A CFO’s Perspective on Papaya Global Benefits…
The platform enables companies to manage their global labor force and adhere to local employment policies and tax laws. Papaya Global provides a range of services, including payroll management, benefits administration, compliance management, time and attendance tracking, and HR management. The platform is designed to streamline the intricacies of worldwide payroll and provide real-time visibility and control over payroll operations. The company was founded in 2016 and is headquartered in Tel Aviv, Israel, with offices in New york city, London, and Kiev.
In the dynamic landscape of global business operations, managing payroll throughout borders can be a complex and challenging job. As the Chief Financial Officer (CFO) of a global company, I comprehend the vital significance of efficient and compliant payroll management. In our pursuit of quality, we have actually accepted ingenious services to improve our processes, and one such transformative tool is Software.
The Difficulty of Worldwide Payroll:
International growth produces varied difficulties, and payroll management is no exception. Differing tax policies, varying employment laws, and several currencies make it essential for companies to adopt advanced solutions to make sure accuracy, compliance, and performance in payroll processing.
Software: A Comprehensive Option:
It is important to consider and consist of post-termination restrictions in the employment contract to guarantee enforceability. You must carefully identify what you are looking for to secure and clearly define the secret information that falls within its scope. Additionally, define the period of the post-termination restriction and be prepared to justify it in relation to intellectual property. The rules regarding intellectual property vary depending on the kind of IP and the jurisdiction. For instance, in the Netherlands, the end client is most likely to have copyright rights over works produced by employees under their guidance, while in Poland, contractual assignment might be essential.
Papaya Global Software has emerged as a game-changer in the world of global 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 experienced firsthand the favorable effect of on our organization’s monetary operations.
Unified International Payroll Processing:
enables our business to process payroll flawlessly throughout several countries. The platform’s unified technique enables consistent payroll estimations, lowering mistakes and guaranteeing compliance with regional guidelines. This has significantly alleviated the dangers related to international payroll processing.
likewise crucial for if later on someone states misclassification you have your file supported by the requisite files and that the ideal examination tools to reveal someone that you had a thoughtful procedure and so 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 specific or are you handling a personal Service Corporation and how are they running what are they doing is it the kind of work that lends itself more to being an independent contractor than a staff member so for instance accounting
I.T crafting the creatives these all provide themselves more to that evaluation of being freelancer you know likewise uh where are they doing it can they work from anywhere or do they have to be on site and managed once again another crucial factor is the management and guidance of the uh worker and after that finally when is it a particular project is it a six-month job six years all of this is manageable however it has to be documented and it has to be completely um examined so we have a tool we call it ic2 we had an ic1 and we’ve enhanced it this year so that we can roll it out globally these tools take a questionnaire list for the worker the employee fills out and fills these concerns out therefore does the end client or the recipient of the services they both put their info into the tool and then it does an assessment waiting the various concerns due to the fact that not every jurisdiction has the very same sensation about some of these questions some think 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 regards to some of the important things you need to strengthen to ensure that you are given that assessment of uh independent professional or green where you were assessed as an as a independent specialist once that examination is done all the requisite files are beneath it so that if in the future there
Browsing the intricacies of global work laws and tax regulations can be overwhelming. Papaya Global’s automated compliance engine keeps our organization updated with changes in regulations throughout jurisdictions. This guarantees that our payroll procedures comply with the current requirements, lessening the threat of non-compliance and associated charges.
