A CFO’s Perspective on Papaya Global Hosting…
The platform enables companies to handle their global labor force and abide by local employment policies and tax laws. Papaya Global uses a series of services, consisting of payroll management, advantages administration, compliance management, time and presence tracking, and HR management. The platform is created to simplify the complexities of worldwide payroll and supply real-time presence and control over payroll operations. The company was founded in 2016 and is headquartered in Tel Aviv, Israel, with offices in New york city, London, and Kiev.
In the dynamic landscape of international organization operations, managing payroll across borders can be a complex and difficult job. As the Chief Financial Officer (CFO) of an international company, I understand the crucial importance of effective and certified payroll management. In our pursuit of quality, we have actually accepted ingenious options to improve our processes, and one such transformative tool is Software application.
The Difficulty of Global Payroll:
International expansion produces diverse difficulties, and payroll management is no exception. Differing tax guidelines, varying work laws, and multiple currencies make it imperative for companies to embrace advanced options to ensure precision, compliance, and effectiveness in payroll processing.
Software: A Comprehensive Solution:
workers so it’s actually essential to ensure that you have actually considered from the outset any post-termination constraints that you wish to put into the contract of work that they’re enforceable so that indicates you need to really consider what it is you’re wanting to protect and why plainly Specify what’s included within the scope of that secret information and deal with the duration of constraint post-determination that you want to use and be actually able to to validate that in relation to intellectual property the position truly depends on the type of intellectual property you’re aiming to protect and also the jurisdiction so for instance from a copyright point of view in the Netherlands the end customer is more likely to have the um intellectual property rights in a copyright that the workers produced who’s been under their guidance and control automatically nevertheless in someplace like Poland for instance that automatic right may not be there which assignment would require to stream through the chain uh contractually so it actually depends upon the jurisdiction and the type of IP all right thank you Elizabeth Steve was remaining on the subject of agreements Miss classified misclassifying employees
Papaya Global Software application has emerged as a game-changer in the world of international payroll management. Its cloud-based platform incorporates payroll, labor force management, and employee benefits into a single, user-friendly user interface. As the CFO, I have actually experienced firsthand the positive impact of on our company’s monetary operations.
Unified Global Payroll Processing:
enables our company to process payroll perfectly across multiple nations. The platform’s unified approach allows for constant payroll estimations, lowering errors and guaranteeing compliance with regional guidelines. This has actually significantly reduced the threats related to global payroll processing.
also essential for if in the future somebody says misclassification you have your file supported by the requisite files and that the best assessment tools to reveal somebody that you had a thoughtful procedure and so what do you have to include because 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 dealing with an individual Service Corporation and how are they operating what are they doing is it the kind of work that lends itself more to being an independent contractor than an employee so for example accounting
I.T engineering the creatives these all provide themselves more to that evaluation of being freelancer you know likewise uh where are they doing it can they work from anywhere or do they need to be on website and handled again another crucial aspect is the management and supervision of the uh employee and then lastly when is it a specific job is it a six-month project 6 years all of this is manageable but it needs to be recorded and it needs to be thoroughly um examined so we have a tool we call it ic2 we had an ic1 and we have actually improved it this year so that we can roll it out globally these tools take a questionnaire list for the worker the employee fills out 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 then it does an evaluation waiting the various concerns because not every jurisdiction has the same feeling about a few of these questions some believe they’re more important than others and it brings out a red yellow or green red you’re most likely a worker yellow you’re on the cusp we can most likely help you with that in regards to a few of the important things you need to strengthen to ensure that you are considered that assessment of uh independent contractor or green where you were evaluated as an as a independent professional once that examination is done all the requisite documents are beneath it so that if in the future there
Navigating the complexities of worldwide work laws and tax policies can be overwhelming. Papaya Global’s automated compliance engine keeps our company current with changes in regulations across jurisdictions. This ensures that our payroll procedures follow the latest standards, minimizing the threat of non-compliance and associated penalties.
