A CFO’s Point of view on Backup Papaya Global…
Papaya Global’s platform simplifies international labor force management for companies, ensuring compliance with regional regulations and tax laws. Their services incorporate payroll processing, benefits administration, compliance oversight, time and attendance tracking, and HR assistance. The platform centralizes international payroll operations, supplying businesses with real-time insights and control. Founded in 2016, Papaya Global has broadened to Tel Aviv, New York, London, and Kiev.
In the vibrant landscape of global business operations, handling payroll across borders can be a complex and tough job. As the Chief Financial Officer (CFO) of a worldwide company, I comprehend the critical importance of effective and certified payroll management. In our pursuit of quality, we have embraced innovative solutions to improve our procedures, and one such transformative tool is Software.
The Difficulty of Global Payroll:
Worldwide growth produces diverse obstacles, and payroll management is no exception. Differing tax policies, varying work laws, and several currencies make it essential for companies to embrace sophisticated options to make sure accuracy, compliance, and effectiveness in payroll processing.
Software: A Comprehensive Service:
staff members so it’s really fundamental to ensure that you’ve thought about from the start any post-termination restrictions that you wish to take into the agreement of employment that they’re enforceable so that indicates you need to actually think of what it is you’re aiming to protect and why clearly Specify what’s included within the scope of that confidential information and deal with the period of restriction post-determination that you wish to use and be actually able to to validate that in relation to copyright the position actually depends on the type of intellectual property you’re aiming to protect and likewise the jurisdiction so for example from a copyright viewpoint in the Netherlands the end client is more likely to have the um intellectual property rights in a copyright that the workers produced who’s been under their supervision and control automatically however in someplace like Poland for example that automatic right might not exist and that assignment would need to flow through the chain uh contractually so it really depends upon the jurisdiction and the kind of IP okay thank you Elizabeth Steve was staying on the topic of contracts Miss classified misclassifying workers
Papaya Global Software application has actually become a game-changer in the realm of global payroll management. Its cloud-based platform incorporates payroll, workforce management, and employee benefits into a single, user-friendly interface. As the CFO, I have actually experienced firsthand the positive impact of on our company’s monetary operations.
Unified International Payroll Processing:
allows our company to process payroll seamlessly across several countries. The platform’s unified technique allows for consistent payroll calculations, decreasing mistakes and guaranteeing compliance with regional policies. This has actually substantially alleviated the dangers connected with global payroll processing.
likewise key for if later on someone says misclassification you have your file supported by the requisite files which the right evaluation tools to reveal somebody that you had a thoughtful procedure therefore what do you have to include in that procedure it’s the who the what the where and the when who are you handling are you dealing with a specific or are you dealing with an individual Service Corporation and how are they running what are they doing is it the type of work that provides itself more to being an independent specialist than a worker so for example accounting
I.T engineering the creatives these all lend themselves more to that assessment of being freelancer you know also uh where are they doing it can they work from anywhere or do they need to be on site and handled once again another essential aspect is the management and guidance of the uh worker and after that lastly when is it a particular task is it a six-month task six years all of this is workable but it has to be recorded and it has to be thoroughly um investigated so we have a tool we call it ic2 we had an ic1 and we have actually enhanced it this year so that we can roll it out globally these tools take a questionnaire list for the worker the worker fills out and fills these questions out and so does completion client or the recipient of the services they both put their info into the tool and then it does an assessment waiting the various questions because not every jurisdiction has the very same sensation about some of these concerns some believe they’re more vital than others and it brings out a red yellow or green red you’re probably a worker yellow you’re on the cusp we can most likely assist you with that in terms of a few of the things you need to bolster to make sure that you are given that evaluation of uh independent specialist or green where you were examined as an as a independent professional once that examination is done all the requisite documents are beneath it so that if in the future there
Navigating the intricacies of international work laws and tax regulations can be frustrating. Papaya Global’s automated compliance engine keeps our company current with modifications in regulations across jurisdictions. This ensures that our payroll processes stick to the latest standards, lessening the danger of non-compliance and associated charges.
