A CFO’s Perspective on Papaya Global 28.02…
Papaya Global’s platform simplifies worldwide workforce management for business, making sure compliance with local policies and tax laws. Their services include payroll processing, advantages administration, compliance oversight, time and presence tracking, and HR support. The platform centralizes international payroll operations, offering companies with real-time insights and control. Founded in 2016, Papaya Global has actually broadened to Tel Aviv, New York City, London, and Kiev.
In the dynamic landscape of worldwide service operations, handling payroll across borders can be a complex and difficult task. As the Chief Financial Officer (CFO) of a global company, I understand the vital value of effective and compliant payroll management. In our pursuit of quality, we have embraced ingenious options to improve our processes, and one such transformative tool is Software.
The Challenge of International Payroll:
Worldwide expansion produces diverse obstacles, and payroll management is no exception. Differing tax regulations, varying work laws, and multiple currencies make it imperative for companies to embrace advanced options to make sure accuracy, compliance, and effectiveness in payroll processing.
Software application: A Comprehensive Service:
It is essential to consider and include post-termination limitations in the employment contract to make sure enforceability. You should carefully determine what you are looking for to secure and plainly specify the confidential information that falls within its scope. Furthermore, define the duration of the post-termination restriction and be prepared to justify it in relation to copyright. The rules concerning copyright vary depending upon the type of IP and the jurisdiction. For example, in the Netherlands, the end customer is likely to have copyright rights over works produced by workers under their guidance, while in Poland, legal project might be essential.
Papaya Global Software application has become a game-changer in the world of international payroll management. Its cloud-based platform incorporates payroll, labor force management, and employee benefits into a single, easy to use user interface. As the CFO, I have actually seen firsthand the favorable impact of on our company’s financial operations.
Unified Global Payroll Processing:
allows our company to procedure payroll seamlessly throughout several countries. The platform’s unified approach enables consistent payroll estimations, minimizing errors and guaranteeing compliance with local regulations. This has actually considerably alleviated the threats associated with international payroll processing.
also crucial for if in the future somebody says misclassification you have your file supported by the requisite documents which the ideal assessment tools to reveal someone that you had a thoughtful procedure therefore what do you have to include because procedure it’s the who the what the where and the when who are you handling are you dealing with a private or are you handling a personal Service Corporation and how are they operating what are they doing is it the type of work that lends itself more to being an independent specialist than an employee so for instance accounting
I.T crafting the creatives these all provide themselves more to that evaluation of being freelancer you understand also uh where are they doing it can they work from anywhere or do they have to be on site and handled again another essential factor is the management and supervision of the uh worker and then lastly when is it a specific job is it a six-month job 6 years all of this is workable however it has to be documented and it needs to be completely 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 internationally these tools take a survey list for the worker the employee submits and fills these concerns out and so does completion client or the recipient of the services they both put their information into the tool and then it does an examination waiting the various concerns since not every jurisdiction has the same feeling about some of these questions some think they’re more important 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 most likely help you with that in terms of a few of the things you need to boost to make certain that you are considered that evaluation of uh independent specialist or green where you were evaluated as an as a independent professional once that evaluation is done all the requisite files are beneath it so that if later on there
Navigating the intricacies of international employment laws and tax regulations can be overwhelming. Papaya Global’s automated compliance engine keeps our company up-to-date with changes in policies throughout jurisdictions. This makes sure that our payroll processes adhere to the most recent standards, reducing the danger of non-compliance and associated penalties.
network of In-House outside advisors accounting firms and legal companies who assist us keep our databases entirely as much as date and we also get in touch with we need to when we see an unusual or or especially complex circumstances all right thanks Steve I can just see a fast concern in the Q a window yes the session will be recorded and sent to participants afterwards um returning to to the webinar itself Ray employer of record is regulated differently worldwide and the German law for instance it’s classified as worker leasing can you shed any light on some of the unique considerations for countries and where the eor model isn’t regulated yes Ian employee leasing or labor leasing as it’s also called which is prevalent in a number of nations particularly in Europe imposes strict guidelines on items such as the length of assignment it likewise appoints employees to collective bargaining agreements that gives them rights and benefits however even in the nations that do not have those strict guidelines for example the UK Canada and the nordics there are policies for each country and each employee is dealt with the same as all the other employees in that country and all those policies require to be complied with okay thank you Ray um Kathy moving I would say to yourself what do business require to consider when figuring out contract status to secure themselves and the rights of hires what are the pros and cons of hiring contractors and Freelancers versus irreversible workers so obviously the the advantage of contractors versus workers is the the versatility for both the employee and for the company um however I can’t worry enough how important it is to have a consistent comprehensive and a well-documented compliance
Papaya Global 28.02 and Time Savings:
The software’s automation abilities have actually substantially reduced the time and effort required for payroll processing. Manual data entry and recurring jobs have actually been reduced, allowing our financing group to concentrate on strategic initiatives instead of administrative concerns. This has resulted in increased performance and performance within our financial operations.
