A CFO’s Point of view on Papaya Global Cis…
The platform allows business to handle their international labor force and comply with local employment policies and tax laws. Papaya Global provides a series of services, including payroll management, benefits administration, compliance management, time and presence tracking, and HR management. The platform is designed to simplify the intricacies of international payroll and supply real-time presence and control over payroll operations. The business was founded in 2016 and is headquartered in Tel Aviv, Israel, with offices in New York, London, and Kiev.
In the vibrant landscape of international organization operations, managing payroll throughout borders can be a complex and tough task. As the Chief Financial Officer (CFO) of an international business, I comprehend the important value of efficient and certified payroll management. In our pursuit of quality, we have accepted innovative services to improve our procedures, and one such transformative tool is Software.
The Challenge of Global Payroll:
International expansion brings about diverse challenges, and payroll management is no exception. Differing tax regulations, differing employment laws, and multiple currencies make it vital for companies to embrace advanced solutions to make sure accuracy, compliance, and effectiveness in payroll processing.
Software application: A Comprehensive Service:
workers so it’s really fundamental to ensure that you’ve considered from the outset any post-termination restrictions that you want to put into the agreement of work that they’re enforceable so that indicates you need to truly think about what it is you’re looking to protect and why clearly Define what’s consisted of within the scope of that confidential information and attend to the period of constraint post-determination that you wish to apply and be actually able to to justify that in relation to copyright the position truly depends on the kind of intellectual property you’re looking to secure and likewise the jurisdiction so for example from a copyright perspective in the Netherlands completion client is more likely to have the um copyright rights in a copyright that the employees produced who’s been under their supervision and control automatically however in somewhere like Poland for instance that automated right may not be there which assignment would require to stream through the chain uh contractually so it truly depends upon the jurisdiction and the type of IP fine thank you Elizabeth Steve was staying on the topic of contracts Miss categorized misclassifying employees
Papaya Global Software application has emerged as a game-changer in the realm of global payroll management. Its cloud-based platform integrates payroll, workforce management, and employee benefits into a single, user-friendly interface. As the CFO, I have witnessed firsthand the favorable impact of on our company’s financial operations.
Unified International Payroll Processing:
allows our business to process payroll effortlessly across multiple nations. The platform’s unified approach permits consistent payroll computations, decreasing errors and making sure compliance with regional regulations. This has significantly reduced the threats connected with international payroll processing.
also crucial for if later on somebody states misclassification you have your file supported by the requisite files and that the right evaluation tools to show somebody that you had a thoughtful procedure therefore what do you need to consist of because procedure it’s the who the what the where and the when who are you dealing with are you dealing with a private 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 specialist than an employee so for instance accounting
I.T crafting the creatives these all lend themselves more to that assessment of being freelancer you know likewise uh where are they doing it can they work from anywhere or do they need to be on site and managed once again another key aspect is the management and supervision of the uh worker and then lastly when is it a particular project is it a six-month task six years all of this is workable but it needs to be documented and it needs to be thoroughly 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 worldwide these tools take a questionnaire list for the worker the worker completes and fills these concerns out and so does the end customer or the recipient of the services they both put their information into the tool and then it does an examination waiting the different concerns due to the fact that not every jurisdiction has the very same feeling about some of these concerns some believe they’re more crucial than others and it brings out a red yellow or green red you’re most likely an employee yellow you’re on the cusp we can probably assist you with that in terms of some of the things you require to boost to make sure that you are given that assessment of uh independent contractor or green where you were examined as an as a independent contractor once that examination is done all the requisite documents are underneath it so that if later there
Navigating the complexities of international employment laws and tax regulations can be frustrating. Papaya Global’s automated compliance engine keeps our company up-to-date with modifications in guidelines across jurisdictions. This guarantees that our payroll processes follow the latest requirements, reducing the danger of non-compliance and associated charges.
