A CFO’s Point of view on Papaya Global South Korea…
The platform enables companies to manage their global labor force and comply with local work policies and tax laws. Papaya Global uses a range of services, including payroll management, advantages administration, compliance management, time and attendance tracking, and HR management. The platform is developed to simplify the complexities of international payroll and provide real-time exposure 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 worldwide business operations, managing payroll throughout borders can be a complex and challenging task. As the Chief Financial Officer (CFO) of a global business, I comprehend the vital value of effective and certified payroll management. In our pursuit of quality, we have accepted innovative options to improve our procedures, and one such transformative tool is Software.
The Difficulty of Global Payroll:
Worldwide growth causes varied difficulties, and payroll management is no exception. Differing tax regulations, varying work laws, and multiple currencies make it essential for organizations to embrace advanced services to ensure precision, compliance, and performance in payroll processing.
Software: A Comprehensive Option:
workers so it’s really essential to make sure that you have actually considered from the beginning any post-termination restrictions that you wish to take into the agreement of work that they’re enforceable so that indicates you require to really think about what it is you’re seeking to secure and why plainly Specify what’s consisted of within the scope of that secret information and resolve the period of constraint post-determination that you wish to apply and be truly able to to justify that in relation to copyright the position actually depends upon the type of copyright you’re wanting to safeguard and also the jurisdiction so for example from a copyright point of view in the Netherlands the end customer is most likely to have the um copyright rights in a copyright that the employees produced who’s been under their supervision and control instantly nevertheless in someplace like Poland for instance that automated right might not exist and that assignment would need to stream through the chain uh contractually so it actually depends upon the jurisdiction and the kind of IP alright thank you Elizabeth Steve was remaining on the topic of contracts Miss classified misclassifying workers
Papaya Global Software application has actually emerged as a game-changer in the world of worldwide payroll management. Its cloud-based platform incorporates payroll, workforce management, and employee benefits into a single, user-friendly user interface. As the CFO, I have seen firsthand the favorable impact of on our organization’s monetary operations.
Unified Worldwide Payroll Processing:
allows our company to procedure payroll effortlessly throughout numerous countries. The platform’s unified technique permits consistent payroll calculations, decreasing errors and ensuring compliance with regional regulations. This has actually considerably mitigated the threats associated with worldwide payroll processing.
also key for if later on someone says misclassification you have your file supported by the requisite files which the right examination tools to reveal somebody that you had a thoughtful process therefore what do you need to consist of 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 handling an individual Service Corporation and how are they running what are they doing is it the kind of work that lends itself more to being an independent professional than an employee so for example accounting
I.T crafting the creatives these all lend themselves more to that assessment of being freelancer you know 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 key aspect is the management and supervision of the uh worker and after that finally when is it a particular task is it a six-month project 6 years all of this is workable but it has to be recorded and it has 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 questionnaire list for the employee the employee fills out 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 examination waiting the different questions because not every jurisdiction has the same feeling about a few of these questions some believe they’re more vital than others and it comes out with a red yellow or green red you’re probably a worker yellow you’re on the cusp we can probably help you with that in terms of some of the things you require to strengthen to ensure that you are considered that examination of uh independent professional or green where you were examined as an as a independent specialist once that evaluation is done all the requisite documents are underneath it so that if later on there
Navigating the intricacies of international work laws and tax guidelines can be overwhelming. Papaya Global’s automated compliance engine keeps our organization up-to-date with modifications in regulations across jurisdictions. This ensures that our payroll procedures abide by the most recent requirements, decreasing the threat of non-compliance and associated charges.
