A CFO’s Perspective on Papaya Global Template…
Papaya Global’s platform simplifies worldwide labor force management for companies, ensuring compliance with regional regulations and tax laws. Their services incorporate payroll processing, benefits administration, compliance oversight, time and presence tracking, and HR assistance. The platform centralizes worldwide payroll operations, offering companies with real-time insights and control. Founded in 2016, Papaya Global has broadened to Tel Aviv, New York, London, and Kiev.
In the dynamic landscape of international service operations, managing payroll across borders can be a complex and challenging task. As the Chief Financial Officer (CFO) of a worldwide business, I understand the crucial importance of efficient and certified payroll management. In our pursuit of excellence, we have welcomed innovative solutions to enhance our processes, and one such transformative tool is Software application.
The Obstacle of International Payroll:
Global expansion brings about varied difficulties, and payroll management is no exception. Differing tax regulations, varying work laws, and several currencies make it essential for organizations to adopt advanced options to ensure accuracy, compliance, and efficiency in payroll processing.
Software: A Comprehensive Service:
staff members so it’s actually essential to guarantee that you have actually considered from the start any post-termination restrictions that you want to take into the contract of employment that they’re enforceable so that suggests you need to really consider what it is you’re wanting to secure and why clearly Define what’s included within the scope of that secret information and deal with the duration of constraint post-determination that you wish to apply and be really able to to justify that in relation to copyright the position really depends on the type of copyright you’re seeking to secure and likewise the jurisdiction so for instance from a copyright viewpoint in the Netherlands completion client is more likely to have the um intellectual property rights in a copyright that the employees produced who’s been under their guidance and control instantly however in someplace like Poland for example that automatic right may not be there and that task would require to stream through the chain uh contractually so it actually depends upon the jurisdiction and the kind of IP fine thank you Elizabeth Steve was staying on the subject of agreements Miss categorized misclassifying staff members
Papaya Global Software has actually emerged as a game-changer in the realm of worldwide payroll management. Its cloud-based platform incorporates payroll, labor force management, and employee benefits into a single, user-friendly interface. As the CFO, I have seen firsthand the positive effect of on our organization’s monetary operations.
Unified Worldwide Payroll Processing:
enables our business to process payroll seamlessly throughout several nations. The platform’s unified technique enables constant payroll computations, lowering mistakes and making sure compliance with local regulations. This has actually significantly mitigated the risks connected with global payroll processing.
also key for if later on someone says misclassification you have your file supported by the requisite files and that the ideal examination tools to show somebody that you had a thoughtful procedure therefore what do you need to include in that procedure it’s the who the what the where and the when who are you dealing with are you dealing with a private 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 specialist 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 have to be on website and handled once again another crucial element is the management and guidance of the uh employee and after that lastly when is it a particular task is it a six-month project 6 years all of this is manageable but it has to be recorded and it needs to be thoroughly um examined so we have a tool we call it ic2 we had an ic1 and we have actually improved it this year so that we can roll it out worldwide these tools take a survey list for the worker the worker submits and fills these concerns out therefore does the end client or the recipient of the services they both put their details into the tool and after that it does an assessment waiting the different questions due to the fact that not every jurisdiction has the exact same sensation about some of these concerns some think they’re more vital 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 most likely help you with that in regards to some of the important things you require to strengthen to make sure that you are given that assessment of uh independent contractor or green where you were assessed as an as a independent professional once that examination is done all the requisite documents are beneath it so that if later there
Navigating the intricacies of global work laws and tax regulations can be overwhelming. Papaya Global’s automated compliance engine keeps our organization current with modifications in policies throughout jurisdictions. This guarantees that our payroll processes stick to the current requirements, decreasing the risk of non-compliance and associated penalties.
