A CFO’s Point of view on Cost Papaya Global…
Papaya Global’s platform streamlines worldwide labor force management for companies, ensuring compliance with regional policies and tax laws. Their services include payroll processing, benefits administration, compliance oversight, time and presence tracking, and HR assistance. The platform centralizes international payroll operations, providing services with real-time insights and control. Founded in 2016, Papaya Global has actually expanded to Tel Aviv, New York City, London, and Kiev.
In the dynamic landscape of global business operations, handling payroll across borders can be a complex and difficult task. As the Chief Financial Officer (CFO) of a global business, I comprehend the critical importance of effective and compliant payroll management. In our pursuit of excellence, we have actually embraced ingenious options to simplify our processes, and one such transformative tool is Software.
The Obstacle of International Payroll:
Worldwide expansion produces varied challenges, and payroll management is no exception. Differing tax policies, varying work laws, and numerous currencies make it important for companies to adopt advanced options to make sure precision, compliance, and performance in payroll processing.
Software application: A Comprehensive Service:
It is vital to think about and consist of post-termination constraints in the employment agreement to ensure enforceability. You must thoroughly identify what you are looking for to secure and plainly specify the secret information that falls within its scope. Furthermore, define the duration of the post-termination constraint and be prepared to justify it in relation to intellectual property. The guidelines concerning copyright vary depending upon the type of IP and the jurisdiction. For instance, in the Netherlands, completion client is likely to have copyright rights over works produced by workers under their supervision, while in Poland, contractual task might be needed.
Papaya Global Software has emerged as a game-changer in the realm of international payroll management. Its cloud-based platform integrates payroll, labor force management, and employee benefits into a single, easy to use user interface. As the CFO, I have actually experienced firsthand the positive impact of on our organization’s monetary operations.
Unified Worldwide Payroll Processing:
allows our company to procedure payroll perfectly across numerous countries. The platform’s unified technique allows for constant payroll calculations, lowering errors and making sure compliance with local policies. This has considerably alleviated the risks related to global payroll processing.
also essential for if later somebody says misclassification you have your file supported by the requisite files which the right assessment tools to show someone that you had a thoughtful process and so what do you have to consist of because procedure it’s the who the what the where and the when who are you handling are you dealing with an individual or are you dealing with an individual Service Corporation and how are they operating what are they doing is it the kind of work that lends itself more to being an independent specialist than a staff member so for instance accounting
I.T engineering the creatives these all provide themselves more to that examination of being freelancer you understand likewise uh where are they doing it can they work from anywhere or do they need to be on website and managed again another crucial aspect is the management and guidance of the uh employee and after that lastly when is it a particular task is it a six-month task 6 years all of this is manageable however it has to be documented and it needs to be completely um examined so we have a tool we call it ic2 we had an ic1 and we’ve improved it this year so that we can roll it out worldwide these tools take a questionnaire list for the worker the worker completes and fills these questions out therefore does the end client or the recipient of the services they both put their information into the tool and then it does an assessment waiting the different concerns since not every jurisdiction has the exact same feeling about a few of these questions some believe they’re more crucial than others and it brings out a red yellow or green red you’re most likely a staff member yellow you’re on the cusp we can probably assist you with that in regards to some of the things you require to bolster to make sure that you are considered that examination of uh independent professional or green where you were evaluated as an as a independent specialist once that examination is done all the requisite files are below it so that if in the future there
Navigating the complexities of international employment laws and tax policies can be overwhelming. Papaya Global’s automated compliance engine keeps our organization updated with modifications in policies across jurisdictions. This ensures that our payroll procedures follow the latest standards, minimizing the threat of non-compliance and associated penalties.