Backup Papaya Global and Time Savings:
The software’s automation capabilities have considerably minimized the time and effort required for payroll processing. Handbook data entry and repeated jobs have been lessened, permitting our finance group to concentrate on tactical efforts rather than administrative concerns. This has led to increased effectiveness and performance within our financial operations.
in one considering that each state has its own regulations Californians are some of the most strict an example is pay slips on a payslip in California the right details needs to be on the payslip in the right format and in the ideal position if you remain in breach of of guidelines for payslips the fines are provided per payslip so that’s each staff member each pay slip will sustain a great thanks Ray thank you Elizabeth a lot to worry to consider and we’re only two concerns in and 10 minutes or two hiring in one country is difficult enough but when working with in a you know on an international level it’s a totally different story you require to make certain that you depend on date with current along with pending local labor laws Steve um how do you make sure and guarantee that the people 2.0 group is on top of an ever-changing landscape which your customers are fully supported and I’ll arrange this into three key things we carry out in firstly you require to have the ideal team so we work with a group of global specialists in Employment Practices um that ex that team of experts consists of legal representatives it consists of payroll professionals it includes HR experts and these are individuals that not just know the laws in these in these countries and regions however they likewise understand the languages they understand the regional practices they know the cultures and it is necessary to have that ideal group and genuinely have the group on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global offers extensive real-time analytics and reporting tools. As a CFO, having access to precise and prompt monetary information is important for decision-making. The platform’s reporting capabilities empower me to make educated tactical decisions based upon real-time insights into our international payroll information.
application and its scope and the manner in which it applies to employment law in practice can be tested through the judicial system by way of case law examples of that would be the acquired rights regulation otherwise known as the 2p regulations in the UK the working time policies which has actually had various hairs of that legislation tested particularly around holiday pay and naturally as Kathy’s going to come on to speak about later work status which there’s been several precedence set throughout the years so I believe it’s really that constant advancement of the work law landscape that you truly need to navigate when when working in Europe alright thank you Elizabeth Ray what about you from your individual experience while moving across the pond as mentioned each nation has different policies but the United States is basically 50 nations
Scalability for Company Development:
Among the standout functions of Papaya Global is its scalability. As our company continues to grow and expand into new markets, the software seamlessly accommodates modifications in our workforce and payroll requirements. This scalability guarantees that our payroll infrastructure can adjust to the developing requirements of our global organization.
Worldwide Chief legal officer we have actually got Elizabeth Beal who is our primary legal officer for Amia and we’ve got Ray Gander who is our senior vice president of client services and I would say separately and jointly these three people have Years of experience in in employment law and worldwide Employment Practices so thank you it’s a satisfaction to be with everyone here today seems like we have actually got the right people with us today and in in addition to to those well we likewise have one of our own Stars erase share head of Global Solutions at papaya Worldwide tell us about yourself thank you Elin Ian hello my name is Elite I’ve been with the business for around four and a half years as head of Collaborations I have developed Papaya’s network of in-country Partners in over 160 locations on an individual aspect and related to our subject today I have actually had the opportunity to move and operate in three different nations it is the company’s responsibility to ensure my protection while living in a foreign country compliance with regional laws and guidelines is important for me or anyone else as an expat or as a regional so today we have actually invited our relied on Partners people 2.0 to show the value of regional
proficiency when business Go Global thank you and enjoy alright thank you as I stated let’s move on to the pact agenda today’s webinar is a chance to ask the panel the concerns you have actually been thinking about we’ll talk about the facts a company requires to consider when opening a new entity and broadening into new countries along with keeping things going we’ll cover aspects such as regional regulations considerations when employing compliance essential difficulties payments and what not to do it is among the most crucial things remembering what not to do um operating on a worldwide level is not for the faint-hearted the larger a company grows the more they require to understand and handle knowing what to do in each new situation as it rises is important on many levels understanding local guidelines and local laws in addition to company practices assists alleviate Associated and worldwide expansion papaya through our local professionals can browse possible risks such as copyright protection information personal privacy security problems ensuring the company’s operations stay compliant and safe and secure tax Social Security returns and remittances differ by nation
In conclusion, Papaya Global Software application has proven to be an indispensable property in our quest for effective and compliant international payroll management. As the CFO of a global company, I am confident in advising Papaya Global to companies seeking to improve their payroll procedures, improve compliance, and achieve higher efficiency in handling their international labor force. The software application’s ingenious functions and commitment to excellence line up with our tactical goals, making it an integral part of our financial operations.
