A CFO’s Point of view on Papaya Global Costs…
Papaya Global’s platform enhances global workforce management for business, making sure compliance with local regulations and tax laws. Their services include payroll processing, benefits administration, compliance oversight, time and attendance tracking, and HR support. The platform centralizes international payroll operations, supplying businesses with real-time insights and control. Founded in 2016, Papaya Global has broadened to Tel Aviv, New York City, London, and Kiev.
In the vibrant landscape of international business operations, managing payroll throughout borders can be a complex and challenging job. As the Chief Financial Officer (CFO) of an international company, I comprehend the vital importance of efficient and compliant payroll management. In our pursuit of quality, we have welcomed innovative solutions to streamline our processes, and one such transformative tool is Software application.
The Obstacle of Global Payroll:
International growth causes diverse difficulties, and payroll management is no exception. Differing tax guidelines, differing work laws, and several currencies make it crucial for companies to adopt sophisticated solutions to ensure accuracy, compliance, and efficiency in payroll processing.
Software application: A Comprehensive Option:
It is important to consider and include post-termination restrictions in the employment contract to ensure enforceability. You must carefully identify what you are seeking to secure and clearly specify the secret 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 copyright differ depending on the type of IP and the jurisdiction. For instance, in the Netherlands, the end customer is most likely to have copyright rights over works produced by workers under their guidance, while in Poland, contractual assignment might be required.
Papaya Global Software application has actually become a game-changer in the realm of international payroll management. Its cloud-based platform integrates payroll, workforce management, and employee benefits into a single, easy to use interface. As the CFO, I have actually witnessed firsthand the positive impact of on our organization’s financial operations.
Unified International Payroll Processing:
allows our company to process payroll seamlessly across several nations. The platform’s unified method enables constant payroll computations, minimizing errors and making sure compliance with regional policies. This has substantially alleviated the risks related to worldwide payroll processing.
also crucial for if later on someone says misclassification you have your file supported by the requisite documents and that the best examination tools to reveal someone that you had a thoughtful procedure therefore what do you need to include in that procedure it’s the who the what the where and the when who are you handling 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 type of work that provides itself more to being an independent contractor than an employee so for instance accounting
I.T crafting the creatives these all lend 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 website and handled once again another essential element is the management and supervision of the uh employee and then finally when is it a specific job is it a six-month task six years all of this is manageable however it needs to be documented and it has to be thoroughly um investigated 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 employee submits and fills these questions out therefore does the end client or the recipient of the services they both put their information into the tool and then it does an examination waiting the different questions since not every jurisdiction has the very same sensation about some of these concerns some think they’re more important than others and it comes out with a red yellow or green red you’re most likely a worker yellow you’re on the cusp we can most likely assist you with that in terms of a few of the important things you require to bolster to ensure that you are given that assessment of uh independent specialist or green where you were assessed as an as a independent contractor once that assessment is done all the requisite documents are below it so that if in the future there
Browsing the intricacies of worldwide employment laws and tax regulations can be frustrating. Papaya Global’s automated compliance engine keeps our organization current with modifications in policies across jurisdictions. This guarantees that our payroll processes comply with the latest requirements, lessening the danger of non-compliance and associated penalties.
network of In-House outside consultants accounting firms and legal firms who assist us keep our databases entirely approximately date and we also call on we require to when we see an uncommon or or particularly complex scenarios fine thanks Steve I can simply see a fast question in the Q a window yes the session will be taped and sent to participants later on um returning to to the webinar itself Ray company of record is managed differently around the world and the German law for example it’s classified as staff member leasing can you shed any light on a few of the special factors to consider for nations and where the eor design isn’t managed yes Ian employee leasing or labor leasing as it’s likewise called which is prevalent in a number of nations especially in Europe imposes stringent policies on items such as the length of task it likewise designates workers to collective bargaining contracts that provides rights and advantages but even in the nations that don’t have those rigorous regulations for example the UK Canada and the nordics there are regulations for each country and each employee is dealt with the same as all the other employees because country and all those policies need to be complied with okay thank you Ray um Kathy moving I would say to yourself what do business need to consider when determining contract status to safeguard themselves and the rights of hires what are the advantages and disadvantages of working with professionals and Freelancers versus permanent workers so certainly the the advantage of professionals versus employees is the the versatility for both the worker and for the employer um however I can’t worry enough how important it is to have a constant thorough and a well-documented compliance
Papaya Global Costs and Time Savings:
The software application’s automation abilities have significantly lowered the time and effort required for payroll processing. Manual information entry and recurring jobs have actually been lessened, allowing our financing group to focus on strategic efforts rather than administrative problems. This has actually resulted in increased performance and productivity within our monetary operations.
