Product launch: Why being the EOR can set your business free

In the post-COVID-19 world of work, companies are facing a multitude of challenges.

They are struggling with high attrition rates, talent shortages and now a challenging economic environmental exemplified by forty-year high inflation rates across the US and Europe.

Employers need to think outside the box. They need to rethink their attitude towards talent; being globally minded is no longer a nice to have, it’s a necessity.

But what’s the answer to this? “How can you add top talent and maximize the productivity of your current workforce in a cost-effective way?”, asked Velocity Global’s director of product marketing John Magpantay at UNLEASH America 2023.

One solution is global hiring. But, of course, it is much easier said than done. And this is where employee of record (EOR) companies, like Velocity Global, come in.

Enter Velocity Global

One major barrier companies face when hiring globally is compliance. But this is top of mind for EOR tech company Velocity Global.

CEO and co-founder Ben Wright shared: “In our industry, being right is just as important as being fast, and that’s reinforced by 70% of our customers who cite compliance measures as to why they chose our platform.

“The fact is that recent developments in the financial sector reminded us that building redundancies around payroll and compliance are non-negotiable.

“We are building a platform that isn’t just reactionary to the industry, but pioneering its future.”

This helps explain why Velocity Global’s business is booming. The company is now valued at $2 billion and has $200 million in annual recurring revenue, which represents 40% year-on-year growth.

But Velocity Global is not resting on its laurels. It wants to provide its almost 1,500 customers with the ability to hire in increasing number of countries in the world, as well as newest technology.

Currently, Velocity Global offers support in 185 countries globally through 60 entities – it is planning to add more locations next quarter.

“As an early player in the industry, Velocity Global stands out with its deep in-country expertise and continued technology innovation providing its customers with peace of mind and speed as it comes to employing talent across the globe”, shared Jeanine Crane-Thompson, principal HR analyst at NelsonHall.

At UNLEASH America 2023, Velocity Global announced new product partnerships with Upflex.

During his session, Magpantay shared his excitement about this and the ability of Velocity Global to ensure that everyone, no matter where they work, has access to great, flexible perks and benefits.

Magpantay also announced new integrations with the likes of BambooHR, HiBob and Greenhouse. This creates a simplified user experience for companies who want to hire globally, but need support.

Velocity Global has also updated its platform with new and improved features. Examples include faster self-service contract creation – this helps to drive a 50% faster onboarding time.