network of In-House outside advisors accounting companies and legal firms who assist us keep our databases totally up to date and we also call on we need to when we see an uncommon or or particularly complex situations fine thanks Steve I can simply see a quick concern in the Q a window yes the session will be tape-recorded and sent out to attendees later on um returning to to the webinar itself Ray company of record is managed in a different way around the world and the German law for instance it’s classed as employee leasing can you shed any light on a few of the special considerations for countries and where the eor design isn’t managed yes Ian staff member leasing or labor leasing as it’s likewise called which prevails in a number of countries specifically in Europe enforces stringent policies on items such as the length of assignment it likewise assigns workers to collective bargaining arrangements that provides rights and benefits however even in the countries that don’t have those strict regulations for example the UK Canada and the nordics there are guidelines for each country and each worker is treated the like all the other workers because nation and all those regulations require to be followed all right thank you Ray um Kathy moving I would say to yourself what do companies require to consider when figuring out contract status to secure themselves and the rights of hires what are the pros and cons of hiring professionals and Freelancers versus irreversible employees so obviously the the benefit of professionals versus employees is the the versatility for both the employee and for the company um but I can’t stress enough how important it is to have a constant thorough and a well-documented compliance
Papaya Global Hosting and Time Savings:
The software’s automation abilities have considerably lowered the time and effort needed for payroll processing. Handbook information entry and recurring tasks have been minimized, allowing our finance team to concentrate on strategic efforts instead of administrative problems. This has resulted in increased effectiveness and productivity within our financial operations.
in one because each state has its own regulations Californians are a few of the most stringent an example is pay slips on a payslip in California the ideal information needs to be on the payslip in the best format and in the right position if you’re 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 fret to consider and we’re only 2 questions in and 10 minutes or so hiring in one country is difficult enough but when employing in a you know on a worldwide level it’s a totally various story you require to ensure that you’re up to date with current as well as 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 which your clients are totally supported and I’ll arrange this into three crucial things we perform in firstly you require to have the right team so we employ a group of worldwide specialists in Work Practices um that ex that team of professionals consists of legal representatives it consists of payroll experts it consists of HR professionals and these are people that not only know the laws in these in these nations and areas but they likewise know the languages they know the regional practices they understand the cultures and it is very important to have that best group and really 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 accurate and prompt financial data is crucial for decision-making. The platform’s reporting capabilities empower me to make educated strategic decisions based upon real-time insights into our international payroll information.
The useful application and degree of the application to employment law can be evaluated through the legal system utilizing case law examples. For instance, the gotten rights regulation, also called the 2p policies in the UK, and the working time policies have actually been subject to numerous legal interpretations, especially relating to vacation pay. Additionally, the principle of work status has actually seen several legal precedents over the
Scalability for Business 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 workforce and payroll requirements. This scalability ensures that our payroll facilities can adapt to the progressing requirements of our international company.
Worldwide Chief legal officer we have actually got Elizabeth Beal who is our primary legal officer for Amia and we have actually got Ray Look who is our senior vice president of client services and I would say separately and collectively these three individuals have Years of experience in in work law and global Employment Practices so thank you it’s an enjoyment to be with everyone here today seems like we’ve got the right people with us today and in in addition to to those well we likewise have among our own Stars erase share head of Global Services at papaya Global tell us about yourself thank you Elin Ian hey there 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 places on a personal element and related to our subject today I’ve had the chance to relocate and work in three different countries it is the company’s responsibility to ensure my defense while residing in a foreign country compliance with local laws and policies is essential for me or anybody else as an expat or as a local so today we have actually invited our trusted Partners people 2.0 to show the value of regional
knowledge when companies Go Global thank you and delight in alright thank you as I stated let’s move on to the pact program today’s webinar is an opportunity to ask the panel the questions you’ve been thinking of we’ll discuss the truths a company needs to consider when opening a brand-new entity and broadening into new countries along with keeping things going we’ll cover aspects such as local guidelines factors to consider when hiring compliance crucial obstacles payments and what not to do it is among the most important things remembering what not to do um operating on a global level is not for the faint-hearted the bigger a company grows the more they need to understand and manage knowing what to do in each brand-new circumstance as it increases is necessary on many levels comprehending local regulations and regional laws in addition to service practices helps alleviate Associated and worldwide growth papaya through our regional specialists can browse possible threats such as intellectual property security information personal privacy security issues guaranteeing the business’s operations stay compliant and secure tax Social Security returns and remittances differ by nation
