A CFO’s Viewpoint on Papaya Global Letmein…
Papaya Global’s platform enhances international workforce management for business, ensuring compliance with regional policies and tax laws. Their services incorporate payroll processing, advantages administration, compliance oversight, time and presence tracking, and HR assistance. The platform centralizes international payroll operations, offering businesses 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 global service operations, managing payroll across borders can be a complex and tough job. As the Chief Financial Officer (CFO) of an international business, I understand the important significance of efficient and compliant payroll management. In our pursuit of excellence, we have actually welcomed innovative services to streamline our processes, and one such transformative tool is Software application.
The Obstacle of Global Payroll:
International expansion brings about varied obstacles, and payroll management is no exception. Differing tax guidelines, varying employment laws, and multiple currencies make it vital for companies to embrace sophisticated options to ensure accuracy, compliance, and efficiency in payroll processing.
Software application: A Comprehensive Service:
employees so it’s truly fundamental to make sure that you have actually considered from the start any post-termination restrictions that you want to put into the agreement of work that they’re enforceable so that suggests you require to truly think of what it is you’re seeking to protect and why clearly Specify what’s consisted of within the scope of that confidential information and deal with the duration of restriction post-determination that you want to apply and be really able to to validate that in relation to copyright the position truly depends on the type of copyright you’re aiming to protect and likewise the jurisdiction so for instance from a copyright perspective in the Netherlands the end client 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 immediately however in someplace like Poland for example that automated right may not be there which task would require to flow through the chain uh contractually so it truly depends on the jurisdiction and the type of IP fine thank you Elizabeth Steve was staying on the topic of contracts Miss categorized misclassifying workers
Papaya Global Software has emerged as a game-changer in the world of worldwide payroll management. Its cloud-based platform incorporates payroll, workforce management, and employee benefits into a single, user-friendly user interface. As the CFO, I have actually witnessed firsthand the favorable effect of on our organization’s financial operations.
Unified Global Payroll Processing:
enables our business to procedure payroll effortlessly across multiple countries. The platform’s unified method allows for constant payroll estimations, decreasing mistakes and making sure compliance with local regulations. This has actually substantially mitigated the threats connected with worldwide payroll processing.
likewise key for if later on somebody says misclassification you have your file supported by the requisite documents and that the best assessment tools to show somebody that you had a thoughtful procedure and so what do you have to include in that procedure it’s the who the what the where and the when who are you handling are you dealing with an individual or are you handling an individual Service Corporation and how are they operating what are they doing is it the type of work that provides 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 examination of being freelancer you understand likewise uh where are they doing it can they work from anywhere or do they need to be on website and managed once again another essential aspect is the management and guidance of the uh worker and then lastly when is it a specific task is it a six-month task 6 years all of this is manageable however it needs to be recorded and it has to be completely 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 internationally these tools take a questionnaire list for the worker the employee fills out and fills these questions out therefore does completion customer or the recipient of the services they both put their details into the tool and then it does an examination waiting the different concerns because not every jurisdiction has the very same feeling about some 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 some of the important things you need to boost to ensure that you are considered that assessment 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
Browsing the intricacies of international employment laws and tax guidelines can be overwhelming. Papaya Global’s automated compliance engine keeps our company updated with changes in policies throughout jurisdictions. This ensures that our payroll processes abide by the most recent standards, reducing the threat of non-compliance and associated penalties.
network of In-House outside advisors accounting companies and legal companies who help us keep our databases totally up to date and we also call on we need to when we see an uncommon or or especially complex circumstances okay thanks Steve I can just see a quick concern in the Q a window yes the session will be recorded and sent out to attendees afterwards um returning to to the webinar itself Ray employer of record is managed in a different way around the world and the German law for instance it’s classified as staff member leasing can you shed any light on some of the special factors to consider for nations and where the eor model isn’t regulated yes Ian employee leasing or labor leasing as it’s also called which is prevalent in several countries especially in Europe enforces stringent policies on products such as the length of task it also appoints workers to collective bargaining agreements that gives them rights and benefits however even in the countries that don’t have those rigorous policies for example the UK Canada and the nordics there are regulations for each country and each worker is dealt with the same as all the other employees in that nation and all those guidelines require to be complied with fine thank you Ray um Kathy moving I would say to yourself what do business require to factor in when figuring out contract status to protect themselves and the rights of hires what are the benefits and drawbacks of hiring specialists and Freelancers versus irreversible workers so obviously the the advantage of specialists versus workers is the the flexibility for both the employee and for the company um but I can’t stress enough how crucial it is to have a constant extensive and a well-documented compliance
Papaya Global Letmein and Time Savings:
The software application’s automation abilities have significantly decreased the time and effort required for payroll processing. Manual data entry and repeated jobs have actually been decreased, allowing our finance team to concentrate on strategic efforts rather than administrative problems. This has led to increased effectiveness and productivity within our monetary operations.
