A CFO’s Perspective on Papaya Global Sosu…
Papaya Global’s platform streamlines global workforce management for companies, ensuring compliance with local regulations and tax laws. Their services incorporate payroll processing, benefits administration, compliance oversight, time and attendance tracking, and HR support. The platform centralizes worldwide 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 dynamic landscape of international service operations, managing payroll across borders can be a complex and tough job. As the Chief Financial Officer (CFO) of an international business, I understand the important importance of effective and compliant payroll management. In our pursuit of quality, we have actually embraced innovative solutions to enhance our processes, and one such transformative tool is Software application.
The Obstacle of International Payroll:
Global growth causes diverse difficulties, and payroll management is no exception. Differing tax regulations, differing employment laws, and numerous currencies make it vital for organizations to embrace sophisticated options to ensure accuracy, compliance, and efficiency in payroll processing.
Software: A Comprehensive Option:
employees so it’s actually fundamental to make sure that you’ve considered from the outset any post-termination restrictions that you want to put into the contract of employment that they’re enforceable so that suggests you need to really think of what it is you’re looking to safeguard and why plainly Define what’s included within the scope of that confidential information and deal with the duration of limitation post-determination that you want to use and be really able to to justify that in relation to copyright the position really depends upon the kind of intellectual property you’re wanting to secure and also the jurisdiction so for instance 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 workers produced who’s been under their guidance and control instantly however in someplace like Poland for example that automatic right may not exist which task would require to flow through the chain uh contractually so it really depends upon the jurisdiction and the kind of IP alright thank you Elizabeth Steve was remaining on the subject of agreements Miss classified misclassifying staff members
Papaya Global Software has become a game-changer in the realm of worldwide 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 effect of on our company’s financial operations.
Unified Worldwide Payroll Processing:
enables our company to procedure payroll seamlessly across numerous nations. The platform’s unified technique allows for constant payroll calculations, reducing mistakes and guaranteeing compliance with regional policies. This has actually significantly alleviated the threats connected with worldwide payroll processing.
likewise essential for if later on somebody states misclassification you have your file supported by the requisite files and that the right evaluation tools to reveal someone that you had a thoughtful procedure therefore what do you have to consist of in that procedure it’s the who the what the where and the when who are you dealing with are you handling a private or are you handling a personal Service Corporation and how are they running what are they doing is it the type of work that lends itself more to being an independent specialist than an employee so for instance accounting
I.T crafting the creatives these all provide themselves more to that evaluation of being freelancer you know likewise uh where are they doing it can they work from anywhere or do they need to be on site and handled once again another key factor is the management and supervision of the uh employee and after that finally when is it a specific project is it a six-month project 6 years all of this is workable however 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’ve enhanced it this year so that we can roll it out internationally these tools take a questionnaire list for the employee the employee submits and fills these questions out and so does the end customer or the recipient of the services they both put their info into the tool and then it does an assessment waiting the different concerns 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 comes out with a red yellow or green red you’re probably an employee yellow you’re on the cusp we can probably assist you with that in regards to a few of the important things you need to strengthen to ensure that you are given that examination of uh independent contractor or green where you were evaluated as an as a independent specialist once that evaluation is done all the requisite documents are underneath it so that if in the future there
Navigating the complexities of international work laws and tax policies can be frustrating. Papaya Global’s automated compliance engine keeps our company up-to-date with changes in guidelines throughout jurisdictions. This ensures that our payroll processes adhere to the most recent standards, lessening the risk of non-compliance and associated penalties.