in one considering that each state has its own regulations Californians are a few of the most strict an example is pay slips on a payslip in California the right information has to be on the payslip in the right format and in the best position if you’re in breach of of policies for payslips the fines are released per payslip so that’s each worker each pay slip will sustain a fine thanks Ray thank you Elizabeth a lot to worry to think of and we’re just 2 concerns in and 10 minutes or two working with in one country is tough enough however when working with in a you know on a worldwide level it’s an entirely various story you need to make sure that you’re up to date with existing in addition to pending local labor laws Steve um how do you make sure and ensure that individuals 2.0 group is on top of an ever-changing landscape and that your customers are totally supported and I’ll arrange this into 3 crucial things we do in most importantly you need to have the ideal team so we employ a group of worldwide experts in Work Practices um that ex that group of specialists includes lawyers it includes payroll experts it includes HR professionals and these are individuals that not only understand the laws in these in these countries and regions however they likewise know the languages they understand the regional practices they understand the cultures and it’s important to have that right team and genuinely have the team on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global supplies detailed real-time analytics and reporting tools. As a CFO, having access to accurate and timely monetary information is important for decision-making. The platform’s reporting abilities empower me to make educated strategic decisions based upon real-time insights into our international payroll information.
The practical application and extent of the application to work law can be examined through the legal system using case law examples. For example, the obtained rights directive, also referred to as the 2p policies in the UK, and the working time regulations have actually been subject to various legal analyses, especially concerning vacation pay. Furthermore, the principle of employment status has actually seen numerous legal precedents over the
Scalability for Service Development:
Among the standout functions of Papaya Global is its scalability. As our company continues to grow and broaden into brand-new markets, the software perfectly accommodates modifications in our workforce and payroll requirements. This scalability ensures that our payroll facilities can adapt to the evolving needs of our global organization.
International Chief legal officer we have actually got Elizabeth Beal who is our chief legal officer for Amia and we have actually got Ray Glimpse who is our senior vice president of customer service and I would say individually and jointly these 3 individuals have Years of experience in in work law and international Work Practices so thank you it’s an enjoyment to be with everybody here today sounds like we’ve got the right people with us today and in in addition to to those well we also have among our own Stars delete share head of Global Solutions at papaya Worldwide inform us about yourself thank you Elin Ian hello my name is Elite I have actually been with the business for around four and a half years as head of Partnerships I have actually developed Papaya’s network of in-country Partners in over 160 places on an individual aspect and related to our subject today I’ve had the opportunity to move and work in 3 different countries it is the business’s obligation to guarantee my defense while residing in a foreign nation compliance with regional laws and policies is essential for me or anybody else as an expat or as a local so today we have invited our relied on Partners individuals 2.0 to demonstrate the value of local
competence when business Go Worldwide thank you and take pleasure in all right thank you as I said let’s carry on to the pact program today’s webinar is an opportunity to ask the panel the questions you’ve been thinking about we’ll go over the facts a company requires to think about when opening a brand-new entity and broadening into new countries along with keeping things going we’ll cover aspects such as regional guidelines considerations when employing compliance essential obstacles payments and what not to do it’s one of the most crucial things remembering what not to do um operating on an international level is not for the faint-hearted the bigger a company grows the more they require to understand and manage knowing what to do in each new scenario as it increases is necessary on many levels understanding regional policies and regional laws as well as business practices assists reduce Associated and international expansion papaya through our regional professionals can navigate possible risks such as copyright defense data personal privacy security concerns ensuring the company’s operations stay certified and protected tax Social Security returns and remittances differ by country
In conclusion, Papaya Global Software has shown to be an invaluable possession in our quest for effective and compliant international payroll management. As the CFO of a worldwide business, I am confident in recommending Papaya Global to organizations looking for to streamline their payroll procedures, boost compliance, and accomplish greater efficiency in managing their international labor force. The software application’s innovative functions and dedication to excellence line up with our strategic goals, making it an essential part of our financial operations.
