A CFO’s Point of view on Papaya Global.Coim…
Papaya Global’s platform simplifies international labor force management for business, making sure compliance with regional policies and tax laws. Their services include payroll processing, advantages administration, compliance oversight, time and participation tracking, and HR assistance. The platform centralizes global payroll operations, providing companies with real-time insights and control. Founded in 2016, Papaya Global has broadened to Tel Aviv, New York, London, and Kiev.
In the dynamic landscape of worldwide company operations, managing payroll across borders can be a complex and difficult job. As the Chief Financial Officer (CFO) of a global business, I understand the critical value of efficient and compliant payroll management. In our pursuit of excellence, we have actually welcomed innovative solutions to simplify our procedures, and one such transformative tool is Software application.
The Challenge of International Payroll:
Global growth brings about diverse challenges, and payroll management is no exception. Differing tax guidelines, differing employment laws, and multiple currencies make it essential for organizations to embrace advanced services to guarantee accuracy, compliance, and performance in payroll processing.
Software: A Comprehensive Solution:
It is crucial to consider and include post-termination constraints in the employment contract to ensure enforceability. You need to carefully determine what you are seeking to safeguard and plainly specify the secret information that falls within its scope. Additionally, specify the duration of the post-termination limitation and be prepared to validate it in relation to copyright. The rules concerning copyright differ depending on the kind of IP and the jurisdiction. For example, 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 may be necessary.
Papaya Global Software application has become a game-changer in the realm 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 experienced firsthand the positive impact of on our organization’s financial operations.
Unified International Payroll Processing:
allows our business to procedure payroll effortlessly throughout multiple nations. The platform’s unified approach allows for consistent payroll computations, reducing errors and guaranteeing compliance with local regulations. This has significantly alleviated the dangers associated with worldwide payroll processing.
likewise crucial for if later on somebody says misclassification you have your file supported by the requisite files which the ideal assessment tools to show someone that you had a thoughtful procedure and so what do you need to consist of in that procedure it’s the who the what the where and the when who are you dealing with are you handling 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 worker so for example accounting
I.T engineering the creatives these all provide themselves more to that examination of being freelancer you know also uh where are they doing it can they work from anywhere or do they need to be on site and managed once again another crucial aspect is the management and guidance of the uh worker and then finally when is it a specific task is it a six-month job 6 years all of this is manageable but it has to be documented and it has to be thoroughly um examined so we have a tool we call it ic2 we had an ic1 and we’ve improved it this year so that we can roll it out worldwide these tools take a questionnaire list for the worker the employee completes and fills these questions out and so does the end client or the recipient of the services they both put their information into the tool and after that it does an assessment waiting the various questions since not every jurisdiction has the same sensation about some of these questions some think they’re more crucial than others and it brings out a red yellow or green red you’re probably a staff member yellow you’re on the cusp we can probably assist you with that in terms of a few of the important things you require to reinforce to ensure that you are considered that evaluation of uh independent professional or green where you were assessed as an as a independent professional once that assessment is done all the requisite files are underneath it so that if later there
Navigating the complexities of international work laws and tax regulations can be overwhelming. Papaya Global’s automated compliance engine keeps our organization up-to-date with modifications in regulations throughout jurisdictions. This guarantees that our payroll procedures adhere to the current standards, minimizing the threat of non-compliance and associated charges.
network of In-House outside advisors accounting companies and legal companies who assist us keep our databases entirely as much as date and we likewise get in touch with we need to when we see an unusual or or particularly complicated scenarios fine thanks Steve I can simply see a fast concern in the Q a window yes the session will be recorded and sent out to attendees later on um moving back to to the webinar itself Ray employer of record is managed in a different way around the globe and the German law for example it’s classed as staff member leasing can you shed any light on some of the unique factors to consider for nations and where the eor model isn’t managed yes Ian staff member leasing or labor leasing as it’s likewise called which prevails in numerous nations especially in Europe imposes rigorous guidelines on products such as the length of task it also assigns workers to collective bargaining contracts that provides rights and benefits however even in the nations that do not have those stringent guidelines for example the UK Canada and the nordics there are policies for each country and each worker is treated the like all the other employees in that country and all those regulations need to be complied with fine thank you Ray um Kathy moving I would say to yourself what do business require to consider when identifying contract status to safeguard themselves and the rights of hires what are the benefits and drawbacks of working with professionals and Freelancers versus irreversible staff members so obviously the the advantage of professionals versus staff members is the the flexibility for both the worker and for the employer um but I can’t worry enough how important it is to have a constant comprehensive and a well-documented compliance
Papaya Global.Coim and Time Cost Savings:
The software’s automation abilities have actually significantly decreased the time and effort needed for payroll processing. Manual data entry and repeated tasks have actually been decreased, permitting our finance group to concentrate on strategic initiatives instead of administrative burdens. This has actually resulted in increased efficiency and efficiency within our monetary operations.
