A CFO’s Perspective on Papaya Global Blog…
Papaya Global’s platform simplifies global workforce management for business, making sure compliance with local policies and tax laws. Their services incorporate payroll processing, advantages administration, compliance oversight, time and presence tracking, and HR assistance. The platform centralizes international payroll operations, providing organizations with real-time insights and control. Founded in 2016, Papaya Global has actually broadened to Tel Aviv, New York, London, and Kiev.
In the vibrant landscape of worldwide business operations, managing payroll across borders can be a complex and tough job. As the Chief Financial Officer (CFO) of a global company, I comprehend the vital significance of efficient and certified payroll management. In our pursuit of excellence, we have embraced innovative services to improve our procedures, and one such transformative tool is Software.
The Challenge of Global Payroll:
Global growth produces varied challenges, and payroll management is no exception. Differing tax regulations, varying employment laws, and multiple currencies make it vital for organizations to embrace sophisticated options to make sure accuracy, compliance, and performance in payroll processing.
Software: A Comprehensive Solution:
It is vital to consider and consist of post-termination constraints in the employment agreement to ensure enforceability. You must carefully determine what you are seeking to secure and clearly specify the confidential information that falls within its scope. Additionally, define the period of the post-termination limitation and be prepared to validate it in relation to intellectual property. The guidelines concerning intellectual property differ depending on the kind of IP and the jurisdiction. For example, in the Netherlands, the end client is likely to have copyright rights over works produced by employees under their supervision, while in Poland, legal project may be needed.
Papaya Global Software has actually become a game-changer in the realm of international payroll management. Its cloud-based platform incorporates payroll, workforce management, and employee benefits into a single, easy to use interface. As the CFO, I have actually seen firsthand the favorable effect of on our company’s financial operations.
Unified Global Payroll Processing:
allows our business to process payroll seamlessly across several countries. The platform’s unified technique allows for consistent payroll estimations, minimizing mistakes and ensuring compliance with regional regulations. This has significantly alleviated the risks associated with worldwide payroll processing.
likewise essential for if later somebody says misclassification you have your file supported by the requisite files and that the best examination tools to reveal someone that you had a thoughtful procedure and so what do you have to consist of in that 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 type of work that provides itself more to being an independent specialist than a worker so for instance accounting
I.T engineering the creatives these all lend themselves more to that examination of being freelancer you understand also uh where are they doing it can they work from anywhere or do they need to be on website and managed again another essential element is the management and guidance of the uh employee and after that lastly when is it a particular job is it a six-month task six years all of this is manageable however it needs 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’ve improved it this year so that we can roll it out internationally these tools take a questionnaire list for the worker the worker completes and fills these questions out and so does the end customer or the recipient of the services they both put their information into the tool and after that it does an examination waiting the various concerns because not every jurisdiction has the 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 probably an employee yellow you’re on the cusp we can most likely help you with that in terms of a few of the important things you need to boost to make sure that you are considered that assessment of uh independent professional or green where you were examined as an as a independent specialist once that examination is done all the requisite documents are below it so that if later there
Browsing the intricacies of global work laws and tax guidelines can be frustrating. Papaya Global’s automated compliance engine keeps our organization up-to-date with changes in guidelines across jurisdictions. This ensures that our payroll processes stick to the latest requirements, decreasing the danger of non-compliance and associated charges.
network of In-House outside advisors accounting firms and legal companies who assist us keep our databases completely up to date and we likewise contact we need to when we see an unusual or or particularly complicated circumstances all right thanks Steve I can simply see a fast question in the Q a window yes the session will be taped and sent out to participants later on um returning to to the webinar itself Ray employer of record is controlled differently around the globe and the German law for instance it’s classified as employee leasing can you shed any light on some of the special considerations for countries and where the eor model isn’t managed yes Ian employee leasing or labor leasing as it’s likewise called which is prevalent in a number of countries especially in Europe enforces stringent regulations on items such as the length of project it also assigns workers to collective bargaining agreements that provides rights and benefits but 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 employee is dealt with the like all the other workers because nation and all those policies need to be followed alright thank you Ray um Kathy moving I would state to yourself what do companies require to factor in when figuring out agreement status to protect themselves and the rights of hires what are the pros and cons of working with professionals and Freelancers versus permanent workers so clearly the the advantage of contractors versus staff members is the the flexibility for both the worker and for the employer um but I can’t worry enough how crucial it is to have a constant comprehensive and a well-documented compliance
Papaya Global Blog and Time Cost Savings:
The software’s automation capabilities have actually significantly minimized the time and effort required for payroll processing. Handbook data entry and repetitive jobs have actually been reduced, enabling our financing team to focus on tactical initiatives rather than administrative problems. This has resulted in increased performance and performance within our financial operations.
