In the wake of labour shortages in Europe and the US, the employment landscape has evolved, presenting novel challenges in the field of human resources in a post-COVID world. Employers and employees alike are seeking solutions that facilitate seamless HR processes for cross-border remote work arrangements. Four years ago, two MIT graduates recognized these challenges and devised a concept to overcome the limitations of cross-border HR services. Today, their venture, Deel, stands as the fastest-growing Software-as-a-Service (SaaS) company in history. Deel has set its sights on India, with plans to launch its operations in the country later this year.
Indian engineers, IT professionals, and healthcare workers are highly sought after worldwide for their technical expertise, problem-solving skills, and strong work ethics. Countries such as Germany, the UK, and the US consider India a valuable source of potential candidates, particularly in STEM (Science, Technology, Engineering, and Mathematics) fields. However, beyond cultural and language barriers, companies often encounter difficulties in seamlessly onboarding and managing the payroll of these professionals. This poses a challenge for employers looking to harness the skills of Indian talent. Moreover, for employees, finding the right job without the need for relocation can be a significant hurdle. Many talented individuals face difficulties in accessing suitable employment opportunities in their desired locations.
In 2019, San Francisco-based entrepreneurs Alex Bouaziz and Shuo Wang identified this pressing issue and recognized the need for a global HR system. Their solution aimed to assist companies in paying their remote workers worldwide while ensuring compliance with contractual and legal frameworks. Over the past four years, the duo has actively addressed these challenges by bridging the gap between employers and employees through Deel, a comprehensive global HR company.
The significance of India in the realm of comprehensive HR services cannot be ignored, prompting Deel’s expansion plans into the country. Edwin Daryl Dy, Deel’s APAC Community Head, recently met with community members in Bangalore. He also discussed the company’s operations and future plans. Daryl emphasized Deel’s commitment to revolutionizing the management of global teams and acknowledged India as the third-fastest growing country in terms of hiring rates, with the second-highest rate of workers being hired. He also expressed the company’s intention to reshape the remote work landscape in India, focusing on aspects such as culture, onboarding, local payroll, and compliance.
According to top company executives, “Deel’s mission is to provide people with the opportunity to work for top companies globally, regardless of their physical location. As a testament to its success, the startup currently boasts a vast network of independent contractors across the Asia-Pacific region and maintains a significant presence within India’s thriving freelance market, with 6,442 independent contractors based in the country.”
With a paradigm shift from office-based to remote work witnessed in various organizations worldwide, the debate over the ideal work environment continues. Deel exemplifies this shift, as it operates without a physical office anywhere in the world. All of its employees work remotely, catering to the needs of remote workers and businesses engaging freelancers. Furthermore, Deel organizes meetings in different countries to facilitate networking and socializing opportunities. The recent community meetup held in Bangalore marked a significant milestone as Deel’s first physical event in India.
Presently operating in over 150 countries, Deel enables individuals to receive payments in more than 120 currencies, including cryptocurrencies. Among its notable offerings, the Deel Virtual Card simplifies transactions for freelancers operating in the global marketplace, facilitating seamless local and international payments. Following its official launch, Deel plans to promote the card in India.
Regarding the advantages of the Virtual Card, Daryl stated, “The Virtual Card’s ability to retain earnings in foreign currency is a significant advantage, particularly for Indian freelancers. By allowing transactions in US Dollars, it empowers Indian freelancers to navigate the challenges posed by inflation, avoid potential currency fluctuations, and maintain financial stability.”
The company’s user-friendly platform streamlines the management of global teams, offering essential features for hiring, managing, and compensating employees worldwide. The company engages with clients looking to hire talent from other countries, providing the necessary services to facilitate cross-border employment. For instance, if a US company intends to hire talent from India, Deel assists in the hiring process while providing compliance services, payroll management, and other HR services as required.
As it prepares to enter the Indian market, it holds significant potential to revolutionize the management of remote work, offering comprehensive HR solutions for both businesses and individuals. With its impressive track record and a market valuation of US$12 billion, Deel’s expansion in India is expected to have a profound impact on the country’s evolving job market.