in one considering that each state has its own regulations Californians are some of the most strict an example is pay slips on a payslip in California the best details needs to be on the payslip in the ideal format and in the right position if you’re in breach of of regulations for payslips the fines are issued per payslip so that’s each worker each pay slip will incur a fine thanks Ray thank you Elizabeth a lot to fret to think about and we’re only 2 questions in and 10 minutes approximately working with in one country is difficult enough however when hiring in a you understand on an international level it’s a totally different story you require to ensure that you depend on date with present along with pending local labor laws Steve um how do you make certain and ensure that the people 2.0 team is on top of an ever-changing landscape and that your customers are fully supported and I’ll arrange this into 3 crucial things we carry out in most importantly you need to have the ideal team so we work with a team of worldwide experts in Work Practices um that ex that group of professionals consists of attorneys it includes payroll specialists it consists of HR specialists and these are people that not only understand the laws in these in these countries and areas 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 group on the ground uh working 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 timely financial data is crucial for decision-making. The platform’s reporting capabilities empower me to make educated tactical choices based upon real-time insights into our worldwide payroll data.
application and its scope and the manner in which it applies to employment law in practice can be tested through the judicial system by way of case law examples of that would be the gotten rights directive otherwise called the 2p regulations in the UK the working time regulations which has actually had numerous strands of that legislation evaluated particularly around holiday pay and naturally as Kathy’s going to come on to discuss later on work status which there’s been numerous precedence set over the years so I think it’s actually that constant development of the employment law landscape that you truly require to navigate when when operating in Europe okay thank you Elizabeth Ray what about you from your personal experience while crossing the pond as pointed out each nation has various regulations however the United States is basically 50 nations
Scalability for Service Development:
Among the standout features of Papaya Global is its scalability. As our business continues to grow and expand into brand-new markets, the software perfectly accommodates modifications in our workforce and payroll requirements. This scalability guarantees that our payroll facilities can adapt to the progressing requirements of our global company.
Global Chief legal officer we’ve got Elizabeth Beal who is our chief legal officer for Amia and we’ve got Ray Gander who is our senior vice president of customer service and I would state individually and collectively these three individuals have Decades of experience in in employment law and worldwide Work Practices so thank you it’s a satisfaction to be with everybody 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 Services at papaya International tell us about yourself thank you Elin Ian hey there my name is Elite I have actually been with the company for around four and a half years as head of Partnerships I have established Papaya’s network of in-country Partners in over 160 areas on a personal element and related to our subject today I have actually had the chance to move and work in three various countries it is the company’s responsibility to guarantee my protection while residing in a foreign country compliance with local laws and regulations is crucial for me or anybody else as an expat or as a local so today we have invited our relied on Partners individuals 2.0 to show the importance of regional
proficiency when companies Go International thank you and enjoy okay thank you as I stated let’s move on to the pact program today’s webinar is a chance to ask the panel the concerns you’ve been thinking about we’ll discuss the realities a company requires to consider when opening a new entity and broadening into new countries in addition to keeping things going we’ll cover aspects such as regional guidelines factors to consider when employing compliance essential challenges 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 bigger a company grows the more they require to comprehend and manage understanding what to do in each brand-new circumstance as it increases is essential on many levels understanding local guidelines and regional laws in addition to service practices helps mitigate Associated and global expansion papaya through our local specialists can navigate potential risks such as intellectual property security information privacy security problems making sure the business’s operations remain certified and secure tax Social Security returns and remittances vary by country
In conclusion, Papaya Global Software application has proven to be a vital asset in our mission for effective and compliant international payroll management. As the CFO of a worldwide company, I am positive in recommending Papaya Global to organizations looking for to enhance their payroll processes, enhance compliance, and achieve higher performance in handling their international labor force. The software application’s innovative features and commitment to quality line up with our tactical objectives, making it an essential part of our financial operations.
