THANK YOU FOR SUBSCRIBING
Multiplier: Breaking The Barriers Of International Employment
Global talent crunch peaks at an all-time high as businesses find it challenging to recruit talent faster than their competitors. While a growing number of jobs and opportunities are emerging, the shrinking talent pool is forcing business leaders to contemplate the best way to build a successful team of good talent to help propel the company’s mission in the fastest way possible. Earlier, businesses were confined to their specific geography to hunt for a skilled workforce. Today, in an era of remote work, companies understood that they need to go where the talent is – beyond the borders to build winning teams.
However, there are other complexities involved in global hiring.
Companies that look to establish legal entities in their employees’ locations to manage their payroll, insurance, and other benefits according to the labor laws in the respective areas. In addition, as employment laws vary across regions, it complicates matters for organizations that do not have a legal task force to manage their different employee contracts.
To help businesses overcome the legal hurdles of hiring global talent, Multiplier, a leading global employment platform, helps companies recruit talent across any market without the need to establish a legal entity. Focused on rebalancing the demand and supply of global employment, the Multiplier platform simplifies the employment process by taking charge of the complexities involved in handling the payroll, employment contracts, taxes, and benefits while complying with employment laws, both local and global. “Multiplier is the only global employment platform in the world where you can customize, generate, and sign a multilingual compliant employment contract within 30 seconds,” says Sagar Khatri, CEO, and Co-Founder of Multiplier. “With Multiplier, you can hire anyone no matter where you are incorporated as a company or wherever your talent is located.”
Located in Singapore, Multiplier boasts an outstanding client portfolio, including Fortune 500 companies. To top it off, Multiplier is the only employment solution worldwide able to help companies tap into the Asia Pacific market, one of the most challenging markets to hire talent from because of its non-homogeneity, not just in terms of population but also currency and labor laws.
Global System for the New Age
The story of Multiplier began when Khatri worked in corporate development at a company focused on international expansion. There, he had the painstaking experience of navigating the legalities to open a bank account in Australia for nearly four months.
Multiplier is the only global employment platform where you can generate a multilingual compliant employment contract in 30 seconds and manage payroll in 120 currencies while offering locally competitive benefits as well as insurance
A role of this nature required meticulous compliance work with excellent legal knowledge and strategy. As Khatri reflected on the future of employment, he envisioned that companies would need to either have this role or a system to replace it, which gave rise to building the Multiplier platform. As the idea took wings, it brought forth a new-age global system of record that covers global employment contracts, payroll, benefits, taxes and more, to help teams that seek to go global.
Today, the Multiplier platform’s suite of solutions enables companies to grow their teams faster while handling the intricacies of compliance and payroll functions on their behalf. By eliminating the boundaries to hiring global talent, Multiplier has been instrumental in helping mid-market, and SME clients grow several times their original strength in a year alone.
To illustrate the platform’s capabilities, Khatri recounts the struggle of a large European telecommunications company where the CHRO and CFO were having difficulty managing their contingent staff’s records.
With all the different employment contracts from varying localities and the different vendors involved, their method of manual record-keeping couldn’t keep up. Their need for an automated and quick solution led them to Multiplier. “As soon as our client started using Multiplier, they were able to consolidate their contingent workforce across 20 markets in the Asia Pacific region without a hitch,” says Khatri. The CFO could view the bill regarding their monthly costs on contingent workers based on their country of origin, all through a single dashboard on the platform. Multiplier enabled the client to provide their contingent workforces from 20 countries with uniform inpatient and outpatient benefits under the same employment contract. With the entirety of payroll, compliance, and various other policies covered by the platform within 30 seconds, Multiplier simplified the work of the CHRO and CFO exponentially.
Tapping into the Gold Mine of Opportunity
As digitalization has been one of the driving forces for the distributed workforce in the aftermath of COVID-19, Khatri speculates how C-level executives have shown a willingness to embrace digitalization, partly due to the pandemic but mainly because of their desire to stay competitive. As a result, more businesses have begun adopting, expecting, and requesting consumerization of business software.
“Companies will predominantly focus on hiring, nurturing, and retaining extremely good talent”
In line with the trend of a distributed workforce, Multiplier has been operating as a distributed autonomous organization with 80 employees currently spread across 20 countries, including Australia, India, the Philippines, Sri Lanka, and many others. To operate efficiently, the company believes in the philosophy of hiring intelligent, hardworking employees who autonomously accomplish their tasks quickly when paid and incentivized well. With the organization’s cornerstone built upon trust, transparency, and thoroughness, Multiplier further looks for its employees to possess the five core values of humility, conciseness, eternal optimism, self-awareness, and compassion.
Having experienced phenomenal growth over time, Multiplier aspires to become a hundred million dollar revenue business in the next couple of years. As part of the company’s commitment to innovation, they are examining a solution to help businesses transfer payroll globally while cutting the lowest possible taxes. Convinced that the future of financial services is via payroll data, the company is collaborating with clients to acquire that data, with plans of creating more financial solutions on the downstream to combine the work and the employee’s financial life.
As Multiplier grows, significant expansions into the Western markets are underway, with Germany, the UK, and the U.S. being its primary focus areas. The Multiplier team is focused on enhancing their global employment platform to the extent that it can replace the entire HR Ops team in a company. With a groundbreaking platform automating the cumbersome tasks of payroll, compliance, and benefits, Khatri believes that the future of HR teams will be centered on the people and the culture. “Companies will predominantly focus on hiring, nurturing, and retaining extremely good talent,” he says.
On a progressive note, Khatri urges companies to notice that the world is changing. According to him, companies that realize that they have the opportunity to hire anywhere in the world will be able to take advantage of it. Conversely, he cautions that companies that continually force their teams to hire in a centralized manner will inevitably be saddled with a vast cultural debt, resulting in massive attrition. “Companies need to understand that in an age where an organization and its workforce are both distributed, employees want the flexibility to work from wherever they are, in an autonomous manner,” emphasizes Khatri. “To remain competitive, organizations must accept this reality and start hiring across the globe. Find your talent, and let Multiplier handle the rest.”