A CFO’s Point of view on Papaya Global Updates 2017…
The platform enables companies to manage their global workforce and abide by regional work policies and tax laws. Papaya Global offers a series of services, consisting of payroll management, benefits administration, compliance management, time and presence tracking, and HR management. The platform is developed to simplify the complexities of international payroll and offer real-time exposure and control over payroll operations. The business was founded in 2016 and is headquartered in Tel Aviv, Israel, with offices in New york city, London, and Kiev.
In the vibrant landscape of international company operations, handling payroll throughout borders can be a complex and difficult task. As the Chief Financial Officer (CFO) of an international company, I comprehend the crucial value of efficient and compliant payroll management. In our pursuit of excellence, we have welcomed ingenious solutions to enhance our processes, and one such transformative tool is Software.
The Obstacle of International Payroll:
International growth brings about diverse obstacles, and payroll management is no exception. Differing tax regulations, differing work laws, and numerous currencies make it imperative for organizations to embrace advanced solutions to guarantee accuracy, compliance, and effectiveness in payroll processing.
Software application: A Comprehensive Solution:
employees so it’s really basic to make sure that you have actually thought about from the beginning any post-termination restrictions that you want to put into the contract of employment that they’re enforceable so that means you require to actually think of what it is you’re looking to secure and why plainly Define what’s consisted of within the scope of that confidential information and deal with the period of restriction post-determination that you wish to use and be really able to to validate that in relation to intellectual property the position really depends upon the kind of copyright you’re seeking to secure and likewise the jurisdiction so for example from a copyright viewpoint in the Netherlands the end customer is more likely to have the um copyright rights in a copyright that the workers produced who’s been under their guidance and control automatically however in somewhere like Poland for example that automated right might not be there which task would need to stream through the chain uh contractually so it truly depends upon the jurisdiction and the kind of IP alright thank you Elizabeth Steve was remaining on the topic of contracts Miss classified misclassifying workers
Papaya Global Software has actually become a game-changer in the world of worldwide payroll management. Its cloud-based platform incorporates payroll, workforce management, and employee benefits into a single, user-friendly user interface. As the CFO, I have experienced firsthand the positive effect of on our company’s monetary operations.
Unified Global Payroll Processing:
allows our company to process payroll effortlessly throughout multiple countries. The platform’s unified method enables consistent payroll estimations, decreasing mistakes and making sure compliance with regional guidelines. This has actually significantly mitigated the threats related to worldwide payroll processing.
also essential for if later somebody says misclassification you have your file supported by the requisite documents and that the ideal evaluation tools to show somebody that you had a thoughtful process and so what do you have to consist of in that process it’s the who the what the where and the when who are you dealing with are you handling a private or are you handling a personal Service Corporation and how are they running what are they doing is it the type of work that lends itself more to being an independent professional than a worker so for instance accounting
I.T engineering the creatives these all lend themselves more to that assessment 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 once again another key element is the management and guidance of the uh worker and after that finally when is it a particular project is it a six-month project 6 years all of this is manageable however it needs 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 internationally these tools take a questionnaire list for the employee the employee fills out and fills these questions out therefore does completion 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 since not every jurisdiction has the exact same sensation about a few of these concerns some think they’re more crucial than others and it brings out a red yellow or green red you’re probably a staff member yellow you’re on the cusp we can most likely assist you with that in regards to some of the important things you need to bolster to make sure that you are considered that assessment of uh independent specialist or green where you were examined as an as a independent professional once that assessment is done all the requisite files are beneath it so that if later on there
Navigating the intricacies of worldwide work laws and tax guidelines can be frustrating. Papaya Global’s automated compliance engine keeps our organization up-to-date with changes in regulations throughout jurisdictions. This guarantees that our payroll processes adhere to the most recent requirements, lessening the threat of non-compliance and associated penalties.