network of In-House outside advisors accounting firms and legal firms who assist us keep our databases entirely up to date and we also contact we need to when we see an uncommon or or particularly complicated situations okay thanks Steve I can just see a quick concern in the Q a window yes the session will be taped and sent out to attendees later on um moving back to to the webinar itself Ray company of record is controlled differently worldwide and the German law for instance it’s classified as worker leasing can you shed any light on some of the unique factors to consider for countries and where the eor model isn’t regulated yes Ian worker leasing or labor leasing as it’s also called which prevails in several countries especially in Europe enforces rigorous policies on items such as the length of assignment it also assigns employees to collective bargaining agreements that provides rights and advantages however even in the countries that do not have those stringent guidelines for instance the UK Canada and the nordics there are guidelines for each country and each employee is dealt with the like all the other employees in that nation and all those policies require to be complied with all right thank you Ray um Kathy moving I would say to yourself what do business require to consider when figuring out contract status to protect themselves and the rights of hires what are the advantages and disadvantages of employing contractors and Freelancers versus long-term workers so certainly the the advantage of contractors versus employees is the the versatility for both the employee and for the company um but I can’t worry enough how important it is to have a consistent extensive and a well-documented compliance
Papaya Global South Korea and Time Cost Savings:
The software’s automation capabilities have actually significantly minimized the time and effort needed for payroll processing. Manual data entry and repeated jobs have actually been reduced, permitting our financing group to focus on tactical efforts instead of administrative problems. This has led to increased efficiency and productivity within our monetary operations.
in one given that each state has its own policies Californians are some of the most rigorous an example is pay slips on a payslip in California the right information needs to be on the payslip in the ideal format and in the right position if you’re 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 of and we’re only 2 questions in and 10 minutes or so hiring in one nation is hard enough however when working with in a you understand on a worldwide level it’s a completely various story you need to ensure that you’re up to date with present as well as pending local labor laws Steve um how do you make sure and guarantee that individuals 2.0 group is on top of an ever-changing landscape which your clients are totally supported and I’ll arrange this into three crucial things we perform in most importantly you need to have the right team so we hire a team of global specialists in Work Practices um that ex that group of professionals consists of legal representatives it consists of payroll experts it consists of HR professionals and these are individuals that not just know the laws in these in these countries and regions but they also know the languages they understand the local practices they understand the cultures and it is essential to have that best team and truly have the team on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global supplies detailed real-time analytics and reporting tools. As a CFO, having access to accurate and timely monetary data is crucial for decision-making. The platform’s reporting abilities empower me to make informed tactical choices based on real-time insights into our international payroll information.
The useful application and level of the application to work law can be evaluated through the legal system using case law examples. For example, the acquired rights regulation, likewise called the 2p guidelines in the UK, and the working time guidelines have actually gone through numerous legal interpretations, especially regarding vacation pay. Additionally, the concept of work status has seen multiple legal precedents over the
Scalability for Organization Development:
Among the standout functions of Papaya Global is its scalability. As our company continues to grow and expand into brand-new markets, the software perfectly accommodates changes in our workforce and payroll requirements. This scalability guarantees that our payroll facilities can adjust to the progressing needs of our worldwide company.
Worldwide Chief legal officer we have actually got Elizabeth Beal who is our primary legal officer for Amia and we’ve got Ray Glimpse who is our senior vice president of customer service and I would say separately and collectively these 3 people have Decades of experience in in work law and global Work Practices so thank you it’s a pleasure to be with everyone here today seems like we’ve got the right people with us today and in in addition to to those well we also have among our own Stars delete share head of Global Solutions at papaya International inform us about yourself thank you Elin Ian hello my name is Elite I’ve been with the company 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 a personal aspect and related to our subject today I have actually had the chance to relocate and operate in three different nations it is the business’s responsibility to guarantee my security while living in a foreign nation compliance with regional laws and guidelines is vital for me or anybody else as an expat or as a local so today we have invited our trusted Partners people 2.0 to demonstrate the value of local
competence when business Go Global thank you and delight in all right thank you as I stated let’s carry on to the pact agenda today’s webinar is an opportunity to ask the panel the questions you’ve been thinking about we’ll go over the realities a company requires to think about when opening a new entity and expanding into brand-new nations in addition to keeping things going we’ll cover elements such as regional guidelines factors to consider when employing compliance essential difficulties payments and what not to do it’s one of the most essential things remembering what not to do um operating on a global level is not for the faint-hearted the larger a business grows the more they need to comprehend and handle understanding what to do in each new scenario as it rises is essential on lots of levels comprehending local regulations and local laws as well as organization practices assists alleviate Associated and international growth papaya through our local professionals can navigate prospective dangers such as intellectual property protection information privacy security issues making sure the company’s operations stay compliant and safe tax Social Security returns and remittances differ by nation
In conclusion, Papaya Global Software has proven to be a vital possession in our quest for efficient and certified global payroll management. As the CFO of a worldwide company, I am positive in suggesting Papaya Global to companies seeking to streamline their payroll processes, improve compliance, and attain greater efficiency in managing their international labor force. The software application’s ingenious features and commitment to quality align with our tactical goals, making it an integral part of our monetary operations.