publicly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly announced settlements there’s also significant legal expenses there’s there’s other penalties there’s other expenses behind that as well so the overall cost can be very considerable in the tens of millions of dollars or more and and those amounts are growing uh the reason why business are getting it so wrong is truly simply the guidelines are complicated and they’re altering all the time think ir-35 in the UK which has been an ongoing advancement for several years now and and still a great deal of uncertainty amongst business on what it really implies and how you deal with it most companies are just not knowledgeable about the guidelines and and act as if the the rules are the same all over which they’re not so so encourage you to to be really proactive as you’re engaging uh employees from a classification perspective alright thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what impacts can this have on the worker Backup Papaya Global especially when it comes to their own tax liabilities social security and advantages for example jury and obviously the workers the other side of the coin
I discover time and time again the employees typically misclassified unknowingly they do not comprehend the conditions of work or agreement and are informed by the customer why it’s most advantageous mainly to the client why you ought to be utilized or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be impacted and a number of times it can be years before this all falls out and by that time it’s too late years have actually passed they haven’t contributed to pensions And so on so it’s a huge impact that they never ever knew they were walking into you could not agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy business are getting insurance coverage versus misclassification however generally premiums are just covering the cost of legal charges whilst the typical claim evaluated against companies relates to to 40 or half of the base salary of employee exists any point in securing insurance and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge and interest in most cases I haven’t seen it a minimum of so uh the the other location that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK
Cost Factors to consider and Backup Papaya Global …
The comprehensive features of come at a cost,
Recent decades have seen a significant change to the labor force as the increase of remote work has actually broken down geographical barriers to employing. Services can now employ staff from anywhere worldwide, allowing them to access the best readily available skill for any given function. This offers workers more flexibility to work from home and increase their income without relocating to costly areas or commuting long distances. A 2022 survey discovered that 87% of employees who have the chance to work remotely take that chance. The outbreak of COVID-19, in conjunction with brand-new enterprise connection software application, sped up the relocate to remote work, consisting of in industries previously reluctant to embrace the pattern.
insights are important to us and and your fellow participants so first things first though um let’s get to know everyone my name is Ian Charles and I’ve operated in payroll for the last 25 years I have actually had functions in all type of Industries retail and Charm to Aerospace in all kinds of services start-up to matrixed environments across the globe I offered leadership and strategy to populations of more than 100,000 staff members on a monthly basis and in over 170 nations today I’m the perel strategist for papaya
Global I work throughout business guy maning and constructing external relationships supporting Business customers and options and functioning as an advisor I want to introduce our first Greg um guest Greg who will kick things off by informing us um who he is and a little bit more about bamboo HR Greg over to you thanks Ian yeah as Ian stated my name is Greg Piper uh I am the senior business counsil at bambo HR so I lead our internal legal team and really work really closely with our um HR department as well to handle various legal and HR matters that turn up so actually excited to be here about bambo HR if if you’re not acquainted with us uh at bambo HR we say our objective is to set you as HR specialists free to do terrific
While Papaya Global deals integrations with various HR and finance systems, the implementation process was not without challenges. Incorporating the software application with our existing infrastructure required additional customization, leading to some delays in the preliminary rollout.
Paying FAQs Backup Papaya Global 2024
and some smaller sized subsidiaries within our company found the rates to be on the greater side. As a worldwide company, balancing the requirement for advanced features with budget constraints ended up being a delicate exercise.
Client Support Reaction Time:
There were circumstances where our groups dealt with problems that required timely support. However, the reaction time from’s customer support team was not constantly as quick as preferred, leading to occasional hold-ups in problem resolution.
Our execution of included a phased technique. We began by onboarding a couple of subsidiaries to evaluate the system’s compatibility with our existing procedures. This enabled us to recognize and resolve combination challenges early on. As the software became more implanted in our operations, we gradually broadened its use to cover our entire worldwide labor force.
The automated features streamlined our payroll procedures, minimizing the time spent on manual computations and compliance tracking. Routine training sessions and ongoing assistance from Papaya assisted our teams become proficient users of the software, maximizing its capacity for our company.
Companies that employee workers across several nations frequently deal with intricate difficulties when it pertains to handling their labor force. One of the most significant difficulties is combining various information streams and adhering to diverse local and nationwide labor regulations, which can be both time-consuming and costly. Additionally, setting up regional entities in brand-new areas can be a costly and suboptimal alternative, with options such as opening a foreign subsidiary or working with a professional work company (PEO) frequently charging up to 15% of the payroll. These difficulties have resulted in a significant increase in problem hiring certified personnel, with 75% of companies reporting this concern in 2022, a 21% increase from 2019. The payroll and HR solutions market, valued at $26.4 billion in 2022, is anticipated to reach $50.4 billion by 2030.
offers an option supporting all kinds of work. It provides an end-to-end platform, from employee onboarding and ongoing management to global payments and. It helps companies with labor law compliance in the jurisdictions in which they run, uses management of employment benefits, and makes sure information personal privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. A business owner with 15 years of experience, she is a leading specialist in payroll and labor force management. She co-founded after seeing the technology gap in worldwide.
