No, they usually expect the worker to set up a local company in Country Y, and hire the worker as a contractor through their own company. Then the worker takes

No, they usually expect the worker to set up a local company in Country Y, and hire the worker as a contractor through their own company. Then the worker takes responsibility for their own work visa, employer's payroll taxes, social security and medical insurance. It is still possible for the hiring company to provide IT equipment and even offer stock options, or other bonuses. In practice, the worker might actually be living in Country Z.