network of In-House outside advisors accounting firms and legal companies who assist us keep our databases completely as much as date and we also call on we need to when we see an uncommon or or particularly complicated scenarios alright thanks Steve I can simply see a fast question in the Q a window yes the session will be tape-recorded and sent to guests afterwards um returning to to the webinar itself Ray company of record is controlled in a different way around the globe and the German law for instance it’s classified as employee leasing can you shed any light on a few of the special considerations for nations and where the eor design isn’t managed yes Ian worker leasing or labor leasing as it’s also called which prevails in numerous nations especially in Europe enforces strict policies on items such as the length of project it also designates workers to collective bargaining contracts that provides rights and advantages however even in the countries that don’t have those stringent regulations for instance the UK Canada and the nordics there are policies for each nation and each worker is treated the like all the other employees in that country and all those policies need to be complied with alright thank you Ray um Kathy moving I would state to yourself what do business require to factor in when figuring out agreement status to secure themselves and the rights of hires what are the advantages and disadvantages of hiring professionals and Freelancers versus permanent staff members so obviously the the benefit of professionals versus staff members is the the flexibility for both the employee and for the company um but I can’t stress enough how essential it is to have a constant thorough and a well-documented compliance
Cost Papaya Global and Time Savings:
The software’s automation abilities have actually substantially lowered the time and effort needed for payroll processing. Manual information entry and repeated tasks have actually been minimized, enabling our financing team to concentrate on tactical efforts rather than administrative concerns. This has actually resulted in increased effectiveness and productivity within our financial operations.
in one given that each state has its own regulations Californians are some of the most rigorous an example is pay slips on a payslip in California the ideal information needs to be on the payslip in the right format and in the right position if you remain in breach of of policies for payslips the fines are provided per payslip so that’s each worker each pay slip will incur a great thanks Ray thank you Elizabeth a lot to stress to consider and we’re only 2 concerns in and 10 minutes or two hiring in one nation is difficult enough however when hiring in a you understand on a worldwide level it’s a completely various story you need to make sure that you’re up to date with current as well as pending regional labor laws Steve um how do you make certain and ensure that individuals 2.0 group is on top of an ever-changing landscape and that your customers are fully supported and I’ll arrange this into 3 crucial things we perform in firstly you require to have the best team so we hire a group of global professionals in Work Practices um that ex that group of specialists consists of lawyers it consists of payroll experts it consists of HR experts and these are people that not just understand the laws in these in these nations and regions however they also understand the languages they know the local practices they understand the cultures and it’s important to have that right team and truly have the team on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global offers comprehensive real-time analytics and reporting tools. As a CFO, having access to accurate and timely monetary data is crucial for decision-making. The platform’s reporting abilities empower me to make educated strategic choices based on real-time insights into our international payroll data.
The useful application and extent of the application to employment law can be assessed through the legal system using case law examples. For example, the obtained rights instruction, also referred to as the 2p guidelines in the UK, and the working time policies have undergone various legal analyses, especially relating to vacation pay. Furthermore, the concept of work status has seen multiple legal precedents over the
Scalability for Organization Development:
Among the standout functions of Papaya Global is its scalability. As our business continues to grow and expand into new markets, the software seamlessly accommodates modifications in our labor force and payroll requirements. This scalability ensures that our payroll facilities can adjust to the developing needs of our worldwide organization.
Worldwide Chief legal officer we have actually got Elizabeth Beal who is our primary legal officer for Amia and we have actually got Ray Gander who is our senior vice president of customer service and I would say individually and collectively these three individuals have Years of experience in in work law and worldwide Work Practices so thank you it’s a pleasure to be with everyone here today sounds like we have actually got the right people with us today and in in addition to to those well we also have among our own Stars erase share head of Global Solutions at papaya Worldwide inform us about yourself thank you Elin Ian hey there my name is Elite I have actually been with the company for around 4 and a half years as head of Partnerships I have developed Papaya’s network of in-country Partners in over 160 locations on an individual element and related to our subject today I’ve had the opportunity to transfer and work in three different nations it is the business’s responsibility to guarantee my security while residing in a foreign country compliance with regional laws and regulations is essential for me or anybody else as an expat or as a local so today we have invited our relied on Partners people 2.0 to show the value of local
proficiency when business Go Worldwide thank you and enjoy fine thank you as I said let’s carry on to the pact agenda today’s webinar is an opportunity to ask the panel the concerns you’ve been thinking about we’ll discuss the facts a company needs to think about when opening a new entity and broadening into new countries along with keeping things going we’ll cover elements such as regional policies considerations when employing compliance key obstacles payments and what not to do it is among the most essential things remembering what not to do um operating on a worldwide level is not for the faint-hearted the bigger a company grows the more they require to comprehend and handle knowing what to do in each brand-new circumstance as it increases is essential on numerous levels understanding local guidelines and regional laws as well as company practices helps reduce Associated and worldwide expansion papaya through our local professionals can navigate possible dangers such as copyright security information privacy security issues ensuring the business’s operations remain certified and protected tax Social Security returns and remittances vary by nation
In conclusion, Papaya Global Software has proven to be an indispensable property in our mission for effective and certified worldwide payroll management. As the CFO of a global company, I am positive in advising Papaya Global to organizations looking for to simplify their payroll processes, boost compliance, and accomplish higher performance in handling their international workforce. The software’s innovative features and dedication to quality line up with our tactical objectives, making it an essential part of our monetary operations.
