The work economy is going remote
The traditional way of working from a fixed location is fading as many companies decide to hire remotely. Many factors make this shift happen, the most prominent ones being globalization and technology development. Another huge factor is the fact the generation that is entering the workforce.
Experts predict that Gen Z, which includes those born in the mid-1990s to mid-2000s, will take over 36% of the global workforce in the next two years[*] Gen Z is a generation who grew up with the internet technology. They are digital natives who are more than comfortable using many tools and technology needed to perform their work remotely. Another factor is having the freedom and flexibility to work whenever they want, wherever they want.
For many employees, salary and security are not the only factors taken into account when choosing their jobs. A healthy work-life balance and wellbeing are coming into play, which leads them to pursue careers that can allow them just that[*].
With new trends, the new challenges arise
Many companies run their business by contracting people around the world. This has numerous benefits: you can pull talent regardless of their location, contractors can work with flexible schedules without limitations, etc. On the other hand, this structure is not always as smooth as it seems. Apart from different team management challenges, businesses often realize it’s difficult, if not impossible, to pay their contractors in different countries. Depending on the location of the business and the contractor, the payment process often takes a lot of coordination and is likely quite costly. When you take into account the robust documentation and legalities, it’s not always a smooth sail.
Paying your remote team should be easier
By making the most complicated tasks simple and personal, Deel is reimagining payouts for businesses working with independent contractors internationally. When using Deel for payouts, the whole process is simplified, and it ultimately reduces the efforts your company needs to put in management, compliance, and taxes for international contractors in over 200 different countries. Deel acts as a hiring party, removing the need for tedious tax filling and multiple invoices.
Deel’s three-step process is seamless and straightforward
Step 1: Onboard contractors and auto-generate customized legal contracts
Step 2: Set payment details and payment cycles
Step 3: Pay all contractors in one click and receive one aggregated invoice from Deel
Execute contracts tailored to your needs
On Deel, we make every contract simple and legally binding. We make sure to include project scope and responsibilities, payment details, NDA, and IP assignments.
There are three types of contracts you can create on Deel
Fixed Contracts
Pay your contractors a fixed amount of money per week or month. This type of contract is excellent if you are:
- working with contractors on an ongoing basis
- paying contractors a fixed price per week or month
Benefits:
- pay all your contractors in a single click by processing the invoice generated by Deel
- no need for extensive paperwork as it’s all taken care by Deel
- legally binding contracts ensure both your and your contractors’ safety and comfort
Pay-as-you-go Contracts
Pay your contractors as they complete milestones or submit time spent working. This type of contract is excellent if you are:
- working with contractors at a specific rate without a detailed scope of work
- have specific tasks to be performed
Benefits:
- no need to track time as you will have the overview on each contract
- pay only for the work that is completed and approved
- legally binding contracts ensure both your and your contractors’ safety and comfort
Escrow Contracts
Pay your contractors per project, escrow the money and release funds as the work is completed. This type of contract is excellent if you are:
- hiring the contractor for the first time
- working with the contractor on smaller, short-term projects
Benefits:
- no need to create additional documentation
- your money is safely deposited until you approve the work
- legally binding contracts ensure both your and your contractors’ safety and comfort
Work with distributed talent at scale
Our solution allows you to work with many contractors, regardless of their location and types of contract. At the agreed time of the month, you will receive a single invoice with the aggregated amount to be paid for all your contractors. You can select from multiple payment methods such as PayPal, bank transfer or credit cards.
Then Deel will distribute the money and allow your contractors to select a withdrawal method that can be different from your payment method. The payment methods supported for contractors are PayPal, cards (Stripe), bank account (ACH Stripe), Payoneer, TransferWise, and AliPay. This process minimizes the delay and costs when each payment is processed.
Deel has one of the lowest fees in the industry
Let us start by saying that registering for Deel and the first contract you create is free of charge.
Onboarding your contractors to Deel is charged monthly, and the fee is $10 per contractor. The contractor pays up to 1% of the contract value upon withdrawing money. If you are a large enterprise, we encourage you to reach out to us so we can come up with a special price for your business.
Still not sure if Deel is the right solution for your business? We understand that, and we want to offer you a free demo call where we can explain how it works and answer all your questions. For a free demo call, please contact us via the live chat on our website or at hey@letsdeel.com.
Anja is the head of marketing at Deel. She is obsessed with to-do lists and stationary. Loves writing, prefers short formats. This article was probably proofread by her assistant, a pug called Dante.
