A CFO’s Point of view on Papaya Global Update 2024…
The platform enables business to handle their worldwide labor force and comply with local work policies and tax laws. Papaya Global offers a variety of services, including payroll management, benefits administration, compliance management, time and attendance tracking, and HR management. The platform is designed to streamline the intricacies of global 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 workplaces in New york city, London, and Kiev.
In the dynamic landscape of global company operations, handling payroll throughout borders can be a complex and challenging job. As the Chief Financial Officer (CFO) of a global company, I understand the crucial importance of effective and compliant payroll management. In our pursuit of quality, we have accepted innovative solutions to enhance our processes, and one such transformative tool is Software.
The Obstacle of Global Payroll:
Global growth brings about diverse challenges, and payroll management is no exception. Differing tax policies, varying employment laws, and numerous currencies make it necessary for organizations to embrace advanced options to guarantee accuracy, compliance, and performance in payroll processing.
Software: A Comprehensive Service:
employees so it’s truly essential to guarantee that you have actually considered from the beginning any post-termination constraints that you wish to take into the agreement of work that they’re enforceable so that means you need to truly consider what it is you’re looking to protect and why plainly Define what’s consisted of within the scope of that confidential information and resolve the duration of limitation post-determination that you wish to use and be really able to to validate that in relation to copyright the position really depends on the kind of copyright you’re seeking to secure and also the jurisdiction so for example from a copyright perspective 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 guidance and control instantly however in someplace like Poland for instance that automatic right might not be there which task would need to flow through the chain uh contractually so it really depends on the jurisdiction and the type of IP okay thank you Elizabeth Steve was remaining on the subject of contracts Miss categorized misclassifying staff members
Papaya Global Software application has emerged as a game-changer in the realm of worldwide payroll management. Its cloud-based platform incorporates payroll, workforce management, and employee benefits into a single, user-friendly interface. As the CFO, I have actually witnessed firsthand the favorable effect of on our organization’s financial operations.
Unified International Payroll Processing:
allows our business to procedure payroll perfectly throughout several nations. The platform’s unified technique enables constant payroll computations, reducing mistakes and making sure compliance with local guidelines. This has substantially alleviated the threats associated with international payroll processing.
likewise key for if later somebody says misclassification you have your file supported by the requisite files and that the right examination tools to reveal someone that you had a thoughtful procedure and so what do you have to include in that process it’s the who the what the where and the when who are you handling are you handling an individual or are you dealing with an individual 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 specialist than a staff member so for example accounting
I.T crafting the creatives these all lend themselves more to that evaluation of being freelancer you understand likewise uh where are they doing it can they work from anywhere or do they have to be on website and managed again another key factor is the management and supervision of the uh worker and then lastly when is it a particular task is it a six-month task 6 years all of this is manageable but it has to be recorded and it needs to be completely um examined 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 worldwide these tools take a survey list for the worker the worker submits and fills these questions out and so does the end client or the recipient of the services they both put their info into the tool and then it does an evaluation waiting the various concerns due to the fact that not every jurisdiction has the very same feeling about a few of these concerns some believe they’re more important 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 most likely help you with that in regards to some of the important things you need to boost to make sure that you are considered that evaluation of uh independent contractor or green where you were assessed as an as a independent contractor once that evaluation is done all the requisite files are underneath it so that if later on there
Browsing the intricacies of worldwide employment laws and tax regulations can be frustrating. Papaya Global’s automated compliance engine keeps our organization current with changes in policies across jurisdictions. This ensures that our payroll processes stick to the latest requirements, minimizing the danger of non-compliance and associated penalties.