Papaya Global Cis and Time Savings:
The software application’s automation capabilities have actually considerably minimized the time and effort required for payroll processing. Handbook information entry and repetitive tasks have actually been decreased, enabling our finance group to focus on tactical initiatives rather than administrative concerns. This has actually resulted in increased performance and performance within our monetary operations.
in one given that each state has its own guidelines Californians are a few of the most strict an example is pay slips on a payslip in California the right information needs to be on the payslip in the ideal format and in the right position if you remain in breach of of policies for payslips the fines are released per payslip so that’s each worker each pay slip will incur a great thanks Ray thank you Elizabeth a lot to worry to think of and we’re only 2 questions in and 10 minutes approximately employing in one nation is tough enough but when hiring in a you know on a global level it’s an entirely various story you need to ensure that you depend on date with existing as well as pending regional labor laws Steve um how do you ensure and guarantee that individuals 2.0 group is on top of an ever-changing landscape which your customers are totally supported and I’ll arrange this into three key things we carry out in first and foremost you require to have the ideal team so we hire a group of worldwide professionals in Work Practices um that ex that team of experts consists of attorneys it includes payroll specialists it includes HR experts and these are people that not only understand the laws in these in these countries and regions but they also understand the languages they know the local practices they know the cultures and it is necessary to have that ideal group and truly have the group 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 precise and timely monetary data is crucial for decision-making. The platform’s reporting capabilities empower me to make educated tactical choices based on 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 tested through the judicial system by way of case law examples of that would be the acquired rights instruction otherwise referred to as the 2p regulations in the UK the working time policies which has actually had various hairs of that legislation tested especially around holiday pay and of course as Kathy’s going to come on to talk about later work status which there’s been numerous precedence set throughout the years so I believe it’s actually that continuous advancement of the work law landscape that you truly require to browse when when operating in Europe all right thank you Elizabeth Ray what about you from your personal experience while moving across the pond as mentioned each country has various policies but the United States is basically 50 countries
Scalability for Service Development:
Among the standout functions of Papaya Global is its scalability. As our business continues to grow and expand into brand-new markets, the software perfectly accommodates changes in our workforce and payroll requirements. This scalability ensures that our payroll infrastructure can adjust to the evolving requirements of our worldwide company.
Worldwide Chief legal officer we have actually got Elizabeth Beal who is our primary legal officer for Amia and we’ve got Ray Glimpse who is our senior vice president of client services and I would state individually and collectively these three individuals have Years of experience in in employment law and international Work Practices so thank you it’s an enjoyment to be with everyone here today seems like we have actually got the right people with us today and in in addition to to those well we likewise have one of our own Stars erase share head of Global Services at papaya Worldwide inform us about yourself thank you Elin Ian hello my name is Elite I have actually been with the company for around 4 and a half years as head of Partnerships I have actually established Papaya’s network of in-country Partners in over 160 locations on a personal aspect and related to our subject today I have actually had the chance to move and operate in 3 various nations it is the business’s duty to guarantee my security while living in a foreign nation compliance with local laws and guidelines is essential for me or anyone else as an expat or as a regional so today we have actually welcomed our relied on Partners individuals 2.0 to show the importance of regional
competence when companies Go Worldwide thank you and enjoy alright thank you as I stated let’s carry on to the pact agenda today’s webinar is an opportunity to ask the panel the questions you’ve been thinking of we’ll talk about the realities a company requires to think about when opening a brand-new entity and expanding into brand-new nations in addition to keeping things going we’ll cover elements such as regional guidelines factors to consider when hiring 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 a worldwide level is not for the faint-hearted the bigger a company grows the more they require to understand and manage understanding what to do in each brand-new situation as it rises is very important on many levels comprehending local regulations and regional laws in addition to company practices assists mitigate Associated and worldwide growth papaya through our regional experts can browse prospective threats such as intellectual property security information personal privacy security problems making sure the business’s operations remain certified and safe and secure tax Social Security returns and remittances differ by nation
