A CFO’s Perspective on Papaya Global On Cloud…
The platform enables business to manage their global labor force and adhere to local work regulations and tax laws. Papaya Global provides a series of services, including payroll management, advantages administration, compliance management, time and attendance tracking, and HR management. The platform is developed to streamline the complexities of international payroll and provide real-time visibility 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 vibrant landscape of international company operations, handling payroll across borders can be a complex and tough task. As the Chief Financial Officer (CFO) of a global company, I comprehend the critical significance of effective and compliant payroll management. In our pursuit of excellence, we have embraced innovative solutions to enhance our processes, and one such transformative tool is Software.
The Challenge of Worldwide Payroll:
Global growth brings about diverse difficulties, and payroll management is no exception. Differing tax policies, differing work laws, and multiple currencies make it necessary for organizations to adopt advanced services to make sure precision, compliance, and performance in payroll processing.
Software: A Comprehensive Solution:
staff members so it’s truly essential to ensure that you’ve considered from the outset any post-termination restrictions that you wish to take into the contract of employment that they’re enforceable so that implies you need to truly consider what it is you’re wanting to safeguard and why clearly Define what’s included within the scope of that confidential information and address the period of restriction post-determination that you wish to use and be actually able to to justify that in relation to intellectual property the position really depends upon the type of intellectual property you’re looking to secure and also the jurisdiction so for example from a copyright viewpoint in the Netherlands completion client is most likely to have the um intellectual property rights in a copyright that the employees produced who’s been under their guidance and control instantly nevertheless in somewhere like Poland for instance that automatic right might not be there which project 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 topic of agreements Miss categorized misclassifying staff members
Papaya Global Software has become 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, easy to use user interface. As the CFO, I have experienced firsthand the favorable impact of on our company’s financial operations.
Unified Global Payroll Processing:
allows our business to procedure payroll perfectly across multiple countries. The platform’s unified method enables consistent payroll calculations, reducing errors and guaranteeing compliance with regional policies. This has actually considerably mitigated the dangers related to global payroll processing.
likewise essential for if later somebody states misclassification you have your file supported by the requisite documents which the right evaluation tools to show someone 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 handling a private 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 a staff member so for instance accounting
I.T crafting the creatives these all provide themselves more to that assessment of being freelancer you know likewise uh where are they doing it can they work from anywhere or do they have to be on site and managed once again another key factor is the management and guidance of the uh worker and after that finally when is it a particular project is it a six-month task six years all of this is workable but it needs to be recorded and it needs to be completely um investigated so we have a tool we call it ic2 we had an ic1 and we have actually improved it this year so that we can roll it out worldwide these tools take a questionnaire 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 info into the tool and then it does an examination waiting the various concerns because not every jurisdiction has the very same sensation about a few of these questions some believe they’re more crucial than others and it brings out a red yellow or green red you’re probably an employee yellow you’re on the cusp we can most likely help you with that in terms of a few of the things you require to bolster to ensure that you are given that evaluation of uh independent contractor or green where you were assessed as an as a independent specialist once that assessment is done all the requisite documents are below it so that if later there
Navigating the complexities of global work laws and tax regulations can be frustrating. Papaya Global’s automated compliance engine keeps our organization current with changes in policies throughout jurisdictions. This guarantees that our payroll procedures adhere to the current requirements, lessening the threat of non-compliance and associated charges.
Papaya Global On Cloud and Time Cost Savings:
The software application’s automation capabilities have actually substantially decreased the time and effort needed for payroll processing. Handbook information entry and recurring tasks have been lessened, enabling our financing team to concentrate on strategic efforts rather than administrative problems. This has resulted in increased performance and productivity within our financial operations.
in one since each state has its own guidelines Californians are some of the most stringent an example is pay slips on a payslip in California the right details has to be on the payslip in the ideal format and in the best position if you’re in breach of of regulations for payslips the fines are released per payslip so that’s each worker each pay slip will sustain a great thanks Ray thank you Elizabeth a lot to stress to think about and we’re just two concerns in and 10 minutes approximately working with in one country is hard enough but when employing in a you understand on an international level it’s a completely various story you need to make sure that you depend on date with present in addition to pending local labor laws Steve um how do you make certain and ensure that individuals 2.0 team is on top of an ever-changing landscape and that your customers are completely supported and I’ll organize this into three essential things we do in most importantly you need to have the right team so we hire a team of global professionals in Work Practices um that ex that team of professionals consists of legal representatives it consists of payroll professionals it includes HR specialists and these are individuals that not only understand the laws in these in these nations and regions however they likewise know the languages they understand the regional practices they know the cultures and it’s important to have that ideal group and truly have the group on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global offers thorough real-time analytics and reporting tools. As a CFO, having access to precise and timely financial data is vital for decision-making. The platform’s reporting abilities empower me to make informed tactical decisions based on real-time insights into our global payroll data.
application and its scope and the way that 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 obtained rights instruction otherwise known as the 2p guidelines in the UK the working time regulations which has had numerous hairs of that legislation checked especially around holiday pay and obviously as Kathy’s going to come on to discuss later on employment status which there’s been multiple precedence set for many years so I believe it’s actually that continuous advancement of the work law landscape that you actually require to navigate when when operating in Europe all right thank you Elizabeth Ray what about you from your individual experience while crossing the pond as mentioned each country has different guidelines but the United States is essentially 50 nations
Scalability for Company Development:
One of the standout functions of Papaya Global is its scalability. As our business continues to grow and expand into brand-new markets, the software seamlessly accommodates modifications in our workforce and payroll requirements. This scalability guarantees that our payroll facilities can adjust to the evolving needs of our international company.