I discover time and time again the employees often misclassified unconsciously they do not understand the conditions of work or contract and are told by the client why it’s most advantageous primarily to the customer why you should be used or engaged in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care privileges of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s too late years have gone by they haven’t added to pensions And so on so it’s a huge impact that they never understood they were walking into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy business are securing insurance coverage versus misclassification but normally premiums are only covering the cost of legal costs whilst the typical claim evaluated versus employers corresponds to to 40 or half of the base pay of employee 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 in many cases I haven’t seen it a minimum of so uh the the other location that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK
Cost Considerations and Papaya Global South Korea …
The detailed functions of come at an expense,
Current decades have seen a significant change to the workforce as the increase of remote work has actually broken down geographical barriers to employing. Businesses can now hire personnel from anywhere worldwide, enabling them to access the best available skill for any given function. This offers workers more freedom to work from home and increase their income without transferring to pricey areas 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 outbreak of COVID-19, in conjunction with new business connectivity software, sped up the relocate to remote work, including in industries formerly hesitant to accept the trend.
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’ve worked 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 companies startup to matrixed environments across the globe I provided management and strategy to populations of more than 100,000 workers on a monthly basis and in over 170 countries today I’m the perel strategist for papaya
Global I work across business guy maning and constructing external relationships supporting Business clients and options and serving as a consultant I want to present our first Greg um visitor 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 business counsil at bambo HR so I lead our internal legal team and in fact work really closely with our um HR department also to handle different legal and HR matters that show up so truly excited to be here about bambo HR if if you’re not knowledgeable about us uh at bambo HR we state our objective is to set you as HR specialists free to do terrific
Although Papaya Global offers integrations with various HR and finance systems, we came across some obstacles during the combination procedure. Personalizing the software application to line up with our existing facilities proved to be more intricate than anticipated, leading to hold-ups in the preliminary rollout.
The substantial functions offered by Papaya Global come at a cost, which some of our smaller sized subsidiaries discovered to be prohibitively costly. As a worldwide company, we had to carefully weigh the need for innovative functionality against budget plan restraints.
Support Action Time:
On occasion, our groups experienced problems that required immediate help. However, the response time from Papaya Global’s client support group was not constantly as prompt as we would have liked, causing hold-ups in dealing with those concerns.
Our application of involved a phased method. We began by onboarding a couple of subsidiaries to test the system’s compatibility with our existing procedures. This permitted us to determine and deal with combination difficulties early on. As the software application became more ingrained in our operations, we gradually expanded its usage to cover our whole worldwide workforce.
The automated functions structured our payroll procedures, lowering the time invested in manual computations and compliance tracking. Routine training sessions and ongoing support from Papaya assisted our groups end up being skilled users of the software application, optimizing its capacity for our company.