I discover time and time again the workers typically misclassified unwittingly they do not comprehend the conditions of employment or agreement and are told by the client why it’s most advantageous generally to the customer why you ought to be employed or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be affected 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 gone by they have not added to pensions And so on so it’s a big impact that they never knew they were walking into you could not agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy business are taking out insurance against misclassification but typically premiums are just covering the cost of legal costs whilst the typical claim evaluated versus employers relates to to 40 or 50 percent of the base salary of worker exists any point in securing insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest in most cases I have not seen it a minimum of so uh the the other area 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 stuff you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK
Expense Factors to consider and Cost Papaya Global …
The detailed functions of come at an expense,
Current years have actually seen a dramatic change to the labor force as the increase of remote work has actually broken down geographical barriers to hiring. Businesses can now hire personnel from anywhere worldwide, permitting them to access the very best offered talent for any given function. This offers workers more flexibility to work from home and increase their earnings without moving to costly areas or commuting cross countries. A 2022 study discovered that 87% of workers who have the possibility to work remotely take that opportunity. The outbreak of COVID-19, in conjunction with brand-new business connectivity software, accelerated the move to remote work, including in industries formerly reluctant to embrace the pattern.
insights are important to us and and your fellow attendees so first things initially though um let’s get to know everybody my name is Ian Charles and I’ve worked in payroll for the last 25 years I’ve had functions in all sort of Industries retail and Beauty to Aerospace in all types of services startup to matrixed environments across the globe I offered management and technique to populations of more than 100,000 employees on a regular monthly basis and in over 170 countries today I’m the perel strategist for papaya
Global I work across business guy maning and building external relationships supporting Business customers and services and functioning as an advisor I ‘d like to present our first Greg um visitor Greg who will kick things off by telling us um who he is and a 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 actually work very carefully with our um HR department also to deal with different legal and HR matters that come up so truly delighted to be here about bambo HR if if you’re not familiar with us uh at bambo HR we state our objective is to set you as HR experts free to do fantastic
Although Papaya Global offers combinations with numerous HR and finance systems, we came across some hurdles during the integration procedure. Tailoring the software to line up with our existing facilities proved to be more intricate than expected, leading to hold-ups in the initial rollout.
The comprehensive functions provided by Papaya Global come at a cost, which some of our smaller sized subsidiaries discovered to be prohibitively costly. As a global organization, we had to thoroughly weigh the requirement for advanced performance against budget restrictions.
Support Action Time:
On occasion, our groups experienced issues that needed immediate assistance. Nevertheless, the action time from Papaya Global’s customer assistance group was not constantly as timely as we would have liked, leading to hold-ups in solving those concerns.
Our application of involved a phased method. We began by onboarding a few subsidiaries to test the system’s compatibility with our existing processes. This enabled us to recognize and deal with combination challenges early on. As the software application ended up being more ingrained in our operations, we gradually expanded its use to cover our whole worldwide labor force.
The automated features streamlined our payroll procedures, reducing the time spent on manual calculations and compliance tracking. Routine training sessions and ongoing assistance from Papaya assisted our groups end up being skilled users of the software application, optimizing its potential for our company.
Nevertheless, paying a workforce can be intricate. It is particularly challenging for business who employ personnel across several countries, as they need to continuously consolidate different data streams, by hand track local and nationwide labor and policies, and invest valuable time and resources to set up local entities in new locations. These business are faced with suboptimal, expensive options, like opening a foreign subsidiary or hiring an expert employment company, which is a local firm that employs workers on their behalf and can charge up to 15% of. By 2022, 75% of companies reported difficulty hiring qualified personnel, an increase of 21% from 2019. The payroll & HR options market was valued at $26.4 billion in 2022 and is projected to reach $50.4 billion by 2030.
uses a solution supporting all types of work. It offers an end-to-end platform, from worker onboarding and ongoing management to global payments and. It helps business with labor law compliance in the jurisdictions in which they run, offers management of work benefits, and makes sure information 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 workforce management. She co-founded after seeing the innovation gap in international.
