Carol MacKinlay, CHRO, Velocity Global and Exodus Board Member (NYSE: EXOD)
Introduction
Crypto is different. Companies are focused on building brilliant tech on the blockchain, staying current, keeping costs low, and the team lean. Building a global team with few resources is not just an option—it’s a necessity. There’s an intense interest in letting both the company and team be their best – wherever they are – without tethers. Crypto also has a culture of being “etherial” and boundless, which can also create compliance issues.
While it is just about as boring as can be, the Employer of Record (EOR) world can make life easy in crypto and eliminate the need for irrelevant things like offices, lawyers, and employment compliance.
Employer of Record: The Global Expansion Powerhouse
So, what is EOR? An EOR acts as a legal employer, taking on the employment risks, compliance activity, and liabilities. Many people know about PEO companies – PEOs outsource HR functions using your legal and compliance team, along with your in-country entity. EOR is so much simpler – an EOR hires your people through our entities, but treats them like you would treat them. This is a game-changer for crypto companies looking to quickly enter new labor markets, employ the best talent around the world, and do it without all the burden.
Here’s why EOR is the ideal solution:
- Compliance Made Easy: No need to set up entities in each country where you want to employ. EORs handle all the legal and HR complexities, ensuring you stay compliant with local laws. Legal spend in crypto can be high; with an EOR we take on these functions for you.
- Flexibility and Speed: You can hire top talent in multiple countries without bureaucratic delays and several months (even years) of set-up time. This is essential for a fast-growing company that needs to scale quickly and efficiently.
- Cost Savings: EOR covers insurance, compliance, and benefits, reducing the need for additional HR staff. This can be a significant cost-saving measure for a startup or a growing company.
You can focus on building blockchain tech and growing the user base while your EOR takes care of the rest. This allows you to maintain a lean and agile team.
The Crypto Specifics
Crypto has always been lean. Companies are focused on tech and agility, and not on having a big team. With EOR, you can achieve several simple goals….simply.
Crypto is about empowerment and a lack of bureaucracy. Staying small and tight keeps a company culture. With EOR, you can keep the back office teams small as you grow and invest in the right areas for the company.
Crypto, more than most industries, wants to find the best talent around the world. With EOR, you are literally borderless in your ability to hire wherever, whenever. Velocity Global has 185+ countries to employ in within days or weeks – creating high talent density quickly.
Many crypto companies don’t want to be high profile. With EOR, we are the employers, the entities, the government compliance. We can help you hire quickly in over 185 countries without having to create legal entities or government filings. You can leave that along with the regulatory requirements to us.
Why EOR is Perfect for Crypto Companies
- Global Reach: Crypto companies often want to hire talent around the world. An EOR provides the infrastructure to quickly hire and manage a global workforce, ensuring that you can attract and retain the best talent, regardless of location. It’s seamless.
- Regulatory Compliance: The crypto industry is highly regulated, and compliance is non-negotiable. An EOR ensures that you meet all local and international regulations, reducing the risk of legal issues and fines and pushing that work to our pros to get done.
- Scalability: As your company grows, an EOR can easily scale with you. Whether you need to hire one employee or a hundred, your EOR can handle the logistics, allowing you to focus on your core business.
- Risk Management: By taking on the legal and employment risks, an EOR helps you mitigate potential liabilities, providing a safer and more secure environment for your business.
Conclusion
In the crypto industry, the right employment solution can be the key to a successful culture. An EOR partner offers the flexibility, compliance, and cost-effectiveness needed to build a global workforce that drives success. Whether you’re a startup or a growing company, an EOR can help you navigate the complexities and compliance of international employment and focus on what matters most—innovating and scaling your crypto business.
Biography
Carol MacKinlay has a strong crypto background, and is currently a Board member for Exodus Movement (NYSE:EXOD), the world’s leading bitcoin and crypto wallet, along with her recent tenure as the Chief People Officer at Binance.US. Carol brings deep expertise in talent and culture, honed through CHRO roles at Xero, Plantronics, Jawbone, Synopsys/BlackDuck, Matterport, and UserTesting. She holds a degree in Applied Math from UC Berkeley and an MBA from USC’s Marshall School of Business.
Carol is currently the Chief Human Resources Officer at Velocity Global, the smartest solution to expand workforces globally with precision and confidence. She’s working with the Product team to be the best option for compliant employment in crypto.
