Oyster HR vs Velocity Global: Best EORs in 2024 Compared

Oyster HR and Velocity Global are two leading platforms in the global payroll and hiring space, offering distinct advantages as Employer of Record (EOR) providers. However, their strengths and limitations make them better suited to different types of businesses, depending on size, complexity, and specific needs.

Oyster HR is a robust global payroll and hiring platform that ranks among the best EOR providers I’ve used. Thanks to its ability to streamline global HR processes and provide essential legal resources, it is a top choice for companies looking to hire, pay, and manage international employees easily. However, Oyster HR’s pricing may be prohibitive for smaller operations, and its capabilities might not scale adequately for very large organizations.

On the other hand, Velocity Global offers a comprehensive global talent solution with an extensive reach of over 185 countries. Its proprietary technology platform and dedicated support make it an attractive option for mid-sized and larger organizations pursuing global expansion.

While Velocity Global provides a wide range of services, including talent acquisition and immigration support, its pricing can be opaque and potentially costly for businesses that don’t hire internationally at high volumes.

In this review, I’ll share insights on when Oyster HR and Velocity Global are the right choices for expanding or managing a global workforce. I’ll delve into their key features and potential drawbacks and suggest ideal use cases for each platform.

By comparing Oyster HR’s strengths and weaknesses with Velocity Global’s, I aim to help you determine which platform best meets your business needs, whether you’re managing a small startup or a large enterprise with complex global operations.

Overview of Oyster HR and Velocity Global

Oyster HR and Velocity Global are leading Employer of Record (EOR) providers that enable companies to hire and manage international employees without establishing local entities.

We’ve chosen to compare these two platforms due to their robust feature sets, global reach, and popularity among businesses expanding internationally. Let’s take a closer look at each platform:

Overview of Oyster HR

Oyster HR is a global employment platform that helps companies hire, pay, and manage remote employees across multiple countries. It provides a comprehensive suite of tools for international hiring, onboarding, payroll processing, and compliance management.

Key features of Oyster HR include:

• Global payroll and benefits administration
• Automated compliance across multiple jurisdictions
• Employee onboarding and offboarding tools
• Time tracking and leave management
• Expense management
• Contractor management

Oyster HR’s strengths lie in its user-friendly interface, professional onboarding process, and smooth payroll operations. It also offers a unique hiring refugee program, demonstrating its commitment to social responsibility.

Here’s a summary of Oyster HR’s key features:

Oyster HR has raised $59 million in its latest Series D funding round, led by Silver Lake Waterman, bringing its valuation to $1.2 billion and total funding to $286 million. The company plans to use this capital to enhance its product offerings, reinforce compliance standards, and help businesses attract skilled professionals. Known for supporting borderless teams through services like global payroll and visa sponsorships, Oyster’s mission is to make global employment opportunities accessible to all. Over 40% of its workforce is in emerging markets, and it facilitates employment in over 180 countries.

Also, read our in-depth analysis of Oyster HR

Overview of Velocity Global

Velocity Global is a leading global talent solutions provider that offers a wide range of services, including Employer of Record (EOR), contractor management, and global payroll solutions.

It caters to businesses across industries looking to hire supported employees, contractors, and freelancers globally in a compliant manner.

Key features of Velocity Global include:

• Extensive global coverage
• Proprietary technology platform
• Talent acquisition and recruitment services
• Immigration sponsorship support
• Access to international coworking spaces
• Comprehensive benefits management

Velocity Global’s strengths include its extensive global reach, proprietary technology, and comprehensive offerings beyond basic EOR services.

Here’s a summary of Velocity Global’s key features:

Both Oyster HR and Velocity Global offer robust solutions for global employment, but they differ in their approach, pricing transparency, and additional services offered. The following sections will explore how these platforms compare various aspects.

Oyster HR vs. Velocity Global At a Glance

Before we delve into the detailed comparison, let’s look at how Oyster HR and Velocity Global compare regarding key features and information. This summary table will give you a clear overview of the most important aspects, including pricing, to help you make an informed decision.

This table quickly compares Oyster HR and Velocity Global across various key features. In the following sections, we’ll explore these aspects in more detail to comprehensively understand both platforms.

Key Features of Oyster HR

Oyster HR offers a robust set of features designed to simplify global hiring and management of remote teams. Let’s explore some of its key features in detail:

Global Payroll and Compliance

Oyster HR excels in providing comprehensive global payroll support and ensuring compliance across multiple jurisdictions. The platform automates many aspects of international payroll, including tax calculations, deductions, and reporting.