papaya this webcast has been pre-approved for hrci and Sherm credit please make sure to attend the complete webcast in order to receive your credits if you have any questions during the webcast please click on the Q&A tab in your webinar controls and type the there a brand-new tab will open in your browser with the webcast study please make sure to finish it as quickly as the webcast has ended it is now my pleasure to turn it over to Pap and bamboo HR for their discussion hey there and thank you for joining us today we’re thrilled to have you here as we embark on a journey of information to guideline achieving
360 degree worker compliance where we’ll dive into the important aspects of the worker compliance management model throughout the session we’ll check out real life challenges real regional policies best practices and the function of Automotion in simplying compliance journey be prepared to emerge in a comprehensive understanding of how to protect your company and workers while staying certified in an
Ever evolving regulatory environment in the everchanging world of service and financing making sure compliance with payroll regulations is not just vital however also a legal necessary from the moment of hiring to the in intri intricacies even sorry of termination every step along the staff member journey is Frau with compliance dangers that have far-reaching consequences nevertheless with a much deeper more nuanced understanding of their obligations organizations can not only browse the detailed landscape however also proactively ensure this 360 degree compliance the webinar is designed to equip you with the understanding and tools needed to navigate the complex Surface of compliance whether you’re a seasoned P specialist a small business owner or somebody brand-new to the field what I wish to do before we start and I believe it’s really essential
In our quest to enhance efficiency and precision in handling our international workforce, our multinational corporation turned to, a leading and workforce management software. The shift intended to streamline the complex job of managing throughout different nations, currencies, and compliance policies.
One of the standout features of is its robust compliance management system. The software immediately updates itself to abide by ever-evolving tax and labor laws throughout several jurisdictions. This has actually been vital in guaranteeing that our procedures stay compliant in each nation of operation.
is to state that the content here is not legal guidance it is merely for your information please consult your legal team needs to you have any questions or issues in relation to anything that we have actually talked about today our key take essential takeaways by the end of the webinar will be an understanding of employee compliance dangers how to employ ly with self-confidence how to simplify information management and automation so let’s take ourselves a moment to acquaint ourselves with the webinar platform once again as we’ve.
act as your hris or is kind of your core employee record um to manage that employee life cycle throughout their Journey with you as as a staff member in addition to a payroll module we need to help you pay those staff members and compensate them and benefits Administration module that permits you to help handle the benefits you provide to your staff members so truly delighted to be here represent um bamb booy jar and talk about this topic um and I think from my perspective I’ll I’ll most likely provide a lot of a focus on the United States side of things when we talk about sort of compliance so happy to be here thanks for having me Ian okay thanks Greg um Gina over to you would you like to introduce yourself and tell the audience a bit about papay worldwide yes absolutely thank you Ian hi everyone I’m Gina dorelis I’m the Employment specialist supervisor.
at I handle the employment Council in the United States APAC EMA and Israel region I also work as us Council for I’m licensed in New york city and New Jersey um we make sure compliance onboarding and offboarding of employees with regard to papaya we offer payroll payments and labor force management as a Service work force service provider to workers serving in over.
160 nations alright thank you so both I feel entirely underqualified sitting here with you both well I forgot to discuss as we were type of like going through the intro so it’s really actually great to in fact see in the webinar chat where everybody’s really going to from today I can see that we have people in Las Vegas and Indiana already so if you want to carry on inform where you are that would be definitely fantastic whilst we just await everyone else to sort of like participate there we go Chicago also well um so whil we’re doing that I’m waiting on everybody to kind of join I’ll simply run us through the agenda um today we are going to go over hiring Skill new greater Details Management termination compliance and automation wow the chat has actually got actually truly busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from definitely all over which is great so uh I’m hoping that we’re in fact going to have some truly great commentary and questions throughout the uh the webinar as well all right so that’s the agenda then what I want to Now cover is the the compliance and the Privacy side of things so the the Journey of a staff member and their information is Backup Papaya Global diverse without fail and an.
Ever developing relationship that starts the moment a person joins an organization it continues throughout their employment and Beyond this journey can be divided into k to numerous crucial stages whilst we’re in fact you understand that they’re utilized with us so on boarding everyday operations compensation and advantages expert advancement then we get to the offboarding and even advocacy so it even occurs after the worker has left your work throughout the journey companies are accountable for gathering saving securing worker data in compliance with data privacy guidelines no matter where it is you’re operating around the world it frequently includes implementing protected information management systems and making sure rigorous adherence to regional requirements to protect both the worker and the organization the advancement of staff member information and management c.