A CFO’s Point of view on Papaya Global Montenegro…
The platform allows business to handle their worldwide workforce and comply with regional employment policies and tax laws. Papaya Global uses a variety of services, including payroll management, advantages administration, compliance management, time and attendance tracking, and HR management. The platform is designed to streamline the complexities of global payroll and offer real-time presence and control over payroll operations. The business was founded in 2016 and is headquartered in Tel Aviv, Israel, with workplaces in New york city, London, and Kiev.
In the vibrant landscape of international organization operations, handling payroll throughout borders can be a complex and difficult task. As the Chief Financial Officer (CFO) of a worldwide company, I comprehend the vital value of effective and compliant payroll management. In our pursuit of quality, we have embraced innovative services to simplify our procedures, and one such transformative tool is Software.
The Challenge of International Payroll:
Worldwide growth causes varied difficulties, and payroll management is no exception. Differing tax regulations, varying employment laws, and multiple currencies make it crucial for organizations to adopt advanced solutions to guarantee precision, compliance, and performance in payroll processing.
Software: A Comprehensive Option:
employees so it’s truly essential to make sure that you’ve considered from the beginning any post-termination limitations that you wish to take into the contract of employment that they’re enforceable so that suggests you need to actually think about what it is you’re looking to secure and why plainly Define what’s included within the scope of that confidential information and resolve the duration of limitation post-determination that you wish to use and be really able to to justify that in relation to intellectual property the position really depends on the type of intellectual property you’re looking to safeguard and likewise the jurisdiction so for example 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 however in someplace like Poland for example that automated right might not be there which task would need to stream through the chain uh contractually so it really depends on the jurisdiction and the kind of IP fine thank you Elizabeth Steve was remaining on the subject of agreements Miss classified misclassifying workers
Papaya Global Software has become a game-changer in the world of global payroll management. Its cloud-based platform incorporates payroll, labor force management, and employee benefits into a single, easy to use interface. As the CFO, I have witnessed firsthand the positive effect of on our company’s financial operations.
Unified International Payroll Processing:
allows our company to procedure payroll flawlessly throughout numerous nations. The platform’s unified method permits consistent payroll estimations, lowering mistakes and making sure compliance with local guidelines. This has significantly alleviated the threats associated with worldwide payroll processing.
also crucial for if later on somebody states misclassification you have your file supported by the requisite documents and that the right assessment tools to show someone that you had a thoughtful procedure therefore what do you have to consist of because process it’s the who the what the where and the when who are you handling are you dealing with 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 professional than a worker so for example accounting
I.T engineering the creatives these all provide themselves more to that assessment 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 managed again another key factor is the management and guidance of the uh worker and then lastly when is it a particular project is it a six-month project six years all of this is workable but it needs to be documented and it needs 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 internationally these tools take a survey list for the worker the worker completes and fills these questions out therefore does the end customer or the recipient of the services they both put their information into the tool and after that it does an examination waiting the various questions due to the fact that not every jurisdiction has the very same sensation about some of these questions some believe they’re more crucial than others and it brings out a red yellow or green red you’re probably a staff member yellow you’re on the cusp we can probably help you with that in regards to some of the important things you need to boost to make certain that you are given that evaluation of uh independent contractor or green where you were assessed as an as a independent contractor once that assessment is done all the requisite files are underneath it so that if later on there
Navigating the complexities of global work laws and tax policies can be overwhelming. Papaya Global’s automated compliance engine keeps our organization updated with changes in regulations throughout jurisdictions. This guarantees that our payroll procedures stick to the most recent requirements, lessening the threat of non-compliance and associated charges.