Business that employee workers throughout multiple countries frequently deal with intricate obstacles when it pertains to handling their workforce. Among the greatest difficulties is combining numerous data streams and adhering to diverse local and nationwide labor regulations, which can be both lengthy and pricey. Additionally, setting up local entities in new regions can be an expensive and suboptimal option, with options such as opening a foreign subsidiary or hiring an expert work company (PEO) frequently charging up to 15% of the payroll. These obstacles have caused a substantial boost in problem hiring certified personnel, with 75% of employers reporting this concern in 2022, a 21% boost from 2019. The payroll and HR options market, valued at $26.4 billion in 2022, is expected to reach $50.4 billion by 2030.
provides an option supporting all types of employment. It supplies an end-to-end platform, from employee onboarding and continuous management to international payments and. It assists business with labor law compliance in the jurisdictions in which they run, provides management of employment 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 professional in payroll and workforce 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 participate in the total webcast in order to get your credits if you have any concerns during the webcast please click on 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 make certain to finish 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 hi and thank you for joining us today we’re enjoyed have you here as we start a journey of information to regulation attaining
360 degree staff member compliance where we’ll dive into the necessary aspects of the worker compliance management design throughout the session we’ll explore real life challenges genuine local guidelines finest practices and the role of Automotion in simplying compliance journey be prepared to emerge in a comprehensive understanding of how to protect your company and workers while remaining certified in an
Ever evolving regulative environment in the everchanging world of organization and financing making sure compliance with payroll policies is not just vital but likewise a legal vital from the minute of employing to the in intri intricacies even sorry of termination every step along the worker journey is Frau with compliance threats that have far-reaching repercussions however with a much deeper more nuanced understanding of their obligations companies can not only browse the elaborate landscape however also proactively ensure this 360 degree compliance the webinar is created 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 someone brand-new to the field what I would like to do before we start and I believe it’s really essential
In our quest to improve performance and precision in managing our global labor force, our international corporation turned to, a leading and workforce management software application. The shift intended to streamline the complex task of handling across different nations, currencies, and compliance regulations.
One of the standout functions of is its robust compliance management system. The software immediately updates itself to follow ever-evolving tax and labor laws throughout several jurisdictions. This has actually been indispensable in ensuring that our processes remain certified in each country of operation.
is to state that the content here is illegal advice it is simply for your information please consult your legal team needs to you have any questions or concerns in relation to anything that we’ve talked about today our key take essential takeaways by the end of the webinar will be an understanding of employee compliance risks how to hire ly with confidence how to streamline information management and automation so let’s take ourselves a minute to acquaint ourselves with the webinar platform once again as we’ve.
work as your hris or is sort of your core employee record um to handle that staff member life process throughout their Journey with you as as a worker in addition to a payroll module we have to assist you pay those workers and compensate them and advantages Administration module that enables you to assist manage the benefits you supply to your employees so truly excited to be here represent um bamb booy container and speak about this subject um and I guess from my perspective I’ll I’ll probably supply a great deal of a concentrate on the United States side of things when we discuss sort of compliance so delighted to be here thanks for having me Ian okay thanks Greg um Gina over to you would you like to introduce yourself and tell the audience a little bit about papay worldwide yes definitely thank you Ian hi everyone I’m Gina dorelis I’m the Work expert manager.
at I handle the work Council in the US APAC EMA and Israel area I also serve 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 offer payroll payments and labor force management as a Service work force supplier 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 kind of like going through the introduction so it’s really really good to really see in the webinar chat where everyone’s actually attending 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 definitely wonderful whilst we just await everyone else to type of like participate there we go Chicago too well um so whil we’re doing that I’m awaiting everybody to sort of join I’ll simply run us through the agenda um today we are going to talk about employing Skill new greater Details Management termination compliance and automation wow the chat has got actually actually busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from definitely everywhere which is fantastic so uh I’m hoping that we’re in fact going to have some really terrific commentary and questions throughout the uh the webinar too all right so that’s the agenda then what I want to Now cover is the the compliance and the Privacy side of things so the the Journey of a staff member and their data is Papaya Global South Korea complex without fail and an.
Ever developing relationship that begins 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 phases whilst we’re actually you know that they’re used with us so on boarding day-to-day operations payment and advantages expert development then we get to the offboarding and even advocacy so it even takes place after the staff member has actually left your work throughout the journey companies are responsible for collecting storing securing staff member data in compliance with data personal privacy regulations no matter where it is you’re running around the globe it typically includes executing safe information management systems and ensuring strict adherence to local requirements to safeguard both the worker and the organization the advancement of worker data and management c.