A CFO’s Viewpoint on Papaya Global Hong Kong…
The platform makes it possible for business to handle their international workforce and abide by local employment policies and tax laws. Papaya Global provides a variety of services, consisting of payroll management, benefits administration, compliance management, time and participation tracking, and HR management. The platform is designed to streamline the intricacies of global payroll and offer real-time exposure and control over payroll operations. The business was founded in 2016 and is headquartered in Tel Aviv, Israel, with workplaces in New York, London, and Kiev.
In the dynamic landscape of international business operations, managing payroll across borders can be a complex and challenging job. As the Chief Financial Officer (CFO) of a worldwide company, I comprehend the vital value of effective and certified payroll management. In our pursuit of excellence, we have accepted ingenious services to enhance our processes, and one such transformative tool is Software.
The Obstacle of Worldwide Payroll:
International expansion produces varied challenges, and payroll management is no exception. Differing tax regulations, differing employment laws, and multiple currencies make it vital for companies to embrace advanced services to make sure accuracy, compliance, and performance in payroll processing.
Software application: A Comprehensive Option:
workers so it’s truly basic to ensure that you’ve considered from the outset any post-termination restrictions that you want to take into the agreement of work that they’re enforceable so that implies you require to truly think about what it is you’re wanting to safeguard and why clearly Define what’s consisted of within the scope of that secret information and resolve the period of limitation post-determination that you wish to use and be really able to to justify that in relation to copyright the position really depends on the type of intellectual property you’re wanting to secure and also the jurisdiction so for instance from a copyright viewpoint in the Netherlands the end customer is most likely to have the um intellectual property rights in a copyright that the employees produced who’s been under their supervision and control automatically nevertheless in someplace like Poland for example that automatic right might not be there and that task would need to flow through the chain uh contractually so it really depends on the jurisdiction and the kind of IP all right thank you Elizabeth Steve was remaining on the topic of contracts Miss classified misclassifying workers
Papaya Global Software has emerged as 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 experienced firsthand the positive impact of on our company’s financial operations.
Unified International Payroll Processing:
enables our company to process payroll perfectly throughout numerous countries. The platform’s unified method enables constant payroll estimations, decreasing mistakes and guaranteeing compliance with local guidelines. This has actually significantly mitigated the dangers associated with international payroll processing.
also key for if later someone says misclassification you have your file supported by the requisite documents which the right examination tools to reveal somebody 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 handling are you handling an individual or are you dealing with a personal Service Corporation and how are they operating what are they doing is it the type 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 provide themselves more to that evaluation of being freelancer you understand also uh where are they doing it can they work from anywhere or do they need to be on site and handled again another essential factor is the management and guidance of the uh employee and after that lastly when is it a specific task is it a six-month project six years all of this is workable but 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 have actually enhanced it this year so that we can roll it out internationally these tools take a questionnaire list for the employee the employee submits and fills these questions out and so does completion client or the recipient of the services they both put their information into the tool and then it does an examination waiting the various concerns 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 an employee 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 boost to make certain that you are given that examination of uh independent contractor or green where you were evaluated as an as a independent contractor once that evaluation is done all the requisite documents are beneath it so that if later on there
Browsing the complexities of worldwide employment laws and tax policies can be overwhelming. Papaya Global’s automated compliance engine keeps our organization updated with modifications in guidelines throughout jurisdictions. This ensures that our payroll procedures abide by the latest standards, reducing the danger of non-compliance and associated charges.
network of In-House outside advisors accounting firms and legal companies who help us keep our databases completely approximately date and we likewise call on we need to when we see an uncommon or or especially intricate circumstances fine thanks Steve I can just see a fast question in the Q a window yes the session will be taped and sent to participants afterwards um returning to to the webinar itself Ray company of record is regulated in a different way around the world and the German law for example it’s classified as employee leasing can you shed any light on some of the unique considerations for countries and where the eor model isn’t regulated yes Ian employee leasing or labor leasing as it’s also called which is prevalent in a number of nations particularly in Europe enforces rigorous guidelines on items such as the length of project it likewise appoints employees to collective bargaining agreements that provides rights and advantages however even in the nations that don’t have those stringent policies for example the UK Canada and the nordics there are guidelines for each country and each employee is dealt with the same as all the other workers because country and all those regulations require to be abided by okay thank you Ray um Kathy moving I would say to yourself what do companies require to factor in when identifying agreement status to safeguard themselves and the rights of hires what are the benefits and drawbacks of employing specialists and Freelancers versus long-term workers so obviously the the benefit of contractors versus employees is the the versatility for both the worker and for the company um however I can’t stress enough how important it is to have a constant comprehensive and a well-documented compliance
Papaya Global Hong Kong and Time Savings:
The software’s automation abilities have actually substantially reduced the time and effort needed for payroll processing. Manual data entry and repeated tasks have actually been lessened, allowing our financing group to concentrate on strategic initiatives rather than administrative concerns. This has resulted in increased performance and performance within our monetary operations.
