A CFO’s Viewpoint on Papaya Global Version 22…
The platform makes it possible for companies to manage their global workforce and adhere to local work policies and tax laws. Papaya Global provides a range of services, including payroll management, advantages administration, compliance management, time and participation tracking, and HR management. The platform is created to streamline the complexities of worldwide payroll and offer real-time presence and control over payroll operations. The company was founded in 2016 and is headquartered in Tel Aviv, Israel, with offices in New york city, London, and Kiev.
In the dynamic landscape of international company operations, handling payroll throughout borders can be a complex and challenging job. As the Chief Financial Officer (CFO) of an international company, I comprehend the important significance of efficient and compliant payroll management. In our pursuit of excellence, we have actually welcomed innovative services to streamline our processes, and one such transformative tool is Software application.
The Challenge of International Payroll:
Global expansion produces diverse challenges, and payroll management is no exception. Differing tax regulations, varying work laws, and multiple currencies make it vital for companies to adopt advanced options to ensure accuracy, compliance, and performance in payroll processing.
Software: A Comprehensive Service:
workers so it’s really basic to guarantee that you’ve considered from the outset any post-termination constraints that you wish to take into the contract of employment that they’re enforceable so that indicates you require to actually consider what it is you’re looking to protect and why clearly Specify what’s included within the scope of that confidential information and resolve the period of limitation post-determination that you wish to apply and be really able to to validate that in relation to intellectual property the position really depends on the type of copyright you’re seeking to protect and also the jurisdiction so for example from a copyright perspective in the Netherlands completion client is more likely to have the um copyright rights in a copyright that the workers produced who’s been under their supervision and control instantly nevertheless in somewhere like Poland for example that automated right might not be there which task would require to stream through the chain uh contractually so it actually depends upon the jurisdiction and the kind of IP all right thank you Elizabeth Steve was staying on the subject of agreements Miss classified misclassifying workers
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 actually experienced firsthand the favorable impact of on our organization’s monetary operations.
Unified International Payroll Processing:
allows our company to process payroll flawlessly across numerous countries. The platform’s unified approach permits constant payroll estimations, decreasing mistakes and ensuring compliance with local regulations. This has considerably reduced the threats related to international payroll processing.
likewise essential for if later somebody states misclassification you have your file supported by the requisite documents which the ideal examination tools to show somebody that you had a thoughtful process and so what do you have to consist of because process it’s the who the what the where and the when who are you handling are you handling a private or are you dealing with 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 a worker so for example accounting
I.T crafting the creatives these all provide themselves more to that assessment 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 again another key element is the management and supervision of the uh worker and then lastly when is it a specific task is it a six-month project six years all of this is manageable however it needs to be documented and it has to be completely um investigated 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 survey list for the worker the employee completes and fills these questions out and so does the end customer or the recipient of the services they both put their information into the tool and after that it does an assessment waiting the various questions due to the fact that not every jurisdiction has the exact same feeling about some of these concerns some think they’re more crucial than others and it comes out with a red yellow or green red you’re most likely a worker yellow you’re on the cusp we can probably help you with that in regards to a few of the things you require to reinforce to ensure that you are given that evaluation of uh independent specialist or green where you were examined as an as a independent specialist once that examination is done all the requisite documents are beneath it so that if later on there
Navigating the intricacies of global employment laws and tax regulations can be overwhelming. Papaya Global’s automated compliance engine keeps our organization up-to-date with changes in regulations throughout jurisdictions. This ensures that our payroll procedures abide by the most recent standards, reducing the risk of non-compliance and associated penalties.
