Atlas HXM, the pioneer of the direct model for Employer of Record (EOR) services, has recorded another year of robust growth driven by the recent launch of its service-enabled Human Experience Management (HXM) technology platform.
Increasing global demand for direct EOR services and centralized HXM platforms has helped Atlas HXM to maintain the strong momentum that it experienced in 2021 throughout 2022. The company expanded its direct EOR services to 30 new countries in the past twelve months and continues to serve clients in over 160 countries worldwide.
This expansion translated into strong operational metrics for the business, including:
150% growth in the number of customers since 2021.
300% growth in revenue and total worksite employees (WSEs) over the past two years.
Consistent customer retention rates of 99%month-over-month, with a 5% improvement in year-over-year customer retention across 2022.
Strong operational efficiency, with an annualized 99.7% in payroll accuracy for 2022.
In particular, the value of Atlas HXM' direct EOR solution at scale is now clear, with some of the company's largest customers now operating in more than 50 countries each through their partnership with Atlas HXM.
“Despite strong headwinds across virtually all regions and industries in 2022, the strength of our performance highlights how the world of work as we know it is changing”, said Rick Hammell, CEO and founder of Atlas HXM.
“Global uncertainty didn't slow down demand for Atlas HXM — it actually accelerated it. What we're seeing is increased demand for our services that are enhanced through technology. Our customers want to be competitive in the market when searching for talent, while also making their operations more efficient from a time and cost perspective. Atlas HXM helps them to maintain a global reach and build a reputation that attracts the best talent anywhere in the world.”
Rebrand From Elements Global Services to Atlas HXM and Launch of HXM Platform
In June 2022, Atlas HXM unveiled its rebranding from Element Global Services in conjunction with the launch of its new HXM platform that streamlines operations for globally distributed workforces.
The Atlas HXM platform plugs into a client's existing operating systems as an extendable enterprise software solution that delivers improved experiences for employers and their global remote talent. Atlas HXM puts organizations in control of their global people operations, empowering them to streamline the entire employee lifecycle within a single solution – from onboarding and managing compliance and benefits to paying employees accurately and on time. The Atlas HXM platform also enables self-service capabilities that drive real-time insights and improved business outcomes.
Closing of Series B Funding
In September 2022, Atlas HXM announced that it had partnered with Sixth Street Growth — the growth investing business of the global investment firm Sixth Street. Sixth Street Growth made a strategic equity investment of up to $200 million to support Atlas HXM's continued global expansion.
This investment will further enhance the Atlas HXM technology platform, offering more user flexibility through additional self-service and automation features. This enables companies to scale faster, regardless of the number of people they are hiring. The funds will also be used to support software localization and real-time, in-region customer service support.
Launch of IMPACT ESG Initiatives
Atlas HXM is invested in the people and the communities where it operates and the sustainable economic future of the countries where its employees collectively live. In 2022, the company launched its IMPACT ESG program. This is central to its vision as a business and at the heart of its culture.
IMPACT is Atlas HXM' way to ensure that it defines and adheres to a set of ESG principles and pillars. It is designed to promote diverse, inclusive environments in the company's business operations, fostering a network of customers and employees that are focused on ensuring an equitable global environment. IMPACT establishes accountability, systems, and processes to measure and increase Atlas HXM' influence on each of the ESG pillars.
Awards and Recognition
Atlas HXM received numerous awards and recognitions throughout the year, highlighted in particular by being named as a leader in Global Employer of Record Services in NelsonHall's Vendor Evaluation and Assessment Tool (NEAT) Assessment. Atlas HXM was also named a leader in Everest Group's first “Employer of Record (EOR) Solutions PEAK Matrix® Assessment 2022”.
Corporate Expansion
Throughout 2022, Atlas HXM created over 250 jobs globally while also strengthening its board of directors and C-Suite, including the addition of:
Adriano Araujo as General Manager (GM) of LATAM, Ruairi Kelleher as GM of Europe, and Mark Graham as Chief Commercial Officer(CCO).
Kirsten O. Wolberg to the Board of Directors.