network of In-House outside advisors accounting companies and legal firms who help us keep our databases entirely as much as date and we likewise get in touch with we need to when we see an uncommon or or especially complex scenarios fine thanks Steve I can simply see a quick concern 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 managed differently around the world and the German law for instance it’s classed as employee leasing can you shed any light on some of the special considerations for countries and where the eor model isn’t controlled yes Ian staff member leasing or labor leasing as it’s likewise called which is prevalent in several nations particularly in Europe enforces strict guidelines on items such as the length of task it likewise appoints workers to collective bargaining contracts that gives them rights and advantages but even in the countries that do not have those strict guidelines for example the UK Canada and the nordics there are policies for each nation and each worker is treated the same as all the other workers because nation and all those policies require to be complied with okay thank you Ray um Kathy moving I would say to yourself what do business require to factor in when figuring out agreement status to safeguard themselves and the rights of hires what are the advantages and disadvantages of hiring professionals and Freelancers versus long-term workers so clearly the the benefit of specialists versus employees is the the flexibility for both the worker and for the employer um however I can’t worry enough how essential it is to have a constant extensive and a well-documented compliance
Papaya Global Template and Time Savings:
The software’s automation abilities have actually considerably reduced the time and effort required for payroll processing. Handbook data entry and recurring jobs have actually been reduced, enabling our financing team to focus on strategic efforts rather than administrative burdens. This has actually led to increased performance and efficiency within our financial operations.
in one since each state has its own guidelines Californians are some of the most strict an example is pay slips on a payslip in California the ideal info has to be on the payslip in the best format and in the ideal position if you remain in breach of of regulations for payslips the fines are issued per payslip so that’s each worker each pay slip will incur a great thanks Ray thank you Elizabeth a lot to stress to think of and we’re just 2 concerns in and 10 minutes approximately hiring in one nation is difficult enough but when employing in a you know on a worldwide level it’s a totally different story you require to ensure that you’re up to date with current as well as pending local 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 clients are totally supported and I’ll organize this into three key things we perform in firstly you need to have the best team so we work with a team of global professionals in Employment Practices um that ex that team of specialists consists of legal representatives it consists of payroll specialists it includes HR experts and these are people that not just understand the laws in these in these countries and areas but they also understand the languages they understand the regional practices they understand the cultures and it is necessary to have that ideal team and truly have the team on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global offers thorough real-time analytics and reporting tools. As a CFO, having access to accurate and timely monetary information is important for decision-making. The platform’s reporting capabilities empower me to make educated tactical decisions based upon real-time insights into our international payroll information.
application and its scope and the manner in which it applies to employment law in practice can be checked through the judicial system by way of case law examples of that would be the acquired rights directive otherwise called the 2p guidelines in the UK the working time guidelines which has had various hairs of that legislation tested particularly around vacation pay and naturally as Kathy’s going to come on to talk about later on work status which there’s been multiple precedence set for many years so I believe it’s really that consistent development of the work law landscape that you really need to browse when when working in Europe okay thank you Elizabeth Ray what about you from your personal experience while moving across the pond as pointed out each country has various policies however the United States is essentially 50 nations
Scalability for Company 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 application flawlessly accommodates changes in our labor force and payroll requirements. This scalability makes sure that our payroll facilities can adapt to the developing requirements of our international organization.
Global Chief legal officer we have actually 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 customer service and I would say individually and jointly these three people have Decades 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 likewise have among our own Stars delete share head of Global Solutions 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 actually established Papaya’s network of in-country Partners in over 160 areas on an individual aspect and related to our subject today I have actually had the opportunity to relocate and work in three different nations it is the business’s responsibility to ensure my defense while living in a foreign country compliance with local laws and policies is vital for me or anybody else as an expat or as a regional so today we have actually invited our trusted Partners people 2.0 to demonstrate the significance of local
proficiency when companies Go Global thank you and delight in 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 talk about the truths a company needs to consider when opening a brand-new entity and broadening into brand-new countries in addition to keeping things going we’ll cover elements such as local regulations factors to consider when working with compliance crucial difficulties payments and what not to do it’s one of the most important things remembering what not to do um operating on a worldwide level is not for the faint-hearted the bigger a business grows the more they need to understand and handle knowing what to do in each brand-new situation as it rises is important on many levels understanding local regulations and regional laws as well as organization practices assists mitigate Associated and worldwide expansion papaya through our local experts can navigate prospective threats such as copyright protection data privacy security issues ensuring the business’s operations remain compliant and safe and secure tax Social Security returns and remittances vary by country
