Demand for overseas employees has surged, and "improving efficiency" and "reducing costs" have become the core objectives of its global human resources work. The traditional manpower mode can hardly support such a labor scenario. Safety and compliance, low cost and high efficiency, as well as flexibility, in the vast tide of Chinese-funded globalization, the global demand for employment is clearly showing a more diverse, complex and personalized trend of change.
Recently, Caixin Magazine, as an authoritative media in the field of finance and economics in China, has paid great attention to PayInOne's transformative move and invited its founder to participate in an in-depth interview.
The interview has discussed PayInOne's entrepreneurial history, core technology, development strategy and future vision. Below is the original interview report:
Earlier this year, Silicon Valley Bank declared bankruptcy as a result of insolvency. As one of the banks with a lot of deposits, this bankruptcy of Silicon Valley Bank has greatly affected the bank accounts and payroll services of many Chinese and multinational companies. During this period, PayInOne, a global employment and payroll management platform that supports payments in more than 120 major currencies, helped its clients make timely payroll payments through its SaaS platform.
Similar cross-border payroll payment scenarios are on the rise. How to promote overseas business growth through a compliant and efficient HR system is an ongoing issue for many global companies, which places greater demands on global employment service providers.
Overseas employment continues to increase, and the traditional mode is no longer able to meet the new demands.
With obvious differences in laws and cultures across countries, global employment faces compliance challenges. There are significant differences across the globe in terms of laws, cultures, employment practices, and overall employment processes, payroll payments, and administrative processes, which can easily lead to compliance risks in the event of an oversight."Even well-funded and resourceful companies seem to have a natural information barrier to overseas markets." PayInOne founder Tan Lin observed.
The complexity of the international situation and the increasing variety of employment methods require greater flexibility in the management of global teams. The current international situation is more complicated and volatile than ever before, and the management system of the global team should have a stronger overall perspective and resilience.At the same time, with the rise of telecommuting, flexible labor and other employment methods, it is difficult for the traditional manpower model to respond effectively.
With the explosion of overseas business, human resource management is in need of an "efficiency revolution". Currently, the verification of information and payroll of overseas employees is basically carried out by manpower through emails, telephone communication and face-to-face interviews.Human resources management is limited to regional units."Generally speaking, businesses that hire or payroll in other countries or regions need local service providers." Tan Lin explained, “Management and communication costs associated with multi-country, multi-location synergies and other dependencies can constrain a company's global expansion, especially in the rapid development phase of enterprise globalization.”
In case of Hytera, with the rapid expansion of its global business, the d
At that time, Tan Lin, who was looking for a new entrepreneurial direction, keenly captured this change. Since returning to China from Silicon Valley, Tan Lin has been trying to gain a deeper understanding of a variety of fields and entrepreneurship.He believes that the global employment and payroll management sector is an area that can be transformed by technology.
Providing global employment and payroll management solutions for global enterprises in the "full life cycle" of their operations.
PayInOne has independently developed a global employee management SaaS platform, which provides overseas enterprises with " full life cycle" management solutions including onboarding, contract signing, salary payment, etc. PayInOne is a one-stop platform for global resources covering overseas employment, cross-border payroll, benefits, local regulations, tax and labor security, lowering the threshold for cross-border employment."Accurate settlement of payroll is at the core of technology-driven HR full-process management." Tan Lin said. PayInOne was born with the vision of creating a new global employment mode and providing one-stop overseas employment and payroll management solutions for Chinese and global enterprises.
Helping overseas companies to be well-compliant in their global employment. Compliance is the hardest hit area of global employment risk. In this regard, PayInOne provides several targeted solutions and makes risk avoidance in the process in terms of employment mode, contract setting and payroll system. PayInOne's online signing service module sets up a non-editable audit discipline to ensure that every action on a document is fully tracked and time-stamped, guaranteeing traceability of access, review and signatures. Its Compliance Content Services module summarizes and compiles employment guidelines for clients by country, including regulations, policy changes, labor protection, investment policies, and entry thresholds. “We have seen a great number of companies that focus on rapid expansion in the course of globalization without paying attention to compliance, only to find out at the end of the year that there are problems with their accounts, taxes, and even their corporate structure, and they are at risk of litigation or even huge penalties. PayInOne hopes to help clients be able to avoid compliance risks in advance through professional processes." Tan Lin introduced.
Support multiple employment modes and complete online contracting in 5 minutes. Currently, the global demand for labor has become more complex and diverse, and in addition to the traditional full-time contract, there are also pay-as-you-go contracts, KPI contracts, and long-term part-time contracts.Sorting out standardized procedures and templated contracts in line with the employment of workers in various countries, the service process of online contracting can be completed in 5 minutes with little or no human intervention.
Improvement and upgrading of the payroll management system, reducing human resources management costs. PayInOne helps companies effectively reduce workforce costs through a global payroll inquiry system and a one-stop management platform. In particular, the system supports enterprises in formulating global employment programs, replacing manual labor with technology, and realizing automatic statistics and accounting for expenses such as salaries, benefits, and taxes. PayInOne batch payment function enables one-click payment for multinational employees in multiple currencies.
On the way to build up a global team, PayInOne provides a complete overseas employment service for Hytera, empowering the rapid expansion of its overseas business with digital human resources management, and helping the client to effectively realize the global employment demands of reducing costs and increasing efficiency. "At the same time, we understand that on the road of globalization, enterprises need clear and unambiguous cost control and predictable operating expenses. So no matter the size of the client's business or the channel through which it is delivered, we have clarity and price consistency for every service." Tan Lin added.
PayInOne's innovations are providing new momentum for many companies to expand their "global footprint".
As a multinational industrial corporation, CIMC has more than 300 member enterprises in the world, and its sales network covers more than 100 countries and regions, with a large demand for global labor and a wide range of business personnel. However, due to country-specific differences in laws, regulations, culture and other aspects, CIMC's global human resources development is limited, especially in terms of local human resources compliance and legalization, as well as real-time efficiency and effectiveness, which have faced many challenges.
As the leading global team remote management and payroll payment platform in China that adopts SaaS model, PayInOne's efficient and standardized products have awarded the market credibility and become CIMC's global employment partner. Currently, PayInOne has to help CIMC to complete the employment and management of overseas employees on a legal and compliant basis, and quickly respond to its labor needs in different countries and regions. PayInOne also makes targeted talent placement based on CIMC's business development needs.
PayInOne's technological innovations are also revolutionizing the global employment and payroll industry, and Tan Lin's vision of "transforming the industry" is becoming a reality. What used to be done by multiple service providers under the model of relying on regional service providers can now be solved by a single provider. At the meantime,"With the help of PayInOne's one-stop platform, a single HR can realize the human resource management of 100 global employees. Using the traditional approach,100 employees across the globe, with each region requiring HR, finance, legal, and other roles, would collectively require dozens of employees to accomplish this." Tan Lin explained,“Costs have been dramatically reduced, with PayInOne's entry into the global employment and payroll management industry driving overall prices down by more than half."
In the future, PayInOne continues to promote the innovation of technology and mode, with smarter and more open technology, more flexible and efficient mode, to provide safer and more efficient global employment support for the global expansion of Chinese capital.