in one given that each state has its own policies Californians are a few of the most rigorous an example is pay slips on a payslip in California the right details has to be on the payslip in the best format and in the best position if you remain in breach of of regulations for payslips the fines are issued per payslip so that’s each employee each pay slip will incur a great thanks Ray thank you Elizabeth a lot to stress to consider and we’re just 2 questions in and 10 minutes or two hiring in one country is challenging enough however when employing in a you know on an international level it’s a totally various story you need to make certain that you’re up to date with current in addition to pending regional labor laws Steve um how do you ensure and ensure 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 three key things we perform in primarily you need to have the ideal team so we employ a team of worldwide experts in Employment Practices um that ex that group of specialists includes legal representatives it includes payroll professionals it includes HR experts and these are individuals that not only understand the laws in these in these countries and regions but they likewise understand the languages they know the regional practices they understand the cultures and it is essential to have that best team and truly have the team on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global provides detailed real-time analytics and reporting tools. As a CFO, having access to precise and prompt monetary information is vital for decision-making. The platform’s reporting capabilities empower me to make informed strategic decisions 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 checked through the judicial system by way of case law examples of that would be the obtained rights directive otherwise known as the 2p policies in the UK the working time policies which has actually had various strands of that legislation checked particularly around holiday pay and naturally as Kathy’s going to come on to talk about later on work status which there’s been several precedence set for many years so I think it’s really that constant advancement of the work law landscape that you really need to browse when when working 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 but the United States is essentially 50 nations
Scalability for Organization Growth:
One of the standout functions of Papaya Global is its scalability. As our business continues to grow and broaden into new markets, the software flawlessly accommodates changes in our labor force and payroll requirements. This scalability ensures that our payroll facilities can adjust to the progressing requirements of our global organization.
Global Chief legal officer we’ve got Elizabeth Beal who is our primary legal officer for Amia and we have actually got Ray Gander who is our senior vice president of client services and I would state individually and jointly these 3 people have Years of experience in in work law and global Work Practices so thank you it’s an enjoyment to be with everybody 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 have actually been with the business for around four and a half years as head of Collaborations I have actually developed Papaya’s network of in-country Partners in over 160 locations on a personal element and related to our subject today I’ve had the opportunity to move and operate in 3 different countries it is the company’s obligation to guarantee my security while residing in a foreign nation compliance with local laws and regulations is vital for me or anyone else as an expat or as a local so today we have actually welcomed our trusted Partners people 2.0 to demonstrate the importance of local
proficiency when companies Go Worldwide thank you and enjoy okay thank you as I said let’s carry on to the pact program today’s webinar is an opportunity to ask the panel the concerns you have actually been considering we’ll discuss the realities a company requires to think about when opening a new entity and broadening into brand-new nations as well as keeping things going we’ll cover elements such as local guidelines considerations when working with compliance essential difficulties payments and what not to do it’s one of the most important things remembering what not to do um operating on a global level is not for the faint-hearted the bigger a business grows the more they require to comprehend and manage understanding what to do in each brand-new scenario as it increases is important on many levels comprehending local policies and regional laws in addition to business practices helps reduce Associated and international growth papaya through our regional experts can browse potential threats such as intellectual property protection data privacy security concerns guaranteeing the business’s operations stay compliant and protected tax Social Security returns and remittances vary by country
In conclusion, Papaya Global Software application has actually proven to be a vital possession in our quest for efficient and compliant international payroll management. As the CFO of a global company, I am confident in suggesting Papaya Global to organizations seeking to streamline their payroll processes, boost compliance, and accomplish greater performance in handling their global workforce. The software’s innovative features and dedication to quality align with our strategic goals, making it an important part of our financial operations.
