International remote workers meet for the first time together.
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Fast growing startup Deel—a company that does all of the back office paperwork to make remote work happen seamlessly—is leading a transformative work and societal shift. By taking care of all the taxes, regulations and onboarding of new hires, they’ve unlocked talent around the world to apply and work for companies anywhere in the world remotely.
This has far reaching consequences. No longer will a person be forced to work at a job only within commuting distance. You don’t have to leave your family, friends, and country behind to join a cool tech firm in Silicon Valley. Businesses that offer a remote-first distributed workforce can recruit and hire anyone in the world. Enabling companies to have workers across the globe, everything changes for workers, businesses, cities and countries.
Due to their global reach, Deel has a unique perspective on international hiring. With data culled from more than—100,000 workers, 6,000-plus customers across more than 150 countries, as well as over 500,000 data points from third-party sources—the company can tell what jobs are hot and trending. Deel also sees which countries and regions are realizing job and compensation growth.
U.S. technology companies ranging from startups to Coinbase Inc. and Shopify Inc., are seeking out new hires in Asia Pacific, Latin America, Africa, the Middle East, and an array of other locations in an effort to find, attract and recruit qualified people.
It’s the next progression from the work-from-home movement. At first it was moving away from hubs like San Francisco and New York to less expensive locations. Not this trend is worldwide. We’re also seeing remote workers getting paid in different currencies, Bitcoin and cryptocurrencies.
Brazil and Argentina have become appealing for both companies and workers. The real has lost a lot of its value since the beginning of the pandemic. Other Latin American currencies, including the Argentinian peso and Colombian peso, are also among the big underperformers of the past two years. For remote workers, they may ask to be paid in cryptocurrencies or U.S. dollars.
The people who are paid in a currency that is appreciating will feel the wealth effect. As more companies seek out workers in Latin America, tech hubs may quickly emerge and blossom. Already, hiring by LATAM companies is growing the fastest according to the study. Countries gaining in popularity to hire from also include Israel, Argentina, and the Dominican Republic.
The hottest jobs being hired for are Software Engineers, Account Executives, and Quality Assurance Engineers. Salaries are rising fastest in Mexico (57%), Canada (38%), Pakistan (27%), and Argentina (21%) for jobs in marketing, sales, and product. People in Latin America and Africa are increasingly taking part of their paychecks in digital assets.
The remote-work revolution has led some U.S. technology companies to seek new hires in Latin America — where they can find qualified people in close time zones that make it practical to interact with managers and colleagues. They’re also paid less compared to U.S. workers.
The report noted that a large number of new hires were located in Argentina, Brazil, and Mexico. Things won’t remain static. As the salaries rise, companies are taking a closer look at Peru, Colombia, and the Dominican Republic. The growth rate of hires made in Latin countries rose 286%.
The report pointed out that in the past six months, the number of contractors using Deel in Africa has doubled. Almost 10 percent of payroll withdrawals from contracts in Africa are in cryptocurrency. Top countries in Africa where hiring is growing include Nigeria, South Africa, and Kenya.
There is also substantial growth in hiring in the Philippines. It’s attractive to businesses as they tend to pay a lower hourly wage, and there is little competition among local organizations.
Here are some other highlights: The top countries where people make crypto paycheck withdrawals include Argentina, Nigeria, and Brazil. The breakdown of global crypto withdrawals by coin type include: Bitcoin: 63%, Ethereum: 26% , USDC: 7% and Solana: 2%
Hiring for contractors in these countries grew the fastest: Dominican Republic: 245%, Israel: 225%, Argentina: 209%, Costa Rica: 197%, and Malaysia: 190%
Deel’s paid out over $1 billion USD through its payroll platform since 2019. People in the following countries saw the greatest increase in average salaries: Mexico (57%), Canada (38%), Pakistan (27%), Argentina (21%), India (8%), Philippines (7%), and Russia (4%).
North America
Top three roles hired through Deel include Software Engineer, Consultant and Account Executive. The fastest-growing U.S. states where people are being hired from between Jan-Nov ‘21: North Carolina: 857%, Georgia: 571%, Florida: 510%, Virginia: 409%, Michigan: 392%, and Texas 382%.
If this trend continues at a fast pace, we will see hiring increase in countries outside of the U.S. Companies will benefit from skilled workers who are paid, on average, less than Americans.
To stay competative, people should upskill themselves and continue to learn new technologies and softwares. They too can take advantage of this trend by seeking out remote jobs within the states or even in other countries, becomming digital nomads.
We will likely see the emergence of tech hubs outside of Silicon Valley. As we don’t have a monopoly on smart talent, Latin America, Isreal and othe countries and regions will cultivate bustling tech and business hubs populated with thousands of remote workers.
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