network of In-House outside consultants accounting companies and legal companies who help us keep our databases completely approximately date and we also call on we need to when we see an unusual or or especially complicated circumstances okay thanks Steve I can just see a fast concern in the Q a window yes the session will be taped and sent to attendees afterwards um returning to to the webinar itself Ray employer of record is controlled differently all over the world and the German law for instance it’s classed as employee leasing can you shed any light on a few of the unique considerations for nations and where the eor model isn’t managed yes Ian staff member leasing or labor leasing as it’s likewise called which prevails in a number of nations particularly in Europe enforces rigorous policies on items such as the length of assignment it also appoints workers to collective bargaining agreements that provides rights and advantages but even in the nations that do not have those stringent regulations for example the UK Canada and the nordics there are policies for each nation and each worker is treated the like all the other employees in that nation and all those policies require to be abided by okay thank you Ray um Kathy moving I would say to yourself what do companies need to factor in when figuring out contract status to safeguard themselves and the rights of hires what are the benefits and drawbacks of working with contractors and Freelancers versus long-term workers so obviously the the benefit of contractors versus staff members is the the versatility for both the employee and for the company um however I can’t stress enough how crucial it is to have a constant extensive and a well-documented compliance
Papaya Global Updates 2017 and Time Cost Savings:
The software’s automation capabilities have substantially decreased the time and effort needed for payroll processing. Manual information entry and recurring tasks have been minimized, allowing our financing group to concentrate on tactical initiatives instead of administrative problems. This has actually resulted in increased performance and efficiency within our monetary operations.
in one because each state has its own regulations Californians are some of the most rigorous an example is pay slips on a payslip in California the ideal information has to be on the payslip in the best format and in the best position if you remain in breach of of policies for payslips the fines are issued per payslip so that’s each employee each pay slip will incur a great thanks Ray thank you Elizabeth a lot to worry to consider and we’re just 2 concerns in and 10 minutes approximately employing in one country is challenging enough but when employing in a you know on a global level it’s an entirely different story you need to make certain that you’re up to date with existing as well as pending local labor laws Steve um how do you ensure and make sure that the people 2.0 group is on top of an ever-changing landscape and that your customers are totally supported and I’ll arrange this into 3 essential things we do in primarily you require to have the right group so we employ a group of international specialists in Employment Practices um that ex that group of specialists includes attorneys it consists of payroll experts it includes HR specialists and these are individuals that not just know the laws in these in these countries and regions however they also know the languages they understand the regional practices they understand the cultures and it is essential to have that ideal group and really have the group on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global provides thorough real-time analytics and reporting tools. As a CFO, having access to accurate and timely monetary information is essential for decision-making. The platform’s reporting capabilities empower me to make informed tactical choices based on real-time insights into our worldwide payroll data.
application and its scope and the way that 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 known as the 2p guidelines in the UK the working time regulations which has had different hairs of that legislation checked particularly around holiday pay and naturally as Kathy’s going to come on to speak about later work status which there’s been numerous precedence set over the years so I believe it’s truly that constant development of the employment law landscape that you really need to navigate 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 different policies however the United States is basically 50 nations
Scalability for Company Growth:
One of the standout functions of Papaya Global is its scalability. As our business continues to grow and broaden into new markets, the software application perfectly accommodates changes in our labor force and payroll requirements. This scalability guarantees that our payroll infrastructure can adjust to the evolving requirements of our worldwide company.
International Chief legal officer we have actually got Elizabeth Beal who is our primary legal officer for Amia and we’ve got Ray Glimpse who is our senior vice president of 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 pleasure 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 also have among our own Stars erase share head of Global Services at papaya Global inform us about yourself thank you Elin Ian hey there my name is Elite I’ve been with the company for around four and a half years as head of Collaborations I have established Papaya’s network of in-country Partners in over 160 areas on an individual element and related to our subject today I have actually had the opportunity to move and operate in three various countries it is the company’s duty to ensure my protection while residing in a foreign nation compliance with local laws and guidelines is essential for me or anybody else as an expat or as a local so today we have actually welcomed our trusted Partners people 2.0 to show the significance of local
know-how when companies Go International thank you and enjoy alright thank you as I stated let’s carry on to the pact agenda today’s webinar is a chance to ask the panel the questions you have actually been thinking about we’ll go over the realities a business requires to think about when opening a brand-new entity and broadening into new nations along with keeping things going we’ll cover aspects such as local regulations factors to consider when employing compliance key obstacles payments and what not to do it’s one of the most crucial things remembering what not to do um operating on a worldwide level is not for the faint-hearted the larger a business grows the more they require to understand and manage understanding what to do in each new circumstance as it rises is essential on many levels comprehending regional policies and regional laws in addition to service practices helps alleviate Associated and international growth papaya through our local professionals can browse possible risks such as intellectual property security data privacy security concerns making sure the business’s operations stay compliant and protected tax Social Security returns and remittances vary by country
In conclusion, Papaya Global Software application has shown to be a vital property in our quest for efficient and certified global payroll management. As the CFO of a worldwide business, I am confident in suggesting Papaya Global to companies looking for to simplify their payroll procedures, boost compliance, and attain greater effectiveness in managing their global labor force. The software application’s ingenious functions and dedication to excellence line up with our strategic objectives, making it an essential part of our monetary operations.