network of In-House outside advisors accounting firms and legal companies who help us keep our databases entirely up to date and we likewise call on we require to when we see an unusual or or particularly complicated scenarios all right thanks Steve I can just see a fast question in the Q a window yes the session will be taped and sent to guests afterwards um moving back to to the webinar itself Ray employer of record is regulated in a different way worldwide and the German law for instance it’s classed as staff member leasing can you shed any light on a few of the special considerations for nations and where the eor design isn’t regulated yes Ian worker leasing or labor leasing as it’s likewise called which is prevalent in several nations especially in Europe imposes stringent regulations on products such as the length of task it likewise assigns employees to collective bargaining arrangements that provides rights and benefits however even in the nations that don’t have those rigorous regulations for example the UK Canada and the nordics there are policies for each nation and each employee is dealt with the same as all the other workers because nation and all those guidelines require to be followed okay thank you Ray um Kathy moving I would state to yourself what do companies require to consider when figuring out contract status to protect themselves and the rights of hires what are the pros and cons of employing contractors and Freelancers versus long-term workers so obviously the the advantage of professionals versus staff members is the the versatility for both the employee and for the company um however I can’t stress enough how crucial it is to have a consistent thorough and a well-documented compliance
Papaya Global Montenegro and Time Cost Savings:
The software application’s automation abilities have actually significantly decreased the time and effort required for payroll processing. Handbook information entry and repeated tasks have actually been minimized, permitting our finance team to concentrate on tactical efforts instead of administrative burdens. This has led to increased efficiency and efficiency within our monetary operations.
in one given that each state has its own regulations Californians are some of the most stringent an example is pay slips on a payslip in California the best info has to be on the payslip in the best format and in the best position if you remain in breach of of guidelines for payslips the fines are issued per payslip so that’s each staff member each pay slip will sustain a great thanks Ray thank you Elizabeth a lot to fret to consider and we’re just 2 concerns in and 10 minutes or so employing in one nation is tough enough but when hiring in a you know on an international level it’s a completely different story you need to make sure that you depend on date with current in addition to pending regional labor laws Steve um how do you ensure and guarantee that the people 2.0 team is on top of an ever-changing landscape and that your clients are totally supported and I’ll organize this into three crucial things we carry out in most importantly you need to have the ideal group so we employ a group of international experts in Employment Practices um that ex that group of professionals includes legal representatives it includes payroll experts it includes HR specialists and these are people that not just understand the laws in these in these nations and regions but they also know the languages they know the local practices they understand the cultures and it is very important to have that best team and genuinely have the group on the ground uh dealing 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 data is vital for decision-making. The platform’s reporting capabilities empower me to make educated strategic choices based upon real-time insights into our global payroll data.
The practical application and extent of the application to work law can be assessed through the legal system using case law examples. For instance, the gotten rights directive, also called the 2p policies in the UK, and the working time guidelines have actually been subject to numerous legal analyses, especially regarding holiday pay. In addition, the principle of employment status has actually seen numerous legal precedents over the
Scalability for Business Growth:
Among the standout features of Papaya Global is its scalability. As our business continues to grow and broaden into brand-new markets, the software flawlessly accommodates modifications in our labor force and payroll requirements. This scalability ensures that our payroll infrastructure can adjust to the progressing requirements of our worldwide company.
Worldwide Chief legal officer we’ve got Elizabeth Beal who is our primary legal officer for Amia and we have actually got Ray Glimpse who is our senior vice president of customer service and I would say individually and collectively these three people have Years of experience in in work law and global Employment Practices so thank you it’s a satisfaction 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 one of our own Stars erase share head of Global Solutions at papaya Global tell us about yourself thank you Elin Ian hi my name is Elite I’ve been with the business for around four and a half years as head of Collaborations I have developed Papaya’s network of in-country Partners in over 160 areas on an individual element and related to our subject today I have actually had the opportunity to transfer and operate in three different countries it is the business’s duty to ensure my defense while residing in a foreign nation compliance with regional laws and guidelines is important for me or anyone else as an expat or as a local so today we have welcomed our relied on Partners individuals 2.0 to demonstrate the importance of regional
competence when companies Go Global thank you and take pleasure in okay thank you as I stated let’s proceed to the pact agenda today’s webinar is a chance to ask the panel the questions you’ve been considering we’ll discuss the realities a business requires to consider when opening a brand-new entity and broadening into new countries in addition to keeping things going we’ll cover elements such as local policies factors to consider when employing compliance crucial obstacles payments and what not to do it’s one of the most essential 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 need to understand and handle knowing what to do in each brand-new scenario as it rises is important on many levels comprehending local guidelines and regional laws along with organization practices assists reduce Associated and worldwide expansion papaya through our regional professionals can browse possible threats such as intellectual property protection data privacy security problems making sure the company’s operations remain compliant and secure tax Social Security returns and remittances differ by nation