in one because each state has its own policies Californians are a few of the most strict an example is pay slips on a payslip in California the ideal info needs to be on the payslip in the best format and in the best position if you’re in breach of of policies for payslips the fines are provided per payslip so that’s each staff member each pay slip will sustain a fine thanks Ray thank you Elizabeth a lot to worry to think about and we’re only two questions in and 10 minutes approximately hiring in one nation is tough enough however when working with in a you understand on an international level it’s an entirely various story you need to make sure that you depend on date with current in addition to pending local 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 three essential things we carry out in most importantly you need to have the ideal group so we hire a team of international experts in Work Practices um that ex that group of specialists includes legal representatives it includes payroll specialists it includes HR professionals and these are individuals that not just know the laws in these in these nations and regions however they also understand the languages they understand the local practices they understand the cultures and it’s important to have that right group and genuinely have the group on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global supplies extensive real-time analytics and reporting tools. As a CFO, having access to accurate and timely monetary data is vital for decision-making. The platform’s reporting capabilities empower me to make informed strategic decisions based upon real-time insights into our international payroll data.
application and its scope and the manner in which it applies to employment law in practice can be checked through the judicial system by way of case law examples of that would be the obtained rights regulation otherwise known as the 2p regulations in the UK the working time regulations which has actually had numerous hairs of that legislation tested particularly around vacation pay and obviously as Kathy’s going to come on to discuss later on employment status which there’s been multiple precedence set throughout the years so I believe it’s truly that constant evolution of the employment law landscape that you truly require to browse when when operating in Europe all right thank you Elizabeth Ray what about you from your individual experience while crossing the pond as mentioned each nation has different regulations but the United States is basically 50 nations
Scalability for Organization Growth:
Among the standout features of Papaya Global is its scalability. As our business continues to grow and expand into brand-new markets, the software effortlessly accommodates modifications in our workforce and payroll requirements. This scalability guarantees that our payroll facilities can adjust to the progressing requirements of our global company.
Worldwide Chief legal officer we have actually got Elizabeth Beal who is our primary legal officer for Amia and we have actually got Ray Look who is our senior vice president of customer service and I would say individually and collectively these three people have Decades of experience in in work law and global Employment Practices so thank you it’s a satisfaction 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 one of our own Stars erase share head of Global Provider at papaya International tell us about yourself thank you Elin Ian hey there my name is Elite I’ve been with the company for around 4 and a half years as head of Partnerships I have actually developed Papaya’s network of in-country Partners in over 160 areas on a personal aspect and related to our subject today I have actually had the opportunity to relocate and work in 3 different countries it is the business’s duty to guarantee my defense while living in a foreign country compliance with local laws and guidelines is vital for me or anybody else as an expat or as a local so today we have welcomed our trusted Partners people 2.0 to demonstrate the importance of regional
knowledge when business Go Worldwide thank you and enjoy all right thank you as I said let’s proceed to the pact agenda today’s webinar is an opportunity to ask the panel the concerns you have actually been thinking of we’ll discuss the facts a company requires to think about when opening a brand-new entity and expanding into brand-new nations along with keeping things going we’ll cover elements such as local policies factors to consider when hiring compliance key challenges payments and what not to do it is among the most essential things remembering what not to do um operating on a global level is not for the faint-hearted the larger a business grows the more they require to understand and manage understanding what to do in each new scenario as it increases is very important on many levels comprehending local regulations and local laws in addition to organization practices assists alleviate Associated and international expansion papaya through our regional specialists can browse prospective threats such as intellectual property protection data privacy security concerns ensuring the business’s operations stay compliant and safe and secure tax Social Security returns and remittances differ by nation