Worldwide Chief legal officer we have actually 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 say individually and collectively these three people have Decades of experience in in work law and international Employment Practices so thank you it’s a pleasure to be with everyone here today sounds 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 delete share head of Global Solutions at papaya Worldwide tell us about yourself thank you Elin Ian hello my name is Elite I have actually been with the business for around four and a half years as head of Collaborations I have established Papaya’s network of in-country Partners in over 160 locations on a personal aspect and related to our subject today I have actually had the opportunity to move and work in 3 various countries it is the business’s duty to guarantee my security while residing in a foreign country compliance with regional laws and regulations is crucial for me or anybody else as an expat or as a local so today we have welcomed our trusted Partners people 2.0 to demonstrate the significance of local
competence when business Go International thank you and enjoy fine thank you as I stated let’s carry on to the pact agenda today’s webinar is a chance to ask the panel the questions you’ve been thinking of we’ll discuss the realities a company requires to consider when opening a brand-new entity and broadening into new nations as well as keeping things going we’ll cover elements such as regional guidelines factors to consider when working with compliance key obstacles payments and what not to do it is among 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 knowing what to do in each new situation as it rises is important on numerous levels understanding regional regulations and local laws along with business practices helps mitigate Associated and global growth papaya through our regional specialists can navigate prospective threats such as intellectual property security data personal privacy security issues ensuring the business’s operations remain certified and protected tax Social Security returns and remittances vary by country
In conclusion, Papaya Global Software application has proven to be an invaluable possession in our quest for efficient and certified worldwide payroll management. As the CFO of a worldwide business, I am confident in advising Papaya Global to organizations looking for to streamline their payroll procedures, enhance compliance, and attain greater performance in managing their worldwide labor force. The software application’s innovative functions and commitment to excellence align with our tactical objectives, making it an integral part of our monetary operations.
I find time and time again the workers frequently misclassified unknowingly they don’t understand the conditions of employment or contract and are told by the client why it’s most advantageous primarily to the customer why you ought to be utilized or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and health care advantages of the worker 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 gone by they have not added to pensions And so on so it’s a big effect that they never understood they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy business are securing insurance against misclassification however generally premiums are just covering the cost of legal charges whilst the typical claim evaluated against companies corresponds to to 40 or 50 percent of the base salary of worker exists any point in securing insurance coverage 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 haven’t seen it a minimum of so uh the the other location 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 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 On Cloud …
The thorough functions of come at an expense,
Over the past few decades, the labor force has actually undergone a substantial improvement with the development of remote work, which has removed geographical constraints on hiring. This has allowed services to hire talent from all over the world, enabling them to put together the very best possible team for each function. As a result, staff members have gotten higher flexibility to work from home and increase their incomes without having to transfer to expensive areas or commute long distances. According to a 2022 survey, 87% of workers who have the alternative to work remotely pick to do so. The COVID-19 pandemic, integrated with improvements in business connection software, has further sped up 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 attendees so first things initially though um let’s be familiar with everyone my name is Ian Charles and I have actually operated in payroll for the last 25 years I have actually had functions in all type of Industries retail and Beauty to Aerospace in all kinds of organizations startup to matrixed environments across the globe I supplied leadership and method to populations of more than 100,000 staff members on a monthly basis and in over 170 countries today I’m the perel strategist for papaya
International I work across the business guy maning and constructing external relationships supporting Business customers and services and acting as an advisor I ‘d like to present our first Greg um guest 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 said my name is Greg Piper uh I am the senior corporate counsil at bambo HR so I lead our internal legal group and really work extremely carefully with our um HR department as well to handle various legal and HR matters that show up so truly delighted to be here about bambo HR if if you’re not acquainted with us uh at bambo HR we state our objective is to set you as HR experts free to do great
Although Papaya Global provides integrations with numerous HR and financing systems, we came across some difficulties during the combination procedure. Tailoring the software application to align with our existing facilities proved to be more complicated than prepared for, leading to hold-ups in the initial rollout.
The comprehensive functions used by Papaya Global come at a cost, which a few of our smaller subsidiaries found to be prohibitively pricey. As a global company, we had to thoroughly weigh the need for sophisticated functionality versus budget plan restrictions.
Support Action Time:
On occasion, our groups experienced problems that required urgent support. However, the action time from Papaya Global’s customer support group was not always as prompt as we would have liked, resulting in hold-ups in fixing those issues.