network of In-House outside consultants accounting companies and legal firms who help us keep our databases totally up to date and we also contact we need to when we see an unusual or or particularly complicated scenarios alright thanks Steve I can just see a fast question in the Q a window yes the session will be taped and sent to guests later on um moving back to to the webinar itself Ray employer of record is controlled differently all over the world and the German law for example it’s classed as staff member leasing can you shed any light on a few of the unique considerations for nations and where the eor design isn’t controlled yes Ian staff member leasing or labor leasing as it’s also called which prevails in several countries especially in Europe imposes rigorous policies on items such as the length of project it also appoints workers to collective bargaining contracts that provides rights and benefits however even in the countries that do not have those stringent policies for instance the UK Canada and the nordics there are regulations for each nation and each worker is dealt with the like all the other workers in that nation and all those guidelines require to be followed okay thank you Ray um Kathy moving I would state to yourself what do companies need to factor in when identifying contract status to protect themselves and the rights of hires what are the advantages and disadvantages of hiring specialists and Freelancers versus permanent employees so undoubtedly the the benefit of professionals versus employees is the the versatility for both the employee and for the employer um however I can’t stress enough how crucial it is to have a consistent extensive and a well-documented compliance
Papaya Global Sosu and Time Cost Savings:
The software application’s automation abilities have considerably reduced the time and effort needed for payroll processing. Manual data entry and repeated tasks have actually been reduced, enabling our finance group to concentrate on tactical initiatives instead of administrative problems. This has actually led to increased performance and performance within our financial operations.
in one because 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 right information has to be on the payslip in the ideal format and in the best position if you’re in breach of of policies for payslips the fines are released per payslip so that’s each staff member each pay slip will sustain a fine thanks Ray thank you Elizabeth a lot to fret to think about and we’re only two concerns in and 10 minutes or two employing in one nation is tough enough but when employing in a you know on a worldwide level it’s a completely various story you need to make certain that you depend on date with current as well as pending local labor laws Steve um how do you make sure and make sure that the people 2.0 team is on top of an ever-changing landscape which your customers are totally supported and I’ll arrange this into 3 key things we perform in first and foremost you need to have the right group so we work with a team of international specialists in Work Practices um that ex that group of specialists consists of attorneys it consists of payroll specialists it consists of HR experts and these are people that not only understand the laws in these in these nations and areas but they also understand the languages they understand the local practices they understand the cultures and it’s important to have that best group and truly have the team on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global offers comprehensive real-time analytics and reporting tools. As a CFO, having access to precise and prompt financial data is essential for decision-making. The platform’s reporting abilities empower me to make educated strategic decisions based upon real-time insights into our international 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 regulation otherwise called the 2p policies in the UK the working time guidelines which has actually had various hairs of that legislation tested especially around holiday pay and naturally as Kathy’s going to come on to talk about later on employment status which there’s been multiple precedence set for many years so I think it’s truly that continuous advancement of the employment law landscape that you really need to navigate when when working in Europe alright thank you Elizabeth Ray what about you from your individual experience while crossing the pond as discussed each country has different policies however the United States is basically 50 countries
Scalability for Service Growth:
One of the standout functions of Papaya Global is its scalability. As our business continues to grow and broaden into brand-new markets, the software perfectly accommodates changes in our labor force and payroll requirements. This scalability guarantees that our payroll facilities can adjust to the evolving requirements of our global company.
International Chief legal officer we’ve got Elizabeth Beal who is our primary legal officer for Amia and we have actually got Ray Look who is our senior vice president of client services and I would state individually and collectively these three people have Years of experience in in work law and global Work Practices so thank you it’s a satisfaction to be with everyone here today sounds like we have actually 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 Services at papaya Worldwide tell us about yourself thank you Elin Ian hi my name is Elite I have actually been with the business for around 4 and a half years as head of Partnerships I have established 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 opportunity to relocate and work in 3 various countries it is the business’s obligation to ensure my defense while living in a foreign nation compliance with regional laws and guidelines is crucial for me or anyone else as an expat or as a regional so today we have invited our trusted Partners people 2.0 to demonstrate the importance of local
knowledge when business Go Worldwide thank you and enjoy all right 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 thinking of we’ll go over the facts a company requires to think about when opening a new entity and broadening into new countries in addition to keeping things going we’ll cover elements such as regional guidelines factors to consider when working with compliance crucial obstacles payments and what not to do it is among the most crucial 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 understand and manage understanding what to do in each brand-new situation as it increases is necessary on numerous levels comprehending regional guidelines and regional laws as well as business practices helps reduce Associated and global expansion papaya through our local experts can navigate potential risks such as intellectual property protection data personal privacy security issues ensuring the company’s operations stay certified and safe tax Social Security returns and remittances vary by country
In conclusion, Papaya Global Software has shown to be a vital possession in our quest for effective and compliant global payroll management. As the CFO of an international business, I am positive in advising Papaya Global to companies seeking to enhance their payroll procedures, boost compliance, and achieve greater performance in managing their global labor force. The software’s ingenious features and dedication to quality align with our strategic goals, making it an essential part of our monetary operations.