I find time and time again the employees often misclassified unconsciously they do not understand the conditions of work or contract and are told by the client why it’s most advantageous primarily to the customer why you ought to be utilized or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and health care benefits of the worker can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have actually gone by they have not added to pensions Etc so it’s a big impact that they never ever knew they were strolling into you could not agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy business are taking out insurance versus misclassification but normally premiums are only covering the expense of legal charges whilst the typical claim assessed versus companies equates to to 40 or half of the base pay of employee is there any point in securing insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest most of the times I haven’t seen it at least so uh the the other area that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be denied coverage 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 Costs …
The detailed functions of come at a cost,
Current years have actually seen a significant modification to the labor force as the rise of remote work has actually broken down geographical barriers to employing. Services can now hire personnel from anywhere worldwide, enabling them to access the very best readily available talent for any provided function. This offers workers more liberty to work from home and increase their earnings without transferring to costly locations or travelling cross countries. A 2022 study found that 87% of workers who have the possibility to work from another location take that opportunity. The outbreak of COVID-19, in conjunction with brand-new enterprise connectivity software, accelerated the transfer to remote work, consisting of in industries formerly reluctant to accept the pattern.
insights are important to us and and your fellow participants 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’ve had roles in all kind of Industries retail and Charm to Aerospace in all kinds of businesses start-up to matrixed environments across the globe I offered management and method to populations of more than 100,000 workers on a monthly basis and in over 170 countries today I’m the perel strategist for papaya
International I work throughout the business guy maning and constructing external relationships supporting Enterprise clients and options and acting as a consultant I ‘d like 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 corporate counsil at bambo HR so I lead our in-house legal team and in fact work really carefully with our um HR department also to deal with various legal and HR matters that come up so truly thrilled to be here about bambo HR if if you’re not familiar with us uh at bambo HR we say our objective is to set you as HR professionals free to do excellent
Although Papaya Global supplies integrations with various HR and financing systems, we encountered some difficulties throughout the integration process. Customizing the software application to align with our existing infrastructure proved to be more complicated than expected, leading to delays in the initial rollout.
The comprehensive functions offered by Papaya Global come at a cost, which a few of our smaller sized subsidiaries found to be excessively costly. As an international company, we needed to thoroughly weigh the need for advanced performance against budget restrictions.
Support Reaction Time:
On occasion, our teams experienced issues that required immediate assistance. However, the action time from Papaya Global’s consumer support team was not always as timely as we would have liked, leading to delays in dealing with those concerns.
Our execution of included a phased technique. We started by onboarding a couple of subsidiaries to check the system’s compatibility with our existing procedures. This permitted us to determine and resolve combination obstacles early on. As the software became more instilled in our operations, we slowly broadened its use to cover our whole worldwide labor force.
The automated features streamlined our payroll procedures, decreasing the time spent on manual computations and compliance tracking. Routine training sessions and ongoing assistance from Papaya assisted our teams become competent users of the software application, maximizing its potential for our company.
Business that employee workers across multiple countries often face complex difficulties when it comes to handling their labor force. One of the biggest difficulties is combining different data streams and sticking to diverse local and nationwide labor regulations, which can be both lengthy and pricey. Furthermore, setting up local entities in brand-new areas can be a costly and suboptimal alternative, with options such as opening a foreign subsidiary or working with an expert employment organization (PEO) frequently charging up to 15% of the payroll. These difficulties have resulted in a substantial increase in trouble hiring certified personnel, with 75% of companies reporting this issue in 2022, a 21% increase from 2019. The payroll and HR services market, valued at $26.4 billion in 2022, is anticipated to reach $50.4 billion by 2030.
provides a service supporting all types of employment. It provides an end-to-end platform, from staff member onboarding and ongoing management to international payments and. It assists companies with labor law compliance in the jurisdictions in which they operate, provides management of work advantages, and makes sure data privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. An entrepreneur with 15 years of experience, she is a leading professional in payroll and workforce management. She co-founded after seeing the technology gap in worldwide.