publicly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly announced settlements there’s also significant legal costs there’s there’s other charges there’s other costs behind that also so the total expense can be really substantial in the 10s of millions of dollars or more and and those amounts are growing uh the reason business are getting it so wrong is actually simply the rules are complicated and they’re changing all the time believe ir-35 in the UK which has been a continuous development for numerous years now and and still a great deal of uncertainty amongst business on what it actually indicates and how you deal with it most companies are just not knowledgeable about the rules and and act as if the the guidelines are the same all over which they’re not so so encourage you to to be extremely proactive as you’re engaging uh employees from a category point of view okay thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what effects can this have on the worker Papaya Global Letmein particularly when it comes 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 typically misclassified unwittingly they do not comprehend the conditions of employment or agreement and are informed by the client why it’s most advantageous generally to the client why you must be used or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be affected 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 And so on so it’s a big effect that they never understood they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy business are taking out insurance coverage against misclassification however usually premiums are just covering the expense of legal costs whilst the average claim examined against companies equates to to 40 or half of the base salary of worker exists any point in securing insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest for the most part I have not seen it a minimum of so uh the the other area that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK
Cost Factors to consider and Papaya Global Letmein …
The thorough functions of come at a cost,
Recent decades have seen a dramatic change to the labor force as the increase of remote work has actually broken down geographical barriers to hiring. Services can now hire personnel from anywhere worldwide, permitting them to access the best offered skill for any given role. This gives workers more freedom to work from home and increase their income without relocating to expensive locations or commuting fars away. A 2022 study discovered that 87% of workers who have the possibility to work remotely take that chance. The outbreak of COVID-19, in conjunction with new business connectivity software, accelerated the relocate to remote work, consisting of in industries formerly hesitant to welcome the pattern.
insights are valuable 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 have actually operated in payroll for the last 25 years I’ve had roles in all type of Industries retail and Appeal to Aerospace in all types of organizations start-up to matrixed environments around the world I offered management and technique to populations of more than 100,000 employees on a regular monthly basis and in over 170 nations today I’m the perel strategist for papaya
Worldwide I work throughout business guy maning and developing external relationships supporting Business clients and services and functioning as a consultant I want to introduce our very first Greg um visitor Greg who will kick things off by telling 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 corporate counsil at bambo HR so I lead our internal legal team and really work very closely with our um HR department as well to manage different legal and HR matters that show up so really delighted 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 experts totally free to do great
Although Papaya Global supplies integrations with numerous HR and finance systems, we encountered some difficulties during the combination procedure. Personalizing the software to line up with our existing facilities showed to be more complicated than expected, resulting in hold-ups in the initial rollout.
The extensive features used by Papaya Global come at an expense, which a few of our smaller sized subsidiaries discovered to be excessively pricey. As a worldwide company, we needed to carefully weigh the need for innovative performance against budget plan restrictions.
Support Action Time:
On occasion, our teams experienced issues that needed urgent help. However, the reaction time from Papaya Global’s customer assistance group was not always as prompt as we would have liked, causing delays in resolving those issues.
Our application of involved a phased technique. We began by onboarding a few subsidiaries to check the system’s compatibility with our existing procedures. This enabled us to determine and address integration difficulties early on. As the software ended up being more implanted in our operations, we gradually broadened its use to cover our entire global workforce.
The automated features structured our payroll procedures, lowering the time invested in manual estimations and compliance tracking. Routine training sessions and ongoing assistance from Papaya helped our groups become skilled users of the software application, optimizing its capacity for our organization.
