A CFO’s Viewpoint on Papaya Global Namely…
Papaya Global’s platform simplifies worldwide workforce management for business, guaranteeing compliance with local regulations and tax laws. Their services incorporate payroll processing, benefits administration, compliance oversight, time and presence tracking, and HR support. The platform centralizes international payroll operations, supplying services with real-time insights and control. Founded in 2016, Papaya Global has actually broadened to Tel Aviv, New York City, London, and Kiev.
In the vibrant landscape of international business operations, managing payroll across borders can be a complex and difficult task. As the Chief Financial Officer (CFO) of a worldwide company, I understand the vital significance of efficient and compliant payroll management. In our pursuit of quality, we have accepted innovative solutions to improve our processes, and one such transformative tool is Software application.
The Obstacle of Global Payroll:
International expansion brings about diverse difficulties, and payroll management is no exception. Differing tax guidelines, varying work laws, and several currencies make it essential for organizations to adopt advanced services to ensure accuracy, compliance, and performance in payroll processing.
Software application: A Comprehensive Solution:
employees so it’s actually basic to ensure that you’ve thought about from the beginning any post-termination constraints that you wish to put into the agreement of employment that they’re enforceable so that suggests you need to really consider what it is you’re seeking to secure and why plainly Define what’s included within the scope of that confidential information and resolve the period of restriction post-determination that you wish to use and be truly able to to validate that in relation to intellectual property the position actually depends on the type of intellectual property you’re aiming to safeguard and likewise the jurisdiction so for instance from a copyright perspective in the Netherlands completion client is more 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 instance that automatic right may not exist which task would need to stream through the chain uh contractually so it truly depends on the jurisdiction and the type of IP okay thank you Elizabeth Steve was staying on the topic of contracts Miss classified misclassifying workers
Papaya Global Software has emerged as a game-changer in the realm of worldwide payroll management. Its cloud-based platform integrates payroll, labor force management, and employee benefits into a single, user-friendly interface. As the CFO, I have experienced firsthand the favorable effect of on our organization’s financial operations.
Unified Worldwide Payroll Processing:
allows our business to procedure payroll perfectly across several nations. The platform’s unified technique enables consistent payroll estimations, decreasing mistakes and guaranteeing compliance with local guidelines. This has actually significantly alleviated the risks associated with international payroll processing.
likewise essential for if later someone says misclassification you have your file supported by the requisite documents which the right evaluation tools to show somebody that you had a thoughtful procedure therefore 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 a specific or are you dealing with an individual Service Corporation and how are they running what are they doing is it the kind of work that provides itself more to being an independent contractor than a staff member so for instance accounting
I.T engineering the creatives these all provide themselves more to that evaluation of being freelancer you understand likewise uh where are they doing it can they work from anywhere or do they have to be on website and managed once again another essential factor is the management and guidance of the uh worker and then lastly when is it a specific job is it a six-month job six years all of this is workable however 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’ve improved it this year so that we can roll it out worldwide these tools take a survey list for the worker the worker fills out and fills these questions out therefore does the end client or the recipient of the services they both put their details into the tool and then it does an examination waiting the various questions due to the fact that not every jurisdiction has the very same feeling about a few of these questions some think they’re more crucial than others and it brings out a red yellow or green red you’re most likely a staff member yellow you’re on the cusp we can most likely assist you with that in terms of some of the things you require to boost to make certain that you are considered that evaluation of uh independent specialist or green where you were evaluated as an as a independent specialist once that assessment is done all the requisite files are beneath it so that if later on there
Navigating the intricacies of global work laws and tax policies can be frustrating. Papaya Global’s automated compliance engine keeps our organization current with changes in guidelines throughout jurisdictions. This ensures that our payroll procedures follow the latest standards, decreasing the risk of non-compliance and associated charges.
