A CFO’s Point of view on Papaya Global Os…
Papaya Global’s platform improves international workforce management for companies, making sure compliance with local guidelines and tax laws. Their services include payroll processing, benefits administration, compliance oversight, time and participation tracking, and HR assistance. The platform centralizes global payroll operations, supplying companies with real-time insights and control. Founded in 2016, Papaya Global has actually expanded to Tel Aviv, New York City, London, and Kiev.
In the dynamic landscape of global company operations, managing payroll throughout borders can be a complex and difficult job. As the Chief Financial Officer (CFO) of a worldwide business, I understand the crucial significance of effective and compliant payroll management. In our pursuit of excellence, we have actually embraced ingenious options to simplify our procedures, and one such transformative tool is Software application.
The Obstacle of International Payroll:
International expansion produces diverse difficulties, and payroll management is no exception. Differing tax policies, varying employment laws, and several currencies make it essential for companies to adopt sophisticated solutions to ensure accuracy, compliance, and efficiency in payroll processing.
Software: A Comprehensive Option:
employees so it’s truly basic to ensure that you have actually thought about from the outset any post-termination limitations that you want to put into the contract of employment that they’re enforceable so that indicates you need to actually think of what it is you’re wanting to secure and why plainly Define what’s included within the scope of that confidential information and deal with the period of restriction post-determination that you wish to apply and be really able to to validate that in relation to copyright the position really depends on the type of copyright you’re aiming to secure and also the jurisdiction so for example from a copyright point of view in the Netherlands completion client is more likely to have the um intellectual property rights in a copyright that the workers produced who’s been under their supervision and control instantly however in somewhere like Poland for example that automated right might not exist which assignment would need to stream through the chain uh contractually so it really depends upon the jurisdiction and the kind of IP alright thank you Elizabeth Steve was staying on the topic of agreements Miss classified misclassifying staff members
Papaya Global Software has actually become a game-changer in the realm of international payroll management. Its cloud-based platform integrates payroll, workforce management, and employee benefits into a single, easy to use user interface. As the CFO, I have actually witnessed firsthand the positive impact of on our organization’s financial operations.
Unified International Payroll Processing:
enables our company to process payroll seamlessly throughout numerous nations. The platform’s unified method permits constant payroll estimations, reducing errors and ensuring compliance with local policies. This has actually substantially mitigated the dangers associated with international payroll processing.
likewise essential for if later somebody says misclassification you have your file supported by the requisite files which the best evaluation tools to show somebody that you had a thoughtful process therefore what do you have to include in that procedure it’s the who the what the where and the when who are you dealing with are you handling a specific or are you handling a personal Service Corporation and how are they operating what are they doing is it the kind of work that provides itself more to being an independent professional than a worker so for example accounting
I.T crafting the creatives these all lend themselves more to that evaluation 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 handled once again another crucial element is the management and guidance of the uh worker and after that lastly when is it a particular project is it a six-month job 6 years all of this is manageable however it has to be documented 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 globally these tools take a survey list for the worker the worker completes and fills these concerns out therefore does the end client or the recipient of the services they both put their info into the tool and after that it does an examination waiting the different questions because not every jurisdiction has the very same feeling 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 most likely assist you with that in regards to some of the things you need to boost to make sure that you are given that assessment of uh independent specialist or green where you were assessed as an as a independent contractor once that evaluation is done all the requisite documents are underneath it so that if later on there
Navigating the complexities of international work laws and tax guidelines can be overwhelming. Papaya Global’s automated compliance engine keeps our organization current with modifications in policies throughout jurisdictions. This ensures that our payroll procedures abide by the current requirements, minimizing the danger of non-compliance and associated penalties.