In conclusion, Papaya Global Software has proven to be an indispensable possession in our quest for effective and compliant international payroll management. As the CFO of a worldwide business, I am confident in advising Papaya Global to companies looking for to enhance their payroll procedures, improve compliance, and attain greater performance in managing their international workforce. The software application’s innovative functions and commitment to excellence align with our tactical goals, making it an essential 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 openly revealed settlements there’s likewise significant legal costs there’s there’s other penalties there’s other expenses behind that as well so the total expense can be extremely substantial in the tens of countless dollars or more and and those quantities are growing uh the reason that companies are getting it so incorrect is really simply the rules are complex and they’re altering all the time think ir-35 in the UK which has been a continuous development for several years now and and still a great deal of uncertainty amongst business on what it actually indicates and how you deal with it most employers are simply not aware of the guidelines and and act as if the the rules are the same all over which they’re not so so encourage you to to be very proactive as you’re engaging uh workers from a category viewpoint okay thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what results can this have on the staff member Papaya Global Montenegro especially when it comes to their own tax liabilities social security and benefits for instance jury and certainly the employees the opposite of the coin
I find time and time again the workers frequently misclassified unknowingly they don’t comprehend the conditions of employment or contract and are informed by the client why it’s optimum generally to the customer why you must be utilized or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and health care privileges of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have gone by they have not added to pensions Etc so it’s a huge effect that they never knew they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy companies are getting insurance against misclassification however typically premiums are only covering the expense of legal costs whilst the typical claim examined against companies relates to to 40 or half of the base salary of employee exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do require 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 location that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK
Cost Considerations and Papaya Global Montenegro …
The extensive features of come at a cost,
Over the past couple of years, the workforce has gone through a considerable transformation with the emergence of remote work, which has eliminated geographical restraints on hiring. This has actually enabled businesses to recruit talent from all over the world, enabling them to put together the best possible group for each function. As a result, staff members have actually acquired higher flexibility to work from home and increase their profits without having to relocate to pricey locations or commute fars away. According to a 2022 study, 87% of workers who have the alternative to work remotely select to do so. The COVID-19 pandemic, integrated with advancements in enterprise connection software application, has even more accelerated the shift towards remote work, even in industries that were at first hesitant to adopt the trend.
insights are important to us and and your fellow participants so first things first though um let’s get to know everybody my name is Ian Charles and I’ve operated in payroll for the last 25 years I’ve had roles in all sort of Industries retail and Appeal to Aerospace in all types of services start-up to matrixed environments across the globe I supplied management and technique to populations of more than 100,000 employees on a monthly basis and in over 170 countries today I’m the perel strategist for papaya
International I work throughout business guy maning and constructing external relationships supporting Business customers and solutions and functioning as a consultant I wish to present our first Greg um guest 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 also to manage numerous legal and HR matters that show up so actually excited to be here about bambo HR if if you’re not familiar with us uh at bambo HR we state our objective is to set you as HR specialists complimentary to do great
Although Papaya Global provides combinations with various HR and financing systems, we encountered some difficulties throughout the combination process. Tailoring the software to line up with our existing infrastructure showed to be more complicated than anticipated, leading to delays in the initial rollout.
The comprehensive features offered by Papaya Global come at an expense, which some of our smaller subsidiaries found to be excessively costly. As an international company, we had to carefully weigh the need for advanced performance versus budget plan restrictions.
Support Response Time:
On occasion, our groups experienced issues that required urgent support. However, the response time from Papaya Global’s client assistance group was not constantly as timely as we would have liked, leading to hold-ups in dealing with those problems.
Our implementation of included a phased approach. We began by onboarding a couple of subsidiaries to evaluate the system’s compatibility with our existing procedures. This enabled us to recognize and deal with combination difficulties early on. As the software ended up being more implanted in our operations, we slowly expanded its use to cover our entire global workforce.
The automated functions structured our payroll processes, lowering the time spent on manual estimations and compliance tracking. Routine training sessions and continuous support from Papaya helped our groups end up being competent users of the software application, optimizing its capacity for our organization.