network of In-House outside advisors accounting firms and legal companies who assist us keep our databases totally approximately date and we likewise call on we require to when we see an unusual or or particularly complicated scenarios okay thanks Steve I can simply see a quick question in the Q a window yes the session will be recorded and sent to guests later on um returning to to the webinar itself Ray company of record is regulated in a different way around the globe and the German law for instance it’s classed as staff member leasing can you shed any light on a few of the special factors to consider for nations and where the eor model isn’t managed yes Ian employee leasing or labor leasing as it’s also called which is prevalent in several countries specifically in Europe enforces rigorous guidelines on items such as the length of assignment it also designates workers to collective bargaining agreements that provides rights and advantages 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 nation and each employee is dealt with the like all the other employees in that nation and all those regulations need to be abided by fine thank you Ray um Kathy moving I would state to yourself what do business need to factor in when identifying agreement status to safeguard themselves and the rights of hires what are the advantages and disadvantages of hiring specialists and Freelancers versus permanent staff members so obviously the the advantage of specialists versus workers is the the flexibility for both the employee and for the employer um but I can’t stress enough how crucial it is to have a consistent thorough and a well-documented compliance
Papaya Global Namely and Time Savings:
The software’s automation abilities have actually considerably minimized the time and effort required for payroll processing. Manual information entry and repetitive tasks have been lessened, permitting our finance team to focus on strategic efforts instead of administrative burdens. This has actually resulted in increased efficiency and efficiency within our financial operations.
in one because each state has its own regulations Californians are some of the most strict an example is pay slips on a payslip in California the right details needs to be on the payslip in the right format and in the ideal position if you remain in breach of of guidelines for payslips the fines are provided 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 think about and we’re only 2 questions in and 10 minutes approximately hiring in one nation is tough enough but when hiring in a you understand on a worldwide level it’s a completely different story you require to make sure that you depend on date with current in addition to pending local labor laws Steve um how do you make sure and make sure that individuals 2.0 group is on top of an ever-changing landscape and that your clients are completely supported and I’ll arrange this into 3 essential things we perform in first and foremost you require to have the best group so we hire a group of international professionals in Work Practices um that ex that group of specialists includes attorneys it consists of payroll professionals it consists of HR professionals and these are people that not only know the laws in these in these countries and areas but they also understand the languages they know the local practices they understand the cultures and it is essential to have that best team and genuinely have the team on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global offers extensive real-time analytics and reporting tools. As a CFO, having access to precise and timely monetary information is crucial for decision-making. The platform’s reporting capabilities empower me to make informed tactical decisions based on real-time insights into our global payroll data.
The practical application and level of the application to work law can be assessed through the legal system using case law examples. For instance, the acquired rights directive, also called the 2p regulations in the UK, and the working time guidelines have actually been subject to numerous legal analyses, especially regarding vacation pay. Additionally, the concept of employment status has actually seen multiple legal precedents over the
Scalability for Company Growth:
One of the standout functions of Papaya Global is its scalability. As our company continues to grow and expand into new markets, the software application flawlessly accommodates modifications in our workforce and payroll requirements. This scalability ensures that our payroll facilities can adjust to the developing needs of our worldwide company.
Worldwide Chief legal officer we have actually got Elizabeth Beal who is our chief legal officer for Amia and we’ve got Ray Look who is our senior vice president of customer service and I would state individually and collectively these 3 individuals have Decades of experience in in work law and global Work Practices so thank you it’s an enjoyment to be with everybody here today seems like we’ve got the right people with us today and in in addition to to those well we also have among our own Stars erase share head of Global Provider at papaya Global tell us about yourself thank you Elin Ian hello my name is Elite I have actually been with the company 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 an individual aspect and related to our subject today I’ve had the chance to transfer and work in 3 different countries it is the business’s obligation to guarantee my defense while residing in a foreign nation compliance with local laws and guidelines is important for me or anyone else as an expat or as a local so today we have invited our relied on Partners people 2.0 to demonstrate the value of regional
expertise when business Go Worldwide thank you and delight in okay thank you as I said let’s proceed to the pact agenda today’s webinar is a chance to ask the panel the concerns you have actually been considering we’ll talk about the truths a company needs to consider when opening a brand-new entity and broadening into new nations along with keeping things going we’ll cover elements such as local guidelines factors to consider when working with compliance key difficulties 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 need to comprehend and manage knowing what to do in each new circumstance as it rises is very important on many levels comprehending regional regulations and regional laws in addition to business practices assists alleviate Associated and worldwide growth papaya through our local experts can browse possible dangers such as intellectual property security data personal privacy security concerns ensuring the business’s operations stay compliant and safe tax Social Security returns and remittances vary by nation
In conclusion, Papaya Global Software application has actually proven to be an indispensable possession in our quest for effective and compliant worldwide payroll management. As the CFO of a global company, I am positive in suggesting Papaya Global to organizations looking for to enhance their payroll processes, boost compliance, and attain higher efficiency in managing their global workforce. The software’s innovative functions and dedication to quality line up with our tactical objectives, making it an integral part of our financial operations.