Papaya Global Os and Time Cost Savings:
The software application’s automation capabilities have substantially lowered the time and effort needed for payroll processing. Manual information entry and recurring tasks have been lessened, allowing our finance group to focus on strategic efforts instead of administrative burdens. This has actually led to increased effectiveness and performance within our financial operations.
in one considering that each state has its own regulations Californians are a few of the most strict an example is pay slips on a payslip in California the ideal information has to be on the payslip in the ideal format and in the right position if you remain in breach of of guidelines for payslips the fines are released per payslip so that’s each worker each pay slip will sustain a fine thanks Ray thank you Elizabeth a lot to fret to think of and we’re only 2 questions in and 10 minutes or two hiring in one nation is tough enough but when hiring in a you know on a worldwide level it’s an entirely different story you require to ensure that you depend on date with existing along with 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 totally supported and I’ll organize this into three key things we do in firstly you need to have the best team so we hire a group of international professionals in Work Practices um that ex that team of specialists consists of attorneys it consists of payroll professionals it consists of HR specialists and these are people that not just know the laws in these in these countries and areas however they also know the languages they know the local practices they know the cultures and it is necessary to have that ideal team and truly have the group on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global supplies detailed real-time analytics and reporting tools. As a CFO, having access to precise and prompt monetary information is crucial for decision-making. The platform’s reporting abilities empower me to make informed strategic choices based upon real-time insights into our international payroll data.
application and its scope and the manner in which it applies to work law in practice can be tested through the judicial system by way of case law examples of that would be the gotten rights regulation otherwise known as the 2p policies in the UK the working time policies which has had various strands of that legislation checked especially around vacation pay and of course as Kathy’s going to come on to talk about later employment status which there’s been multiple precedence set over the years so I think it’s truly that consistent advancement of the work law landscape that you really require to navigate when when working in Europe all right thank you Elizabeth Ray what about you from your personal experience while crossing the pond as discussed each nation has different policies but the United States is basically 50 countries
Scalability for Service Development:
Among the standout features of Papaya Global is its scalability. As our company continues to grow and expand into new markets, the software flawlessly accommodates modifications in our workforce and payroll requirements. This scalability makes sure that our payroll infrastructure can adapt to the developing needs of our international organization.
International Chief legal officer we have actually got Elizabeth Beal who is our chief legal officer for Amia and we have actually got Ray Gander who is our senior vice president of client services and I would state separately and collectively these three individuals have Years of experience in in employment law and worldwide Employment Practices so thank you it’s a satisfaction to be with everybody here today sounds 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 International tell us about yourself thank you Elin Ian hey there my name is Elite I’ve been with the business for around four and a half years as head of Partnerships I have actually developed Papaya’s network of in-country Partners in over 160 places on an individual element and related to our subject today I’ve had the opportunity to relocate and work in 3 different countries it is the business’s responsibility to ensure my defense while living in a foreign nation compliance with local laws and guidelines is essential for me or anyone else as an expat or as a regional so today we have welcomed our relied on Partners individuals 2.0 to show the value of regional
competence when companies Go International thank you and take pleasure in fine thank you as I stated let’s move on to the pact agenda today’s webinar is a chance to ask the panel the questions you’ve been considering we’ll discuss the facts a business needs to consider when opening a new entity and broadening into new countries along with keeping things going we’ll cover aspects such as regional regulations factors to consider when working with compliance essential challenges payments and what not to do it is among the most important things remembering what not to do um operating on a global level is not for the faint-hearted the larger a company grows the more they require to comprehend and manage understanding what to do in each new circumstance as it rises is essential on numerous levels comprehending local guidelines and regional laws as well as organization practices assists reduce Associated and global expansion papaya through our local professionals can navigate possible threats such as intellectual property defense data privacy security concerns guaranteeing the company’s operations remain certified and safe tax Social Security returns and remittances differ by nation