I discover time and time again the workers frequently misclassified unconsciously they do not understand the conditions of work or agreement and are informed by the customer why it’s optimum generally to the customer why you must be employed or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be affected and several times it can be years before this all falls out and by that time it’s too late years have gone by they have not added to pensions And so on so it’s a huge impact that they never knew they were walking into you could not agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy business are getting insurance versus misclassification however typically premiums are just covering the expense of legal charges whilst the typical claim evaluated against employers equates to to 40 or half of the base pay of worker is there any point in getting insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest in most cases I haven’t seen it at least 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 coverage 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 Sosu …
The comprehensive functions of come at a cost,
Recent years have actually seen a significant change to the workforce as the increase of remote work has actually broken down geographical barriers to employing. Organizations can now work with personnel from anywhere worldwide, allowing them to access the very best available skill for any given function. This offers workers more flexibility to work from home and increase their income without relocating to costly locations or commuting long distances. A 2022 survey found that 87% of staff members who have the chance to work from another location take that opportunity. The break out of COVID-19, in conjunction with brand-new enterprise connectivity software application, sped up the relocate to remote work, including in industries formerly hesitant to welcome the trend.
insights are important to us and and your fellow participants so first things initially though um let’s get to know 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 Beauty to Aerospace in all types of companies startup to matrixed environments across the globe I provided leadership and method to populations of more than 100,000 workers 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 building external relationships supporting Enterprise clients and solutions and acting as a consultant I want to present our very first Greg um visitor Greg who will kick things off by telling us um who he is and a 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 in-house legal group and actually work really closely with our um HR department as well to handle various legal and HR matters that turn up so actually delighted to be here about bambo HR if if you’re not acquainted with us uh at bambo HR we say our mission is to set you as HR professionals complimentary to do excellent
Although Papaya Global supplies integrations with different HR and financing systems, we encountered some hurdles during the combination process. Tailoring the software application to line up with our existing infrastructure showed to be more intricate than expected, leading to hold-ups in the preliminary rollout.
The substantial functions used by Papaya Global come at a cost, which a few of our smaller sized subsidiaries discovered to be excessively expensive. As a worldwide company, we had to carefully weigh the requirement for advanced functionality against budget restrictions.
Assistance Action Time:
On occasion, our groups experienced problems that required immediate help. However, the action time from Papaya Global’s customer support team was not constantly as timely as we would have liked, leading to hold-ups in resolving those problems.
Our application of involved a phased method. We began by onboarding a couple of subsidiaries to check the system’s compatibility with our existing processes. This permitted us to recognize and resolve integration obstacles early on. As the software application became more instilled in our operations, we gradually expanded its use to cover our whole global labor force.
The automated features streamlined our payroll procedures, lowering the time invested in manual calculations and compliance tracking. Routine training sessions and continuous assistance from Papaya assisted our teams end up being competent users of the software application, maximizing its capacity for our company.
Companies that staff member workers throughout multiple nations often face elaborate difficulties when it concerns handling their labor force. One of the most significant obstacles is consolidating various information streams and sticking to varied regional and nationwide labor policies, which can be both lengthy and costly. Additionally, setting up regional entities in brand-new regions can be a pricey and suboptimal option, with options such as opening a foreign subsidiary or working with an expert employment company (PEO) typically charging up to 15% of the payroll. These obstacles have resulted in a substantial boost in difficulty recruiting qualified workers, with 75% of employers reporting this concern in 2022, a 21% increase from 2019. The payroll and HR options market, valued at $26.4 billion in 2022, is anticipated to reach $50.4 billion by 2030.
