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Industry Landscape
The global HR tech industry is experiencing rapid growth, driven by the increasing adoption of remote work and the need for seamless international talent management. Companies are investing in solutions for global payroll, Employer of Record services, and compliance to navigate complex international labor laws and expand their workforce globally. The market is highly competitive with both established players and new innovators.
Total Assets Under Management (AUM)
Global Employer of Record Market Size in United States
~Approximately $2.1 billion (2023)
(19.5% CAGR)
CAGR for the EOR market.
Driven by global expansion and remote work adoption.
Increasing need for compliance and streamlined hiring.
Total Addressable Market
5.3 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
AI-Powered Compliance Automation
Leveraging artificial intelligence and machine learning to automatically monitor, interpret, and apply ever-changing international labor laws and tax regulations, ensuring real-time compliance.
Blockchain for Secure Payroll & HR Data
Utilizing blockchain technology to create immutable and transparent records for global payroll transactions, employment contracts, and sensitive HR data, enhancing security and trust.
Hyper-Personalized Global Benefits Platforms
Employing data analytics and AI to offer highly customizable and locally relevant benefits packages to employees across different countries, optimizing talent attraction and retention.
Impactful Policy Frameworks
California Privacy Rights Act (CPRA) - 2023
The CPRA, effective January 1, 2023, expands upon the California Consumer Privacy Act (CCPA) by providing consumers with more rights regarding their personal information and establishing the California Privacy Protection Agency (CPPA) to enforce these laws.
This policy directly impacts Borza by requiring stricter data handling practices for employee data, particularly for US-based employees, necessitating enhanced data governance and compliance measures.
National Labor Relations Board (NLRB) Joint Employer Standard - 2023 (Proposed Rule)
The NLRB's proposed rule (published Sept. 7, 2022, and expected to be finalized in 2023) would broaden the definition of 'joint employer,' making more businesses jointly responsible for labor law violations and collective bargaining obligations of their contractors or franchisees.
This proposed policy could significantly impact Borza's EOR services by potentially increasing the liability for client companies and Borza itself in managing global workforces, requiring adjustments to contract structures and compliance frameworks.
SEC Climate-Related Disclosures - 2023 (Proposed Rule)
The Securities and Exchange Commission (SEC) proposed rule, 'The Enhancement and Standardization of Climate-Related Disclosures for Investors,' (expected to be finalized in 2023) would require public companies to disclose certain climate-related information, including Scope 3 emissions in some cases, which includes emissions from supply chains and employee activities.
While not directly HR policy, this could indirectly affect Borza's clients by prompting greater scrutiny of their global workforce's environmental footprint, potentially leading to demands for new data points or reporting features from HR tech providers.
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