With coverage in over 180 countries, Oyster HR stays up-to-date with local labor laws and tax regulations, reducing businesses’ risk of non-compliance. This feature is particularly valuable for companies expanding into new markets or managing a distributed workforce across various countries.

Employee Onboarding and Offboarding

Oyster HR streamlines the onboarding process for new international hires, making it easier for companies to bring on talent worldwide. The platform provides tools for collecting necessary documentation, setting up payroll information, and ensuring all legal requirements are met.

Similarly, when an employee leaves the company, Oyster HR assists with the offboarding process, ensuring all necessary steps are taken in compliance with local laws. This feature helps companies maintain good relationships with departing employees and protects them from potential legal issues.

Time Tracking and Leave Management

Oyster HR includes built-in time tracking capabilities, allowing companies to monitor employee hours across different time zones. This feature is particularly useful for businesses with hourly employees or those that need to track billable hours.

The platform also offers robust leave management tools. Employees can easily request time off, and managers can approve or deny these requests within the system. Oyster HR automatically calculates leave balances based on local labor laws and company policies, ensuring accuracy and compliance.

Contractor Management

In addition to full-time employees, Oyster HR provides tools for managing international contractors. This feature allows businesses to hire and pay freelancers or temporary workers in multiple countries while ensuring proper classification and compliance with local regulations.

The contractor management tools include features for contract creation, invoice processing, and payment management, simplifying the process of working with a global contingent workforce.

Hiring Refugees Program

One standout feature of Oyster HR is its program for hiring refugees. This initiative demonstrates Oyster HR’s commitment to social responsibility and can be particularly appealing to companies looking to diversify their workforce and make a positive impact.

The program provides support and resources for businesses interested in hiring displaced individuals, helping navigate the unique challenges of employing refugees.

These key features make Oyster HR a comprehensive solution for businesses looking to manage a global workforce. However, it’s important to note that while Oyster HR excels in many areas, it may have limitations in terms of customization for very large enterprises or those with highly specialized needs.

Key Features of Velocity Global

Velocity Global offers a comprehensive suite of global employment solutions, with several standout features that set it apart in the EOR market. Let’s explore some of its key features in detail:

Proprietary Technology Platform

One of Velocity Global’s most significant advantages is its proprietary technology platform. This cloud-based solution provides real-time data and analytics, streamlining workforce management across borders.

The platform offers a unified interface for managing various aspects of global employment, including onboarding, payroll, benefits, and compliance. Its real-time capabilities allow businesses to make informed decisions quickly, a crucial advantage in the fast-paced international business world.

Talent Acquisition and Recruitment

Unlike many EOR providers focusing solely on employment and payroll services, Velocity Global offers talent acquisition and recruitment services. This feature is particularly valuable for companies expanding into new markets without established recruiting networks.

Velocity Global’s team assists businesses in finding and hiring top talent globally, managing the recruitment process from sourcing candidates to final selection. This comprehensive approach can save companies significant time and resources in their global expansion efforts.

Immigration Sponsorship Support

Velocity Global provides extensive support for immigration and global mobility services. This feature is crucial for businesses looking to relocate employees internationally or hire foreign talent that requires visa sponsorship.

The company assists with business and work visa documents and applications, eliminating the need for clients to engage with outside consultants for these purposes. This integrated approach to immigration support can significantly simplify building a global team.

Access to International Coworking Spaces

In a unique offering, Velocity Global has partnered with coworking space providers to give workers access to over 10,000 locations worldwide. This network includes well-known providers like WeWork, Industrious, and The Office Group.

Employees can choose from various workspace setups, including hot desks, private offices, and meeting rooms. This feature is particularly valuable for businesses with a distributed workforce, providing flexible workspace solutions worldwide.

Comprehensive Benefits Management

Velocity Global offers robust employee benefits management in each country it serves. This goes beyond basic payroll and compliance, including comprehensive medical and life coverage, flexible retirement plans, and even equity programs.

The ability to offer competitive, locally relevant benefits packages can be a significant advantage in attracting and retaining top talent in international markets. Velocity Global’s expertise in this area can help businesses create attractive compensation packages that comply with local regulations.

These key features demonstrate Velocity Global’s comprehensive approach to global workforce management. By offering services beyond traditional EOR offerings, Velocity Global positions itself as a one-stop solution for businesses looking to expand globally.