In conclusion, Papaya Global Software application has actually proven to be an important asset in our mission for effective and compliant global payroll management. As the CFO of a global business, I am positive in recommending Papaya Global to companies seeking to simplify their payroll procedures, boost compliance, and accomplish greater effectiveness in managing their global labor force. The software application’s innovative functions and dedication to excellence line up with our strategic objectives, 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 announced settlements there’s also significant legal costs there exists’s other charges there’s other expenses behind that too so the overall cost can be very considerable in the 10s of countless dollars or more and and those quantities are growing uh the reason why business are getting it so incorrect is actually simply the rules are complex and they’re changing all the time believe ir-35 in the UK which has actually been an ongoing advancement for numerous years now and and still a great deal of unpredictability among business on what it actually suggests and how you deal with it most employers are merely not familiar with the guidelines and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be very proactive as you’re engaging uh workers from a classification point of view fine thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the staff member Papaya Global Cis specifically when it comes to their own tax liabilities social security and advantages for example jury and obviously the workers the other side of the coin
I find time and time again the employees often misclassified unknowingly they don’t comprehend the conditions of work or contract and are informed by the customer why it’s most advantageous primarily to the client why you should be used or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be impacted and several times it can be years before this all falls out and by that time it’s too late years have actually passed they haven’t added to pensions And so on so it’s a big effect that they never understood they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy business are securing insurance coverage against misclassification but generally premiums are just covering the cost of legal fees whilst the typical claim assessed versus employers equates to to 40 or 50 percent of the base pay of employee is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest in many cases I haven’t seen it at least 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 rejected protection on the basis of the fact that you were not in compliance with laws um in the UK
Expense Considerations and Papaya Global Cis …
The comprehensive functions of come at a cost,
Over the past couple of decades, the labor force has gone through a substantial transformation with the introduction of remote work, which has eliminated geographical constraints on hiring. This has allowed companies to recruit skill from all over the world, enabling them to assemble the best possible team for each function. As a result, employees have actually gained greater versatility to work from home and increase their revenues without having to transfer to pricey areas or commute cross countries. According to a 2022 study, 87% of workers who have the option to work from another location pick to do so. The COVID-19 pandemic, integrated with advancements in business connectivity software, has further accelerated the shift towards remote work, even in industries that were initially hesitant to embrace the trend.
insights are valuable to us and and your fellow participants so first things initially though um let’s be familiar with everyone my name is Ian Charles and I have actually operated in payroll for the last 25 years I have actually had roles in all sort of Industries retail and Charm to Aerospace in all kinds of organizations start-up to matrixed environments across the globe I offered leadership and technique to populations of more than 100,000 employees on a regular monthly basis and in over 170 nations today I’m the perel strategist for papaya
Global I work across business male maning and constructing external relationships supporting Enterprise clients and services and functioning as a consultant I wish to introduce 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 corporate counsil at bambo HR so I lead our in-house legal group and in fact work extremely closely with our um HR department also to manage various legal and HR matters that turn up so actually delighted to be here about bambo HR if if you’re not acquainted with us uh at bambo HR we state our objective is to set you as HR professionals free to do terrific
Although Papaya Global offers integrations with various HR and finance systems, we came across some obstacles during the combination process. Customizing the software application to align with our existing infrastructure proved to be more complicated than expected, resulting in hold-ups in the preliminary rollout.
The extensive features provided by Papaya Global come at an expense, which a few of our smaller subsidiaries found to be prohibitively costly. As a worldwide organization, we needed to thoroughly weigh the requirement for advanced functionality against budget restrictions.
Support Reaction Time:
On occasion, our teams experienced issues that required urgent support. However, the action time from Papaya Global’s customer assistance team was not always as timely as we would have liked, causing delays in resolving those problems.
Our implementation of involved a phased method. We began by onboarding a few subsidiaries to evaluate the system’s compatibility with our existing procedures. This allowed us to identify and deal with integration challenges early on. As the software application became more implanted in our operations, we slowly expanded its use to cover our whole international labor force.
The automated features streamlined our payroll procedures, lowering the time invested in manual estimations and compliance tracking. Routine training sessions and ongoing support from Papaya helped our groups end up being proficient users of the software application, maximizing its potential for our organization.