network of In-House outside advisors accounting firms and legal companies who assist us keep our databases completely approximately date and we likewise contact we need to when we see an uncommon or or particularly intricate circumstances okay thanks Steve I can just see a fast question in the Q a window yes the session will be taped and sent out to participants later on um moving back to to the webinar itself Ray employer of record is regulated differently worldwide and the German law for example it’s classed as staff member leasing can you shed any light on some of the unique factors to consider for nations and where the eor model isn’t regulated yes Ian worker leasing or labor leasing as it’s likewise called which is prevalent in numerous countries particularly in Europe enforces stringent guidelines on products such as the length of task it likewise appoints employees to collective bargaining arrangements that gives them rights and benefits however even in the countries that do not have those stringent regulations for example the UK Canada and the nordics there are guidelines for each country and each employee is treated the same as all the other employees in that nation and all those guidelines require to be followed alright thank you Ray um Kathy moving I would say to yourself what do companies require to consider when determining contract status to safeguard themselves and the rights of hires what are the benefits and drawbacks of employing contractors and Freelancers versus long-term staff members so certainly the the benefit of specialists versus employees is the the flexibility for both the employee and for the company um but I can’t stress enough how essential it is to have a constant thorough and a well-documented compliance
Papaya Global Update 2024 and Time Cost Savings:
The software’s automation capabilities have actually considerably decreased the time and effort needed for payroll processing. Handbook data entry and repeated tasks have actually been lessened, enabling our financing team to focus on tactical efforts instead of administrative problems. This has resulted in increased efficiency and productivity within our financial operations.
in one given that each state has its own policies Californians are some of the most strict an example is pay slips on a payslip in California the best details needs to be on the payslip in the best format and in the ideal position if you remain in breach of of guidelines for payslips the fines are issued 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 consider and we’re only two concerns in and 10 minutes or so working with in one nation is tough enough however when employing in a you understand on an international level it’s a totally different story you need to make certain that you depend on date with present in addition to pending regional labor laws Steve um how do you make sure and ensure that the people 2.0 group is on top of an ever-changing landscape which your customers are fully supported and I’ll organize this into 3 key things we perform in most importantly you require to have the best group so we hire a team of worldwide experts in Employment Practices um that ex that team of professionals consists of legal representatives it consists of payroll professionals it includes HR experts and these are individuals that not only understand the laws in these in these countries and regions however they likewise understand the languages they know the regional practices they know the cultures and it is essential to have that right group and genuinely have the team on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global supplies thorough real-time analytics and reporting tools. As a CFO, having access to accurate and prompt financial data is crucial for decision-making. The platform’s reporting capabilities empower me to make educated tactical decisions based upon real-time insights into our global payroll data.
application and its scope and the manner in which it applies to work law in practice can be tested through the judicial system by way of case law examples of that would be the obtained rights instruction otherwise known as the 2p regulations in the UK the working time policies which has actually had different strands of that legislation evaluated particularly around vacation pay and naturally as Kathy’s going to come on to speak about later on work status which there’s been several precedence set throughout the years so I believe it’s really that consistent evolution of the work law landscape that you truly need to navigate when when operating in Europe alright thank you Elizabeth Ray what about you from your individual experience while moving across the pond as mentioned each nation has different regulations however the United States is basically 50 countries
Scalability for Company Growth:
One of the standout features of Papaya Global is its scalability. As our company continues to grow and broaden into brand-new markets, the software seamlessly accommodates changes in our labor force and payroll requirements. This scalability ensures that our payroll infrastructure can adapt to the progressing needs of our international organization.
Global Chief legal officer we have actually got Elizabeth Beal who is our primary 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 Decades of experience in in employment law and global Work Practices so thank you it’s a satisfaction to be with everyone here today seems like we have actually got the right people with us today and in in addition to to those well we likewise have one of our own Stars erase share head of Global Solutions at papaya International tell us about yourself thank you Elin Ian hi my name is Elite I’ve been with the company for around four and a half years as head of Partnerships I have actually developed Papaya’s network of in-country Partners in over 160 locations on a personal element and related to our subject today I’ve had the chance to relocate and operate in three different countries it is the business’s responsibility to guarantee my security while residing in a foreign nation compliance with regional laws and regulations is important for me or anybody else as an expat or as a local so today we have invited our trusted Partners individuals 2.0 to show the importance of local
knowledge when business Go Global thank you and enjoy alright thank you as I said let’s carry on to the pact agenda today’s webinar is a chance to ask the panel the questions you’ve been thinking of we’ll talk about the truths a business requires to consider when opening a brand-new entity and broadening into new nations along with keeping things going we’ll cover aspects such as regional guidelines considerations when working with compliance key 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 business grows the more they require to understand and handle knowing what to do in each brand-new scenario as it increases is important on many levels understanding regional guidelines and regional laws along with business practices assists reduce Associated and international expansion papaya through our local specialists can navigate prospective threats such as copyright protection data personal privacy security problems ensuring the business’s operations stay certified and secure tax Social Security returns and remittances differ by country
In conclusion, Papaya Global Software has shown to be a vital property in our mission for efficient and certified worldwide payroll management. As the CFO of a global business, I am confident in advising Papaya Global to organizations looking for to improve their payroll processes, improve compliance, and accomplish greater effectiveness in managing their international workforce. The software’s innovative functions and commitment to excellence align with our tactical objectives, making it an essential part of our financial operations.
