. Startups and small businesses benefit from its simplified global hiring process without needing a local entity.
- Does Deel support freelance and contract workers?
Absolutely. Deel provides compliant contracts and automated payments for contractors and freelancers, ensuring they get paid on time while managing tax documentation.
- Can Deel integrate with other HR software?
Yes, Deel integrates with popular HR and payroll tools like Workday, BambooHR, and QuickBooks, making it easy to manage workforce data across platforms.
- How secure is Deel’s platform for handling sensitive payroll data?
Deel prioritizes security with encryption, compliance certifications, and data privacy measures to protect sensitive employee and payroll information.