In conclusion, Papaya Global Software has actually shown to be an invaluable possession in our quest for effective and compliant international payroll management. As the CFO of a global company, I am positive in suggesting Papaya Global to companies seeking to simplify their payroll procedures, improve compliance, and attain greater performance in handling their global labor force. The software application’s innovative functions and commitment to excellence line up with our strategic objectives, making it an important 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 openly announced settlements there’s also considerable legal expenses there exists’s other charges there’s other expenses behind that also so the total expense can be really substantial in the 10s of countless dollars or more and and those amounts are growing uh the reason that companies are getting it so wrong is really just the guidelines are intricate and they’re altering all the time believe ir-35 in the UK which has actually been an ongoing development for numerous years now and and still a great deal of uncertainty amongst business on what it actually indicates and how you handle it most employers are just not familiar with the guidelines and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be very proactive as you’re engaging uh employees from a category perspective all right thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what results can this have on the employee Papaya Global Hosting particularly when it concerns their own tax liabilities social security and advantages for instance jury and clearly the employees the other side of the coin
I find time and time again the employees often misclassified unconsciously they don’t understand the conditions of work or agreement and are informed by the client why it’s optimum mainly to the customer why you should be utilized or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and health care benefits of the employee 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 passed they haven’t contributed to pensions And so on so it’s a huge impact that they never ever understood they were walking into you could not agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy companies are getting insurance coverage versus misclassification but usually premiums are only covering the cost of legal fees whilst the typical claim evaluated versus companies corresponds 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 need to check out the fine print it is not covering the taxes charge and interest in most cases I have not seen it a minimum of so uh the the other area that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK
Cost Factors to consider and Papaya Global Hosting …
The detailed features of come at a cost,
Over the past few years, the workforce has actually undergone a significant transformation with the emergence of remote work, which has gotten rid of geographical restraints on hiring. This has allowed companies to recruit skill from all over the world, permitting them to assemble the very best possible group for each role. As a result, employees have gotten greater flexibility to work from home and increase their earnings without needing to transfer to expensive locations or commute cross countries. According to a 2022 study, 87% of staff members who have the alternative to work remotely choose to do so. The COVID-19 pandemic, integrated with improvements in enterprise connectivity software, has even more accelerated the shift towards remote work, even in industries that were initially hesitant to embrace the pattern.
insights are valuable to us and and your fellow guests so first things initially though um let’s get to know everybody my name is Ian Charles and I have actually worked in payroll for the last 25 years I have actually had functions in all kind of Industries retail and Appeal to Aerospace in all kinds of organizations start-up to matrixed environments across the globe I supplied leadership and technique to populations of more than 100,000 workers on a regular monthly basis and in over 170 nations today I’m the perel strategist for papaya
International I work throughout the business male maning and building external relationships supporting Business clients and solutions and acting as an advisor 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 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 business counsil at bambo HR so I lead our in-house legal group and really work very carefully with our um HR department also to handle numerous legal and HR matters that come up so really thrilled to be here about bambo HR if if you’re not acquainted with us uh at bambo HR we say our mission is to set you as HR specialists complimentary to do great
Although Papaya Global offers combinations with different HR and finance systems, we encountered some difficulties during the integration procedure. Tailoring the software to align with our existing facilities showed to be more complicated than expected, leading to delays in the preliminary rollout.
The comprehensive functions provided by Papaya Global come at an expense, which a few of our smaller sized subsidiaries found to be excessively expensive. As a worldwide company, we needed to carefully weigh the requirement for innovative functionality versus spending plan restrictions.
Assistance Reaction Time:
On occasion, our groups experienced issues that needed urgent assistance. However, the action time from Papaya Global’s customer assistance group was not constantly as prompt as we would have liked, causing delays in dealing with those issues.
Our implementation of involved a phased approach. We started by onboarding a couple of subsidiaries to evaluate the system’s compatibility with our existing processes. This allowed us to determine and address combination challenges early on. As the software became more implanted in our operations, we gradually broadened its usage to cover our entire international labor force.
The automated features structured our payroll processes, decreasing the time spent on manual calculations and compliance tracking. Routine training sessions and ongoing support from Papaya assisted our teams become skilled users of the software, optimizing its capacity for our company.
Companies that staff member workers across multiple countries frequently deal with complex challenges when it comes to handling their labor force. One of the greatest difficulties is combining various data streams and sticking to varied local and national labor guidelines, which can be both time-consuming and pricey. Moreover, setting up regional entities in new regions can be a costly and suboptimal alternative, with alternatives such as opening a foreign subsidiary or hiring a professional work organization (PEO) frequently charging up to 15% of the payroll. These obstacles have caused a significant increase in trouble hiring certified workers, with 75% of companies reporting this concern in 2022, a 21% boost from 2019. The payroll and HR options market, valued at $26.4 billion in 2022, is expected to reach $50.4 billion by 2030.
