A CFO’s Perspective on Papaya Global Svb…
Papaya Global’s platform improves international workforce management for business, making sure compliance with local regulations and tax laws. Their services encompass payroll processing, advantages administration, compliance oversight, time and participation tracking, and HR support. The platform centralizes global payroll operations, providing services with real-time insights and control. Founded in 2016, Papaya Global has expanded to Tel Aviv, New York, London, and Kiev.
In the vibrant landscape of international company operations, managing payroll throughout borders can be a complex and challenging task. As the Chief Financial Officer (CFO) of a global company, I understand the vital value of efficient and certified payroll management. In our pursuit of quality, we have actually embraced innovative options to enhance our processes, and one such transformative tool is Software application.
The Challenge of Worldwide Payroll:
Worldwide expansion causes varied obstacles, and payroll management is no exception. Differing tax guidelines, varying work laws, and multiple currencies make it essential for companies to adopt advanced solutions to guarantee accuracy, compliance, and performance in payroll processing.
Software: A Comprehensive Option:
It is essential to consider and include post-termination constraints in the employment contract to make sure enforceability. You must thoroughly determine what you are looking for to secure and clearly specify the secret information that falls within its scope. In addition, specify the period of the post-termination limitation and be prepared to justify it in relation to intellectual property. The rules relating to intellectual property differ depending on the type of IP and the jurisdiction. For example, in the Netherlands, the end customer is most likely to have copyright rights over works produced by workers under their supervision, while in Poland, legal assignment might be essential.
Papaya Global Software application has become a game-changer in the world of global 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 International Payroll Processing:
allows our business to process payroll flawlessly throughout several nations. The platform’s unified method enables consistent payroll calculations, decreasing mistakes and ensuring compliance with local policies. This has actually significantly alleviated the risks associated with global payroll processing.
also key for if in the future somebody says misclassification you have your file supported by the requisite documents which the right evaluation tools to reveal someone that you had a thoughtful process therefore what do you have to consist of because procedure it’s the who the what the where and the when who are you handling are you dealing with an individual or are you handling a personal Service Corporation and how are they operating what are they doing is it the type of work that lends itself more to being an independent contractor than an employee so for example accounting
I.T engineering the creatives these all provide 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 have to be on website and managed once again another crucial element is the management and supervision of the uh worker and after that finally when is it a specific task is it a six-month task 6 years all of this is manageable however it needs to be documented and it has to be thoroughly um investigated so we have a tool we call it ic2 we had an ic1 and we’ve improved it this year so that we can roll it out worldwide these tools take a survey list for the employee the employee fills out and fills these concerns out therefore does completion client or the recipient of the services they both put their information into the tool and after that it does an evaluation waiting the different concerns since not every jurisdiction has the exact same sensation about some of these questions some believe they’re more crucial than others and it comes out with a red yellow or green red you’re most likely a worker yellow you’re on the cusp we can probably help you with that in terms of a few of the things you need to boost to ensure that you are considered that evaluation of uh independent contractor or green where you were examined as an as a independent contractor once that assessment is done all the requisite documents are below it so that if later there
Navigating the intricacies of worldwide work laws and tax policies can be overwhelming. Papaya Global’s automated compliance engine keeps our company up-to-date with changes in policies across jurisdictions. This guarantees that our payroll procedures stick to the most recent standards, decreasing the risk of non-compliance and associated charges.