in one because each state has its own regulations Californians are some 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 ideal position if you remain in breach of of regulations for payslips the fines are provided per payslip so that’s each worker each pay slip will sustain a great thanks Ray thank you Elizabeth a lot to stress to think of and we’re only 2 concerns in and 10 minutes approximately hiring in one country is tough enough but when employing in a you know on an international level it’s a totally various story you need to make sure that you’re up to date with current along with pending local labor laws Steve um how do you ensure and guarantee that individuals 2.0 group is on top of an ever-changing landscape and that your customers are totally supported and I’ll arrange this into three essential things we carry out in most importantly you need to have the ideal team so we employ a team of worldwide experts in Employment Practices um that ex that team of experts consists of attorneys it includes payroll experts it consists of HR specialists and these are people that not only know the laws in these in these nations 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 group and really have the team on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global provides extensive real-time analytics and reporting tools. As a CFO, having access to accurate and timely monetary information is vital for decision-making. The platform’s reporting abilities empower me to make educated tactical decisions based on real-time insights into our worldwide payroll information.
The useful application and level of the application to employment law can be examined through the legal system utilizing case law examples. For instance, the gotten rights regulation, likewise called the 2p guidelines in the UK, and the working time regulations have gone through different legal analyses, especially concerning holiday pay. In addition, the principle of work status has actually seen multiple legal precedents over the
Scalability for Service Growth:
Among the standout features of Papaya Global is its scalability. As our company continues to grow and broaden into new markets, the software flawlessly accommodates modifications in our workforce and payroll requirements. This scalability makes sure that our payroll infrastructure can adjust to the evolving needs of our international company.
Global Chief legal officer we have actually got Elizabeth Beal who is our chief legal officer for Amia and we have actually got Ray Gander who is our senior vice president of customer service and I would say separately and collectively these three people have Years of experience in in employment law and international Work Practices so thank you it’s 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 Solutions at papaya Global inform us about yourself thank you Elin Ian hey there my name is Elite I’ve 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 areas on a personal aspect and related to our subject today I’ve had the opportunity to transfer and operate in 3 various nations it is the company’s responsibility to guarantee my protection while residing in a foreign country compliance with regional laws and guidelines is essential for me or anybody else as an expat or as a local 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 take pleasure in alright thank you as I said let’s move on to the pact agenda today’s webinar is an opportunity to ask the panel the concerns you have actually been thinking of we’ll talk about the truths a business requires to think about when opening a brand-new entity and broadening into new nations as well as keeping things going we’ll cover aspects such as regional policies considerations when employing compliance key challenges payments and what not to do it is among the most important things remembering what not to do um operating on a worldwide level is not for the faint-hearted the larger a business grows the more they require to comprehend and handle understanding what to do in each brand-new situation as it increases is essential on lots of levels understanding local policies and regional laws as well as company practices assists alleviate Associated and global expansion papaya through our local specialists can browse possible threats such as intellectual property protection information privacy security problems guaranteeing the business’s operations stay certified and safe tax Social Security returns and remittances vary by nation
In conclusion, Papaya Global Software application has actually shown to be an indispensable possession in our quest for efficient and compliant worldwide payroll management. As the CFO of an international company, I am positive in advising Papaya Global to companies seeking to improve their payroll processes, enhance compliance, and achieve higher efficiency in handling their international workforce. The software’s innovative features and commitment to excellence align with our strategic goals, making it an integral part of our monetary operations.