network of In-House outside advisors accounting companies and legal firms who assist us keep our databases totally as much as date and we also call on we need to when we see an unusual or or particularly complex circumstances all right thanks Steve I can simply see a quick question in the Q a window yes the session will be recorded and sent out to participants afterwards um returning to to the webinar itself Ray employer of record is regulated in a different way worldwide and the German law for instance it’s classed as employee leasing can you shed any light on a few 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 a number of countries especially in Europe imposes strict regulations on items such as the length of assignment it likewise designates employees to collective bargaining agreements that provides rights and benefits however even in the nations that don’t have those strict regulations for example the UK Canada and the nordics there are policies for each country and each employee is dealt with the like all the other workers because country and all those regulations require to be abided by all right thank you Ray um Kathy moving I would say to yourself what do companies need to consider when identifying contract status to safeguard themselves and the rights of hires what are the pros and cons of hiring professionals and Freelancers versus permanent employees so certainly the the advantage of professionals versus employees is the the versatility for both the worker and for the company um however I can’t stress enough how important it is to have a constant extensive and a well-documented compliance
Papaya Global Version 22 and Time Savings:
The software application’s automation abilities have actually considerably decreased the time and effort required for payroll processing. Manual information entry and repetitive jobs have been reduced, allowing our finance group to concentrate on strategic initiatives instead of administrative concerns. This has actually resulted in increased performance and performance within our monetary operations.
in one given that each state has its own guidelines Californians are some of the most stringent an example is pay slips on a payslip in California the ideal info needs to be on the payslip in the ideal format and in the ideal position if you’re in breach of of regulations for payslips the fines are released per payslip so that’s each staff member each pay slip will incur a fine thanks Ray thank you Elizabeth a lot to worry to consider and we’re just two concerns in and 10 minutes or two working with in one country is tough enough however when hiring in a you know on a worldwide level it’s a completely various story you need to ensure that you depend on date with existing along with pending regional labor laws Steve um how do you ensure and ensure that the people 2.0 group is on top of an ever-changing landscape which your customers are completely supported and I’ll arrange this into three key things we do in first and foremost you need to have the best group so we hire a group of international professionals in Work Practices um that ex that group of experts consists of lawyers it includes payroll professionals it consists of HR professionals and these are individuals that not just understand the laws in these in these nations and regions but they also understand the languages they understand the regional practices they understand the cultures and it is essential to have that best team and really have the group on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global supplies detailed real-time analytics and reporting tools. As a CFO, having access to precise and timely monetary information is important for decision-making. The platform’s reporting capabilities empower me to make educated strategic choices based on real-time insights into our global payroll data.
application and its scope and the manner in which it applies to employment law in practice can be tested through the judicial system by way of case law examples of that would be the gotten rights regulation otherwise known as the 2p regulations in the UK the working time guidelines which has actually had numerous hairs of that legislation evaluated especially around vacation pay and of course as Kathy’s going to come on to talk about later on work status which there’s been several precedence set for many years so I think it’s actually that consistent evolution of the employment law landscape that you really require to navigate when when operating in Europe all right thank you Elizabeth Ray what about you from your individual experience while moving across the pond as mentioned each country has different regulations but the United States is essentially 50 nations
Scalability for Company Development:
Among the standout functions of Papaya Global is its scalability. As our business continues to grow and broaden into new markets, the software flawlessly accommodates modifications in our labor force and payroll requirements. This scalability makes sure that our payroll infrastructure can adapt to the evolving requirements of our international company.
Worldwide 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 individuals have Decades of experience in in employment law and global Employment 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 also have among our own Stars delete share head of Global Provider at papaya Worldwide tell us about yourself thank you Elin Ian hi my name is Elite I’ve been with the business for around four and a half years as head of Collaborations I have actually established Papaya’s network of in-country Partners in over 160 locations on an individual aspect and related to our subject today I’ve had the chance to relocate and work in three different countries it is the company’s duty to ensure my security while residing in a foreign country compliance with regional laws and guidelines is essential for me or anyone else as an expat or as a regional so today we have actually invited our relied on Partners people 2.0 to demonstrate the importance of regional
expertise when companies Go Global thank you and enjoy okay thank you as I said let’s move on to the pact agenda today’s webinar is an opportunity to ask the panel the concerns you’ve been considering we’ll talk about the realities a business requires to consider when opening a brand-new entity and broadening into new countries along with keeping things going we’ll cover elements such as local policies factors to consider when hiring compliance crucial obstacles payments and what not to do it is among the most important things remembering what not to do um operating on an international level is not for the faint-hearted the bigger a company grows the more they require to comprehend and handle knowing what to do in each brand-new circumstance as it rises is essential on many levels understanding local policies and regional laws along with business practices assists mitigate Associated and international growth papaya through our regional professionals can browse possible risks such as copyright protection data personal privacy security issues making sure the business’s operations remain certified and safe tax Social Security returns and remittances vary by nation
In conclusion, Papaya Global Software has proven to be an important asset in our quest for efficient and compliant international payroll management. As the CFO of an international company, I am positive in advising Papaya Global to organizations looking for to improve their payroll processes, boost compliance, and accomplish greater effectiveness in handling their international workforce. The software’s innovative features and dedication to excellence line up with our strategic objectives, making it an important part of our financial operations.