I discover time and time again the employees often misclassified unwittingly they don’t understand the conditions of employment or agreement and are told by the customer why it’s optimum primarily to the client why you ought to be employed or taken part in this style the employee may owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have actually gone by they have not contributed to pensions And so on so it’s a huge effect that they never understood they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy business are taking out insurance coverage versus misclassification however normally premiums are just covering the cost of legal costs whilst the average claim examined versus companies corresponds to to 40 or half of the base salary of worker exists any point in getting insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest for the most part I have not seen it at least so uh the the other location that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK
Expense Considerations and Papaya Global 28.02 …
The extensive functions of come at an expense,
Over the past few decades, the labor force has gone through a substantial transformation with the introduction of remote work, which has gotten rid of geographical restraints on hiring. This has actually made it possible for organizations to hire talent from all over the world, enabling them to assemble the best possible group for each function. As a result, employees have actually acquired greater versatility to work from home and increase their revenues without needing to transfer to expensive areas or commute cross countries. According to a 2022 survey, 87% of workers who have the alternative to work remotely choose to do so. The COVID-19 pandemic, combined with advancements in business connectivity software, has actually further accelerated the shift towards remote work, even in industries that were at first reluctant to embrace the pattern.
insights are valuable to us and and your fellow attendees so first things initially though um let’s learn more about everybody my name is Ian Charles and I’ve worked in payroll for the last 25 years I have actually had functions in all sort of Industries retail and Charm to Aerospace in all types of companies start-up to matrixed environments across the globe I provided leadership and strategy to populations of more than 100,000 workers on a monthly basis and in over 170 countries today I’m the perel strategist for papaya
Global I work across business guy maning and developing external relationships supporting Business clients and services and serving as a consultant I want to present our first Greg um guest Greg who will kick things off by informing us um who he is and a bit more about bamboo HR Greg over to you thanks Ian yeah as Ian said my name is Greg Piper uh I am the senior corporate counsil at bambo HR so I lead our internal legal team and really work really carefully with our um HR department too to deal with various legal and HR matters that show up so truly excited to be here about bambo HR if if you’re not knowledgeable about us uh at bambo HR we state our mission is to set you as HR specialists complimentary to do excellent
Although Papaya Global supplies combinations with numerous HR and finance systems, we experienced some obstacles during the integration procedure. Personalizing the software application to align with our existing infrastructure proved to be more intricate than prepared for, leading to hold-ups in the initial rollout.
The extensive features used by Papaya Global come at an expense, which a few of our smaller sized subsidiaries discovered to be prohibitively pricey. As a global company, we had to carefully weigh the requirement for innovative performance versus budget plan constraints.
Support Reaction Time:
On occasion, our teams experienced problems that needed urgent support. However, the action time from Papaya Global’s client assistance group was not constantly as timely as we would have liked, leading to hold-ups in fixing those concerns.
Our execution of involved a phased technique. We began by onboarding a few subsidiaries to evaluate the system’s compatibility with our existing procedures. This permitted us to identify and deal with combination obstacles early on. As the software became more instilled in our operations, we gradually broadened its usage to cover our entire worldwide workforce.
The automated features streamlined our payroll procedures, reducing the time spent on manual calculations and compliance tracking. Routine training sessions and continuous assistance from Papaya assisted our teams end up being skilled users of the software application, optimizing its capacity for our organization.