publicly 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 significant legal costs there’s there’s other penalties there’s other costs behind that also so the total expense can be really significant in the tens of countless dollars or more and and those amounts are growing uh the reason that business are getting it so wrong is really just the guidelines are complex and they’re altering all the time think ir-35 in the UK which has actually been a continuous advancement for a number of years now and and still a great deal of uncertainty amongst business on what it really indicates and how you handle it most companies are just not familiar with the guidelines and and act as if the the rules are the same all over which they’re not so so motivate you to to be extremely 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 worker Papaya Global Hong Kong specifically when it pertains to their own tax liabilities social security and benefits for example jury and certainly the employees the opposite of the coin
I discover time and time again the employees frequently misclassified unwittingly they do not understand the conditions of employment or agreement and are told by the customer why it’s optimum generally to the customer why you should be used or engaged in this fashion 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 too late years have actually passed they have not contributed to pensions Etc so it’s a huge impact that they never knew they were walking into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy companies are getting insurance against misclassification but generally premiums are only covering the cost of legal charges whilst the typical claim assessed against companies relates to to 40 or 50 percent of the base salary of employee exists any point in securing insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest for the most part I haven’t seen it at least so uh the the other location 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 stuff you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK
Expense Considerations and Papaya Global Hong Kong …
The extensive features of come at an expense,
Over the past couple of years, the workforce has gone through a significant improvement with the introduction of remote work, which has actually removed geographical restraints on hiring. This has made it possible for businesses to recruit talent from all over the world, allowing them to assemble the best possible group for each role. As a result, workers have actually gained greater flexibility to work from home and increase their profits without having to transfer to pricey locations or commute cross countries. According to a 2022 survey, 87% of employees who have the alternative to work remotely select to do so. The COVID-19 pandemic, integrated with improvements in business connection software application, has further sped up the shift towards remote work, even in industries that were initially reluctant to embrace the trend.
insights are important to us and and your fellow guests so first things initially though um let’s be familiar with everybody my name is Ian Charles and I’ve operated in payroll for the last 25 years I have actually had roles in all type of Industries retail and Beauty to Aerospace in all kinds of businesses startup to matrixed environments around the world I provided leadership and technique to populations of more than 100,000 staff members on a month-to-month basis and in over 170 countries today I’m the perel strategist for papaya
Worldwide I work throughout business guy maning and developing external relationships supporting Business clients and services and acting as a consultant I ‘d like to introduce our very first Greg um visitor Greg who will kick things off by informing us um who he is and a little bit more about bamboo HR Greg over to you thanks Ian yeah as Ian said my name is Greg Piper uh I am the senior business counsil at bambo HR so I lead our in-house legal team and in fact work very carefully with our um HR department as well to deal with different legal and HR matters that come up so really delighted to be here about bambo HR if if you’re not knowledgeable about us uh at bambo HR we say our mission is to set you as HR professionals totally free to do excellent
Although Papaya Global provides integrations with different HR and finance systems, we came across some difficulties throughout the combination process. Personalizing the software application to line up with our existing facilities proved to be more complex than anticipated, leading to delays in the preliminary rollout.
The comprehensive features used by Papaya Global come at an expense, which some of our smaller subsidiaries discovered to be prohibitively pricey. As an international company, we had to thoroughly weigh the requirement for sophisticated functionality against budget plan constraints.
Assistance Action Time:
On occasion, our groups experienced concerns that required immediate help. Nevertheless, the response time from Papaya Global’s customer support team was not constantly as prompt as we would have liked, resulting in delays in resolving those issues.
Our application of included a phased method. We began by onboarding a couple of subsidiaries to test the system’s compatibility with our existing procedures. This allowed us to determine and resolve integration challenges early on. As the software application ended up being more instilled in our operations, we slowly expanded its use to cover our entire international labor force.
The automated features structured our payroll processes, reducing the time spent on manual computations and compliance tracking. Routine training sessions and ongoing assistance from Papaya assisted our groups end up being competent users of the software application, optimizing its potential for our organization.