network of In-House outside advisors accounting firms and legal companies who assist us keep our databases totally as much as date and we likewise call on we need to when we see an unusual or or particularly complex circumstances fine thanks Steve I can just see a quick question in the Q a window yes the session will be recorded and sent to participants later on um returning 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 considerations for countries and where the eor design isn’t managed yes Ian staff member leasing or labor leasing as it’s likewise called which is prevalent in numerous nations particularly in Europe imposes stringent guidelines on products such as the length of assignment it also assigns workers to collective bargaining arrangements that gives them rights and benefits however even in the countries that do not have those strict regulations for example the UK Canada and the nordics there are guidelines for each nation and each employee is treated the like all the other employees in that country and all those regulations require to be abided by okay thank you Ray um Kathy moving I would state to yourself what do companies need to factor in when identifying agreement status to secure themselves and the rights of hires what are the pros and cons of working with contractors and Freelancers versus long-term employees so clearly the the benefit of specialists versus workers is the the versatility for both the worker and for the company um but I can’t worry enough how crucial it is to have a constant extensive and a well-documented compliance
Papaya Global Svb and Time Cost Savings:
The software application’s automation capabilities have actually substantially decreased the time and effort required for payroll processing. Handbook data entry and repeated jobs have been decreased, permitting our finance group to focus on tactical efforts instead of administrative concerns. This has resulted in increased effectiveness and productivity within our financial operations.
in one since each state has its own policies Californians are some 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 best format and in the best position if you remain in breach of of guidelines for payslips the fines are provided per payslip so that’s each worker each pay slip will sustain a fine thanks Ray thank you Elizabeth a lot to stress to think about and we’re just two concerns in and 10 minutes approximately hiring in one country is difficult enough but when working with in a you know on a worldwide level it’s a completely different story you need to make certain that you depend on date with existing along with pending regional labor laws Steve um how do you make sure and ensure that individuals 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 primarily you need to have the ideal team so we employ a group of global professionals in Employment Practices um that ex that group of professionals includes attorneys it consists of payroll specialists it includes HR experts and these are people that not just understand the laws in these in these nations and areas but they likewise understand the languages they understand the regional practices they understand the cultures and it is very important to have that right team and genuinely 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 information is essential for decision-making. The platform’s reporting abilities empower me to make informed strategic choices based upon real-time insights into our global payroll data.
The practical application and level of the application to work law can be examined through the legal system utilizing case law examples. For instance, the acquired rights instruction, also referred to as the 2p policies in the UK, and the working time regulations have gone through various legal interpretations, particularly concerning holiday pay. Additionally, the concept of employment status has seen multiple legal precedents over the
Scalability for Business Growth:
Among the standout functions of Papaya Global is its scalability. As our business continues to grow and broaden into brand-new markets, the software effortlessly accommodates changes in our labor force and payroll requirements. This scalability ensures that our payroll infrastructure can adjust to the evolving requirements of our international company.
Global Chief legal officer we’ve got Elizabeth Beal who is our chief legal officer for Amia and we’ve got Ray Look who is our senior vice president of client services and I would state separately and jointly these three individuals have Years of experience in in employment law and global Work Practices so thank you it’s a satisfaction to be with everybody here today seems like we’ve got the right people with us today and in in addition to to those well we also have among our own Stars delete share head of Global Services at papaya Global inform us about yourself thank you Elin Ian hi my name is Elite I’ve 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 places on an individual aspect and related to our subject today I have actually had the chance to transfer and work in three various countries it is the business’s responsibility to ensure my security while living in a foreign country compliance with regional laws and policies is crucial for me or anybody else as an expat or as a regional so today we have actually welcomed our relied on Partners individuals 2.0 to show the importance of regional
knowledge when business Go Global thank you and take pleasure in alright thank you as I stated let’s carry on to the pact agenda today’s webinar is an opportunity to ask the panel the concerns you’ve been considering we’ll go over the truths a business needs to consider when opening a new entity and expanding into new nations in addition to keeping things going we’ll cover aspects such as local policies factors to consider when employing compliance crucial difficulties payments and what not to do it’s one of 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 handle understanding what to do in each new scenario as it rises is very important on many levels understanding regional policies and regional laws as well as service practices assists reduce Associated and global expansion papaya through our regional professionals can browse prospective dangers such as copyright security data privacy security concerns ensuring the company’s operations stay compliant and protected tax Social Security returns and remittances differ by nation
In conclusion, Papaya Global Software has actually proven to be an invaluable asset in our quest for effective and compliant worldwide payroll management. As the CFO of a global company, I am positive in advising Papaya Global to organizations seeking to streamline their payroll processes, enhance compliance, and accomplish greater efficiency in handling their international labor force. The software’s ingenious features and dedication to excellence align with our strategic goals, making it an integral part of our financial operations.