In conclusion, Papaya Global Software application has proven to be an indispensable property in our mission for efficient and certified worldwide payroll management. As the CFO of a worldwide company, I am positive in advising Papaya Global to organizations seeking to improve their payroll procedures, improve compliance, and achieve greater effectiveness in managing their global workforce. The software’s ingenious features and commitment to quality line up with our strategic goals, 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 also considerable legal expenses there exists’s other charges there’s other costs behind that as well so the overall cost can be really considerable in the tens of millions of dollars or more and and those quantities are growing uh the reason why companies are getting it so incorrect is really simply the rules are intricate and they’re altering all the time believe ir-35 in the UK which has been a continuous advancement for several years now and and still a lot of unpredictability amongst business on what it actually suggests and how you deal with it most employers are merely not familiar with the guidelines and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be really proactive as you’re engaging uh employees from a classification viewpoint okay thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the employee Papaya Global Template especially when it concerns their own tax liabilities social security and benefits for instance jury and certainly the workers the other side of the coin
I discover time and time again the employees frequently misclassified unwittingly they do not understand the conditions of work or contract and are informed by the client why it’s optimum primarily to the customer why you need to be utilized or participated in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be affected 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 big effect that they never knew they were strolling into you could not agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy business are getting insurance against misclassification however typically premiums are only covering the expense of legal fees whilst the average claim evaluated against employers equates to to 40 or half of the base pay of worker exists 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 charge and interest most of the times I haven’t seen it a minimum of so uh the the other area that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff 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 Template …
The thorough features of come at an expense,
Over the past couple of decades, the workforce has undergone a significant change with the introduction of remote work, which has actually eliminated geographical restrictions on hiring. This has actually enabled organizations to hire skill from all over the world, enabling them to assemble the very best possible group for each function. As a result, employees have gotten greater versatility to work from home and increase their profits without needing to relocate to expensive locations or commute fars away. According to a 2022 survey, 87% of staff members who have the option to work remotely select to do so. The COVID-19 pandemic, combined with improvements in enterprise connection software, has even more accelerated the shift towards remote work, even in industries that were at first reluctant to embrace the pattern.
insights are valuable to us and and your fellow participants so first things first though um let’s get to know everybody my name is Ian Charles and I have actually worked in payroll for the last 25 years I have actually had roles in all type of Industries retail and Charm to Aerospace in all kinds of companies start-up to matrixed environments around the world I offered leadership and method to populations of more than 100,000 employees on a month-to-month basis and in over 170 countries today I’m the perel strategist for papaya
International I work across business man maning and building external relationships supporting Business customers and services and serving as a consultant I want to introduce our 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 corporate 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 deal with various legal and HR matters that turn up so really excited to be here about bambo HR if if you’re not knowledgeable about us uh at bambo HR we state our mission is to set you as HR specialists totally free to do excellent
Although Papaya Global supplies integrations with various HR and finance systems, we came across some difficulties throughout the combination procedure. Personalizing the software to line up with our existing infrastructure proved to be more intricate than expected, resulting in hold-ups in the initial rollout.
The substantial functions used by Papaya Global come at a cost, which some of our smaller subsidiaries found to be prohibitively pricey. As a worldwide company, we had to thoroughly weigh the requirement for advanced functionality against budget constraints.
Support Reaction Time:
On occasion, our teams experienced problems that needed urgent help. Nevertheless, the action time from Papaya Global’s client assistance team was not constantly as timely as we would have liked, causing hold-ups in resolving those problems.
Our implementation of involved a phased technique. We started by onboarding a couple of subsidiaries to evaluate the system’s compatibility with our existing processes. This enabled us to recognize and deal with integration challenges early on. As the software application ended up being more implanted in our operations, we slowly broadened its use to cover our entire global labor force.
The automated features streamlined our payroll processes, minimizing the time spent on manual estimations and compliance tracking. Routine training sessions and continuous assistance from Papaya assisted our groups end up being proficient users of the software application, maximizing its capacity for our organization.