offers a solution supporting all forms of employment. It provides an end-to-end platform, from employee onboarding and continuous management to global payments and. It assists business with labor law compliance in the jurisdictions in which they operate, uses management of employment benefits, and ensures information privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. An entrepreneur with 15 years of experience, she is a leading specialist in payroll and workforce management. She co-founded after seeing the technology gap in global.
papaya this webcast has been pre-approved for hrci and Sherm credit please make 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 web browser with the webcast study please be sure to complete it as quickly 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 enjoyed have you here as we start a journey of data to policy attaining
360 degree employee compliance where we’ll dive into the necessary elements of the worker compliance management design throughout the session we’ll explore real life difficulties genuine regional guidelines best practices and the function of Automotion in simplying compliance journey be prepared to emerge in a thorough understanding of how to secure your company and workers while remaining compliant in an
Ever progressing regulatory environment in the everchanging world of organization and finance making sure compliance with payroll policies is not only crucial but likewise a legal essential from the minute of working with to the in intri complexities even sorry of termination every step along the employee journey is Frau with compliance risks that have far-reaching consequences nevertheless with a much deeper more nuanced understanding of their commitments organizations can not just browse the detailed landscape but likewise proactively guarantee this 360 degree compliance the webinar is designed to equip you with the understanding and tools required to navigate the complex Terrain of compliance whether you’re a skilled P expert a small company owner or somebody new to the field what I would like to do before we begin and I think it’s truly crucial
In our quest to enhance performance and precision in handling our global workforce, our international corporation turned to, a leading and labor force management software. The transition aimed to simplify the complex task of managing across different nations, currencies, and compliance policies.
One of the standout functions of is its robust compliance management system. The software automatically updates itself to abide by ever-evolving tax and labor laws across several jurisdictions. This has actually been important in guaranteeing that our procedures stay compliant in each nation of operation.
is to state that the material here is illegal guidance it is merely for your information please consult your legal group must you have any concerns or concerns in relation to anything that we have actually talked about today our secret take essential takeaways by the end of the webinar will be an understanding of staff member compliance risks how to work with 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.
function 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 an employee in addition to a payroll module we have to help you pay those employees and compensate them and benefits Administration module that permits you to help manage the advantages you provide to your workers so truly thrilled to be here represent um bamb booy jar and talk about this topic um and I think from my point of view I’ll I’ll most likely offer a great deal of a focus on the US side of things when we discuss type of compliance so happy to be here thanks for having me Ian alright thanks Greg um Gina over to you would you like to present yourself and tell the audience a bit about papay worldwide yes definitely thank you Ian hello everybody I’m Gina dorelis I’m the Employment expert manager.
at I manage the employment Council in the US APAC EMA and Israel region I also function as us Council for I’m licensed in New york city and New Jersey um we make sure compliance onboarding and offboarding of workers with regard to papaya we provide payroll payments and workforce management as a Service work force provider to workers serving in over.
160 countries okay thank you so both I feel completely underqualified sitting here with you both well I forgot to mention as we were type of like going through the introduction so it’s really actually great to in fact see in the webinar chat where everybody’s actually going to from today I can see that we have individuals in Las Vegas and Indiana already so if you want to continue inform where you are that would be absolutely fantastic whilst we simply wait for everyone else to sort of like take part there we go Chicago also well um so whil we’re doing that I’m awaiting everybody to sort of join I’ll just run us through the agenda um today we are going to go over employing Talent new greater Details Management termination compliance and automation wow the chat has actually got really really busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from definitely everywhere which is fantastic so uh I’m hoping that we’re actually going to have some truly fantastic commentary and questions throughout the uh the webinar also okay 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 a worker and their data is Papaya Global Sosu diverse without fail and an.
Ever developing relationship that starts the moment an individual signs up with a company it continues throughout their work and Beyond this journey can be divided into k to numerous crucial stages whilst we’re really you know that they’re employed with us so on boarding everyday operations compensation 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 gathering storing protecting employee data in compliance with data personal privacy regulations no matter where it is you’re running around the world it frequently includes executing safe information management systems and ensuring strict adherence to regional requirements to secure both the employee and the organization the evolution of staff member information and management c.