Business that employee workers throughout multiple countries frequently deal with complex difficulties when it pertains to handling their labor force. Among the most significant hurdles is consolidating various data streams and sticking to diverse local and national labor guidelines, which can be both time-consuming and pricey. Furthermore, establishing regional entities in new areas can be an expensive and suboptimal alternative, with options such as opening a foreign subsidiary or employing a professional work company (PEO) often charging up to 15% of the payroll. These obstacles have led to a substantial boost in problem recruiting qualified personnel, with 75% of employers reporting this concern in 2022, a 21% boost from 2019. The payroll and HR solutions market, valued at $26.4 billion in 2022, is anticipated to reach $50.4 billion by 2030.
uses an option supporting all types of work. It offers an end-to-end platform, from worker onboarding and continuous management to global payments and. It assists business 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 specialist in payroll and workforce management. She co-founded after seeing the technology gap in global.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please make certain to go to the complete 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 new tab will open in your internet browser with the webcast study please make certain to finish it as soon 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 embark on a journey of data to regulation achieving
360 degree employee compliance where we’ll dive into the important elements of the worker compliance management model throughout the session we’ll check out real life difficulties genuine regional guidelines best practices and the role of Automotion in simplying compliance journey be prepared to emerge in a thorough understanding of how to safeguard your organization and workers while remaining certified in an
Ever developing regulatory environment in the everchanging world of business and financing ensuring compliance with payroll policies is not just important however also a legal essential from the moment of working with to the in intri complexities even sorry of termination every step along the staff member journey is Frau with compliance threats that have significant effects however with a much deeper more nuanced understanding of their obligations organizations can not just navigate the elaborate landscape however also proactively ensure this 360 degree compliance the webinar is created to equip you with the knowledge and tools essential to browse the complex Surface of compliance whether you’re an experienced P expert a small business owner or somebody new to the field what I want to do before we begin and I think it’s truly crucial
In our mission to improve efficiency and precision in managing our worldwide workforce, our international corporation turned to, a leading and workforce management software application. The shift intended to simplify the complex job of handling throughout various countries, currencies, and compliance policies.
One of the standout functions of is its robust compliance management system. The software application instantly updates itself to stick to ever-evolving tax and labor laws throughout numerous jurisdictions. This has been indispensable in ensuring that our processes remain certified in each country of operation.
is to state that the material here is not legal guidance it is merely for your info please consult your legal team must you have any questions or concerns in relation to anything that we have actually talked about today our key take key takeaways by the end of the webinar will be an understanding of staff member compliance risks how to work with ly with confidence how to streamline information 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 kind of your core staff member record um to handle that employee life process throughout their Journey with you as as an employee in addition to a payroll module we need to assist you pay those workers and compensate them and benefits Administration module that enables you to assist handle the advantages you supply to your staff members so actually thrilled to be here represent um bamb booy container and discuss this subject um and I think from my perspective I’ll I’ll probably provide a lot of a focus on the United States side of things when we talk 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 tell the audience a bit about papay worldwide yes definitely thank you Ian hello everyone I’m Gina dorelis I’m the Employment professional manager.
at I manage the employment Council in the United States APAC EMA and Israel area I also serve as us Council for I’m accredited in New york city and New Jersey um we make sure compliance onboarding and offboarding of employees with regard to papaya we supply payroll payments and workforce management as a Service work force company to employees serving in over.
160 countries fine thank you so both I feel totally underqualified sitting here with you both well I forgot to mention as we were kind of like going through the intro so it’s really truly great to in fact see in the webinar chat where everyone’s really participating in from today I can see that we have individuals in Las Vegas and Indiana currently so if you wish to continue inform where you are that would be absolutely great whilst we just wait on everybody else to type of like participate in there we go Chicago too well um so whil we’re doing that I’m awaiting everyone to type of join I’ll simply run us through the program um today we are going to go over hiring Talent new greater Info Management termination compliance and automation wow the chat has got really actually busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from absolutely everywhere which is fantastic so uh I’m hoping that we’re in fact going to have some truly excellent commentary and questions throughout the uh the webinar as well fine 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 Letmein diverse without fail and an.
Ever developing relationship that begins the minute an individual signs up with a company it continues throughout their employment and Beyond this journey can be divided into k to several essential stages whilst we’re in fact you know that they’re used with us so on boarding daily operations payment and advantages expert development then we get to the offboarding and even advocacy so it even occurs after the employee has actually left your work throughout the journey organizations are responsible for gathering saving safeguarding worker data in compliance with information personal privacy regulations no matter where it is you’re operating around the world it frequently includes executing secure information management systems and guaranteeing strict adherence to regional requirements to protect both the worker and the company the evolution of worker information and management c.