I discover time and time again the workers frequently misclassified unwittingly they don’t comprehend the conditions of employment or agreement and are told by the customer why it’s optimum primarily to the customer why you ought to be used or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care benefits of the worker 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 passed they haven’t added to pensions Etc so it’s a huge impact that they never ever knew they were walking into you could not agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy business are securing insurance against misclassification but typically premiums are only covering the cost of legal costs whilst the typical claim examined against companies corresponds to to 40 or 50 percent of the base pay of employee is there any point in getting insurance 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 penalty and interest for the most part 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 stating is is that if your compliance program is not up to pack you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK
Expense Factors to consider and Papaya Global Updates 2017 …
The comprehensive features of come at a cost,
Recent decades have seen a dramatic modification to the labor force as the rise of remote work has actually broken down geographical barriers to working with. Organizations can now work with staff from anywhere worldwide, allowing them to access the best offered talent for any given function. This offers employees more freedom to work from home and increase their income without transferring to costly locations or travelling cross countries. A 2022 study found that 87% of workers who have the chance to work from another location take that chance. The outbreak of COVID-19, in conjunction with new enterprise connection software application, sped up the relocate to remote work, including in industries previously reluctant to accept the pattern.
insights are important to us and and your fellow participants so first things first though um let’s get to know everyone my name is Ian Charles and I’ve worked in payroll for the last 25 years I’ve had functions in all kind of Industries retail and Beauty to Aerospace in all types of companies start-up to matrixed environments across the globe I supplied management and strategy to populations of more than 100,000 employees on a regular monthly basis and in over 170 nations today I’m the perel strategist for papaya
Worldwide I work across the business male maning and building external relationships supporting Enterprise customers and services and functioning as a consultant I want to present our very 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 stated my name is Greg Piper uh I am the senior corporate counsil at bambo HR so I lead our in-house legal team and in fact work extremely closely with our um HR department as well to manage different 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 state our objective is to set you as HR specialists totally free to do fantastic
Although Papaya Global provides combinations with various HR and financing systems, we encountered some obstacles during the integration process. Tailoring the software to line up with our existing facilities proved to be more complicated than anticipated, resulting in delays in the preliminary rollout.
The substantial functions provided by Papaya Global come at a cost, which some of our smaller subsidiaries discovered to be prohibitively pricey. As a worldwide company, we had to carefully weigh the need for advanced functionality against budget constraints.
Support Response Time:
On occasion, our groups experienced problems that needed urgent help. Nevertheless, the reaction time from Papaya Global’s customer assistance group was not constantly as timely as we would have liked, causing delays in solving those issues.
Our execution of included a phased approach. We started by onboarding a couple of subsidiaries to test the system’s compatibility with our existing procedures. This enabled us to recognize and attend to combination challenges early on. As the software ended up being more ingrained in our operations, we gradually broadened its use to cover our entire international workforce.
The automated features streamlined our payroll procedures, minimizing the time spent on manual computations and compliance tracking. Regular training sessions and continuous assistance from Papaya helped our groups end up being skilled users of the software application, optimizing its potential for our company.