In conclusion, Papaya Global Software has shown to be a vital asset in our quest for efficient and certified international payroll management. As the CFO of an international company, I am confident in suggesting Papaya Global to organizations looking for to simplify their payroll procedures, improve compliance, and achieve higher effectiveness in managing their international workforce. The software application’s ingenious functions and commitment to excellence align with our tactical goals, making it an important part of our monetary 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 openly revealed settlements there’s also considerable legal expenses there exists’s other charges there’s other expenses behind that as well so the total cost can be extremely substantial in the tens of countless dollars or more and and those amounts are growing uh the reason why companies are getting it so wrong is actually simply the rules are intricate and they’re changing all the time believe ir-35 in the UK which has been a continuous advancement for several years now and and still a lot of uncertainty amongst business on what it actually means and how you handle it most companies are just not aware of the rules and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be really proactive as you’re engaging uh workers from a category perspective fine thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what effects can this have on the worker Papaya Global Blog particularly when it concerns their own tax liabilities social security and benefits for instance jury and obviously the employees the other side of the coin
I find time and time again the workers often misclassified unknowingly they do not comprehend the conditions of work or contract and are informed by the client why it’s optimum mainly to the customer why you ought to be employed or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare advantages 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 passed they have not contributed to pensions Etc so it’s a big impact that they never ever 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 ten years um Kathy companies are getting insurance coverage against misclassification but generally premiums are only covering the expense of legal fees whilst the average claim examined against companies relates to to 40 or 50 percent of the base pay of employee is there any point in taking out insurance and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes penalty and interest for the most part I haven’t seen it a minimum of so uh the the other area that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK
Cost Factors to consider and Papaya Global Blog …
The comprehensive functions of come at a cost,
Recent years have actually seen a dramatic modification to the labor force as the increase of remote work has actually broken down geographical barriers to hiring. Services can now employ staff from anywhere worldwide, permitting them to access the best available talent for any offered role. This offers employees more freedom to work from home and increase their income without moving to costly areas or travelling cross countries. A 2022 study discovered that 87% of workers who have the chance to work remotely take that chance. The outbreak of COVID-19, in conjunction with brand-new enterprise connectivity software, accelerated the transfer to remote work, including in industries formerly hesitant to accept the trend.
insights are valuable to us and and your fellow attendees so first things first though um let’s be familiar with everybody my name is Ian Charles and I have actually 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 companies startup to matrixed environments across the globe I provided management and technique to populations of more than 100,000 workers on a monthly basis and in over 170 nations today I’m the perel strategist for papaya
International I work across the business male maning and constructing external relationships supporting Enterprise customers and services and functioning as an advisor I wish to introduce 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 business counsil at bambo HR so I lead our in-house legal team and actually work very carefully with our um HR department as well to deal with various legal and HR matters that show up so really excited to be here about bambo HR if if you’re not familiar with us uh at bambo HR we state our mission is to set you as HR specialists totally free to do excellent
While Papaya Global offers integrations with different HR and finance systems, the application process was not without challenges. Incorporating the software application with our existing infrastructure needed additional modification, leading to some hold-ups in the initial rollout.
Paying FAQs Papaya Global Blog 2024
and some smaller subsidiaries within our organization discovered the rates to be on the higher side. As a global company, balancing the requirement for innovative features with spending plan constraints ended up being a delicate exercise.
Consumer Support Action Time:
There were instances where our groups dealt with concerns that required timely help. Nevertheless, the action time from’s customer assistance group was not always as fast as wanted, resulting in occasional delays in issue resolution.
Our application of included a phased technique. We started by onboarding a few subsidiaries to test the system’s compatibility with our existing processes. This permitted us to recognize and resolve combination challenges early on. As the software became more instilled in our operations, we gradually expanded its use to cover our entire worldwide labor force.
The automated functions streamlined our payroll procedures, reducing the time invested in manual calculations and compliance tracking. Routine training sessions and ongoing support from Papaya helped our teams end up being skilled users of the software, optimizing its potential for our company.