papaya this webcast has been pre-approved for hrci and Sherm credit please make sure to go to the total webcast in order to get your credits if you have any concerns during the webcast please click the Q&A tab in your webinar controls and type the there a brand-new tab will open in your browser with the webcast survey please be sure to finish it as quickly as the webcast has ended it is now my pleasure to turn it over to Pap and bamboo HR for their presentation hello and thank you for joining us today we’re enjoyed have you here as we start a journey of information to guideline accomplishing
360 degree worker compliance where we’ll dive into the vital elements of the employee compliance management model throughout the session we’ll check out real world challenges real regional regulations best practices and the role of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to protect your organization and workers while remaining certified in an
Ever developing regulatory environment in the everchanging world of organization and financing making sure compliance with payroll policies is not only important however likewise a legal imperative from the minute of employing to the in intri complexities even sorry of termination every step along the staff member journey is Frau with compliance threats that have significant repercussions however with a deeper more nuanced understanding of their obligations companies can not only navigate the complex landscape however also proactively ensure this 360 degree compliance the webinar is created to equip you with the understanding and tools necessary to browse the complex Terrain of compliance whether you’re an experienced P specialist a small company owner or someone new to the field what I want to do before we begin and I think it’s truly crucial
In our mission to enhance effectiveness and precision in handling our international workforce, our international corporation turned to, a leading and workforce management software. The transition aimed to streamline the complex job of managing throughout numerous nations, currencies, and compliance regulations.
Among the standout functions of is its robust compliance management system. The software instantly updates itself to abide by ever-evolving tax and labor laws across several jurisdictions. This has actually been vital in making sure that our procedures remain certified in each nation of operation.
is to state that the content here is illegal advice it is merely for your details please consult your legal group ought to you have any questions or concerns in relation to anything that we have actually discussed today our key take crucial takeaways by the end of the webinar will be an understanding of employee compliance threats how to hire ly with confidence how to streamline data management and automation so let’s take ourselves a moment to acquaint ourselves with the webinar platform once again as we have actually.
serve as your hris or is type of your core worker record um to handle that staff member life cycle throughout their Journey with you as as a staff member in addition to a payroll module we have to assist you pay those employees and compensate them and advantages Administration module that permits you to assist handle the advantages you offer to your staff members so truly delighted to be here represent um bamb booy container and talk about this topic um and I think from my viewpoint I’ll I’ll most likely provide a lot of a focus on the US side of things when we speak about sort of compliance so delighted to be here thanks for having me Ian alright thanks Greg um Gina over to you would you like to introduce yourself and inform the audience a little bit about papay worldwide yes definitely thank you Ian hello everybody I’m Gina dorelis I’m the Work specialist supervisor.
at I handle the employment Council in the United States APAC EMA and Israel area I likewise act as us Council for I’m licensed in New York and New Jersey um we ensure compliance onboarding and offboarding of workers with regard to papaya we supply payroll payments and labor force management as a Service labor force provider to employees serving in over.
160 nations alright thank you so both I feel completely underqualified sitting here with you both well I forgot to discuss as we were kind of like going through the intro so it’s actually really good to in fact see in the webinar chat where everybody’s really attending from today I can see that we have people in Las Vegas and Indiana currently so if you want to continue tell where you are that would be definitely great whilst we just wait on everyone else to sort of like take part there we go Chicago also well um so whil we’re doing that I’m waiting for everyone to type of join I’ll just run us through the agenda um today we are going to go over employing Skill brand-new higher Info Management termination compliance and automation wow the chat has got actually actually hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from definitely everywhere which is wonderful so uh I’m hoping that we’re really going to have some actually great commentary and concerns throughout the uh the webinar as well alright so that’s the program then what I wish to Now cover is the the compliance and the Privacy side of things so the the Journey of a worker and their data is Papaya Global Costs diverse without fail and an.
Ever evolving relationship that begins the minute an individual signs up with an organization it continues throughout their employment and Beyond this journey can be divided into k to a number of key stages whilst we’re really you know that they’re utilized with us so on boarding daily operations payment and benefits expert advancement then we get to the offboarding and even advocacy so it even takes place after the employee has left your employment throughout the journey companies are responsible for collecting keeping safeguarding worker information in compliance with information privacy policies no matter where it is you’re running worldwide it typically involves carrying out safe information management systems and ensuring rigorous adherence to local requirements to safeguard both the staff member and the company the development of worker information and management c.