I’ve had lots of questions about what we’re seeing at Deel in this job climate. How are employers reacting to today’s reality, and what does our data show? 🧵👀
Deel handles HR for global teams - onboarding, payments, and yes - even terminations. Here’s what’s trending across hundreds of thousands of workers in 100+ countries 🌎
1/ The debate around local vs. global pay is dead ☠️ The balance of power has swung back to employers, and our data shows that the majority are practicing location-based compensation
2/ Layoffs. Lots to unpack here.
Engineers - more redundant in leaner times - made up 10% of all terminations handled by Deel in 2022. Customer support, data, and product groups saw an overall increase of terminations.
3/ Our data shows that the US, UK, and Canada were disproportionately impacted by layoffs.
4/ The tech industry suffered the majority of terminations this year, followed by financial services, e-learning, and marketing/advertising. Real estate and media saw the largest % increase in terminations.
5/ It’s too early to tell how this climate will impact salaries long-term - they’re down <1% across all roles in 2022. But workers in some countries, like Colombia, Nigeria, and Spain, are seeing a larger-than-average reduction in salaries.
6/ There are silver linings. Companies are becoming leaner overall, but hiring globally is significantly increasing. These hiring lanes from top-employing countries grew fastest:
🇺🇸US hiring from 🇬🇪Georgia
🇬🇧UK hiring from 🇹🇷 Turkey
🇨🇦Canada hiring from 🇵🇰Pakistan
7/ USD is a 🔑 attraction as budgets tighten.
Given its strength, more contractors are opting to get paid in USD. In Q1, the % of global worker contracts in USD averaged 35% & jumped to 38% in Q2.
8/ Remote is the “it” work perk. 💅
In 2022, 89% of Deel contracts were remote. A first for LinkedIn, 50% of all applications submitted in 2022 were for remote roles, but < 20% of all listed roles offer that flexibility!
9/ Workers are more nomadic, moving for adventure, family and…tax incentives. 🧳
Countries like Spain, Estonia & UAE are getting creative with visa schemes & e-residency programs to attract talent. I expect more gov'ts to follow. We're processing hundreds of visas per month.
10/ My (biased) outlook? 🔮
More orgs & workers will think global. Better HR tech makes it easier to reduce costs AND build strong culture across borders.
The world of work has changed. Dated systems won’t cut it.
2023: HR goes from cost center to competitive advantage. ✨
Fin
Deel handles HR for global teams - onboarding, payments, and yes - even terminations. Here’s what’s trending across hundreds of thousands of workers in 100+ countries 🌎
1/ The debate around local vs. global pay is dead ☠️ The balance of power has swung back to employers, and our data shows that the majority are practicing location-based compensation
2/ Layoffs. Lots to unpack here.
Engineers - more redundant in leaner times - made up 10% of all terminations handled by Deel in 2022. Customer support, data, and product groups saw an overall increase of terminations.
3/ Our data shows that the US, UK, and Canada were disproportionately impacted by layoffs.
4/ The tech industry suffered the majority of terminations this year, followed by financial services, e-learning, and marketing/advertising. Real estate and media saw the largest % increase in terminations.
5/ It’s too early to tell how this climate will impact salaries long-term - they’re down <1% across all roles in 2022. But workers in some countries, like Colombia, Nigeria, and Spain, are seeing a larger-than-average reduction in salaries.
6/ There are silver linings. Companies are becoming leaner overall, but hiring globally is significantly increasing. These hiring lanes from top-employing countries grew fastest:
🇺🇸US hiring from 🇬🇪Georgia
🇬🇧UK hiring from 🇹🇷 Turkey
🇨🇦Canada hiring from 🇵🇰Pakistan
7/ USD is a 🔑 attraction as budgets tighten.
Given its strength, more contractors are opting to get paid in USD. In Q1, the % of global worker contracts in USD averaged 35% & jumped to 38% in Q2.
8/ Remote is the “it” work perk. 💅
In 2022, 89% of Deel contracts were remote. A first for LinkedIn, 50% of all applications submitted in 2022 were for remote roles, but < 20% of all listed roles offer that flexibility!
9/ Workers are more nomadic, moving for adventure, family and…tax incentives. 🧳
Countries like Spain, Estonia & UAE are getting creative with visa schemes & e-residency programs to attract talent. I expect more gov'ts to follow. We're processing hundreds of visas per month.
10/ My (biased) outlook? 🔮
More orgs & workers will think global. Better HR tech makes it easier to reduce costs AND build strong culture across borders.
The world of work has changed. Dated systems won’t cut it.
2023: HR goes from cost center to competitive advantage. ✨
Fin