Companies that employee workers across multiple nations often deal with elaborate difficulties when it concerns managing their workforce. Among the biggest hurdles is consolidating various data streams and sticking to diverse local and nationwide labor guidelines, which can be both lengthy and costly. Moreover, setting up local entities in brand-new areas can be a costly and suboptimal option, with alternatives such as opening a foreign subsidiary or hiring an expert work organization (PEO) frequently charging up to 15% of the payroll. These obstacles have actually resulted in a significant increase in trouble hiring qualified workers, with 75% of employers reporting this concern in 2022, a 21% increase from 2019. The payroll and HR options market, valued at $26.4 billion in 2022, is anticipated to reach $50.4 billion by 2030.
provides an option supporting all forms of employment. It supplies an end-to-end platform, from employee onboarding and continuous management to global payments and. It helps companies with labor law compliance in the jurisdictions in which they run, uses management of work benefits, and makes sure data 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 labor force management. She co-founded after seeing the technology 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 get your credits if you have any questions throughout 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 survey please make sure 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 discussion hi and thank you for joining us today we’re enjoyed have you here as we embark on a journey of data to regulation accomplishing
360 degree staff member compliance where we’ll dive into the necessary aspects of the worker compliance management design throughout the session we’ll check out real world challenges genuine regional regulations best practices and the function of Automotion in simplying compliance journey be prepared to emerge in a thorough understanding of how to secure your organization and employees while staying compliant in an
Ever progressing regulative environment in the everchanging world of business and financing making sure compliance with payroll guidelines is not only crucial but also a legal crucial 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 far-reaching consequences nevertheless with a much deeper more nuanced understanding of their commitments organizations can not just navigate the intricate landscape but also proactively ensure this 360 degree compliance the webinar is created to equip you with the understanding and tools needed to navigate the complex Terrain of compliance whether you’re an experienced P expert a small company owner or someone new to the field what I want to do before we begin and I believe it’s actually essential
In our mission to improve efficiency and accuracy in handling our international labor force, our international corporation turned to, a leading and workforce management software. The shift intended to simplify the complex job of handling throughout numerous nations, currencies, and compliance guidelines.
One of the standout features of is its robust compliance management system. The software application automatically updates itself to follow ever-evolving tax and labor laws across numerous jurisdictions. This has been invaluable in ensuring that our procedures remain compliant in each nation of operation.
is to state that the content here is not legal guidance it is merely for your information please consult your legal group must you have any concerns or issues in relation to anything that we have actually gone over today our key take essential 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 information management and automation so let’s take ourselves a moment to familiarize ourselves with the webinar platform once again as we have actually.
act as your hris or is kind of your core worker record um to handle 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 staff members and compensate them and advantages Administration module that permits you to assist handle the benefits you offer to your employees so really excited to be here represent um bamb booy jar and speak about this subject um and I think from my point of view I’ll I’ll probably provide a great deal 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 present yourself and inform the audience a bit about papay worldwide yes definitely thank you Ian hey there everybody I’m Gina dorelis I’m the Work expert manager.
at I handle the work Council in the US APAC EMA and Israel region I also work as us Council for I’m certified in New York and New Jersey um we ensure compliance onboarding and offboarding of employees with regard to papaya we provide payroll payments and labor force management as a Service labor force company to workers serving in over.
160 nations 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 intro so it’s really really good to actually see in the webinar chat where everyone’s actually attending from today I can see that we have people in Las Vegas and Indiana currently so if you wish to continue inform where you are that would be absolutely wonderful whilst we just await everyone else to sort of like take part there we go Chicago as well well um so whil we’re doing that I’m waiting for everyone to sort of join I’ll just run us through the agenda um today we are going to discuss working with Skill brand-new higher Information Management termination compliance and automation wow the chat has actually got really truly hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from definitely everywhere which is great so uh I’m hoping that we’re really going to have some actually fantastic commentary and questions throughout the uh the webinar as well all right 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 worker and their information is Papaya Global Cis diverse without fail and an.
Ever developing relationship that starts the minute a person joins a company it continues throughout their work and Beyond this journey can be divided into k to numerous essential stages whilst we’re really you know that they’re used with us so on boarding day-to-day operations payment and benefits professional advancement then we get to the offboarding and even advocacy so it even occurs after the employee has actually left your employment throughout the journey companies are accountable for collecting storing securing worker data in compliance with data personal privacy policies no matter where it is you’re running around the globe it often includes executing safe data management systems and ensuring strict adherence to regional requirements to safeguard both the worker and the company the development of staff member information and management c.