Employ
Recruit
- Hire Anywhere, Worry-Free
- Payoneer Workforce Management Review Summary
- Payoneer Workforce Management Company Overview
- Payoneer Workforce Management Key Features
- Payoneer Workforce Management Pricing
- Payoneer Workforce Management Reviews
- Payoneer Workforce Management Pros and Cons
- Payoneer Workforce Management Benefits
- RemotePeople Score for Payoneer Workforce Management
- Conclusion
- FAQs
Hire Anywhere, Worry-Free
Hiring, payroll, and compliance in 150+ countries.
Payoneer Workforce Management Review Summary
Score 8.0 out of 10
Currency
100
Monthly fees
Employees $199-$599 per month Contractors $19 per month
Payment options
Direct deposit
Payoneer Workforce Management (formerly Skuad) enables businesses to compliantly hire full-time employees and freelancers in over 160 countries without establishing additional legal entities. It is an global Employer Of Record (EOR) and Agent Of Record (AOR) with simple, transparent pricing and a streamline online platform.
Payoneer Workforce Management is a fast-growing Global EOR and payroll platform based out of Singapore that was recently acquired by New York-based fintech company Payoneer for $61 million in cash, making it the first global EOR to become part of a listed company on the stock market. Despite being relatively new, Payoneer WFM aims to offer a simple-to-use system with transparent and affordable pricing that can enable companies anywhere to expand their teams and capabilities by painlessly hiring remote workers and freelancers.
Payoneer Workforce Management Company Overview
Payoneer Workforce Management is a Global Employer of Record (EOR) and an Agent of Record (AOR) for contractors. The entire workforce is paid, onboarded, and tracked through the Payoneer WFM platform.
As an EOR, it is able to hire workers in over 160 countries. Though employees are legally employed by Payoneer Workforce Management local partners in these jurisdictions (who are thus responsible for all local compliance), all work-related decisions, including salaries and bonuses, are decided by the business owners utilizing the service.
The new employee onboarding process is managed by Payoneer Workforce Management and can be tracked via the online platform. Salaries are tracked and consolidated onto a single invoice in the business owner’s currency of choice.
As an AOR, Payoneer Workforce Management assists in contractor and freelancer management. Payoneer WFM EOR freelancer management includes background checks on contractors, assisting in ensuring that contractors are properly classified according to the applicable national regulations, and preparing compliant contracts.
Though freelancers are contracted directly with the business (and not a Payoneer WFM-managed entity as in the case of full-time employees), Payoneer WFM assumes responsibility for maintaining regulatory compliance. Contractor invoices can be viewed in local currencies and are consolidated monthly into a single invoice, payable simultaneously with full-time employees.
Employees and contractors can be added or removed easily from the Payoneer WFM platform; pricing is tabulated per employee and contractor per month.
Payoneer Workforce Management Key Features
1. Payoneer Workforce Management EOR
Payoneer Workforce Management can legally onboard new employees in over 160 countries through its network of local partners. These local partners act as the Employers of Record and assume all liability for local regulatory compliance. All workplace and management issues are left to the business owner, who pays Payoneer WFM through a single consolidated invoice each month.
Impressively, Payoneer WFM boasts that new candidates can be hired and onboarded in less than 24 hours. The Payoneer WFM network covers most countries in Europe, Asia, Africa, and the Americas. Companies wishing to hire outside of their existing network can also contact the Payoneer WFM People Ops team for a custom solution.
2. Payoneer Workforce Management Payroll
The payroll system allows for allowances, bonuses, and stipends. It also automates any tax payments that must be made on these additions. Payments may be made in, or to, any of over 100 supported currencies.
The platform consolidates all contractor invoices and other payments into a single invoice that can also be paid in the employer’s currency of choice. Payoneer Workforce Management handles all currency conversion and direct deposits to the bank details provided by contractors. Any currency transfer fees and variables in the exchange rate are borne by the contractors.
3. Payoneer Workforce Management HR
Once a winning candidate has been chosen, business owners create a custom offer letter through the templates provided on the Payoneer Workforce Management platform. Employers fill in all known details, the software will populate and customize the letter, which can then be sent to the new employee.
Once they accept the offer, the new hire will be sent a compliant employment agreement to sign. Companies who wish to may also request a Non-Disclosure Agreement to protect their intellectual property and sensitive data. The hire is then sent a Payoneer Workforce Management login, which will guide them through the onboarding process.
Payoneer Workforce Management also supports contractors in over 160 countries as an Agent of Record (AOR). Contractors may be converted to employees at any time and will be led through onboarding similar to a new employee.
Termination and offboarding are subject to a number of regulations that can vary greatly in different countries. Payoneer WFM’s team of People Ops experts is available to assist employers through this process to ensure total compliance. For contractors, the process is faster, as they are privately contracted to the business, not to Payoneer WFM; their profile is simply removed from the platform.
Payoneer Workforce Management provides global employees with benefits packages relevant to the nationality of each employee. These benefits can include health insurance, dental insurance, pensions, reimbursements, paid time off, bonuses, and allowances.
4. Payoneer Workforce Management Compliance
As an EOR, Payoneer Workforce Management is responsible for local compliance of full-time international workers. As an AOR, they are responsible to guide their clients through compliance issues and ensure that contractors are not misclassified. They also maintain a large database of local regulations for each country of operation, allowing business owners to educate themselves on the challenges and opportunities of hiring in a particular jurisdiction.