network of In-House outside consultants accounting companies and legal companies who assist us keep our databases entirely as much as date and we likewise contact we need to when we see an uncommon or or especially intricate scenarios fine thanks Steve I can just see a fast concern in the Q a window yes the session will be recorded and sent out to participants afterwards um returning to to the webinar itself Ray employer of record is regulated in a different way all over the world and the German law for instance it’s classified as staff member leasing can you shed any light on a few of the special considerations for nations and where the eor model isn’t controlled yes Ian worker leasing or labor leasing as it’s likewise called which prevails in several countries particularly in Europe enforces rigorous guidelines on items such as the length of task it also designates employees to collective bargaining agreements that gives them rights and benefits however even in the countries that don’t have those stringent regulations for example the UK Canada and the nordics there are regulations for each nation and each employee is dealt with the like all the other employees because country and all those guidelines require to be followed fine thank you Ray um Kathy moving I would state to yourself what do business need to consider when identifying contract status to safeguard themselves and the rights of hires what are the benefits and drawbacks of employing professionals and Freelancers versus permanent workers so obviously the the benefit of professionals versus workers is the the versatility for both the worker and for the company um but I can’t stress enough how crucial it is to have a consistent extensive and a well-documented compliance
Papaya Global Benefits and Time Cost Savings:
The software’s automation abilities have actually substantially lowered the time and effort required for payroll processing. Manual information entry and recurring tasks have actually been decreased, allowing our financing group to concentrate on tactical efforts rather than administrative concerns. This has resulted in increased efficiency and productivity within our monetary operations.
in one given that each state has its own guidelines 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 best format and in the best position if you’re in breach of of guidelines for payslips the fines are released per payslip so that’s each staff member each pay slip will sustain a great thanks Ray thank you Elizabeth a lot to fret to consider and we’re just 2 questions in and 10 minutes or so employing in one nation is tough enough but when working with in a you know on an international level it’s a completely different story you need to make sure that you depend on date with present in addition to pending local labor laws Steve um how do you ensure and ensure that the people 2.0 group is on top of an ever-changing landscape and that your clients are totally supported and I’ll arrange this into 3 key things we perform in most importantly you require to have the right team so we work with a team of international experts in Work Practices um that ex that group of professionals includes attorneys it includes payroll specialists it includes HR specialists and these are people that not only understand the laws in these in these nations and areas but they likewise understand the languages they know the regional practices they know the cultures and it’s important to have that right group and genuinely have the group on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global provides thorough real-time analytics and reporting tools. As a CFO, having access to precise and prompt financial data is vital for decision-making. The platform’s reporting abilities empower me to make informed tactical decisions based on real-time insights into our global payroll information.
application and its scope and the manner in which it applies to employment law in practice can be evaluated through the judicial system by way of case law examples of that would be the obtained rights directive otherwise referred to as the 2p policies in the UK the working time regulations which has actually had various hairs of that legislation checked especially around holiday pay and naturally as Kathy’s going to come on to talk about later work status which there’s been numerous precedence set for many years so I believe it’s actually that continuous advancement of the employment law landscape that you really need to browse when when operating in Europe alright thank you Elizabeth Ray what about you from your individual experience while moving across the pond as pointed out each country has various policies but the United States is essentially 50 nations
Scalability for Service Growth:
One of the standout features of Papaya Global is its scalability. As our business continues to grow and broaden into brand-new markets, the software flawlessly accommodates modifications in our labor force and payroll requirements. This scalability guarantees that our payroll infrastructure can adjust to the progressing 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 Look who is our senior vice president of customer service and I would say separately and collectively these three people have Years of experience in in employment law and international Work Practices so thank you it’s a pleasure to be with everyone here today seems like we’ve got the right people with us today and in in addition to to those well we likewise have among our own Stars delete share head of Global Provider at papaya Worldwide tell us about yourself thank you Elin Ian hey there my name is Elite I’ve been with the business for around 4 and a half years as head of Partnerships I have established Papaya’s network of in-country Partners in over 160 locations on a personal aspect and related to our subject today I’ve had the opportunity to transfer and operate in three different nations it is the company’s duty to ensure my defense while residing in a foreign country compliance with local laws and guidelines is important for me or anybody else as an expat or as a local so today we have actually welcomed our trusted Partners people 2.0 to show the importance of local
expertise when business Go Worldwide thank you and take pleasure in okay 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 have actually been thinking of we’ll go over the truths a business needs to consider when opening a brand-new entity and expanding into brand-new nations along with keeping things going we’ll cover elements such as regional policies factors to consider when employing compliance key difficulties payments and what not to do it’s one of the most essential things remembering what not to do um operating on an international level is not for the faint-hearted the bigger a business grows the more they require to understand and manage understanding what to do in each brand-new circumstance as it increases is necessary on numerous levels comprehending regional policies and local laws as well as organization practices helps mitigate Associated and international growth papaya through our local professionals can browse possible dangers such as copyright security information personal privacy security problems making sure the company’s operations remain certified and secure tax Social Security returns and remittances differ by country
In conclusion, Papaya Global Software has shown to be an important property in our mission for efficient and certified worldwide payroll management. As the CFO of a worldwide company, I am confident in recommending Papaya Global to companies looking for to improve their payroll procedures, boost compliance, and accomplish greater performance in handling their global labor force. The software application’s ingenious functions and commitment to quality align with our strategic goals, making it an integral part of our financial operations.