I find time and time again the employees typically misclassified unwittingly they do not understand the conditions of employment or contract and are informed by the customer why it’s optimum generally to the customer why you must be employed or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s far too late years have actually gone by they have not added to pensions And so on so it’s a huge impact that they never understood 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 but usually premiums are just covering the expense of legal costs whilst the average claim assessed against companies relates to to 40 or 50 percent of the base pay of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest most of the times I have not seen it a minimum of so uh the the other area that I do believe if you managed to get the coverage what we are stating is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK
Cost Considerations and Papaya Global Namely …
The extensive features of come at an expense,
Over the past few decades, the labor force has actually gone through a significant change with the introduction of remote work, which has eliminated geographical constraints on hiring. This has enabled companies to recruit skill from all over the world, enabling them to put together the very best possible group for each function. As a result, staff members have actually gotten greater versatility to work from home and increase their earnings without needing to transfer to expensive locations or commute fars away. According to a 2022 survey, 87% of employees who have the choice to work from another location choose to do so. The COVID-19 pandemic, combined with improvements in business connectivity software, has further sped up the shift towards remote work, even in industries that were initially reluctant to embrace the trend.
insights are valuable to us and and your fellow guests so first things first 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’ve had functions in all kind of Industries retail and Beauty to Aerospace in all types of organizations start-up to matrixed environments across the globe I offered leadership and method 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 across business guy maning and constructing external relationships supporting Business clients and options and functioning as a consultant I ‘d like to introduce our very first Greg um guest 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 stated my name is Greg Piper uh I am the senior business counsil at bambo HR so I lead our internal legal group and in fact work extremely carefully with our um HR department also to manage various legal and HR matters that show up so really delighted to be here about bambo HR if if you’re not acquainted with us uh at bambo HR we say our objective is to set you as HR experts complimentary to do great
Although Papaya Global provides integrations with different HR and finance systems, we came across some hurdles during the combination procedure. Customizing the software to align with our existing infrastructure showed to be more intricate than expected, resulting in hold-ups in the initial rollout.
The extensive functions provided by Papaya Global come at a cost, which some of our smaller subsidiaries discovered to be prohibitively costly. As an international organization, we needed to thoroughly weigh the requirement for advanced functionality against budget restraints.
Support Action Time:
On occasion, our groups experienced problems that needed immediate assistance. Nevertheless, the response time from Papaya Global’s consumer support team was not always as timely as we would have liked, leading to delays in resolving those concerns.
Our application of included a phased approach. We began by onboarding a couple of subsidiaries to evaluate the system’s compatibility with our existing procedures. This permitted us to recognize and resolve integration obstacles early on. As the software ended up being more ingrained in our operations, we gradually broadened its usage to cover our entire worldwide workforce.
The automated features structured our payroll processes, minimizing the time spent on manual estimations and compliance tracking. Routine training sessions and continuous support from Papaya helped our teams end up being competent users of the software application, maximizing its capacity for our organization.