Business that staff member workers throughout multiple countries typically face intricate obstacles when it concerns handling their labor force. Among the greatest obstacles is consolidating various data streams and adhering to varied regional and nationwide labor policies, which can be both time-consuming and pricey. Furthermore, establishing local entities in new areas can be a pricey and suboptimal choice, with alternatives such as opening a foreign subsidiary or employing an expert employment organization (PEO) often charging up to 15% of the payroll. These difficulties have actually caused a significant increase in difficulty hiring certified workers, with 75% of companies reporting this issue in 2022, a 21% boost from 2019. The payroll and HR options market, valued at $26.4 billion in 2022, is anticipated to reach $50.4 billion by 2030.
uses an option supporting all kinds of employment. It offers an end-to-end platform, from staff member onboarding and ongoing management to worldwide payments and. It assists 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 workforce management. She co-founded after seeing the technology gap in international.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please make sure to go to the complete webcast in order to get your credits if you have any concerns throughout the webcast please click the Q&A tab in your webinar controls and type the there a new tab will open in your internet browser with the webcast study please make certain to finish it as quickly as the webcast has actually ended it is now my pleasure to turn it over to Pap and bamboo HR for their discussion hello and thank you for joining us today we’re thrilled to have you here as we embark on a journey of information to regulation attaining
360 degree employee compliance where we’ll dive into the essential aspects of the staff member compliance management model throughout the session we’ll explore real world obstacles genuine regional guidelines best practices and the function of Automotion in simplying compliance journey be prepared to emerge in a comprehensive understanding of how to safeguard your organization and workers while remaining compliant in an
Ever developing regulative environment in the everchanging world of business and financing making sure compliance with payroll regulations is not only essential however likewise a legal essential from the minute of employing to the in intri intricacies even sorry of termination every step along the staff member journey is Frau with compliance risks that have far-reaching effects nevertheless with a deeper more nuanced understanding of their obligations organizations can not just browse the intricate landscape however also proactively ensure this 360 degree compliance the webinar is designed to equip you with the understanding and tools required to navigate the complex Terrain 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 begin and I think it’s actually essential
In our mission to enhance effectiveness and precision in handling our worldwide workforce, our international corporation turned to, a leading and labor force management software. The shift intended to streamline the complex job of handling across numerous countries, currencies, and compliance guidelines.
Among the standout functions of is its robust compliance management system. The software immediately updates itself to comply with ever-evolving tax and labor laws throughout several jurisdictions. This has actually been vital in making sure that our processes remain compliant in each nation of operation.
is to state that the content here is illegal recommendations it is merely for your info please consult your legal team should you have any questions or issues in relation to anything that we’ve discussed today our secret take crucial takeaways by the end of the webinar will be an understanding of staff member compliance threats how to work with ly with confidence how to streamline data management and automation so let’s take ourselves a minute to familiarize ourselves with the webinar platform once again as we have actually.
serve as your hris or is sort of your core staff member record um to handle that employee life process throughout their Journey with you as as a staff member in addition to a payroll module we have to help you pay those staff members and compensate them and advantages Administration module that enables you to assist handle the advantages you provide to your staff members so actually delighted to be here represent um bamb booy container and discuss this subject um and I think from my perspective I’ll I’ll most likely offer a great deal of a focus on the United States side of things when we discuss type of compliance so pleased 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 bit about papay international yes absolutely thank you Ian hello everybody I’m Gina dorelis I’m the Employment specialist supervisor.
at I manage the employment Council in the US APAC EMA and Israel region I likewise act 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 provider to workers serving in over.
160 nations fine thank you so both I feel completely underqualified sitting here with you both well I forgot to point out as we were kind of like going through the intro so it’s actually truly good to really see in the webinar chat where everybody’s in fact going to from today I can see that we have individuals in Las Vegas and Indiana currently so if you want to continue tell where you are that would be definitely great whilst we just await everyone else to kind of like participate in there we go Chicago too well um so whil we’re doing that I’m awaiting everybody to type of join I’ll just run us through the agenda um today we are going to go over working with Skill brand-new greater Details Management termination compliance and automation wow the chat has got truly actually 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 really fantastic commentary and questions throughout the uh the webinar also alright so that’s the program then what I want to Now cover is the the compliance and the Privacy side of things so the the Journey of a staff member and their information is Papaya Global Hong Kong complex without fail and an.
Ever progressing relationship that starts the moment a person joins a company it continues throughout their employment and Beyond this journey can be divided into k to numerous key stages whilst we’re really you know that they’re used with us so on boarding day-to-day operations compensation and benefits expert development then we get to the offboarding and even advocacy so it even happens after the employee has left your employment throughout the journey organizations are responsible for collecting storing securing staff member data in compliance with data privacy policies no matter where it is you’re running worldwide it frequently includes implementing protected information management systems and making sure stringent adherence to regional requirements to secure both the staff member and the organization the evolution of employee data and management c.