Nevertheless, paying a workforce can be intricate. It is especially challenging for companies who use personnel across multiple nations, as they must constantly consolidate different data streams, manually track local and nationwide labor and guidelines, and spend important time and resources to set up local entities in brand-new locations. These companies are confronted with suboptimal, pricey choices, like opening a foreign subsidiary or working with a professional work company, which is a local company that employs employees on their behalf and can charge up to 15% of. By 2022, 75% of employers reported difficulty hiring certified personnel, a boost of 21% from 2019. The payroll & HR solutions market was valued at $26.4 billion in 2022 and is predicted to reach $50.4 billion by 2030.
offers a service supporting all forms of employment. It supplies an end-to-end platform, from staff member onboarding and continuous management to worldwide payments and. It helps business with labor law compliance in the jurisdictions in which they run, offers management of employment advantages, and guarantees information 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 space in global.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please be sure to attend the complete webcast in order to receive 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 web browser with the webcast survey 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 discussion hey there and thank you for joining us today we’re thrilled to have you here as we start a journey of information to policy attaining
360 degree worker compliance where we’ll dive into the necessary aspects of the staff member compliance management model throughout the session we’ll explore real world challenges genuine regional policies finest practices and the function of Automotion in simplying compliance journey be prepared to emerge in a comprehensive understanding of how to secure your company and staff members while staying compliant in an
Ever developing regulatory environment in the everchanging world of company and finance ensuring compliance with payroll policies is not only vital but also a legal vital from the minute of employing to the in intri intricacies even sorry of termination every step along the employee journey is Frau with compliance risks that have far-reaching repercussions however with a much deeper more nuanced understanding of their obligations organizations can not just browse the complex landscape but likewise proactively ensure this 360 degree compliance the webinar is created to equip you with the understanding and tools essential to navigate the complex Surface of compliance whether you’re a seasoned P specialist a small business owner or someone new to the field what I would like to do before we start and I think it’s truly important
In our quest to enhance performance and accuracy in managing our global workforce, our multinational corporation turned to, a leading and labor force management software. The transition intended to streamline the complex job of handling throughout different countries, currencies, and compliance regulations.
One of the standout functions of is its robust compliance management system. The software instantly updates itself to abide by ever-evolving tax and labor laws throughout multiple jurisdictions. This has actually been vital in ensuring that our processes stay certified in each country of operation.
is to state that the material here is illegal recommendations it is simply for your info please consult your legal group should you have any concerns or concerns in relation to anything that we’ve gone over today our secret take crucial takeaways by the end of the webinar will be an understanding of employee compliance dangers how to hire ly with confidence how to simplify information management and automation so let’s take ourselves a minute to acquaint ourselves with the webinar platform once again as we’ve.
work as your hris or is kind of your core staff member record um to manage that employee life cycle throughout their Journey with you as as a staff member in addition to a payroll module we need to assist you pay those workers and compensate them and advantages Administration module that enables you to assist manage the advantages you provide to your workers so really thrilled to be here represent um bamb booy jar and speak about this topic um and I think from my perspective I’ll I’ll most likely offer a lot of a concentrate on the US side of things when we discuss kind of compliance so delighted to be here thanks for having me Ian all right thanks Greg um Gina over to you would you like to introduce yourself and inform the audience a bit about papay global yes definitely thank you Ian hi everybody I’m Gina dorelis I’m the Work professional supervisor.
at I handle the work Council in the US APAC EMA and Israel area I also function as us Council for I’m accredited in New York and New Jersey um we guarantee compliance onboarding and offboarding of employees with regard to papaya we offer payroll payments and labor force 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 sort of like going through the introduction so it’s really truly good 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 want to continue inform where you are that would be absolutely great whilst we simply wait for everyone else to sort of like take part there we go Chicago too well um so whil we’re doing that I’m waiting for everybody to kind of join I’ll just run us through the agenda um today we are going to go over employing Talent brand-new greater Details Management termination compliance and automation wow the chat has actually got truly really hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from definitely all over which is wonderful so uh I’m hoping that we’re in fact going to have some really terrific commentary and questions throughout the uh the webinar too fine so that’s the program then what I want 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 Montenegro complex without fail and an.
Ever evolving relationship that starts the minute an individual joins an organization it continues throughout their work and Beyond this journey can be divided into k to numerous essential phases whilst we’re actually you understand that they’re utilized with us so on boarding day-to-day operations payment and benefits professional advancement then we get to the offboarding and even advocacy so it even happens after the employee has actually left your employment throughout the journey companies are responsible for collecting storing safeguarding employee data in compliance with data personal privacy regulations no matter where it is you’re operating around the world it frequently involves executing secure information management systems and making sure strict adherence to local requirements to safeguard both the worker and the organization the advancement of worker data and management c.