Nevertheless, paying a workforce can be complex. It is particularly challenging for business who employ personnel throughout several nations, as they must constantly combine different information streams, manually track local and nationwide labor and regulations, and spend important time and resources to establish regional entities in new locations. These business are faced with suboptimal, pricey options, like opening a foreign subsidiary or hiring a professional work organization, which is a local company that hires workers on their behalf and can charge up to 15% of. By 2022, 75% of companies reported trouble recruiting qualified personnel, a boost of 21% from 2019. The payroll & HR services market was valued at $26.4 billion in 2022 and is predicted to reach $50.4 billion by 2030.
offers a service supporting all types of employment. It provides an end-to-end platform, from employee onboarding and ongoing management to global payments and. It helps business with labor law compliance in the jurisdictions in which they operate, provides management of employment advantages, and guarantees data personal privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. A business owner with 15 years of experience, she is a leading expert in payroll and labor force management. She co-founded after seeing the innovation space in international.
papaya this webcast has been pre-approved for hrci and Sherm credit please make certain to go to the total 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 new tab will open in your internet browser with the webcast survey please make sure to complete it as soon as the webcast has actually 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 data to regulation achieving
360 degree staff member compliance where we’ll dive into the important aspects of the worker compliance management model throughout the session we’ll explore real life challenges real regional policies best practices and the role of Automotion in simplying compliance journey be prepared to emerge in a detailed understanding of how to protect your organization and employees while remaining certified in an
Ever evolving regulatory environment in the everchanging world of organization and financing guaranteeing compliance with payroll regulations is not just important but also a legal vital from the moment of employing to the in intri intricacies even sorry of termination every step along the staff member journey is Frau with compliance dangers that have far-reaching consequences nevertheless with a much deeper more nuanced understanding of their commitments organizations can not just navigate the detailed landscape however likewise proactively guarantee this 360 degree compliance the webinar is designed to equip you with the knowledge and tools essential to navigate the complex Surface of compliance whether you’re a seasoned P professional a small business owner or someone brand-new to the field what I wish to do before we begin and I think it’s actually essential
In our mission to boost effectiveness and precision in managing our global labor force, our international corporation turned to, a leading and workforce management software. The transition aimed to streamline the complex job of handling across different nations, currencies, and compliance regulations.
One of the standout features of is its robust compliance management system. The software immediately updates itself to adhere to ever-evolving tax and labor laws across numerous jurisdictions. This has actually been important in ensuring that our processes remain certified in each country of operation.
is to state that the content here is not legal recommendations it is simply for your details please consult your legal group should you have any questions or issues in relation to anything that we have actually talked about today our secret take key takeaways by the end of the webinar will be an understanding of staff member compliance threats how to employ 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 have actually.
function as your hris or is sort of your core staff member record um to manage that employee life process throughout their Journey with you as as a worker in addition to a payroll module we need to assist you pay those staff members and compensate them and benefits Administration module that permits you to assist manage the benefits you provide to your staff members so actually delighted to be here represent um bamb booy container and discuss this topic um and I guess from my point of view I’ll I’ll probably 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 okay thanks Greg um Gina over to you would you like to introduce yourself and inform the audience a little bit about papay global yes definitely thank you Ian hey there everyone I’m Gina dorelis I’m the Employment specialist supervisor.
at I handle the employment Council in the United States APAC EMA and Israel region I also function 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 provide payroll payments and workforce management as a Service work force provider 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 truly really good to in fact see in the webinar chat where everybody’s in fact participating in from today I can see that we have people in Las Vegas and Indiana already so if you wish to carry on inform where you are that would be definitely great whilst we just wait on everybody else to sort of like participate in there we go Chicago also well um so whil we’re doing that I’m waiting on everybody to type of join I’ll just run us through the program um today we are going to talk about working with Skill brand-new greater Info Management termination compliance and automation wow the chat has actually got actually truly hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from absolutely everywhere which is wonderful so uh I’m hoping that we’re in fact going to have some actually great commentary and questions throughout the uh the webinar also all right 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 a worker and their data is Papaya Global Namely multifaceted without fail and an.
Ever progressing relationship that begins the minute an individual joins a company it continues throughout their work and Beyond this journey can be divided into k to several key stages whilst we’re actually you understand that they’re utilized with us so on boarding daily operations settlement and advantages professional development then we get to the offboarding and even advocacy so it even takes place after the staff member has actually left your employment throughout the journey companies are accountable for gathering saving protecting worker data in compliance with information privacy guidelines no matter where it is you’re operating around the globe it typically includes implementing safe data management systems and making sure strict adherence to local requirements to safeguard both the employee and the company the advancement of worker data and management c.