papaya this webcast has been pre-approved for hrci and Sherm credit please make sure to participate in the total webcast in order to receive your credits if you have any concerns throughout the webcast please click the Q&A tab in your webinar controls and type the there a new tab will open in your web browser with the webcast survey please make certain to finish it as soon as the webcast has actually ended it is now my pleasure to turn it over to Pap and bamboo HR for their discussion hi and thank you for joining us today we’re thrilled to have you here as we embark on a journey of data to guideline attaining
360 degree staff member compliance where we’ll dive into the important aspects of the employee compliance management model throughout the session we’ll check out real world challenges real local guidelines 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 compliant in an
Ever developing regulative environment in the everchanging world of service and financing guaranteeing compliance with payroll guidelines is not only crucial but likewise a legal important from the minute of employing to the in intri complexities even sorry of termination every step along the staff member journey is Frau with compliance dangers that have significant repercussions nevertheless with a deeper more nuanced understanding of their responsibilities companies can not only browse the complex landscape however likewise proactively ensure this 360 degree compliance the webinar is developed to equip you with the understanding and tools required to navigate the complex Terrain of compliance whether you’re a seasoned P specialist a small company owner or somebody new to the field what I wish to do before we start and I think it’s actually essential
In our mission to improve efficiency and precision in managing our worldwide workforce, our multinational corporation turned to, a leading and labor force management software application. The shift aimed to simplify the complex task of handling across various nations, currencies, and compliance guidelines.
Among 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 multiple jurisdictions. This has actually been important in making sure that our procedures stay compliant in each country of operation.
is to state that the content here is not legal suggestions it is merely for your details please consult your legal team ought to you have any concerns or issues in relation to anything that we have actually talked about today our secret take essential takeaways by the end of the webinar will be an understanding of staff member compliance threats how to employ ly with self-confidence how to simplify data management and automation so let’s take ourselves a minute to acquaint ourselves with the webinar platform once again as we’ve.
serve as your hris or is sort of your core employee record um to manage that staff member life process throughout their Journey with you as as a staff member in addition to a payroll module we need to help you pay those employees and compensate them and advantages Administration module that allows you to assist manage the advantages you offer to your workers so really excited to be here represent um bamb booy jar and discuss this subject um and I guess from my point of view I’ll I’ll most likely provide a lot of a concentrate on the US side of things when we talk about type of compliance so pleased to be here thanks for having me Ian all right thanks Greg um Gina over to you would you like to present yourself and tell the audience a bit about papay international yes definitely thank you Ian hi everyone I’m Gina dorelis I’m the Employment professional manager.
at I handle the employment Council in the United States APAC EMA and Israel area I also act as us Council for I’m accredited in New York and New Jersey um we ensure compliance onboarding and offboarding of employees with regard to papaya we supply payroll payments and labor force management as a Service work force company to employees serving in over.
160 countries all right thank you so both I feel totally underqualified sitting here with you both well I forgot to point out as we were type of like going through the introduction so it’s actually actually good to really see in the webinar chat where everybody’s actually going to from today I can see that we have people in Las Vegas and Indiana currently so if you wish to carry on tell where you are that would be absolutely fantastic whilst we simply wait for everybody else to kind of like participate there we go Chicago too well um so whil we’re doing that I’m waiting for everyone to sort of join I’ll just run us through the program um today we are going to discuss hiring Talent brand-new higher Information Management termination compliance and automation wow the chat has got actually actually hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from absolutely all over which is fantastic so uh I’m hoping that we’re really going to have some truly great commentary and questions throughout the uh the webinar also okay so that’s the agenda then what I want to Now cover is the the compliance and the Personal privacy side of things so the the Journey of a staff member and their information is Cost Papaya Global multifaceted without fail and an.
Ever progressing relationship that starts the moment an individual joins an organization it continues throughout their work and Beyond this journey can be divided into k to numerous essential stages whilst we’re actually you know that they’re employed with us so on boarding everyday operations compensation and benefits professional development then we get to the offboarding and even advocacy so it even occurs after the staff member has left your employment throughout the journey companies are accountable for collecting storing protecting employee data in compliance with data privacy policies no matter where it is you’re running around the world it typically involves executing safe data management systems and guaranteeing rigorous adherence to local requirements to secure both the worker and the company the development of employee data and management c.