NelsonHall, the highly-respected industry research organization, conducted a thorough NEAT (NelsonHall Vendor Evaluation & Assessment Tool) appraisal of Papaya Global’s Employer of Record service. The final results (downloadable below), demonstrate that Papaya is an innovator in the field and capable of delivering high-quality services.
According to the assessment, NelsonHall placed Papaya in the Innovators quadrant. When compared to five other payroll and EOR industry leaders, Papaya was the only company placed in the innovator quadrant. The other quadrants being Leaders, High Achievers and Major Players.
“This market segment reflects Papaya Global’s overall ability to meet future client requirements as well as delivering immediate benefits to its global EOR services clients,” the report states.
The list of strengths NelsonHall identifies in Papaya’s EOR offering include (among others):
- Ability to offer multi-national firms a compliant global expansion solution, enabling an HR and payroll delivery model in support of >100 countries
- Offering a modern SaaS-based global payroll aggregator platform for centralizing its global employer of record services data and harmonizing the UX across client workers
- Recently acquired HCM technology platform expands its offering beyond payroll and compliance support alone, offering buyers and workers technology-enabled support for key HR activities including core HR, time and attendance, and performance management
- A highly transparent, fixed-price model for supporting clients with predictable costs associated with global expansion efforts.
The report ends with a broad overview of the EOR field, noting the tremendous growth potential, anticipating the “global EOR services market to grow at ~28.4% CAAGR, reaching ~$1.1bn by 2024.
The report concludes with an outlook for success:
“Long-term success in the global EOR services space will require offering a technology-enabled ‘one-stop shop’ of global expansion enabling solutions, through a curated marketplace of integrated partner services and technology to fill offering white spaces and extend client value.”
On that note, Papaya truly is an innovator in this field.
Download the full NelsonHall NEAT report.
Contact us to learn how Papaya can help your company expand via our EOR solution to over 140 countries.