A CFO’s Viewpoint on Papaya Global Update V26…
Papaya Global’s platform simplifies global labor force management for business, making sure compliance with regional regulations and tax laws. Their services include payroll processing, benefits administration, compliance oversight, time and attendance tracking, and HR assistance. The platform centralizes worldwide 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 dynamic landscape of global company operations, handling payroll throughout borders can be a complex and tough job. As the Chief Financial Officer (CFO) of an international business, I comprehend the important importance of efficient and certified payroll management. In our pursuit of quality, we have actually embraced ingenious options to enhance our procedures, and one such transformative tool is Software.
The Difficulty of International Payroll:
Worldwide expansion causes varied difficulties, and payroll management is no exception. Differing tax guidelines, differing employment laws, and numerous currencies make it necessary for organizations to embrace advanced options to ensure precision, compliance, and performance in payroll processing.
Software application: A Comprehensive Option:
It is vital to consider and consist of post-termination limitations in the employment agreement to guarantee enforceability. You must thoroughly determine what you are seeking to protect and plainly define the secret information that falls within its scope. Additionally, define the period of the post-termination restriction and be prepared to justify it in relation to intellectual property. The guidelines relating to intellectual property differ depending on the kind of IP and the jurisdiction. For example, in the Netherlands, the end customer is likely to have copyright rights over works produced by workers under their supervision, while in Poland, legal assignment might be needed.
Papaya Global Software application has actually emerged as a game-changer in the realm of global payroll management. Its cloud-based platform incorporates payroll, workforce management, and employee benefits into a single, user-friendly interface. As the CFO, I have witnessed firsthand the positive effect of on our organization’s monetary operations.
Unified Global Payroll Processing:
allows our company to process payroll seamlessly across multiple countries. The platform’s unified approach enables consistent payroll estimations, decreasing errors and ensuring compliance with regional regulations. This has substantially reduced the dangers related to worldwide payroll processing.
also key for if later on somebody states misclassification you have your file supported by the requisite files which the ideal assessment tools to reveal somebody that you had a thoughtful process and so what do you have to include because procedure it’s the who the what the where and the when who are you dealing with are you dealing with a specific or are you handling a personal Service Corporation and how are they running what are they doing is it the kind of work that provides itself more to being an independent professional than an employee so for instance accounting
I.T crafting the creatives these all lend 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 site and handled once again another essential factor is the management and supervision of the uh worker and after that lastly when is it a specific project is it a six-month project 6 years all of this is workable but it has to be documented and it needs to be thoroughly 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 employee completes and fills these questions out therefore does completion customer or the recipient of the services they both put their details into the tool and after that it does an evaluation waiting the various concerns because not every jurisdiction has the same sensation about some of these questions some think they’re more vital than others and it comes out with a red yellow or green red you’re most likely a staff member yellow you’re on the cusp we can most likely assist you with that in terms of a few of the important things you need to boost to ensure that you are considered that evaluation of uh independent specialist or green where you were examined as an as a independent specialist once that assessment is done all the requisite documents are below it so that if later on there
Navigating the complexities of international work laws and tax guidelines can be overwhelming. Papaya Global’s automated compliance engine keeps our organization current 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 consultants accounting firms and legal companies who assist us keep our databases entirely approximately date and we likewise contact we require to when we see an unusual or or especially complicated circumstances fine thanks Steve I can just see a fast concern in the Q a window yes the session will be recorded and sent out to attendees later on um moving back to to the webinar itself Ray company of record is controlled in a different way around the world and the German law for instance it’s classed as worker leasing can you shed any light on a few of the special factors to consider for nations and where the eor model isn’t controlled yes Ian worker leasing or labor leasing as it’s likewise called which prevails in several nations specifically in Europe imposes strict guidelines on products such as the length of assignment it also appoints employees to collective bargaining agreements that provides rights and benefits but even in the countries that do not have those rigorous regulations for example the UK Canada and the nordics there are regulations for each nation and each employee is dealt with the like all the other employees because country and all those policies require to be abided by fine thank you Ray um Kathy moving I would state to yourself what do business require to factor in when figuring out contract status to safeguard themselves and the rights of hires what are the benefits and drawbacks of employing professionals and Freelancers versus long-term employees so clearly the the advantage of specialists versus workers is the the flexibility for both the employee and for the employer um but I can’t stress enough how important it is to have a constant thorough and a well-documented compliance
Papaya Global Update V26 and Time Cost Savings:
The software’s automation abilities have actually considerably decreased the time and effort required for payroll processing. Manual information entry and repeated jobs have been lessened, allowing our financing team to concentrate on tactical efforts rather than administrative concerns. This has actually resulted in increased efficiency and productivity within our financial operations.