I discover time and time again the workers frequently misclassified unknowingly they don’t comprehend the conditions of employment or agreement and are told by the customer why it’s optimum mainly to the client why you must be used or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be affected 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 have not contributed to pensions Etc so it’s a huge effect that they never ever knew they were strolling into you could not agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy companies are getting insurance coverage versus misclassification however usually premiums are only covering the cost of legal charges whilst the average claim evaluated against companies corresponds to to 40 or 50 percent of the base salary of employee exists any point in taking out insurance and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes charge and interest in most cases I have not seen it a minimum of so uh the the other location that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK
Expense Factors to consider and Papaya Global Version 22 …
The comprehensive functions of come at an expense,
Over the past couple of decades, the labor force has gone through a significant change with the development of remote work, which has actually eliminated geographical restraints on hiring. This has actually enabled services to recruit talent from all over the world, enabling them to put together the very best possible team for each role. As a result, employees have acquired greater versatility to work from home and increase their incomes without having to relocate to pricey locations or commute fars away. According to a 2022 study, 87% of workers who have the alternative to work from another location choose to do so. The COVID-19 pandemic, combined with improvements in business connection software application, has actually even more sped up the shift towards remote work, even in industries that were initially reluctant to embrace the trend.
insights are valuable to us and and your fellow participants so first things initially though um let’s get to know everyone my name is Ian Charles and I have actually operated in payroll for the last 25 years I have actually had functions in all type of Industries retail and Beauty to Aerospace in all types of companies start-up to matrixed environments across the globe I offered management and technique to populations of more than 100,000 employees on a monthly basis and in over 170 countries today I’m the perel strategist for papaya
Global I work across business guy maning and building external relationships supporting Enterprise customers and options and serving as a consultant I wish to introduce our very first Greg um visitor 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 said 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 extremely carefully with our um HR department as well to handle different legal and HR matters that turn up so really delighted to be here about bambo HR if if you’re not acquainted 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 offers combinations with various HR and financing systems, we came across some obstacles during the integration process. Tailoring the software application to line up with our existing facilities proved to be more complex than expected, resulting in hold-ups in the initial rollout.
The extensive features provided by Papaya Global come at a cost, which some of our smaller sized subsidiaries discovered to be excessively expensive. As a global company, we needed to thoroughly weigh the requirement for advanced performance versus spending plan restrictions.
Support Response Time:
On occasion, our groups experienced concerns that required urgent assistance. Nevertheless, the action time from Papaya Global’s client assistance team was not always as prompt as we would have liked, leading to hold-ups in dealing with those issues.
Our execution of included a phased method. We began by onboarding a couple of subsidiaries to test the system’s compatibility with our existing procedures. This enabled us to identify and address combination difficulties early on. As the software became more instilled in our operations, we slowly expanded its usage to cover our whole international labor force.
The automated features structured our payroll procedures, minimizing the time spent on manual estimations and compliance tracking. Regular training sessions and ongoing support from Papaya assisted our groups end up being competent users of the software application, optimizing its capacity for our organization.