I discover time and time again the employees frequently misclassified unconsciously they don’t understand the conditions of work or agreement and are told by the customer why it’s most advantageous generally to the client why you need to be employed or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have actually gone by they have not added to pensions Etc so it’s a huge effect that they never knew they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy business are securing insurance coverage versus misclassification however usually premiums are just covering the expense of legal fees whilst the average claim examined versus employers relates to to 40 or 50 percent of the base salary of employee is there any point in securing insurance and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes charge and interest in most cases I have not seen it at least so uh the the other location that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK
Expense Considerations and Papaya Global Update 2024 …
The extensive functions of come at a cost,
Current decades have seen a dramatic modification 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, permitting them to access the very best offered talent for any provided function. This offers workers more flexibility to work from home and increase their earnings without transferring to pricey locations or travelling fars away. A 2022 study discovered that 87% of staff members who have the chance to work remotely take that opportunity. The outbreak of COVID-19, in conjunction with brand-new business connection software application, accelerated the transfer to remote work, including in industries previously hesitant to welcome the pattern.
insights are valuable to us and and your fellow participants so first things first though um let’s learn more about everybody my name is Ian Charles and I’ve operated in payroll for the last 25 years I have actually had functions in all type of Industries retail and Charm to Aerospace in all kinds of services startup to matrixed environments around the world I supplied leadership and technique to populations of more than 100,000 workers on a regular monthly basis and in over 170 countries today I’m the perel strategist for papaya
Worldwide I work throughout the business man maning and building external relationships supporting Enterprise customers and solutions and acting as a consultant I wish to introduce our first Greg um guest Greg who will kick things off by informing us um who he is and a 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 team and actually work really closely with our um HR department as well to handle numerous legal and HR matters that show up so actually delighted to be here about bambo HR if if you’re not acquainted with us uh at bambo HR we state our objective is to set you as HR specialists complimentary to do fantastic
Although Papaya Global provides integrations with different HR and finance systems, we came across some obstacles throughout the combination process. Personalizing the software to line up with our existing facilities proved to be more complex than expected, resulting in delays in the initial rollout.
The extensive features offered by Papaya Global come at an expense, which a few of our smaller subsidiaries discovered to be prohibitively costly. As a worldwide company, we needed to carefully weigh the requirement for advanced functionality against budget restrictions.
Assistance Response Time:
On occasion, our groups experienced concerns that required urgent help. However, the reaction time from Papaya Global’s consumer assistance group was not always as timely as we would have liked, resulting in delays in fixing those concerns.
Our implementation of involved a phased approach. We began by onboarding a couple of subsidiaries to check the system’s compatibility with our existing procedures. This allowed us to recognize and resolve integration challenges early on. As the software became more implanted in our operations, we slowly expanded its use to cover our entire worldwide labor force.
The automated features structured our payroll procedures, lowering the time invested in manual calculations and compliance tracking. Routine training sessions and continuous support from Papaya assisted our groups become competent users of the software, optimizing its potential for our organization.