in one because each state has its own guidelines Californians are some of the most stringent an example is pay slips on a payslip in California the right details has to be on the payslip in the right format and in the best 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 consider and we’re only 2 concerns in and 10 minutes or two employing in one country is challenging enough but when employing in a you understand on an international level it’s an entirely various story you need to ensure that you’re up to date with current as well as 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 and that your clients are completely supported and I’ll organize this into three crucial things we carry out in firstly you need to have the right team so we employ a group of worldwide experts in Employment Practices um that ex that group of professionals consists of legal representatives it consists of payroll experts it includes HR professionals and these are people that not just know the laws in these in these nations and regions but they likewise know the languages they know the regional practices they understand the cultures and it’s important to have that ideal group and genuinely have the group on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global provides detailed real-time analytics and reporting tools. As a CFO, having access to precise and timely monetary information is essential for decision-making. The platform’s reporting abilities empower me to make educated tactical choices based on 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 evaluated through the judicial system by way of case law examples of that would be the gotten rights directive otherwise called the 2p regulations in the UK the working time guidelines which has had numerous strands of that legislation evaluated especially around holiday pay and obviously as Kathy’s going to come on to discuss later on work status which there’s been multiple precedence set for many years so I think it’s truly that constant advancement of the employment law landscape that you really require to browse when when operating in Europe okay thank you Elizabeth Ray what about you from your personal experience while crossing the pond as pointed out each country has various regulations however the United States is essentially 50 nations
Scalability for Business Development:
Among the standout features of Papaya Global is its scalability. As our company continues to grow and broaden into new markets, the software application effortlessly accommodates changes in our workforce and payroll requirements. This scalability ensures that our payroll infrastructure can adjust to the evolving needs of our international organization.
Worldwide Chief legal officer we’ve got Elizabeth Beal who is our chief legal officer for Amia and we have actually got Ray Gander who is our senior vice president of client services and I would say individually and collectively these 3 individuals have Years of experience in in work law and international Employment Practices so thank you it’s a satisfaction 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 likewise have among our own Stars delete share head of Global Services at papaya Worldwide tell us about yourself thank you Elin Ian hello my name is Elite I have actually been with the business for around 4 and a half years as head of Collaborations I have actually developed Papaya’s network of in-country Partners in over 160 areas on a personal element and related to our subject today I’ve had the chance to relocate and operate in 3 various countries it is the company’s obligation to ensure my protection while living in a foreign nation compliance with regional laws and regulations is vital for me or anyone else as an expat or as a regional so today we have invited our relied on Partners individuals 2.0 to show the significance of regional
proficiency when companies Go Worldwide thank you and take pleasure in fine thank you as I stated let’s move on to the pact agenda today’s webinar is a chance to ask the panel the questions you’ve been thinking of we’ll go over the truths a business needs to think about when opening a new entity and expanding into brand-new nations in addition to keeping things going we’ll cover aspects such as local regulations considerations when employing compliance crucial challenges payments and what not to do it’s one of the most essential things remembering what not to do um operating on a worldwide level is not for the faint-hearted the bigger a company grows the more they require to understand and handle knowing what to do in each new situation as it rises is essential on lots of levels understanding regional guidelines and regional laws in addition to company practices assists reduce Associated and global growth papaya through our local professionals can browse potential dangers such as intellectual property security information personal privacy security concerns making sure the company’s operations remain compliant and safe and secure tax Social Security returns and remittances vary by country
In conclusion, Papaya Global Software has shown to be a vital possession in our mission for efficient and certified worldwide payroll management. As the CFO of a global business, I am confident in suggesting Papaya Global to companies seeking to improve their payroll processes, enhance compliance, and attain greater performance in managing their global workforce. The software application’s innovative features and commitment to excellence align with our strategic objectives, making it an essential part of our monetary operations.