I find time and time again the workers typically misclassified unconsciously they do not comprehend the conditions of work or agreement and are informed by the client why it’s most advantageous mainly to the customer why you should be employed or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have passed they have not added to pensions And so on so it’s a huge effect that they never knew they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are getting insurance coverage against misclassification however usually premiums are only covering the cost of legal fees whilst the typical claim evaluated against employers relates 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 small print it is not covering the taxes charge and interest most of the times I have not seen it a minimum of so uh the the other area that I do think if you managed to get the protection what we are saying 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 Svb …
The detailed features of come at a cost,
Recent years have seen a significant change to the workforce as the rise of remote work has actually broken down geographical barriers to employing. Businesses can now hire staff from anywhere worldwide, allowing them to access the very best available skill for any provided function. This offers employees more freedom to work from home and increase their income without relocating to pricey areas or commuting fars away. A 2022 study discovered that 87% of employees who have the possibility to work from another location take that chance. The break out of COVID-19, in conjunction with brand-new business connection software application, accelerated the relocate to remote work, including in industries formerly hesitant to welcome the pattern.
insights are important to us and and your fellow participants so first things initially though um let’s be familiar with everyone my name is Ian Charles and I have actually worked in payroll for the last 25 years I’ve had roles in all type of Industries retail and Appeal to Aerospace in all kinds of organizations start-up to matrixed environments across the globe I offered 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
International I work across the business male maning and building external relationships supporting Enterprise customers and solutions and acting as a consultant I ‘d like to present our first Greg um guest 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 said my name is Greg Piper uh I am the senior corporate counsil at bambo HR so I lead our in-house legal team and actually work very closely with our um HR department too to manage numerous 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 specialists complimentary to do fantastic
Although Papaya Global offers combinations with various HR and finance systems, we experienced some obstacles throughout the combination process. Customizing the software application to line up with our existing facilities showed to be more complicated than expected, leading to hold-ups in the initial rollout.
The substantial functions offered by Papaya Global come at a cost, which some of our smaller sized subsidiaries discovered to be excessively pricey. As an international company, we needed to thoroughly weigh the need for innovative functionality versus budget plan constraints.
Support Action Time:
On occasion, our teams experienced problems that needed urgent support. However, the reaction time from Papaya Global’s client support team was not constantly as timely as we would have liked, resulting in hold-ups in fixing those issues.
Our execution of included a phased technique. We began by onboarding a couple of subsidiaries to test the system’s compatibility with our existing processes. This enabled us to identify and address combination challenges early on. As the software application became more implanted in our operations, we slowly expanded its use to cover our whole international workforce.
The automated features streamlined our payroll procedures, reducing the time invested in manual estimations and compliance tracking. Routine training sessions and ongoing support from Papaya assisted our groups become skilled users of the software application, maximizing its capacity for our organization.
Business that worker workers across several countries often face detailed obstacles when it pertains to handling their workforce. One of the biggest hurdles is consolidating numerous information streams and sticking to diverse local and nationwide labor policies, which can be both time-consuming and pricey. Furthermore, establishing local entities in new areas can be a costly and suboptimal choice, with alternatives such as opening a foreign subsidiary or working with a professional work company (PEO) frequently charging up to 15% of the payroll. These obstacles have actually caused a significant increase in trouble hiring certified workers, with 75% of companies reporting this issue in 2022, a 21% increase from 2019. The payroll and HR solutions market, valued at $26.4 billion in 2022, is anticipated to reach $50.4 billion by 2030.
offers a solution supporting all types of work. It provides an end-to-end platform, from employee onboarding and continuous management to international payments and. It helps companies with labor law compliance in the jurisdictions in which they operate, offers management of work benefits, and guarantees data privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. A business owner with 15 years of experience, she is a leading expert in payroll and workforce management. She co-founded after seeing the innovation space in global.