In conclusion, Papaya Global Software application has shown to be an indispensable asset in our mission for effective and certified international payroll management. As the CFO of a global company, I am confident in suggesting Papaya Global to organizations seeking to enhance their payroll procedures, enhance compliance, and attain greater efficiency in managing their global workforce. The software application’s ingenious features and dedication to quality align with our tactical objectives, making it an important part of our financial 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 announced settlements there’s likewise substantial legal costs there exists’s other penalties there’s other expenses behind that also so the total expense can be very significant in the 10s of millions of dollars or more and and those quantities are growing uh the reason that companies are getting it so wrong is truly simply the guidelines are intricate and they’re changing all the time think ir-35 in the UK which has been a continuous advancement for a number of years now and and still a great deal of uncertainty amongst companies on what it truly implies and how you deal with it most employers are just 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 really proactive as you’re engaging uh workers from a classification viewpoint all right thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what results can this have on the worker Papaya Global Os especially when it comes to their own tax liabilities social security and benefits for example jury and undoubtedly the workers the opposite of the coin
I discover time and time again the workers often misclassified unconsciously they do not comprehend the conditions of employment or agreement and are told by the client why it’s most advantageous generally to the client why you should be utilized or taken part in this style the worker 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 far too late years have actually passed they haven’t contributed to pensions And so on so it’s a big impact that they never ever knew they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy business are getting insurance coverage versus misclassification however typically premiums are just covering the cost of legal fees whilst the average claim evaluated versus employers corresponds to to 40 or 50 percent of the base pay of worker is there any point in getting insurance and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes charge and interest in most cases I have not seen it at least so uh the the other location that I do think 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 denied protection on the basis of the reality that you were not in compliance with laws um in the UK
Cost Considerations and Papaya Global Os …
The thorough features of come at a cost,
Over the past couple of decades, the labor force has actually gone through a substantial transformation with the development of remote work, which has eliminated geographical restrictions on hiring. This has actually allowed businesses to recruit talent from all over the world, enabling them to assemble the best possible group for each function. As a result, employees have actually acquired greater flexibility to work from home and increase their revenues without having to transfer to costly areas or commute fars away. According to a 2022 survey, 87% of employees who have the alternative to work remotely pick to do so. The COVID-19 pandemic, integrated with improvements in business connection software, has actually even more accelerated the shift towards remote work, even in industries that were at first reluctant to embrace the pattern.
insights are important to us and and your fellow guests so first things first 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 sort of Industries retail and Appeal to Aerospace in all types of services startup to matrixed environments across the globe I supplied leadership and method to populations of more than 100,000 staff members on a regular monthly basis and in over 170 countries today I’m the perel strategist for papaya
International I work across the business man maning and developing external relationships supporting Business customers and solutions and acting as a consultant I wish to introduce our 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 corporate counsil at bambo HR so I lead our in-house legal team and really work very carefully with our um HR department as well to manage various legal and HR matters that come 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 mission is to set you as HR experts complimentary to do excellent
Although Papaya Global provides integrations with various HR and financing systems, we came across some difficulties during the combination process. Customizing the software to align with our existing facilities showed to be more complicated than anticipated, resulting in delays in the initial rollout.
The extensive functions used by Papaya Global come at a cost, which a few of our smaller subsidiaries found to be prohibitively expensive. As a worldwide company, we needed to thoroughly weigh the need for innovative functionality versus budget plan constraints.
Assistance Reaction Time:
On occasion, our teams experienced issues that needed immediate help. However, the response time from Papaya Global’s consumer support team was not always as prompt as we would have liked, causing delays in fixing those concerns.
Our execution of included a phased approach. We began by onboarding a few subsidiaries to test the system’s compatibility with our existing procedures. This allowed us to identify and attend to combination difficulties early on. As the software application ended up being more instilled in our operations, we gradually broadened its use to cover our entire worldwide workforce.
The automated features streamlined our payroll procedures, minimizing the time spent on manual calculations and compliance tracking. Regular training sessions and ongoing assistance from Papaya assisted our teams become skilled users of the software, optimizing its potential for our organization.