Our execution of included a phased approach. We started by onboarding a few subsidiaries to evaluate the system’s compatibility with our existing processes. This enabled us to identify and resolve integration difficulties early on. As the software ended up being more implanted in our operations, we gradually broadened its use to cover our whole worldwide workforce.
The automated functions streamlined our payroll processes, decreasing the time spent on manual calculations and compliance tracking. Regular training sessions and continuous assistance from Papaya helped our teams end up being skilled users of the software, optimizing its capacity for our company.
Companies that employee workers throughout multiple countries frequently deal with detailed challenges when it comes to handling their labor force. One of the biggest obstacles is combining different information streams and adhering to diverse regional and national labor guidelines, which can be both lengthy and expensive. Furthermore, setting up local entities in brand-new regions can be a costly and suboptimal choice, with options such as opening a foreign subsidiary or employing an expert work company (PEO) often charging up to 15% of the payroll. These difficulties have caused a substantial boost in difficulty hiring certified personnel, with 75% of companies reporting this problem in 2022, a 21% boost from 2019. The payroll and HR options market, valued at $26.4 billion in 2022, is anticipated to reach $50.4 billion by 2030.
provides an option supporting all forms of employment. It provides an end-to-end platform, from staff member onboarding and ongoing management to global payments and. It assists companies with labor law compliance in the jurisdictions in which they run, uses management of work benefits, and ensures 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 specialist in payroll and labor force 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 be sure to go to the total 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 browser with the webcast study please be sure to finish 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 hi and thank you for joining us today we’re thrilled to have you here as we embark on a journey of data to policy achieving
360 degree staff member compliance where we’ll dive into the vital aspects of the staff member compliance management model throughout the session we’ll check out real world challenges genuine local regulations finest practices and the role of Automotion in simplying compliance journey be prepared to emerge in a comprehensive understanding of how to safeguard your organization and staff members while staying compliant in an
Ever progressing regulatory environment in the everchanging world of company and finance guaranteeing compliance with payroll regulations is not just essential but likewise a legal necessary from the moment of hiring to the in intri intricacies even sorry of termination every step along the worker journey is Frau with compliance risks that have far-reaching consequences however with a deeper more nuanced understanding of their responsibilities companies can not just browse 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 navigate the complex Surface of compliance whether you’re a seasoned P expert a small company owner or somebody brand-new to the field what I wish to do before we start and I think it’s truly crucial
In our mission to improve efficiency and accuracy in handling our global workforce, our multinational corporation turned to, a leading and labor force management software application. The shift intended to simplify the complex job of managing throughout various nations, currencies, and compliance regulations.
Among the standout features of is its robust compliance management system. The software application instantly updates itself to comply with ever-evolving tax and labor laws throughout multiple jurisdictions. This has been vital in ensuring that our procedures stay compliant in each country of operation.
is to state that the content here is illegal advice it is just for your information please consult your legal team ought to you have any concerns or issues in relation to anything that we’ve gone over today our secret take key takeaways by the end of the webinar will be an understanding of worker compliance threats how to employ ly with self-confidence how to simplify data 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 sort of your core employee 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 have to help you pay those staff members and compensate them and benefits Administration module that allows you to assist manage the benefits you offer to your staff members so truly thrilled to be here represent um bamb booy container and speak about this topic um and I guess from my perspective I’ll I’ll most likely offer a lot of a focus on the US side of things when we talk about type of compliance so pleased to be here thanks for having me Ian fine thanks Greg um Gina over to you would you like to present yourself and inform the audience a bit about papay global yes definitely thank you Ian hi everyone I’m Gina dorelis I’m the Employment professional supervisor.
at I handle the employment Council in the United States APAC EMA and Israel region I likewise work 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 workforce management as a Service work force service provider to employees serving in over.
160 nations okay thank you so both I feel completely underqualified sitting here with you both well I forgot to discuss as we were type of like going through the intro so it’s truly truly nice to actually see in the webinar chat where everyone’s in fact attending from today I can see that we have people in Las Vegas and Indiana already so if you want to carry on inform where you are that would be absolutely great whilst we simply await everybody else to kind of like participate there we go Chicago as well well um so whil we’re doing that I’m waiting on everyone to sort of join I’ll just run us through the agenda um today we are going to talk about hiring Skill new greater Details Management termination compliance and automation wow the chat has got actually really busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from definitely all over which is great so uh I’m hoping that we’re actually going to have some really fantastic commentary and questions throughout the uh the webinar as well fine so that’s the agenda then what I wish to Now cover is the the compliance and the Privacy side of things so the the Journey of an employee and their information is Papaya Global On Cloud diverse without fail and an.
Ever progressing relationship that starts the minute a person joins an organization it continues throughout their work and Beyond this journey can be divided into k to several key stages whilst we’re actually you know that they’re utilized with us so on boarding daily operations compensation and benefits professional advancement then we get to the offboarding and even advocacy so it even happens after the staff member has actually left your employment throughout the journey organizations are responsible for gathering saving securing employee data in compliance with information personal privacy guidelines no matter where it is you’re operating all over the world it often includes executing safe and secure information management systems and making sure stringent adherence to regional requirements to secure both the staff member and the company the advancement of staff member information and management c.