I find time and time again the employees frequently misclassified unwittingly they do not understand the conditions of work or agreement and are informed by the client why it’s most advantageous mainly to the customer 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 privileges of the employee can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have gone by they have not added to pensions And so on so it’s a big effect that they never knew 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 companies are taking out insurance coverage against misclassification but generally premiums are only covering the expense of legal charges whilst the average claim examined against companies corresponds to to 40 or half of the base salary of employee exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes charge and interest in most cases I have not seen it at least 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 pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK
Cost Factors to consider and Papaya Global Benefits …
The detailed features of come at a cost,
Over the past couple of years, the labor force has gone through a significant transformation with the emergence of remote work, which has actually removed geographical restraints on hiring. This has actually enabled organizations to hire talent from all over the world, allowing them to assemble the very best possible group for each role. As a result, employees have actually gotten higher versatility to work from home and increase their revenues without needing to transfer to costly locations or commute cross countries. According to a 2022 survey, 87% of employees who have the choice to work from another location pick to do so. The COVID-19 pandemic, combined with improvements in enterprise connectivity software, has actually even more sped up the shift towards remote work, even in industries that were initially hesitant to embrace the pattern.
insights are valuable to us and and your fellow guests 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 roles in all type of Industries retail and Appeal to Aerospace in all types of companies startup to matrixed environments across the globe I provided management and strategy to populations of more than 100,000 workers on a month-to-month basis and in over 170 nations today I’m the perel strategist for papaya
Worldwide I work throughout the business man maning and constructing external relationships supporting Enterprise clients and options and acting as an advisor I wish to introduce our first Greg um guest Greg who will kick things off by telling us um who he is and a little 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 in-house legal group and actually work very carefully with our um HR department also to deal with numerous legal and HR matters that show up so really 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 great
While Papaya Global deals combinations with various HR and financing systems, the application process was not without obstacles. Incorporating the software with our existing infrastructure required extra customization, leading to some hold-ups in the initial rollout.
Paying FAQs Papaya Global Benefits 2024
and some smaller sized subsidiaries within our company found the pricing to be on the higher side. As a global company, stabilizing the requirement for innovative features with spending plan restrictions became a delicate workout.
Consumer Support Reaction Time:
There were circumstances where our teams faced problems that needed prompt support. Nevertheless, the reaction time from’s consumer assistance group was not always as quick as desired, leading to occasional delays in concern resolution.
Our execution of included a phased approach. We began by onboarding a couple of subsidiaries to test the system’s compatibility with our existing processes. This enabled us to determine and resolve combination obstacles early on. As the software became more ingrained in our operations, we slowly expanded its use to cover our whole worldwide labor force.
The automated features structured our payroll procedures, decreasing the time invested in manual computations and compliance tracking. Regular training sessions and ongoing assistance from Papaya assisted our groups end up being proficient users of the software, optimizing its capacity for our company.
Business that staff member workers throughout several countries frequently face elaborate difficulties when it concerns managing their labor force. Among the most significant difficulties is consolidating various information streams and adhering to varied local and nationwide labor guidelines, which can be both lengthy and expensive. Additionally, setting up local entities in new regions can be a pricey and suboptimal option, with alternatives such as opening a foreign subsidiary or employing a professional work organization (PEO) typically charging up to 15% of the payroll. These obstacles have led to a significant boost in difficulty recruiting qualified workers, with 75% of employers reporting this issue in 2022, a 21% increase from 2019. The payroll and HR solutions market, valued at $26.4 billion in 2022, is expected to reach $50.4 billion by 2030.