in one since each state has its own policies Californians are some 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 ideal format and in the right position if you remain in breach of of policies for payslips the fines are provided per payslip so that’s each worker each pay slip will sustain a fine thanks Ray thank you Elizabeth a lot to stress to consider and we’re only 2 questions in and 10 minutes approximately hiring in one nation is difficult enough but when working with in a you know on an international level it’s a completely various story you require to make sure that you’re up to date with existing along with pending local labor laws Steve um how do you make certain and guarantee that individuals 2.0 group is on top of an ever-changing landscape which your clients are completely supported and I’ll organize this into 3 key things we do in first and foremost you need to have the right team so we work with a team of worldwide specialists in Employment Practices um that ex that group of specialists includes lawyers it consists of payroll specialists it consists of HR experts and these are individuals that not only know the laws in these in these nations and regions but they also understand the languages they understand the regional practices they know the cultures and it’s important to have that ideal group and genuinely have the group on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global provides comprehensive real-time analytics and reporting tools. As a CFO, having access to precise and prompt financial information is important for decision-making. The platform’s reporting abilities empower me to make educated strategic decisions based on real-time insights into our global payroll data.
application and its scope and the way that 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 called the 2p policies in the UK the working time policies which has had different strands of that legislation evaluated particularly around holiday pay and naturally as Kathy’s going to come on to talk about later on employment status which there’s been numerous precedence set for many years so I believe it’s actually that consistent evolution of the employment law landscape that you actually require to navigate when when operating in Europe all right thank you Elizabeth Ray what about you from your personal experience while moving across the pond as pointed out each nation has different regulations however the United States is essentially 50 nations
Scalability for Company Development:
Among the standout functions of Papaya Global is its scalability. As our company continues to grow and expand into new markets, the software effortlessly accommodates modifications in our labor force and payroll requirements. This scalability guarantees that our payroll facilities can adapt to the developing requirements of our international organization.
Worldwide 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 client services and I would state separately and collectively these three individuals have Decades of experience in in work law and worldwide Employment Practices so thank you it’s an enjoyment to be with everyone here today sounds like we have actually got the right people with us today and in in addition to to those well we likewise have among our own Stars erase share head of Global Provider at papaya Global tell us about yourself thank you Elin Ian hey there my name is Elite I have actually been with the business for around 4 and a half years as head of Collaborations I have actually developed Papaya’s network of in-country Partners in over 160 places on a personal element and related to our subject today I have actually had the opportunity to transfer and operate in three various nations it is the company’s obligation to ensure my defense while residing in a foreign country compliance with regional laws and regulations is crucial for me or anyone else as an expat or as a regional so today we have welcomed our trusted Partners individuals 2.0 to show the importance of regional
competence when companies Go Global thank you and delight in all right thank you as I said let’s move on to the pact program today’s webinar is an opportunity to ask the panel the questions you have actually been thinking of we’ll discuss the truths a business requires to think about when opening a brand-new entity and expanding into brand-new countries in addition to keeping things going we’ll cover elements such as local policies considerations when employing compliance crucial obstacles payments and what not to do it’s one of the most important things remembering what not to do um operating on an international level is not for the faint-hearted the larger a company grows the more they require to comprehend and handle understanding what to do in each new circumstance as it rises is important on lots of levels comprehending local policies and regional laws as well as company practices helps alleviate Associated and global growth papaya through our local experts can navigate prospective threats such as copyright security data privacy security concerns ensuring the company’s operations remain compliant and protected tax Social Security returns and remittances differ by country
In conclusion, Papaya Global Software has proven to be an important possession in our mission for effective and compliant worldwide payroll management. As the CFO of an international business, I am confident in suggesting Papaya Global to companies looking for to improve their payroll processes, enhance compliance, and attain greater performance in handling their global workforce. The software’s innovative features and commitment to quality align with our strategic objectives, making it an integral part of our financial operations.