I find time and time again the workers often misclassified unknowingly they do not comprehend the conditions of work or contract and are informed by the customer why it’s most advantageous generally to the client why you should be used or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be affected and several times it can be years before this all falls out and by that time it’s too late years have actually gone by they have not contributed to pensions Etc so it’s a huge impact that they never understood they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy companies are securing insurance versus misclassification but usually premiums are only covering the expense of legal charges whilst the typical claim evaluated versus companies 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 require to check out the small print it is not covering the taxes charge and interest for the most part I have not seen it at least so uh the the other area that I do think 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 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 V26 …
The thorough features of come at a cost,
Over the past few decades, the labor force has actually gone through a considerable change with the introduction of remote work, which has actually gotten rid of geographical constraints on hiring. This has made it possible for businesses to recruit talent from all over the world, allowing them to put together the best possible team for each function. As a result, employees have actually gotten greater flexibility to work from home and increase their earnings without needing to move to expensive locations or commute long distances. According to a 2022 study, 87% of workers who have the alternative to work remotely pick to do so. The COVID-19 pandemic, integrated with improvements in business connection software application, has even more accelerated the shift towards remote work, even in industries that were initially reluctant to embrace the pattern.
insights are important to us and and your fellow attendees so first things first though um let’s learn more about everybody my name is Ian Charles and I’ve worked in payroll for the last 25 years I have actually had functions in all sort of Industries retail and Appeal to Aerospace in all types of businesses start-up to matrixed environments across the globe I offered leadership and technique to populations of more than 100,000 employees on a regular monthly basis and in over 170 countries today I’m the perel strategist for papaya
Worldwide I work across the business guy maning and constructing external relationships supporting Enterprise customers and services and acting as an advisor I ‘d like to present 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 said my name is Greg Piper uh I am the senior business counsil at bambo HR so I lead our internal legal team and really work extremely carefully with our um HR department also to deal with various legal and HR matters that turn up so really thrilled to be here about bambo HR if if you’re not familiar with us uh at bambo HR we say our objective is to set you as HR professionals totally free to do fantastic
Although Papaya Global provides combinations with different HR and finance systems, we came across some obstacles during the combination process. Tailoring the software application to align with our existing facilities showed to be more complex than expected, resulting in delays in the preliminary rollout.
The substantial functions offered by Papaya Global come at an expense, which a few of our smaller sized subsidiaries discovered to be prohibitively pricey. As a global company, we had to carefully weigh the need for advanced functionality versus budget constraints.
Support Action Time:
On occasion, our teams experienced issues that needed urgent assistance. However, the reaction time from Papaya Global’s customer support team was not always as timely as we would have liked, leading to hold-ups in resolving those concerns.
Our application of involved a phased method. We started by onboarding a few subsidiaries to check the system’s compatibility with our existing procedures. This permitted us to identify and deal with integration challenges early on. As the software ended up being more instilled in our operations, we slowly broadened its usage to cover our entire worldwide labor force.
The automated functions streamlined our payroll procedures, minimizing the time invested in manual estimations and compliance tracking. Regular training sessions and continuous support from Papaya helped our teams end up being proficient users of the software application, optimizing its potential for our organization.
Companies that employee workers across numerous nations often deal with intricate difficulties when it concerns handling their labor force. One of the most significant difficulties is combining numerous information streams and sticking to varied regional and nationwide labor regulations, which can be both lengthy and pricey. Additionally, establishing regional entities in brand-new areas can be a costly and suboptimal option, with alternatives such as opening a foreign subsidiary or employing a professional employment company (PEO) typically charging up to 15% of the payroll. These challenges have led to a substantial increase in difficulty recruiting qualified workers, with 75% of companies reporting this issue in 2022, a 21% boost from 2019. The payroll and HR options market, valued at $26.4 billion in 2022, is anticipated to reach $50.4 billion by 2030.