uses an option supporting all types of employment. It supplies an end-to-end platform, from worker onboarding and continuous management to worldwide payments and. It assists companies with labor law compliance in the jurisdictions in which they run, uses management of employment benefits, and guarantees data privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. An entrepreneur with 15 years of experience, she is a leading specialist in payroll and labor force management. She co-founded after seeing the innovation space in international.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please be sure to participate in the total webcast in order to receive your credits if you have any questions 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 web browser with the webcast study please be sure to complete 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 start a journey of data to policy accomplishing
360 degree worker compliance where we’ll dive into the vital aspects of the employee compliance management design throughout the session we’ll check out real life challenges real local regulations finest practices and the function of Automotion in simplying compliance journey be prepared to emerge in a comprehensive understanding of how to safeguard your company and workers while remaining certified in an
Ever evolving regulatory environment in the everchanging world of organization and financing guaranteeing compliance with payroll policies is not only crucial however likewise a legal crucial from the minute of hiring to the in intri complexities even sorry of termination every step along the worker journey is Frau with compliance dangers that have far-reaching effects nevertheless with a much deeper more nuanced understanding of their commitments companies can not just browse the detailed landscape but also proactively ensure this 360 degree compliance the webinar is designed to equip you with the understanding and tools necessary to navigate the complex Surface of compliance whether you’re a seasoned P professional a small business owner or someone new to the field what I wish to do before we start and I think it’s really essential
In our mission to boost efficiency and accuracy in managing our global workforce, our multinational corporation turned to, a leading and labor force management software application. The shift intended to streamline the complex job of managing throughout different nations, currencies, and compliance regulations.
One of the standout functions of is its robust compliance management system. The software automatically updates itself to follow ever-evolving tax and labor laws across multiple jurisdictions. This has been important in guaranteeing that our procedures remain certified in each country of operation.
is to state that the material here is illegal recommendations it is merely for your information please consult your legal team should you have any concerns or issues in relation to anything that we’ve talked about today our key take key takeaways by the end of the webinar will be an understanding of staff member compliance dangers how to employ ly with 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 have actually.
work as your hris or is type of your core worker record um to handle that worker 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 permits you to assist manage the benefits you supply to your staff members so actually delighted to be here represent um bamb booy container and speak about this topic um and I think from my perspective I’ll I’ll probably offer a great deal of a focus on the United States side of things when we talk about type of compliance so delighted to be here thanks for having me Ian okay thanks Greg um Gina over to you would you like to introduce yourself and inform the audience a little bit about papay global yes absolutely thank you Ian hello everybody I’m Gina dorelis I’m the Employment professional supervisor.
at I manage the employment Council in the United States APAC EMA and Israel region I likewise function as us Council for I’m accredited 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 work force service provider to employees serving in over.
160 countries all right thank you so both I feel entirely underqualified sitting here with you both well I forgot to point out as we were sort of like going through the intro so it’s really really great to actually see in the webinar chat where everyone’s actually attending from today I can see that we have individuals in Las Vegas and Indiana currently so if you want to carry on tell where you are that would be absolutely wonderful whilst we just await everybody else to sort of like participate there we go Chicago too well um so whil we’re doing that I’m awaiting everybody to kind of join I’ll just run us through the agenda um today we are going to talk about hiring Talent brand-new greater Information Management termination compliance and automation wow the chat has 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 really going to have some truly fantastic commentary and questions throughout the uh the webinar also fine 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 an employee and their data is Papaya Global Benefits complex without fail and an.
Ever evolving relationship that starts the moment a person joins an organization it continues throughout their work and Beyond this journey can be divided into k to several key stages whilst we’re actually you understand that they’re utilized with us so on boarding daily operations settlement and benefits expert development then we get to the offboarding and even advocacy so it even takes place after the employee has actually left your employment throughout the journey organizations are accountable for collecting storing protecting employee data in compliance with information privacy guidelines no matter where it is you’re running all over the world it often includes carrying out secure information management systems and ensuring rigorous adherence to local requirements to protect both the staff member and the organization the advancement of employee data and management c.