openly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly revealed settlements there’s also substantial legal expenses there exists’s other charges there’s other expenses behind that as well so the total expense can be very 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 just the guidelines are intricate and they’re altering all the time think ir-35 in the UK which has actually been an ongoing development for numerous years now and and still a great deal of uncertainty among business on what it actually means and how you handle it most employers are merely not knowledgeable about the guidelines and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be very proactive as you’re engaging uh workers from a classification point of view all right thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the staff member Papaya Global.Coim especially when it pertains to their own tax liabilities social security and benefits for instance jury and undoubtedly the workers the opposite of the coin
I discover time and time again the workers frequently misclassified unwittingly they do not understand the conditions of employment or contract and are informed by the client why it’s most advantageous mainly to the customer why you ought to be utilized or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be affected and several times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t contributed to pensions Etc so it’s a huge impact that they never understood they were strolling into you could not agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy companies are securing insurance coverage versus misclassification but normally premiums are just covering the cost of legal charges whilst the typical claim assessed against companies corresponds to to 40 or half 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 need to check out the fine print it is not covering the taxes penalty and interest in most cases I haven’t 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 stuff you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK
Expense Factors to consider and Papaya Global.Coim …
The thorough features of come at an expense,
Recent decades have actually seen a remarkable modification to the labor force as the increase of remote work has actually broken down geographical barriers to working with. Businesses can now employ personnel from anywhere worldwide, permitting them to access the very best available talent for any given function. This provides employees more liberty to work from home and increase their income without transferring to expensive areas or travelling fars away. A 2022 study found that 87% of staff members who have the possibility to work from another location take that opportunity. The outbreak of COVID-19, in conjunction with brand-new business connection software, accelerated the relocate to remote work, including in industries formerly reluctant to embrace the trend.
insights are important to us and and your fellow participants so first things initially though um let’s be familiar with everybody my name is Ian Charles and I have actually operated 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 method to populations of more than 100,000 staff members on a monthly basis and in over 170 nations today I’m the perel strategist for papaya
Worldwide I work throughout business man maning and constructing external relationships supporting Enterprise clients and solutions and functioning as an advisor I wish to present our first Greg um guest 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 said my name is Greg Piper uh I am the senior corporate counsil at bambo HR so I lead our internal legal team and in fact work extremely carefully with our um HR department as well to manage numerous legal and HR matters that show up so actually excited 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 specialists free to do terrific
Although Papaya Global provides combinations with different HR and finance systems, we experienced some difficulties during the integration procedure. Customizing the software application to align with our existing infrastructure showed to be more intricate than expected, resulting in delays in the initial rollout.
The extensive functions offered by Papaya Global come at an expense, which some of our smaller sized subsidiaries discovered to be excessively expensive. As a worldwide company, we had to carefully weigh the requirement for advanced performance versus budget restrictions.
Assistance Action Time:
On occasion, our groups experienced concerns that needed immediate support. Nevertheless, the action time from Papaya Global’s client support team was not always as prompt as we would have liked, resulting in hold-ups in resolving those concerns.
Our application of included a phased method. We started by onboarding a couple of subsidiaries to test the system’s compatibility with our existing procedures. This enabled us to recognize and address integration difficulties early on. As the software application ended up being more instilled in our operations, we slowly broadened its usage to cover our entire international workforce.
The automated features streamlined our payroll processes, lowering the time spent on manual estimations and compliance tracking. Routine training sessions and continuous support from Papaya assisted our teams become skilled users of the software, maximizing its potential for our company.