However, it’s worth noting that this broad range of services may come with higher costs, which could be a consideration for smaller businesses or those with more limited international hiring needs.

Pricing and Plans for Oyster HR

Oyster HR offers a transparent pricing structure for its EOR services, with different options for full-time employees and contractors. Let’s break down the pricing and plans:

EOR Services:

• Annual plan: $599/employee/month
• Monthly plan: $699/employee/month

Contractor Management:

• Free for the first 30 days
• $29/contractor/month after the initial period

Global Payroll:

• $50/month

While Oyster HR’s pricing is straightforward, it’s important to note that it may be on the higher end for smaller businesses or those just starting their international expansion. However, the comprehensive nature of their services can provide good value for companies hiring multiple employees across different countries.

Oyster HR doesn’t publicly disclose discounts for volume hiring or custom pricing options. However, it’s common in the industry for providers to offer more competitive rates for businesses hiring at scale. So, it may be worth inquiring about such options if you plan to hire many international employees.

It’s worth noting that while Oyster HR’s pricing is transparent, potential clients should inquire about any additional fees that might apply, such as setup costs or charges for additional services like immigration support or specialized benefits administration.

Pricing and Plans for Velocity Global:

Unlike Oyster HR, Velocity Global does not publicly disclose its pricing information. This lack of transparency can make it challenging for businesses to assess whether Velocity Global fits within their budget quickly. However, this approach is common in the industry, especially for highly customized solutions providers.

Based on the information provided and industry standards, we can infer the following about Velocity Global’s pricing:

1. Customized Pricing: Velocity Global offers customized pricing editions for EOR, payroll, and compliance services. This suggests that prices may vary significantly based on the specific needs of each client.
2. Volume-Based Pricing: Like many EOR providers, Velocity Global likely offers more competitive rates for businesses hiring at scale. Companies planning to hire many international employees may be able to negotiate better rates.
3. Comprehensive Service Model: Given Velocity Global’s extensive service offerings, including talent acquisition, immigration support, and access to coworking spaces, its pricing likely reflects this comprehensive approach. Businesses should consider the value of these additional services when comparing costs.
4. Industry Average: While specific prices aren’t available, it’s worth noting that professional employer organizations (PEOs) typically charge between 5% to 10% of total payroll costs. For a company with a $10 million annual payroll, this could translate to between $500,000 and $1 million per year.

To get accurate pricing information, interested businesses must contact Velocity Global’s sales team for a quote. When doing so, it’s advisable to:

1. Clearly outline your specific needs (number of employees, countries of operation, required services)
2. Ask about any volume discounts or long-term contract benefits
3. Inquire about additional fees for services like immigration support or specialized benefits administration
4. Request a breakdown of costs for different services to understand what you’re paying for

While the lack of transparent pricing can be a drawback, it also indicates that Velocity Global tailors its offerings to each client’s specific needs. This can be advantageous for businesses with unique or complex requirements that may not fit neatly into a standardized pricing model.

For businesses considering Velocity Global, it’s crucial to carefully evaluate the comprehensive nature of their services against your specific needs and budget.

The added value of their extensive global network, proprietary technology, and additional services like talent acquisition may justify higher costs for some businesses, particularly those planning significant international expansion.

Pros and Cons of Oyster HR

Pros and Cons of Velocity Global

Simulated Real-World Scenarios:

Let’s explore how Oyster HR and Velocity Global might perform in different real-world situations:

Scenario 1: Rapid International Scaling (Winner: Velocity Global)

A mid-sized tech company needs to hire 50 employees across 10 different countries within three months.

Oyster HR: While Oyster HR could handle this scenario with its coverage in 180+ countries, its self-service platform might require more hands-on management from the company’s HR team.

Velocity Global: With its comprehensive services including talent acquisition and dedicated support team, it is better equipped to handle rapid scaling. Their proprietary technology platform would provide real-time insights into the hiring process across all locations.

Winner: Velocity Global, due to its additional recruitment services and dedicated support for complex, multi-country hiring.

Scenario 2: Small Business Going Global (Winner: Oyster HR)

A small e-commerce business with 20 employees wants to hire its first five international team members in different countries.

Oyster HR: With its transparent pricing and user-friendly interface, Oyster HR is well-suited for small businesses new to international hiring. The straightforward pricing model allows for easy budgeting.

Velocity Global: While Velocity Global could certainly handle this scenario, its comprehensive services might be more than what a small business needs initially. The lack of transparent pricing could also make budgeting challenging for a small business.

