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In the latest episode of the Chad and Cheese Podcast, the conversation veered into the ever-evolving circus that is global employment, with a spotlight on Employer of Record (EOR) platforms.
These platforms are the unsung heroes of the modern workforce, quietly making it possible for companies to hire across borders without the pesky need for a legal entity in every country.
EOR platforms like Atlas (atlashxm.com), Deel (deel.com), Remote (remote.com), and Velocity Global (velocityglobal.com) are becoming indispensable as companies scramble to plant their flags on every corner of the globe. Who wouldn’t want to hire that coding genius in Rwanda without the headache of actually setting up shop there?
And then came COVID-19, the unexpected accelerant of everything digital and remote. EOR solutions went from a "nice-to-have" to a "how-did-we-ever-live-without-this?" necessity. Today, around 200,000 people are employed through EOR platforms, processing a cool $40 billion in salaries. If that doesn’t scream "serious business," what does?
Of course, with rapid growth comes the inevitable drama of market convergence and consolidation. The EOR industry is heading down the same path as the staffing industry, but with more global-ready deliverables like compliance and technical infrastructure. It’s not a game for the faint-hearted—or the underfunded. Convergence means evolution and a massive shakeout, where only the strong in each segment will survive.
Meanwhile, the remote work revolution continues to create a deliciously chaotic landscape for employers. With about 75% of companies still clinging to the dream of remote work, the return to office movement feels like a half-hearted attempt to justify all that empty office space. But hey, who’s counting?
Then there’s the thorny issue of salary normalization, sharpen your pencils kids. Hiring companies are trying to figure out the calculus of competitive compensation which reflects the cost of living and many other living factors in their specific locale. The logic? If $40,000 in one market buys you the same quality of life as $100,000 in another, then all is fair in love and payroll. Trying to keep everyone happy in this new world of work is like trying to solve a Rubik’s cube blindfolded with one hand tied behind your back.
Looking ahead, the EOR industry is still maturing, educating, and trying to figure out how to thrive in a world of expansion and convergence. But one thing’s for sure: the competition’s relentless advertising is doing a bang-up job of educating the market, which is great news for anyone already established in the game. "All of our competitors are doing a great job of educating the market about what's possible," Said Jim McCoy, CEO of Atlas.
And then there’s the tantalizing question of IPOs. Yes, they’re coming. No, not tomorrow. But give it three to five years, and "The industry will be ripe for the picking"—or so says Joel Cheesman, co-host of The Chad & Cheese Podcast. Until then, the focus is on growth, navigating this wild west of global employment, and making sure companies can hire the best talent no matter where in the world they’re hiding. Because in this game, it’s not just about surviving—it’s about conquering.