Companies that worker workers throughout multiple nations frequently deal with elaborate obstacles when it comes to managing their workforce. One of the most significant difficulties is consolidating numerous information streams and adhering to diverse regional and nationwide labor policies, which can be both lengthy and pricey. Moreover, setting up regional entities in brand-new areas can be a costly and suboptimal alternative, with options such as opening a foreign subsidiary or hiring a professional employment company (PEO) typically charging up to 15% of the payroll. These difficulties have actually resulted in a significant increase in difficulty recruiting certified personnel, with 75% of companies reporting this issue in 2022, a 21% increase from 2019. The payroll and HR solutions market, valued at $26.4 billion in 2022, is anticipated to reach $50.4 billion by 2030.
offers an option supporting all types of employment. It supplies an end-to-end platform, from employee onboarding and continuous management to worldwide payments and. It assists business with labor law compliance in the jurisdictions in which they run, provides management of employment advantages, and ensures 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 technology space in international.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please make sure to attend the complete webcast in order to get your credits if you have any concerns during the webcast please click on the Q&A tab in your webinar controls and type the there a brand-new tab will open in your internet browser with the webcast study please make 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 data to policy attaining
360 degree employee compliance where we’ll dive into the important elements of the worker compliance management design throughout the session we’ll check out real life obstacles genuine local policies finest practices and the role of Automotion in simplying compliance journey be prepared to emerge in a comprehensive understanding of how to protect your organization and employees while staying certified in an
Ever progressing regulative environment in the everchanging world of service and financing guaranteeing compliance with payroll policies is not only crucial however likewise a legal vital 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 dangers that have significant repercussions however with a much deeper more nuanced understanding of their obligations organizations can not only browse the detailed landscape however likewise proactively guarantee this 360 degree compliance the webinar is developed to equip you with the understanding and tools needed to navigate the complex Surface of compliance whether you’re an experienced P expert a small business owner or someone brand-new to the field what I would like to do before we start and I believe it’s actually important
In our quest to enhance efficiency and accuracy in handling our worldwide labor force, our multinational corporation turned to, a leading and labor force management software application. The shift aimed to streamline the complex task of managing across various countries, currencies, and compliance regulations.
Among the standout functions of is its robust compliance management system. The software automatically updates itself to abide by ever-evolving tax and labor laws across multiple jurisdictions. This has been indispensable in making sure that our processes stay certified in each country of operation.
is to state that the material here is not legal recommendations it is simply for your information please consult your legal group ought to you have any questions or concerns in relation to anything that we’ve gone over today our key take key takeaways by the end of the webinar will be an understanding of employee compliance risks how to work with ly with confidence how to streamline information management and automation so let’s take ourselves a minute to acquaint ourselves with the webinar platform once again as we have actually.
function as your hris or is type of your core staff member record um to manage 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 allows you to assist manage the benefits you provide to your employees so really excited to be here represent um bamb booy jar and talk about this subject um and I guess from my point of view I’ll I’ll most likely provide a lot of a focus on the United States side of things when we talk about type of compliance so happy to be here thanks for having me Ian okay thanks Greg um Gina over to you would you like to present yourself and tell the audience a bit about papay worldwide yes definitely thank you Ian hi everybody I’m Gina dorelis I’m the Work specialist supervisor.
at I manage the employment Council in the US APAC EMA and Israel area I also serve as us Council for I’m certified in New york city and New Jersey um we make sure compliance onboarding and offboarding of employees with regard to papaya we provide payroll payments and workforce management as a Service labor force supplier to workers serving in over.
160 nations all right thank you so both I feel entirely underqualified sitting here with you both well I forgot to discuss as we were kind of like going through the intro so it’s really really good to really see in the webinar chat where everyone’s in fact participating in 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 absolutely great whilst we just await everybody else to sort of like participate in there we go Chicago also well um so whil we’re doing that I’m waiting for everybody to kind of join I’ll simply run us through the program um today we are going to go over employing Skill brand-new higher Info Management termination compliance and automation wow the chat has actually got truly truly busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from absolutely everywhere which is great so uh I’m hoping that we’re really going to have some actually great commentary and concerns throughout the uh the webinar too alright so that’s the program 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.Coim diverse without fail and an.
Ever evolving relationship that begins the moment a person signs up with an organization it continues throughout their work and Beyond this journey can be divided into k to numerous essential phases whilst we’re in fact you know that they’re employed with us so on boarding everyday operations payment and advantages professional advancement then we get to the offboarding and even advocacy so it even occurs after the worker has actually left your work throughout the journey organizations are accountable for collecting storing safeguarding worker data in compliance with information privacy policies no matter where it is you’re operating around the world it typically includes executing protected data management systems and guaranteeing strict adherence to regional requirements to secure both the employee and the company the advancement of employee information and management c.