Winner: Oyster HR, due to its transparent pricing and ease of use for smaller businesses new to international hiring.

When to Consider Other EOR Providers

While Oyster HR and Velocity Global are strong contenders in the EOR space, there are situations where other providers might be more suitable:

• Specialized Industry Needs: For businesses in highly regulated industries like healthcare or finance, a provider like Papaya Global might be more appropriate due to its strong focus on compliance and security.
• Extensive HR Software Integration: Companies heavily invested in specific HR tech stacks might prefer Rippling, known for its wide range of integrations and unified HR, IT, and finance platform.
• Budget-Conscious Startups: Very small startups or businesses with limited budgets might find Remofirst more suitable, known for its competitive pricing for small-scale international hiring.
• Emphasis on Contractor Management: Deel might be a better choice for businesses that primarily work with international contractors rather than full-time employees due to its strong focus on contractor management.

Here’s a summary table of these alternatives:

Who I Recommend Oyster HR To

Oyster HR is particularly well-suited for certain types of businesses:

1. Small to Medium-Sized Enterprises (SMEs): Oyster HR’s user-friendly interface and transparent pricing make it an excellent choice for SMEs venturing into international hiring for the first time.
2. Startups Scaling Globally: For startups looking to quickly build international teams, Oyster HR’s straightforward onboarding process and broad country coverage can be invaluable.
3. Companies Prioritizing Social Responsibility: Businesses interested in diversifying their workforce and making a social impact might appreciate Oyster HR’s unique hiring refugees program.
4. Organizations Needing Streamlined Compliance: Companies without extensive in-house global HR expertise can benefit from Oyster HR’s strong compliance management features.
5. Businesses with Straightforward Global Employment Needs: If your international hiring needs are relatively straightforward without complex requirements, Oyster HR’s streamlined approach could be ideal.

In summary, Oyster HR is best for businesses that value ease of use, transparent pricing, and robust compliance support, especially if they’re in the early to middle stages of global expansion.

Who I Recommend Velocity Global To

Velocity Global is particularly well-suited for certain types of businesses:

1. Mid-sized to Large Enterprises: Companies with significant resources and complex global hiring needs can benefit from Velocity Global’s comprehensive services and dedicated support.
2. Rapidly Expanding Companies: Businesses planning aggressive international growth can leverage Velocity Global’s extensive global network and talent acquisition services.
3. Organizations Needing Comprehensive Global Mobility Support: Companies frequently relocating employees internationally or hiring foreign talent will appreciate Velocity Global’s immigration support services.
4. Businesses Valuing Flexibility in Work Environments: The access to international coworking spaces can be a significant advantage for companies with a distributed workforce.
5. Organizations with Complex Compliance Needs: Velocity Global’s expertise in navigating complex regulatory environments makes it suitable for businesses expanding into challenging markets.

In summary, Velocity Global is best for larger businesses or those with complex international hiring needs, especially if they value a comprehensive, full-service approach to global workforce management and are willing to invest in a more robust (and potentially more expensive) solution.

Conclusion

Both Oyster HR and Velocity Global offer robust solutions for businesses looking to expand their global workforce, but they cater to different needs and scales of operation.

Oyster HR stands out for its user-friendly interface, transparent pricing, and strong compliance management. It’s an excellent choice for small to medium-sized businesses, startups, and companies new to international hiring. Its straightforward approach and broad country coverage make it easy for businesses to start hiring globally without getting overwhelmed by complexity.

Velocity Global, on the other hand, offers a more comprehensive suite of services, including talent acquisition, immigration support, and access to global coworking spaces. Its proprietary technology platform provides real-time insights and analytics, making it well-suited for larger enterprises or businesses planning rapid international expansion.

While its pricing is less transparent, the breadth and depth of its services can provide significant value for companies with complex global workforce needs.

When choosing between the two, consider your business size, budget, expansion plans, and the complexity of your global hiring needs. If you’re a smaller business or startup looking for a straightforward, transparent solution to begin international hiring, Oyster HR might be the better choice.

If you’re a larger enterprise planning significant global expansion and valuing a full-service approach with dedicated support, Velocity Global could be more suitable.

Remember, the best choice depends on your specific needs, and it’s worth thoroughly evaluating both options, including requesting detailed quotes and demos, before making a decision.

Whichever platform you choose, both Oyster HR and Velocity Global can significantly simplify the complex process of building and managing a global workforce, allowing you to focus on growing your business across borders.

Oyster HR vs Velocity Global FAQs