Companies that worker workers throughout numerous countries often deal with elaborate challenges when it concerns handling their workforce. Among the biggest hurdles is consolidating different information streams and sticking to diverse local and nationwide labor regulations, which can be both time-consuming and costly. Furthermore, setting up regional entities in new regions can be a costly and suboptimal alternative, with alternatives such as opening a foreign subsidiary or employing an expert employment organization (PEO) frequently charging up to 15% of the payroll. These obstacles have led to a substantial boost in trouble hiring certified personnel, with 75% of companies reporting this problem in 2022, a 21% increase from 2019. The payroll and HR services market, valued at $26.4 billion in 2022, is anticipated to reach $50.4 billion by 2030.
uses a service supporting all forms of work. It supplies an end-to-end platform, from employee onboarding and ongoing management to worldwide payments and. It assists business with labor law compliance in the jurisdictions in which they operate, uses management of work benefits, and makes sure data privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. An entrepreneur with 15 years of experience, she is a leading professional in payroll and labor force management. She co-founded after seeing the innovation gap in global.
papaya this webcast has been pre-approved for hrci and Sherm credit please be sure to go to 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 brand-new tab will open in your browser with the webcast survey please make certain to complete it as soon as the webcast has ended it is now my pleasure to turn it over to Pap and bamboo HR for their presentation hello and thank you for joining us today we’re enjoyed have you here as we embark on a journey of data to guideline achieving
360 degree staff member compliance where we’ll dive into the necessary aspects of the staff member compliance management model throughout the session we’ll check out real life obstacles genuine local policies best practices and the function of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to secure your company and workers while remaining certified in an
Ever developing regulative environment in the everchanging world of service and financing ensuring compliance with payroll policies is not just essential but likewise a legal necessary from the moment of working with to the in intri complexities even sorry of termination every step along the employee journey is Frau with compliance threats that have significant effects however with a much deeper more nuanced understanding of their obligations organizations can not only navigate the elaborate landscape however likewise proactively guarantee this 360 degree compliance the webinar is created to equip you with the knowledge and tools necessary to browse the complex Surface of compliance whether you’re a seasoned P expert a small company owner or somebody brand-new to the field what I wish to do before we start and I believe it’s really important
In our quest to improve effectiveness and accuracy in handling our global workforce, our international corporation turned to, a leading and workforce management software application. The shift intended to streamline the complex task of handling across different countries, currencies, and compliance regulations.
One of the standout features of is its robust compliance management system. The software application immediately updates itself to comply with ever-evolving tax and labor laws across multiple jurisdictions. This has been invaluable in guaranteeing that our processes stay certified in each country of operation.
is to state that the material here is not legal advice it is just for your details please consult your legal team should you have any questions or concerns 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 staff member compliance dangers how to hire ly with 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 have actually.
serve as your hris or is kind of your core worker record um to manage that staff member life process throughout their Journey with you as as an employee in addition to a payroll module we have to help you pay those employees and compensate them and benefits Administration module that permits you to assist manage the benefits you supply to your staff members so truly excited to be here represent um bamb booy jar and discuss this topic 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 discuss kind of compliance so delighted to be here thanks for having me Ian all right 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 Work expert manager.
at I handle the employment Council in the US APAC EMA and Israel area I also function as us Council for I’m licensed in New York and New Jersey um we ensure compliance onboarding and offboarding of workers with regard to papaya we supply payroll payments and workforce management as a Service labor force provider to employees serving in over.
160 countries fine thank you so both I feel completely underqualified sitting here with you both well I forgot to discuss as we were sort of like going through the intro so it’s really truly great to in fact see in the webinar chat where everybody’s really going to from today I can see that we have individuals in Las Vegas and Indiana already so if you want to continue inform where you are that would be definitely great whilst we just wait on everyone else to kind of like participate there we go Chicago too well um so whil we’re doing that I’m waiting on everyone to kind of join I’ll just run us through the agenda um today we are going to discuss hiring Talent new higher Details Management termination compliance and automation wow the chat has got really really busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from absolutely everywhere which is wonderful so uh I’m hoping that we’re actually going to have some truly great commentary and questions throughout the uh the webinar also fine so that’s the agenda then what I ‘d like to Now cover is the the compliance and the Personal privacy side of things so the the Journey of a staff member and their data is Papaya Global 28.02 complex without fail and an.
Ever progressing relationship that begins the minute an individual joins an organization it continues throughout their employment and Beyond this journey can be divided into k to several key stages whilst we’re really you know that they’re used with us so on boarding day-to-day operations compensation and benefits professional development then we get to the offboarding and even advocacy so it even happens after the worker has left your employment throughout the journey companies are accountable for collecting saving protecting employee data in compliance with data personal privacy regulations no matter where it is you’re running all over the world it often includes implementing safe and secure data management systems and ensuring rigorous adherence to local requirements to safeguard both the staff member and the organization the evolution of worker information and management c.