Findings from Deel, the global hiring, compliance and payroll platform, suggests that UK businesses are embracing the shift to remote working following the pandemic and ‘great resignation’. However, their research also reveal the need for more employers to follow suit, and adopt global hiring policies or risk missing out on new opportunities to access talent anywhere.
Deel lets businesses hire people in another country, and handles all associated onboarding, compliance and payroll activity. According to data from its customer base, the UK is second only to the US globally when it comes to the number of overseas worker hires over the last six months. Canada, Germany and France make up the top five.
However, research conducted by Deel finds a potential missed opportunity for the wider business community as they rethink their hiring strategies. Three in four UK adults under 35 (74 per cent) say they are open to the idea of working for a company based overseas, if they can do so remotely i.e. from home. But this is in stark contrast to the outlook of UK business leaders, 79 per cent of whom do not currently believe that hiring remote workers will be a central part of their future hiring strategy.
Among UK employers who are hiring remote talent, Deel’s platform data reveals that Argentina is the top destination for remote employees. The US, UK, Spain and Philippines complete the top five. The UK is also the fifth most popular destination globally for businesses seeking remote talent, with the Philippines, US, Argentina and India above it in the list.
As businesses begin to look abroad for talent, data from Deel’s platform reveals that they are also embracing new forms of paying their people. In response to demand from workers, 10 per cent of payments by UK employers through Deel in January were withdrawn via the crypto exchange platform Coinbase – a new monthly high.
Globally, the volume of payments being made via crypto has risen 50 per cent since July 2021, and the number of workers asking for crypto payment is currently increasing by almost 10 per cent every month.
At the same time, though, Deel’s research finds there is still room for improvement in UK employers’ knowledge of cryptocurrencies and their potential. When asked if they supported the idea of workers receiving salaries as cryptocurrency, one in four (28 per cent) said they don’t yet know enough to be sure.
“The world of work is evolving, and it’s great to see a growing community of UK employers open to new ways of hiring and paying their teams,” said Alex Bouaziz, CEO and co-founder of Deel. “But a bigger mindset shift is required – and quickly. The challenges of the pandemic and ‘great resignation’ have created enormous new opportunities. There’s a gap between what workers tell us they want, and what the majority of employers’ are doing.”
“Businesses are going to have to rethink their entire hiring strategy,” Bouaziz added. “and think beyond old geography or compliance based boundaries as they compete for the best talent. Those that adapt quickly will win the race to hire the brightest and the best people.”