Business that employee workers throughout several countries typically face complex obstacles when it pertains to handling their labor force. Among the most significant difficulties is consolidating various data streams and sticking to diverse regional and nationwide labor policies, which can be both lengthy and expensive. Moreover, setting up local entities in brand-new regions can be a costly and suboptimal choice, with options such as opening a foreign subsidiary or hiring a professional employment company (PEO) often charging up to 15% of the payroll. These obstacles have actually resulted in a considerable increase in difficulty recruiting qualified personnel, with 75% of employers reporting this issue in 2022, a 21% boost from 2019. The payroll and HR solutions market, valued at $26.4 billion in 2022, is anticipated to reach $50.4 billion by 2030.
provides an option supporting all kinds of employment. It offers an end-to-end platform, from employee onboarding and continuous management to global payments and. It assists companies with labor law compliance in the jurisdictions in which they operate, provides management of work benefits, and guarantees information personal privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. An entrepreneur with 15 years of experience, she is a leading expert 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 be sure to participate in the complete webcast in order to get 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 new tab will open in your web browser with the webcast study please be sure 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 enjoyed have you here as we embark on a journey of information to regulation attaining
360 degree worker compliance where we’ll dive into the vital aspects of the employee compliance management model throughout the session we’ll check out real world challenges genuine local regulations finest practices and the role of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to safeguard your organization and workers while staying compliant in an
Ever evolving regulatory environment in the everchanging world of company and financing ensuring compliance with payroll guidelines is not only important however also a legal necessary from the minute of working with to the in intri intricacies even sorry of termination every step along the staff member journey is Frau with compliance threats that have far-reaching effects however with a deeper more nuanced understanding of their obligations companies can not only browse the complex landscape but likewise proactively ensure this 360 degree compliance the webinar is created to equip you with the knowledge and tools required to browse the complex Surface of compliance whether you’re a seasoned P professional a small business owner or someone new to the field what I want to do before we start and I think it’s really essential
In our quest to boost performance and accuracy in managing our global labor force, our multinational corporation turned to, a leading and workforce management software application. The shift intended to simplify the complex job of handling across various nations, currencies, and compliance guidelines.
Among the standout features of is its robust compliance management system. The software instantly updates itself to comply with ever-evolving tax and labor laws throughout several jurisdictions. This has actually been important in guaranteeing that our procedures remain certified in each nation of operation.
is to state that the content here is not legal suggestions it is simply for your details please consult your legal team ought to you have any concerns or concerns in relation to anything that we have actually discussed today our secret take key 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 information 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 staff member life process throughout their Journey with you as as a staff member in addition to a payroll module we have to assist you pay those staff members and compensate them and advantages Administration module that enables you to assist handle the advantages you offer to your workers so truly excited to be here represent um bamb booy container and speak about this subject um and I guess from my perspective I’ll I’ll probably provide a lot of a concentrate on the United States side of things when we speak about type of compliance so happy 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 worldwide yes absolutely thank you Ian hi everybody I’m Gina dorelis I’m the Work expert manager.
at I manage the work Council in the US APAC EMA and Israel region I also function as us Council for I’m accredited in New york city and New Jersey um we ensure compliance onboarding and offboarding of workers with regard to papaya we offer payroll payments and workforce management as a Service work force service provider to employees serving in over.
160 countries alright thank you so both I feel completely underqualified sitting here with you both well I forgot to mention as we were kind of like going through the intro so it’s really actually great to in fact see in the webinar chat where everyone’s really attending from today I can see that we have people in Las Vegas and Indiana already so if you want to continue inform where you are that would be absolutely wonderful whilst we just wait on everybody else to sort of like take part there we go Chicago as well well um so whil we’re doing that I’m awaiting everybody to sort of join I’ll just run us through the agenda um today we are going to go over hiring Skill new greater Information Management termination compliance and automation wow the chat has got really truly hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from absolutely everywhere which is fantastic so uh I’m hoping that we’re really going to have some really excellent commentary and concerns throughout the uh the webinar too okay so that’s the program then what I wish to Now cover is the the compliance and the Personal privacy side of things so the the Journey of a worker and their information is Papaya Global Blog diverse without fail and an.
Ever developing 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 a number of crucial stages whilst we’re really you understand that they’re employed with us so on boarding day-to-day operations settlement and advantages expert development then we get to the offboarding and even advocacy so it even happens after the employee has left your work throughout the journey organizations are responsible for gathering saving safeguarding worker information in compliance with data privacy regulations no matter where it is you’re operating around the globe it often includes executing protected information management systems and ensuring stringent adherence to local requirements to secure both the employee and the company the evolution of staff member information and management c.