How would you measure the success of Velocity Global's Global Employer of Record (EOR) service?

Introduction

Measuring the success of Velocity Global's Global Employer of Record (EOR) service requires a comprehensive approach that considers multiple stakeholders and metrics. To effectively evaluate this product, I'll follow a structured framework covering core metrics, supporting indicators, and risk factors while considering all key stakeholders.

Step 1

Product Context

Velocity Global's EOR service enables companies to hire and manage employees in countries where they don't have a legal entity. This solution streamlines international expansion by handling payroll, benefits, and compliance issues.

Key stakeholders include:

1. Client companies (employers)
2. International employees
3. Velocity Global's internal teams
4. Local regulatory bodies

User flow:

1. Client company identifies a candidate in a new country
2. Velocity Global onboards the employee and handles legal requirements
3. Employee works for the client company while Velocity Global manages payroll and benefits
4. Client company manages the employee's day-to-day work

This service aligns with Velocity Global's strategy of simplifying global expansion for businesses. Competitors like Globalization Partners and Remote offer similar services, but Velocity Global differentiates through its extensive global network and technology platform.

The product is in the growth stage, with increasing demand for remote work and international hiring driving adoption.