However, paying a workforce can be intricate. It is particularly challenging for business who utilize staff across numerous countries, as they need to constantly combine different information streams, by hand track regional and national labor and regulations, and invest valuable time and resources to set up local entities in brand-new areas. These business are faced with suboptimal, pricey options, like opening a foreign subsidiary or hiring a professional work organization, which is a local company that hires staff members on their behalf and can charge up to 15% of. By 2022, 75% of employers reported trouble recruiting certified workers, a boost of 21% from 2019. The payroll & HR solutions market was valued at $26.4 billion in 2022 and is forecasted to reach $50.4 billion by 2030.
offers a service supporting all types of work. It supplies an end-to-end platform, from employee onboarding and continuous management to international payments and. It assists companies with labor law compliance in the jurisdictions in which they operate, offers management of employment advantages, 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 expert in payroll and labor force management. She co-founded after seeing the innovation space in international.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please be sure to participate in the complete webcast in order to get your credits if you have any questions throughout 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 make sure to complete it as soon as the webcast has 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 thrilled to have you here as we start a journey of information to policy accomplishing
360 degree worker compliance where we’ll dive into the important elements of the worker compliance management model throughout the session we’ll explore real life obstacles real regional guidelines best practices and the function of Automotion in simplying compliance journey be prepared to emerge in a comprehensive understanding of how to safeguard your organization and workers while staying certified in an
Ever developing regulatory environment in the everchanging world of organization and finance guaranteeing compliance with payroll guidelines is not only vital but also a legal essential from the minute of hiring to the in intri intricacies even sorry of termination every step along the employee journey is Frau with compliance dangers that have significant consequences nevertheless with a much deeper more nuanced understanding of their obligations organizations can not only browse the detailed landscape but also proactively ensure this 360 degree compliance the webinar is developed to equip you with the understanding and tools required to navigate the complex Terrain of compliance whether you’re a skilled P specialist a small company owner or someone brand-new to the field what I want to do before we start and I believe it’s really essential
In our mission to boost effectiveness and precision in handling our international labor force, our multinational corporation turned to, a leading and workforce management software application. The transition intended to streamline the complex task of managing throughout numerous countries, currencies, and compliance guidelines.
Among the standout functions of is its robust compliance management system. The software application immediately updates itself to abide by ever-evolving tax and labor laws throughout multiple jurisdictions. This has been indispensable in ensuring that our procedures remain certified in each nation of operation.
is to state that the material here is not legal advice it is just for your details please consult your legal team must you have any questions or issues in relation to anything that we have actually gone over today our secret take key takeaways by the end of the webinar will be an understanding of employee compliance risks how to employ 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.
act 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 a staff member 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 assist manage the benefits you supply to your workers so really excited to be here represent um bamb booy container and speak about this subject um and I guess from my point of view I’ll I’ll most likely provide a great deal of a concentrate on the US side of things when we discuss kind of compliance so delighted to be here thanks for having me Ian all right thanks Greg um Gina over to you would you like to present yourself and tell the audience a little bit about papay worldwide yes absolutely thank you Ian hi everyone I’m Gina dorelis I’m the Employment expert manager.
at I handle the employment Council in the United States 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 provide payroll payments and labor force management as a Service labor force company to workers serving in over.
160 nations all right thank you so both I feel entirely underqualified sitting here with you both well I forgot to mention as we were sort of like going through the introduction so it’s truly truly good to in fact see in the webinar chat where everybody’s really attending from today I can see that we have people in Las Vegas and Indiana currently so if you wish to continue tell where you are that would be definitely wonderful whilst we simply wait for everybody else to type of like participate there we go Chicago too well um so whil we’re doing that I’m awaiting everybody to type of join I’ll just run us through the program um today we are going to discuss hiring Talent new higher Info Management termination compliance and automation wow the chat has got truly really hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from definitely all over which is great so uh I’m hoping that we’re actually going to have some actually terrific commentary and questions 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 Privacy side of things so the the Journey of a staff member and their data is Papaya Global Template multifaceted without fail and an.
Ever evolving relationship that begins the moment an individual signs up with an organization it continues throughout their employment and Beyond this journey can be divided into k to numerous key stages whilst we’re really you know that they’re employed with us so on boarding day-to-day operations payment and advantages expert 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 accountable for collecting storing safeguarding staff member data in compliance with data personal privacy guidelines no matter where it is you’re operating around the world it typically includes implementing secure data management systems and making sure stringent adherence to local requirements to secure both the staff member and the organization the evolution of staff member information and management c.