Statutory benefits, the minimum benefits required by law, vary in each country. Often these include pay-in to national insurance or retirement accounts. Payoneer Workforce Management handles the processing of all statutory benefits required for compliance and can consult with employers on the relative costs of employment in each country.
These payments are processed directly in each pay period. Payoneer Workforce Management does not add any additional surcharges or fees to the cost of statutory benefits. For eligible employees, employers can then add supplemental benefits in order to provide a more competitive offer.
The platform generates compliant contracts for freelancers in all areas of operation, which are signed by the business owner and the contractor. Unlike EOR employees, freelancers are contracted directly by the business, not by Payoneer Workforce Management.
Payoneer Workforce Management follows international privacy and data protection standards and is GDPR, CCPA, and SOC 2 compliant.
5. Payoneer Workforce Management Platform
The Payoneer Workforce Management platform puts all of its services together in one place for simple, easy access. Employers can add new employees or contractors to the system with just a few clicks, track the status of employment contracts, and follow the onboarding status of each individual employee at a glance.
All employee and contractor payments are consolidated into a single monthly bill, which can be paid with a single click. Through the platform, employers can view the monthly salaries and expenses of each individual employee, as well as any bonuses issued. Localized contracts can be viewed at any time.
Contractor invoicing is automated by tracking the number of hours worked in real-time. New equipment can also be purchased directly through the platform and shipped to remote workers around the world.
Before hiring, businesses can calculate the total employee cost in different regions, and review local regulations and country-specific contracts. All compliance documents are held in the system as well, with notifications alerting businesses to missing documentation or if full compliance has been reached.
Business owners and managers can also do their own research and use the database to learn about compliance and tax laws in every territory, to anticipate which documentation they will need to have prepared as they expand their global teams. If employers face any issues during set-up or as they move along, live chat support is always available.
Payoneer Workforce Management Pricing
| Plan | Price per employee/contractor per month |
|---|---|
| Payoneer WFM EOR | $199 – $599 per full-time employee/month |
| Payoneer WFM Contractor | $19 per contractor/month |
| Payoneer WFM Enterprise | On request |
Payoneer Workforce Management Reviews
We reviewed Payoneer WFM’s performance on various customer and employee review sites, including:
The average scores (as of the time of writing) were:
- Payoneer WFM Capterra = 3.4/5 (5 revies)
- Payoneer WFM G2 = 4.6/5 (132 reviews)
- Payoneer WFM Trustpilot = 3.2/5 (2 reviews)
- Payoneer WFM Glassdoor = 3.7/5 (168 reviews)
Payoneer Workforce Management Pros and Cons
- Pros
Pricing is both competitive and transparent, a benefit for business owners who need to quickly integrate a low-cost solution. For this reason, Payoneer WFM was judged by Remote People to be the most cost-effective EOR in 2023.
The platform is simple and easy to use. Clients can be up and running, ready to begin onboarding in a short time.
Support for full-time employees and contracted freelancers makes the service attractive to small businesses who have just started building their remote workforce.
International payroll for direct employees allows companies that already have legal entities in some markets but wish to utilize EOR employees or contractors for other markets to consolidate company-wide payroll under a single system.
- Cons
Limited customization for companies with complex requirements; recruitment, strategic consulting, HR consulting, relocation services, custom check-in systems.
Lack of some add-on services, such as employee background checks.
Payoneer Workforce Management Benefits
Payoneer Workforce Management is a simple, all-in-one system for onboarding, EOR services, payroll, compliance, and contractor payments. The system is straightforward in what it provides and transparent in its pricing. It will allow any company to easily build a compliant remote international workforce.
RemotePeople Score for Payoneer Workforce Management
8/10
Our expert score for Payoneer WFM
Our team came to this score by considering the following components in the following weightings:
Employer of Record features
25%
Payroll features
10%
HR features
10%
Compliance features
10%
Platform features
10%
Pricing
20%
User reviews
15%
For each component, Payoneer WFM received the following score:
Employer of Record features
18/25
Payroll features
6/10
HR features
8/10
Compliance features
9/10
Platform features
8/10
Pricing
20/20
User reviews
11/15
Conclusion
If you have chosen your international employees and simply need a compliant way to onboard, manage payroll, file taxes, and consolidate invoices, you will find Payoneer Workforce Management a major timesaver.
Furthermore, if you routinely sign up new contractors internationally for specific projects you will be able to consolidate invoices, compare costs, and ensure compliant payments without putting extra strain on their internal HR departments.
- Already checked out our top 5 picks? Here are even more Payoneer Workforce Management alternatives worth exploring if you're still searching for the perfect global hiring solution.
FAQs
Payoneer Workforce Management is headquartered in Singapore. It is privately held, and has raised a total of $19.8 million over three funding rounds.
Payoneer Workforce Management supports cryptocurrency for contractor payments. I also supports Payoneer, Coinbase, and Wise.
In a seed round in 2020, Payoneer Workforce Management raised $4,000,000. Subsequently in Series A funding in 2022, the company raised $15,000,000. Most recently, in a 2023 Venture Round, Payoneer Workforce Management raised $750,000.
As a privately-held company, Payoneer Workforce Management has not released these figures, however reports suggest that Payoneer Workforce Management had a revenue of $3.9 million in 2022.