However, paying a labor force can be complex. It is particularly challenging for companies who utilize staff throughout multiple nations, as they must continuously combine different information streams, manually track regional and national labor and policies, and invest important time and resources to establish regional entities in brand-new locations. These business are confronted with suboptimal, costly options, like opening a foreign subsidiary or hiring a professional work organization, which is a regional firm that employs staff members on their behalf and can charge up to 15% of. By 2022, 75% of employers reported problem recruiting certified workers, a boost of 21% from 2019. The payroll & HR services market was valued at $26.4 billion in 2022 and is predicted to reach $50.4 billion by 2030.
uses an option supporting all types of employment. It provides an end-to-end platform, from worker onboarding and ongoing management to worldwide payments and. It assists business with labor law compliance in the jurisdictions in which they operate, provides management of employment advantages, and ensures 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 professional in payroll and labor force management. She co-founded after seeing the technology space in global.
papaya this webcast has been pre-approved for hrci and Sherm credit please make certain to go to the complete webcast in order to get your credits if you have any concerns throughout the webcast please click on the Q&A tab in your webinar controls and type the there a new tab will open in your browser with the webcast study please make certain 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 presentation hello and thank you for joining us today we’re enjoyed have you here as we start a journey of information to policy achieving
360 degree employee compliance where we’ll dive into the important elements of the staff member compliance management model throughout the session we’ll explore real world challenges real local guidelines finest practices and the function of Automotion in simplying compliance journey be prepared to emerge in a thorough understanding of how to protect your organization and staff members while staying compliant in an
Ever developing regulative environment in the everchanging world of service and financing ensuring compliance with payroll regulations is not only vital however likewise a legal important from the moment of employing to the in intri intricacies even sorry of termination every step along the employee journey is Frau with compliance risks that have far-reaching repercussions however with a much deeper more nuanced understanding of their responsibilities organizations can not only navigate the intricate landscape but likewise proactively ensure this 360 degree compliance the webinar is developed to equip you with the understanding and tools required to browse the complex Surface of compliance whether you’re a skilled P specialist a small business owner or somebody brand-new to the field what I wish to do before we start and I think it’s truly essential
In our quest to improve effectiveness and precision in managing our international workforce, our international corporation turned to, a leading and labor force management software application. The transition intended to simplify the complex job of managing across various nations, currencies, and compliance policies.
Among the standout functions of is its robust compliance management system. The software immediately updates itself to follow ever-evolving tax and labor laws across multiple jurisdictions. This has actually been vital in ensuring that our processes remain compliant in each nation of operation.
is to state that the material here is not legal suggestions it is just for your info please consult your legal group ought to you have any concerns or issues in relation to anything that we’ve talked about today our secret take crucial takeaways by the end of the webinar will be an understanding of employee compliance dangers how to employ ly with self-confidence how to streamline data 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 type of your core worker record um to handle that worker life process throughout their Journey with you as as a worker in addition to a payroll module we need to assist you pay those workers and compensate them and advantages Administration module that permits you to help handle the advantages you supply to your staff members so really excited to be here represent um bamb booy container and talk about this topic um and I think from my perspective I’ll I’ll probably offer a lot of a concentrate on the United States side of things when we talk about type of compliance so pleased to be here thanks for having me Ian fine 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 hi everyone I’m Gina dorelis I’m the Work specialist supervisor.
at I manage the employment Council in the US APAC EMA and Israel area I also function as us Council for I’m accredited 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 work force service provider to employees serving in over.
160 countries alright thank you so both I feel entirely underqualified sitting here with you both well I forgot to discuss as we were type of like going through the introduction so it’s really really good to actually see in the webinar chat where everyone’s actually going to 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 great whilst we simply wait on everyone else to type of like take part there we go Chicago also well um so whil we’re doing that I’m waiting on everyone to type of join I’ll just run us through the program um today we are going to talk about employing Talent new higher Details Management termination compliance and automation wow the chat has actually got actually really hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from absolutely everywhere which is fantastic so uh I’m hoping that we’re in fact going to have some truly excellent commentary and concerns throughout the uh the webinar also all right 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 an employee and their data is Papaya Global Update 2024 multifaceted without fail and an.
Ever progressing relationship that starts the minute an individual joins a company it continues throughout their work and Beyond this journey can be divided into k to numerous key phases whilst we’re in fact you understand that they’re used with us so on boarding everyday operations compensation and benefits expert advancement then we get to the offboarding and even advocacy so it even happens after the staff member has actually left your work throughout the journey companies are accountable for collecting saving safeguarding staff member information in compliance with information privacy guidelines no matter where it is you’re operating worldwide it frequently includes executing protected information management systems and guaranteeing strict adherence to local requirements to secure both the staff member and the organization the advancement of employee data and management c.