papaya this webcast has been pre-approved for hrci and Sherm credit please make certain to attend the complete webcast in order to get 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 brand-new tab will open in your browser with the webcast study please make certain 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 information to policy accomplishing
360 degree worker compliance where we’ll dive into the necessary aspects of the employee compliance management design throughout the session we’ll check out real life difficulties genuine regional guidelines best practices and the role 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 evolving regulative environment in the everchanging world of company and financing making sure compliance with payroll policies is not only essential but also a legal crucial from the moment of hiring to the in intri intricacies even sorry of termination every step along the employee journey is Frau with compliance threats that have far-reaching effects nevertheless with a much deeper more nuanced understanding of their commitments companies can not just browse the elaborate landscape but likewise proactively ensure this 360 degree compliance the webinar is designed to equip you with the understanding and tools required to navigate the complex Surface of compliance whether you’re a seasoned P professional a small business owner or somebody brand-new to the field what I would like to do before we begin and I think it’s really important
In our quest to boost efficiency and accuracy in handling our global labor force, our international corporation turned to, a leading and workforce management software application. The transition aimed to streamline the complex job of handling throughout numerous nations, currencies, and compliance policies.
Among the standout features of is its robust compliance management system. The software automatically updates itself to stick to ever-evolving tax and labor laws throughout several jurisdictions. This has been invaluable in making sure that our processes stay certified in each country of operation.
is to state that the material here is illegal suggestions it is just for your info please consult your legal team needs to you have any concerns or issues in relation to anything that we’ve discussed today our secret take essential takeaways by the end of the webinar will be an understanding of employee compliance threats how to work with ly with self-confidence how to simplify data management and automation so let’s take ourselves a minute to familiarize ourselves with the webinar platform once again as we’ve.
work as your hris or is kind of your core employee record um to handle that employee life cycle throughout their Journey with you as as an employee in addition to a payroll module we need to assist you pay those staff members and compensate them and benefits Administration module that enables you to assist manage the benefits you supply to your workers so truly delighted to be here represent um bamb booy container and speak about this topic um and I think from my perspective I’ll I’ll most likely supply a lot of a concentrate on the United States side of things when we speak about kind 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 international yes definitely thank you Ian hi everybody I’m Gina dorelis I’m the Employment professional supervisor.
at I handle the employment Council in the US APAC EMA and Israel region I also serve as us Council for I’m licensed in New York and New Jersey um we guarantee compliance onboarding and offboarding of workers with regard to papaya we supply payroll payments and labor force management as a Service work force company to employees serving in over.
160 nations fine thank you so both I feel entirely underqualified sitting here with you both well I forgot to mention as we were kind of like going through the introduction so it’s actually really great to really see in the webinar chat where everybody’s really 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 fantastic whilst we simply wait on everyone else to kind of like join in there we go Chicago also well um so whil we’re doing that I’m waiting for everybody to kind of join I’ll just run us through the agenda um today we are going to discuss employing Skill new greater Info Management termination compliance and automation wow the chat has got truly actually busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from absolutely all over which is fantastic so uh I’m hoping that we’re really going to have some really excellent commentary and concerns throughout the uh the webinar as well all right so that’s the program then what I wish to Now cover is the the compliance and the Personal privacy side of things so the the Journey of an employee and their data is Papaya Global Svb multifaceted without fail and an.
Ever developing relationship that begins the minute a person joins a company it continues throughout their work and Beyond this journey can be divided into k to several essential phases whilst we’re in fact you know that they’re used with us so on boarding daily operations payment and advantages professional development then we get to the offboarding and even advocacy so it even occurs after the employee has actually left your work throughout the journey organizations are accountable for collecting saving protecting staff member data in compliance with data privacy regulations no matter where it is you’re running around the world it frequently includes executing secure information management systems and ensuring stringent adherence to local requirements to protect both the employee and the organization the advancement of worker information and management c.