Deel, a leading global compliance and payroll solution that helps businesses hire anyone, anywhere, has announced its launch in Singapore.
Founded in 2019, Deel enables companies to compliantly hire independent contractors and full-time employees in over 150+ markets, in minutes. Deel makes remote work accessible to all companies, helping businesses easily enter new markets, hire talent wherever they are, at the same time managing teams, contractors, and payroll in multiple markets – all in one centralized platform.
Talent shortages in Singapore are at its highest in 16 years, with more than eight in 10 (84%) employers reporting difficulties in filling roles. In fact, 74 percent of Singaporean professionals are looking to quit their current job this year, for more money and better work-life balance. Employers now need to explore all options to attract and retain talent.
“In light of the talent shortages in Singapore, employers are looking within and beyond Singapore for the right people. The reality is that many organizations face significant roadblocks to hiring international talent even in the age of remote work. They may encounter compliance risks associated with setting up an entity, with lengthy times averaging six-to-eight months. Deel’s platform and compliance expertise solves these issues, giving businesses the tools to expand, hire, and pay teams more easily than ever before,” said Karen Ng, Regional Head of Expansion & Market Lead Hong Kong, Singapore, ASEAN, India.
“With our launch in Singapore, we look forward to supporting businesses as they optimize their operations and talent acquisition process. Ultimately, we want to ensure they have access to the best talents, regardless of geographies, and can secure them for their workforce. We are confident that our technology can help streamline this process of managing teams and vendors around the world, while keeping compliant with local tax and legislation requirements.”
Hiring Trends in Singapore and Asia Pacific
The rise of extended remote working as an option, alongside the challenge of cross border immigration introduced by the pandemic, has driven a new global hiring movement. According to Deel’s recent State of Global Hiring Report, there has been a 227% increase in hiring remote employees and contractors in Asia Pacific, this follows behind a 286% and 250% increase in the Latin America and Europe, Middle East, and Africa regions, respectively.
In Singapore, businesses remain eager to hire international talent. According to Deel’s latest data, the most popular countries that businesses here are hiring from include the United States (11%), Philippines (11%), India (9%), Australia (6%) and Indonesia (6%).
Additionally, the top roles that Singapore companies are hiring for are Virtual Assistance (24%), Software Engineers (22%), Software Developers (9%), Community Managers (8%) and Content Writers (7%).
Singapore talent is also in high demand globally. The USA, the United Kingdom, France, Hong Kong, and Australia are the top countries currently hiring Singapore talent.
How Deel will Support Singapore Businesses
To remove barriers to hiring international talent, Deel allows any business to create, sign, and send compliant localized contracts. With more than 250 legal, accounting, mobility, and tax experts as partners, covering over 150 markets around the world, Deel takes on the responsibility to ensure the business is compliant with local laws when a company hires employees or contractors with Deel.
This will also enable businesses overseas to tap into Singapore’s skilled talent pool and onboard people compliantly in minutes – all without a local entity.
Through the provision of payroll services, Deel also supports businesses with streamlining payments to employees and contractors globally, in their preferred currency (with up to 120 currencies supported), in one bulk payment, and with a single click.
As of Q2 2022, over US$1.9 billion worth of payments have been withdrawn from Deel, via local payment networks and cryptocurrency.
Today, Singapore currently ranks second, just behind Australia, as Deel’s fastest growing markets in APAC.
“With the hybrid working model here to stay, and talents all over the world enjoying the flexibility of working for their employers of choice, it is crucial that organizations are able to keep up with these demands, from bringing new team members onboard to managing their global teams,” said Shuo Wang, Co-Founder and Chief Revenue Officer of Deel. “Deel is excited to bring our services to businesses in Singapore as they continue to forge ahead in the future of work.”
Supporting customers in Asia Pacific, and Beyond
Deel is supporting over 8,000+ customers globally, including Airwallex, Dropbox and Shopify that are using Deel’s remote hiring solutions. In Asia Pacific, Deel works with NIUM, Shoplink, GoGoX, and Animoca Brands, as well as Blackbird Ventures, Lyres Spirit Co, Quantium and Zoomo in Australia.
“Working with Deel has transformed our talent management process at NIUM, where we support modern businesses with global business payments. With employees in over 19 countries and counting, working with Deel has resulted in us being able to open close to a dozen new markets in the last year, and introduce new teams, including our latest digital goods team, now that we can hire niche talents in remote locations, while ensuring that we remain compliant in a highly regulated financial services industry,” said Nupur Mehta, VP Human Resources, Nium.
Deel had raised US$630 million dollars in total from venture capitalists such as Andreessen Horowitz and Y Combinator. It raised US$425 million in October 2021, valuing Deel at US$5.5 billion, making it the highest-valued company in the global hiring, payments, and compliance space.
Last week, Deel announced it entered into a public offer to acquire Australian-listed payroll company PayGroup (ASX:PYG). PayGroup was started in Singapore, and is a leading global payroll provider with a strong foothold in APAC, processing roughly AU11 billion in payroll per year for over 2,800 businesses. Deel’s offer will enable the creation of a truly global payroll platform and further Deel’s mission of helping millions of people work for the best companies in the world.