However, paying a workforce can be complicated. It is particularly challenging for business who use personnel across multiple countries, as they should constantly consolidate different data streams, by hand track local and national labor and policies, and spend valuable time and resources to set up local entities in brand-new areas. These business are faced with suboptimal, costly options, like opening a foreign subsidiary or hiring a professional work organization, which is a local firm that employs employees on their behalf and can charge up to 15% of. By 2022, 75% of companies reported difficulty recruiting qualified personnel, an increase of 21% from 2019. The payroll & HR solutions market was valued at $26.4 billion in 2022 and is projected to reach $50.4 billion by 2030.
uses an option supporting all kinds of employment. It provides an end-to-end platform, from employee onboarding and ongoing management to worldwide payments and. It assists companies with labor law compliance in the jurisdictions in which they run, provides management of work benefits, and guarantees data personal 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 international.
papaya this webcast has been pre-approved for hrci and Sherm credit please make sure to attend the total webcast in order to receive your credits if you have any concerns throughout the webcast please click on the Q&A tab in your webinar controls and type the there a brand-new tab will open in your 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 presentation hey there 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 employee compliance where we’ll dive into the necessary aspects of the staff member compliance management design throughout the session we’ll check out real life challenges real local guidelines finest practices and the function of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to protect your organization and workers while staying certified in an
Ever progressing regulative environment in the everchanging world of company and finance guaranteeing compliance with payroll guidelines is not only crucial but likewise a legal imperative from the minute of employing to the in intri complexities even sorry of termination every step along the employee journey is Frau with compliance threats that have far-reaching consequences however with a much deeper more nuanced understanding of their responsibilities organizations can not only navigate the elaborate landscape but also proactively ensure this 360 degree compliance the webinar is developed to equip you with the knowledge and tools necessary to browse the complex Surface of compliance whether you’re a seasoned P expert a small business owner or someone brand-new to the field what I would like to do before we start and I think it’s truly important
In our quest to boost efficiency and accuracy in handling our global labor force, our multinational corporation turned to, a leading and labor force management software application. The shift intended to streamline the complex job of managing across various countries, currencies, and compliance policies.
One of the standout functions of is its robust compliance management system. The software application automatically updates itself to follow ever-evolving tax and labor laws across several jurisdictions. This has been indispensable in guaranteeing that our processes remain certified in each nation of operation.
is to state that the material here is not legal guidance it is simply for your information please consult your legal group ought to you have any questions or concerns in relation to anything that we have actually discussed today our key take key takeaways by the end of the webinar will be an understanding of worker compliance dangers how to hire ly with self-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.
serve as your hris or is sort of your core worker record um to handle that staff member life cycle throughout their Journey with you as as a staff member in addition to a payroll module we need to help you pay those employees and compensate them and advantages Administration module that permits you to assist manage the advantages you supply to your workers so truly excited to be here represent um bamb booy jar and discuss this subject um and I think from my perspective I’ll I’ll probably provide a lot of a concentrate on the US side of things when we discuss sort of compliance so pleased 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 global yes definitely thank you Ian hi everybody I’m Gina dorelis I’m the Employment professional manager.
at I manage the employment Council in the United States APAC EMA and Israel region I likewise function as us Council for I’m certified in New York and New Jersey um we guarantee compliance onboarding and offboarding of employees with regard to papaya we supply payroll payments and workforce management as a Service labor force service provider to employees serving in over.
160 countries all right thank you so both I feel entirely underqualified sitting here with you both well I forgot to point out as we were kind of like going through the intro so it’s actually really great to really see in the webinar chat where everyone’s really attending from today I can see that we have individuals in Las Vegas and Indiana already so if you wish to continue tell where you are that would be definitely fantastic whilst we just wait on everyone else to type of like join 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 employing Skill brand-new higher Information Management termination compliance and automation wow the chat has actually got truly actually 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 really going to have some actually excellent commentary and questions throughout the uh the webinar too okay 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 staff member and their data is Papaya Global Os multifaceted without fail and an.
Ever evolving relationship that starts the moment a person joins an organization it continues throughout their work and Beyond this journey can be divided into k to a number of essential phases whilst we’re in fact you know that they’re employed with us so on boarding daily operations compensation and benefits professional advancement then we get to the offboarding and even advocacy so it even occurs after the employee has left your work throughout the journey organizations are responsible for gathering saving protecting employee information in compliance with information privacy policies no matter where it is you’re operating around the world it frequently includes carrying out safe information management systems and making sure stringent adherence to local requirements to secure both the worker and the organization the evolution of staff member information and management c.