Critical workforce trends in 2021 will continue to shape how companies operate in years to come.
Papaya Global identifies latest trends of a post-pandemic workforce drive companies to rethink how they support and operate their workforce.
TEL AVIV, Israel, Feb. 15, 2022 /PRNewswire/ -- Papaya Global, the market leader in global workforce management, recently released its assessment on the top global workforce trends demonstrated by global organizations today. Based on 1000 customers and their payroll data, Papaya Global studied the data to identify growing trends these workforces are committing to. These 1000 workforces are made up of 300 or more employees. The companies are currently experiencing hyper growth levels, and many are already publicly traded companies.
1) Global medical insurance. While we saw this trend emerge in 2020, by 2021 85% of companies are no longer providing allowances for employee medical coverage but redirecting the efforts to provide them with more robust medical insurance plans.
2) Work from home allowance. While some countries made this a mandatory benefit, in many cases, this has become the new norm for a growing number of companies (70%). Home allowance budget are in the range of 50-150 Euro/USD per month, with one time set up budget of 300-800 Euro/USD.
3) Options for all. While granting equity around the global can be a complicated event, we saw a huge increase, 85% of clients, are granting options to their global workforce.
4) RSUs over Equity. We see the emergence of a budding trend, increased focused on moving option plans to Restricted stock units (RSU). We predict this trend will only continue to grow into 2022 as companies remain more global.
5) Extended benefits. Paid time off benefits increased from an average of 15 to 19 days, with the ability of carry over from one year to another. Extended maternity leave increased from 2 weeks to 6 weeks, fully paid by the employer.
6) Work from anywhere. The period in which many companies offer employees to work from anywhere increased from 1 week to one month.
7) Business travel is back. Face-to-face events, from onboarding to training have increased 45% since 2020.
8) Work from the office. Sixty percent of the companies implemented a hybrid approach with mandatory work at the office of 2 days a week. We forecast this will grow in 2022 to 3 days as a new standard.
9) Advance pay. Fifteen percent of clients are allowing advance pay (every week or every 2 weeks). We forecast this will grow to 40% during over 2022.
10) Crypto payments. Less than 10% of the workers are requesting to get partially paid in crypto, however most companies obliging are related to the crypto industry.
Global expansion footprint trends in 2021
Top new countries joining global workforces in 2021:
1. Latvia
2. Bangladesh
3. Pakistan
4. Vietnam
5. Croatia
6. Puerto Rico (U.S.)
7. Estonia
Top 7 growth countries (by % growth):
1. Serbia
2. Macedonia
3. Greece
4. Cyprus
5. Hungary
6. United States
7. Taiwan
Top 7 growth countries (by # workers):
1. UK
2. India
3. Mexico
4. Canada
5. Germany
6. Netherlands
7. Spain
About Papaya
Papaya Global offers a people, payroll, and payment management solution supporting all types of global employment (payroll, EoR, and contractors) in over 160 countries to remove barriers to global hiring, consolidate and streamline payroll, and provide a first-rate employment experience.
The automated, cloud-based SaaS platform provides an end-to-end solution, from onboarding to on-going management and cross-border payments. The platform is customizable to all business requirements, integrates with existing HRIS management tools, and uses intelligent technology to ensure compliance and eliminate errors. It gathers all employee information into one place, creating a highly visible system for tracking payroll spending and provides real-time business intelligence. The platform ensures GDPR and SOC compliance to maintain the highest standard of security.
Papaya's team currently spans Tel Aviv, New York, Austin, London, Kiev, Singapore, and Melbourne, Papaya's technology has been recognized by all leading global analysts, including Gartner, Visa, NelsonHall and others, as disruptive in the field of global people, payroll, and payments. Papaya was included in the Forbes Cloud 100, the definitive ranking of the top 100 private cloud companies in the world.
For more information visit Papayaglobal.com
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SOURCE Papaya Global
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