Velocity Global Review 2024: Features, Pricing, Pros & Cons

If you want comprehensive global payroll support, Velocity Global is hard to beat. The professional employer organization (PEO), which also offers some self-service functions, operates in over 185 countries. Plus, employee benefits and recruiting functions are included.

But this broad value comes with opaque pricing. Plus, businesses operating in niche industries are not ideal customers.

Let’s explore if this far-reaching service is right for you.

Velocity Global’s pricing

Unfortunately, Velocity Global does not publicly disclose pricing. You must speak with a sales agent to nail down a subscription.

For reference, other professional employer organizations (PEOs) typically charge 5% to 10% of total payroll costs. So, if you spend $10 million annually on labor, expect to budget between half a million and $1 million per year.

Alternatively, you can use self-service payroll software to complete the task yourself. It’s not as convenient. But it’s more transparent with pricing and usually comes out much cheaper.

Let’s compare a few self-service payroll software platforms to understand their starting costs.

Velocity Global vs. self-service payroll software

Velocity Global’s key features

Robust online platform

Although Velocity Global offers full-service support, it also includes some self-service opportunities. For comparison, many competitors only allow for contracted, hands-off solutions.

The company’s cloud-based self-service platform provides a secure and straightforward tool for employers and staffers. Administrators can view payroll information and manage contractor invoices. Meanwhile, employees can complete onboarding and compliance documentation. The platform integrates with other software systems, too. So, if you want to extend its functionality and use your favorite third-party tool, that is possible with Velocity Global.

Immigration sponsorship support

Velocity Global’s human resources support extends to visa and global mobility services. This assistance in sponsoring employees is crucial for businesses to land top talent and overcome bureaucracy. The company assists with business and work visa documents and applications, removing the need for clients to engage with outside consultants for these purposes. Plus, their benefits administration services are tailored to comply with local regulations while offering attractive packages for employees.

And it’s not just full-time employees. They also ensure contractors are classified correctly and paid in full HR compliance.

International coworking spaces

Velocity Global’s partnership with coworking space providers gives your workers access to over 10,000 locations worldwide. This extensive network includes well-known providers like WeWork, Industrious and The Office Group.

The options aren’t limited to individual seats. Employees can choose from various workspace setups, including hot desks in open areas, private offices and meeting rooms. These spaces come equipped with essential amenities like Wi-Fi, power sources, complimentary beverages and even access to kitchenettes. Indeed, this is an excellent perk that many competitors don’t offer.

Velocity Global pros

Worldwide employer of record (EOR) Service

Velocity Global’s employer of record (EOR) service is a significant advantage for businesses looking to expand internationally. This service simplifies the complex process of hiring international employees while ensuring full compliance with local employment laws. By handling bureaucratic intricacies, Velocity Global frees companies to focus on their core business activities.

Global benefits and morale

Many PEOs focus on the day-to-day tasks of keeping people paid and adhering to laws. But Velocity Global boasts robust employee benefits management in each country it serves. This non-financial compensation is crucial for attracting and retaining top talent in a competitive international market. Some international perks include comprehensive medical and life coverage, flexible retirement plans and equity programs.

Advanced integrations

The service uses advanced software integrations, like Oracle HCM. You can connect your existing platforms too. These powerful connections facilitate streamlined processes, better data management and improved communication channels across international borders. As a result, you employ a more valuable, well-oiled PEO for your money.

Wide geographical reach

Velocity Global operates in over 185 countries, making it a highly versatile partner for businesses looking to enter new markets or manage a distributed workforce. Their wide geographical reach and local expertise provide businesses with the necessary support and guidance for navigating various market dynamics. This extensive global presence means companies can rely on Velocity Global for consistent and reliable service, regardless of where their employees are.

Velocity Global cons

Dependence on third-party providers

Velocity Global’s dependence on third-party providers is a double-edged sword. As mentioned above, it enhances value since you benefit from top-notch software. But on the other hand, it can make for an unstable long-term experience.

For example, critical services like payroll management and coworking spaces are outsourced. If Velocity Global switches providers, you’ll also have to adjust to a new platform. Reports and analytics can change, and employee benefits could get moved around, just to name two possible adjustments. Switches like this are inconvenient at best and disastrous to employee well-being at worst if benefits suffer.

Limited personalization

The company takes a generic approach to administrative processes. For many businesses, there is no issue. But if you operate in a niche industry, this one-size-fits-all approach won’t work. For example, Velocity Global won’t fit the bill if your business is a heavily regulated medical supplier. The company lacks the specialization to ensure you’re fully compliant with complex, industry-specific regulations.

Many competitors similarly lack specialized knowledge. But Velocity Global markets itself as a more beginner-friendly PEO in more countries than alternatives. So, niche needs can negate these competitive advantages, ultimately making a competitor a better option.

Alternatives to Velocity Global

Remote

Remote is a notable alternative to Velocity Global. The PEO offers similar services tailored for companies looking to manage a distributed workforce internationally. The beginner-friendly service focuses on simplifying the process of hiring, paying and managing international employees and contractors.

Like Velocity Global, Remote provides employer of record services. This perk allows companies to legally hire people in countries where they lack a legal entity. This service is crucial for businesses looking to expand their reach without the complexities and costs associated with establishing themselves locally in each country.

Multiplier

Geared toward high-growth startups, Multiplier takes a pay-as-you-go approach to global expansion. This subscription-based model eliminates upfront costs and scales with your team size, making it ideal for businesses on a tight budget.

While this sounds unique, the company’s focus on rapid scaling might not suit businesses with slower growth trajectories. A longer-term contract might work better if your business has a more stable future. Additionally, Multiplier’s limited service offerings might not be sufficient for companies requiring comprehensive payroll and benefits management.

Papaya Global

Unlike Velocity Global’s broad, one-stop-shop approach, Papaya Global focuses on payroll and compliance. This specialization makes them an ideal partner for businesses already managing their international talent acquisition but struggling with cross-border payroll.

Papaya Global’s focus on payroll excludes other essential services like recruitment and benefits administration. This narrow focus might necessitate additional software or services, which can exceed your budget.

Review methodology

We carefully studied customer feedback to understand how Velocity Global serves real-world people. We also examined competitors, solutions offered, scalability, countries served and ease of setup, among other factors. Additionally, the ease of use and technological integration of their platforms were evaluated to understand user experience and functionality.