Companies that worker workers throughout numerous countries typically face elaborate difficulties when it concerns handling their labor force. One of the biggest difficulties is combining different information streams and sticking to varied regional and nationwide labor policies, which can be both lengthy and expensive. Moreover, establishing regional entities in new areas can be a costly and suboptimal option, with options such as opening a foreign subsidiary or hiring an expert employment organization (PEO) frequently charging up to 15% of the payroll. These obstacles have caused a considerable increase in difficulty hiring qualified workers, with 75% of employers reporting this problem 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.
provides a solution supporting all kinds of work. It supplies an end-to-end platform, from worker onboarding and ongoing management to global payments and. It assists business with labor law compliance in the jurisdictions in which they run, uses management of work benefits, and makes sure information 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 global.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please make sure 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 survey please make certain to complete it as quickly as the webcast has ended it is now my pleasure to turn it over to Pap and bamboo HR for their presentation hello and thank you for joining us today we’re thrilled to have you here as we embark on a journey of information to guideline attaining
360 degree staff member compliance where we’ll dive into the vital aspects of the worker compliance management design throughout the session we’ll explore real world difficulties real local policies finest practices and the role of Automotion in simplying compliance journey be prepared to emerge in a comprehensive understanding of how to safeguard your organization and employees while remaining certified in an
Ever progressing regulatory environment in the everchanging world of organization and finance making sure compliance with payroll guidelines is not only important but likewise a legal important from the minute of employing 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 obligations companies can not just navigate the detailed landscape however also proactively guarantee this 360 degree compliance the webinar is created to equip you with the understanding and tools required to browse the complex Surface of compliance whether you’re a skilled P professional a small business owner or someone new to the field what I want to do before we begin and I think it’s truly essential
In our quest to improve efficiency and accuracy in managing our global labor force, our multinational corporation turned to, a leading and labor force management software application. The transition intended to simplify the complex job of handling throughout various countries, currencies, and compliance policies.
Among the standout features of is its robust compliance management system. The software automatically updates itself to follow ever-evolving tax and labor laws throughout multiple jurisdictions. This has actually been invaluable in making sure that our procedures stay certified in each country of operation.
is to state that the material here is not legal suggestions it is simply for your details please consult your legal team needs to you have any concerns or issues in relation to anything that we have actually discussed today our key take essential takeaways by the end of the webinar will be an understanding of staff member compliance threats how to work with 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.
serve as your hris or is kind of your core employee record um to handle that employee life cycle throughout their Journey with you as as an employee in addition to a payroll module we need to assist you pay those employees and compensate them and advantages Administration module that allows you to help handle the benefits you provide to your staff members so really delighted to be here represent um bamb booy jar and discuss this topic um and I guess from my perspective I’ll I’ll most likely provide a great deal 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 okay thanks Greg um Gina over to you would you like to present yourself and inform the audience a bit about papay global yes absolutely thank you Ian hi everybody I’m Gina dorelis I’m the Work specialist manager.
at I manage the employment Council in the United States APAC EMA and Israel area I also work as us Council for I’m certified in New York and New Jersey um we make sure compliance onboarding and offboarding of employees with regard to papaya we offer payroll payments and labor force management as a Service work force provider to workers serving in over.
160 countries okay thank you so both I feel entirely 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 really great to really see in the webinar chat where everybody’s really attending from today I can see that we have individuals in Las Vegas and Indiana already so if you want to continue tell where you are that would be definitely wonderful whilst we just await everybody else to kind of like take part there we go Chicago too well um so whil we’re doing that I’m waiting for everybody to sort of join I’ll simply run us through the program um today we are going to talk about hiring Skill new greater Info Management termination compliance and automation wow the chat has actually got truly truly hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from definitely everywhere which is great so uh I’m hoping that we’re in fact going to have some truly excellent commentary and questions throughout the uh the webinar too all right 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 staff member and their information is Papaya Global Version 22 multifaceted without fail and an.
Ever progressing relationship that begins the minute an individual signs up with a company it continues throughout their work and Beyond this journey can be divided into k to a number of crucial phases whilst we’re in fact you understand that they’re employed with us so on boarding everyday operations compensation and benefits expert advancement then we get to the offboarding and even advocacy so it even takes place after the worker has actually left your employment throughout the journey companies are accountable for collecting saving protecting staff member data in compliance with information personal privacy guidelines no matter where it is you’re operating around the globe it typically includes executing safe and secure data management systems and ensuring stringent adherence to local requirements to safeguard both the worker and the organization the development of employee information and management c.