uses a service supporting all types of work. It supplies an end-to-end platform, from staff member onboarding and ongoing management to global payments and. It helps companies with labor law compliance in the jurisdictions in which they run, offers management of employment advantages, and ensures information privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. An entrepreneur with 15 years of experience, she is a leading expert in payroll and workforce management. She co-founded after seeing the innovation gap in international.
papaya this webcast has been pre-approved for hrci and Sherm credit please be sure to participate in the complete webcast in order to get your credits if you have any questions during the webcast please click the Q&A tab in your webinar controls and type the there a brand-new tab will open in your browser with the webcast study please make sure to complete 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 thrilled to have you here as we start a journey of data to regulation accomplishing
360 degree staff member compliance where we’ll dive into the important elements of the staff member compliance management model throughout the session we’ll explore real life difficulties real local policies best 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 staff members while remaining compliant in an
Ever evolving regulatory environment in the everchanging world of business and finance making sure compliance with payroll guidelines is not just essential but likewise a legal essential from the moment of employing to the in intri complexities even sorry of termination every step along the employee journey is Frau with compliance dangers that have significant consequences however with a deeper more nuanced understanding of their responsibilities companies can not just browse the complex landscape but also proactively ensure this 360 degree compliance the webinar is developed to equip you with the knowledge and tools needed to navigate the complex Terrain of compliance whether you’re a seasoned P specialist a small company owner or someone new to the field what I wish to do before we start and I believe it’s truly essential
In our quest to boost efficiency and precision in managing our worldwide workforce, our multinational corporation turned to, a leading and labor force management software application. The shift aimed to simplify the complex task of handling throughout various nations, currencies, and compliance regulations.
One of the standout functions of is its robust compliance management system. The software application immediately updates itself to abide by ever-evolving tax and labor laws across multiple jurisdictions. This has been vital in making sure that our processes stay compliant in each country of operation.
is to state that the material here is illegal guidance it is merely for your details please consult your legal team should you have any questions or concerns in relation to anything that we have actually discussed today our key take essential takeaways by the end of the webinar will be an understanding of employee compliance risks how to employ ly with confidence how to simplify data management and automation so let’s take ourselves a moment to familiarize ourselves with the webinar platform once again as we’ve.
serve as your hris or is sort of your core employee record um to handle that staff member life process throughout their Journey with you as as a staff member in addition to a payroll module we have to assist you pay those staff members and compensate them and advantages Administration module that enables you to assist handle the benefits you offer to your workers so really excited to be here represent um bamb booy container and speak about this topic um and I think from my perspective I’ll I’ll probably provide a lot of a concentrate on the US side of things when we discuss kind of compliance so pleased to be here thanks for having me Ian fine thanks Greg um Gina over to you would you like to introduce yourself and inform the audience a little bit about papay worldwide yes absolutely thank you Ian hi everybody I’m Gina dorelis I’m the Work professional supervisor.
at I handle the work Council in the United States APAC EMA and Israel area I likewise function as us Council for I’m accredited in New york city and New Jersey um we guarantee compliance onboarding and offboarding of workers with regard to papaya we offer payroll payments and labor force management as a Service labor force service provider to workers serving in over.
160 nations all right thank you so both I feel completely underqualified sitting here with you both well I forgot to point out as we were sort of like going through the introduction so it’s actually truly great to really see in the webinar chat where everyone’s really going to from today I can see that we have individuals in Las Vegas and Indiana currently so if you wish to carry on tell where you are that would be absolutely fantastic whilst we just wait for everybody else to kind of like take part there we go Chicago too well um so whil we’re doing that I’m waiting for everybody to sort of join I’ll simply run us through the program um today we are going to discuss working with Skill new greater Information Management termination compliance and automation wow the chat has got truly truly hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from absolutely all over which is wonderful so uh I’m hoping that we’re really going to have some truly great commentary and concerns throughout the uh the webinar also alright so that’s the program then what I wish to Now cover is the the compliance and the Personal privacy side of things so the the Journey of an employee and their information is Papaya Global Hosting complex without fail and an.
Ever progressing relationship that begins the moment an individual joins an organization it continues throughout their employment and Beyond this journey can be divided into k to numerous crucial phases whilst we’re really you understand that they’re employed with us so on boarding everyday operations payment and advantages professional development then we get to the offboarding and even advocacy so it even occurs after the employee has left your work throughout the journey organizations are accountable for gathering keeping protecting staff member information in compliance with data personal privacy guidelines no matter where it is you’re operating worldwide it frequently includes implementing safe and secure information management systems and making sure rigorous adherence to local requirements to protect both the employee and the company the advancement of worker data and management c.