uses an option supporting all types of employment. It provides an end-to-end platform, from staff member onboarding and continuous management to global payments and. It assists business with labor law compliance in the jurisdictions in which they operate, uses management of employment benefits, and guarantees data 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 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 sure to participate in the total webcast in order to receive your credits if you have any concerns throughout the webcast please click the Q&A tab in your webinar controls and type the there a brand-new tab will open in your internet browser with the webcast survey please make certain to finish 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 data to regulation attaining
360 degree employee compliance where we’ll dive into the important aspects of the employee compliance management model throughout the session we’ll explore real world difficulties genuine regional policies finest practices and the role of Automotion in simplying compliance journey be prepared to emerge in a detailed understanding of how to protect your organization and staff members while staying certified in an
Ever progressing regulative environment in the everchanging world of service and finance guaranteeing compliance with payroll guidelines is not just essential but likewise a legal crucial from the minute 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 however with a deeper more nuanced understanding of their obligations organizations can not only navigate the elaborate landscape however also proactively guarantee this 360 degree compliance the webinar is created to equip you with the understanding and tools essential to navigate the complex Terrain of compliance whether you’re a seasoned P specialist a small company owner or someone brand-new to the field what I wish to do before we start and I think it’s actually important
In our quest to boost efficiency and accuracy in handling our global workforce, our multinational corporation turned to, a leading and workforce management software. The shift intended to streamline the complex job of managing throughout various countries, currencies, and compliance guidelines.
Among the standout features of is its robust compliance management system. The software application automatically updates itself to follow ever-evolving tax and labor laws across multiple jurisdictions. This has been important in making sure that our processes stay certified in each nation of operation.
is to state that the content here is illegal recommendations it is merely for your information please consult your legal team ought to you have any questions or issues in relation to anything that we have actually gone over 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 confidence how to streamline information management and automation so let’s take ourselves a moment to acquaint ourselves with the webinar platform once again as we’ve.
act as your hris or is kind of your core staff member record um to manage that employee life cycle throughout their Journey with you as as an employee in addition to a payroll module we need to help you pay those employees and compensate them and benefits Administration module that permits you to assist manage the benefits you offer to your employees so really delighted to be here represent um bamb booy container and talk about this topic um and I guess from my viewpoint I’ll I’ll probably supply a great deal of a concentrate on the US side of things when we talk about sort 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 inform the audience a little bit about papay international yes absolutely thank you Ian hey there everyone I’m Gina dorelis I’m the Employment professional manager.
at I handle the employment Council in the US APAC EMA and Israel area I likewise function as us Council for I’m licensed in New york city and New Jersey um we ensure compliance onboarding and offboarding of employees with regard to papaya we supply payroll payments and workforce management as a Service work force provider to workers serving in over.
160 countries okay thank you so both I feel totally underqualified sitting here with you both well I forgot to point out as we were type of like going through the introduction so it’s actually actually nice to in fact see in the webinar chat where everybody’s actually participating in from today I can see that we have people in Las Vegas and Indiana already so if you want to carry on inform where you are that would be absolutely fantastic whilst we just await everybody else to kind of like join in 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 agenda um today we are going to talk about hiring Skill new higher Info Management termination compliance and automation wow the chat has actually got really truly busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from absolutely everywhere which is wonderful so uh I’m hoping that we’re actually going to have some actually great commentary and concerns throughout the uh the webinar too fine so that’s the agenda then what I want to Now cover is the the compliance and the Personal privacy side of things so the the Journey of a worker and their data is Papaya Global Update V26 complex without fail and an.
Ever evolving relationship that starts the minute a person signs up with a company it continues throughout their work and Beyond this journey can be divided into k to several key phases whilst we’re actually you know that they’re employed with us so on boarding everyday operations settlement and benefits professional development then we get to the offboarding and even advocacy so it even takes place after the staff member has actually left your employment throughout the journey organizations are responsible for gathering keeping securing employee data in compliance with data personal privacy regulations no matter where it is you’re operating around the world it frequently includes implementing protected information management systems and making sure stringent adherence to regional requirements to secure both the staff member and the company the development of staff member information and management c.