Companies that employee workers throughout multiple countries often face intricate difficulties when it comes to handling their workforce. One of the greatest hurdles is combining different data streams and sticking to diverse regional and nationwide labor guidelines, which can be both time-consuming and costly. Moreover, setting up regional entities in brand-new regions can be a pricey and suboptimal option, with options such as opening a foreign subsidiary or working with a professional employment organization (PEO) frequently charging up to 15% of the payroll. These obstacles have led to a significant boost in trouble hiring certified personnel, 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.
provides an option supporting all kinds of employment. It offers 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 run, provides management of employment advantages, and makes sure 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 innovation gap in worldwide.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please make certain to participate in the complete webcast in order to get your credits if you have any questions during the webcast please click on 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 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 hi and thank you for joining us today we’re thrilled to have you here as we start a journey of information to guideline accomplishing
360 degree employee compliance where we’ll dive into the necessary elements of the employee compliance management design throughout the session we’ll explore real life difficulties genuine local regulations finest practices and the role of Automotion in simplying compliance journey be prepared to emerge in a thorough understanding of how to secure your organization and staff members while staying certified in an
Ever progressing regulative environment in the everchanging world of service and financing guaranteeing compliance with payroll guidelines is not just vital but also a legal essential from the moment of working with to the in intri complexities even sorry of termination every step along the staff member journey is Frau with compliance risks that have significant repercussions nevertheless with a much deeper more nuanced understanding of their commitments organizations can not only browse the complex landscape however likewise proactively ensure this 360 degree compliance the webinar is developed to equip you with the knowledge and tools necessary to browse the complex Surface of compliance whether you’re a seasoned P specialist a small business owner or someone new to the field what I want to do before we start and I believe it’s actually essential
In our mission to boost efficiency and precision in handling our worldwide workforce, our multinational corporation turned to, a leading and workforce management software application. The transition intended to streamline the complex job of managing throughout different nations, currencies, and compliance policies.
Among the standout features of is its robust compliance management system. The software automatically updates itself to comply with ever-evolving tax and labor laws throughout several jurisdictions. This has been indispensable in ensuring that our processes stay certified in each country of operation.
is to state that the content here is not legal recommendations it is simply for your info please consult your legal group needs to you have any questions or issues in relation to anything that we’ve gone over today our secret take key takeaways by the end of the webinar will be an understanding of employee compliance threats how to hire ly with self-confidence how to streamline information 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 staff member 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 employees and compensate them and benefits Administration module that enables you to assist manage the benefits you supply to your employees so really delighted to be here represent um bamb booy jar and discuss this topic um and I guess from my point of view I’ll I’ll most likely offer a lot of a focus on the US side of things when we talk about kind of compliance so delighted to be here thanks for having me Ian okay thanks Greg um Gina over to you would you like to present yourself and inform the audience a bit about papay worldwide yes definitely thank you Ian hello everyone I’m Gina dorelis I’m the Employment professional supervisor.
at I handle the employment Council in the United States APAC EMA and Israel area I also function as us Council for I’m accredited in New york city 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 provider to employees serving in over.
160 countries alright thank you so both I feel completely underqualified sitting here with you both well I forgot to discuss as we were kind of like going through the introduction so it’s really truly good to really see in the webinar chat where everybody’s really going to from today I can see that we have people in Las Vegas and Indiana already so if you want to continue inform where you are that would be absolutely great whilst we simply wait for everyone else to type of like participate in there we go Chicago too well um so whil we’re doing that I’m waiting on everybody to kind of join I’ll just run us through the program um today we are going to talk about employing Talent new greater Information 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 originating from definitely everywhere which is great so uh I’m hoping that we’re actually going to have some really terrific commentary and concerns throughout the uh the webinar also fine so that’s the agenda then what I wish to Now cover is the the compliance and the Personal privacy side of things so the the Journey of a staff member and their data is Papaya Global Updates 2017 complex 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 stages whilst we’re actually you understand that they’re used with us so on boarding daily operations compensation and advantages expert advancement 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 companies are accountable for collecting saving protecting employee data in compliance with information personal privacy regulations no matter where it is you’re running around the globe it frequently includes implementing safe information management systems and making sure strict adherence to regional requirements to secure both the staff member and the company the development of staff member information and management c.