A CFO’s Perspective on Papaya Global Webchat…
The platform allows business to manage their worldwide workforce and adhere to regional work guidelines and tax laws. Papaya Global offers a range of services, including payroll management, advantages administration, compliance management, time and participation tracking, and HR management. The platform is designed to simplify the intricacies of global payroll and supply real-time visibility 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 vibrant landscape of worldwide organization operations, handling payroll throughout borders can be a complex and tough task. As the Chief Financial Officer (CFO) of an international company, I understand the crucial value of efficient and certified payroll management. In our pursuit of quality, we have actually embraced innovative options to simplify our procedures, and one such transformative tool is Software application.
The Challenge of International Payroll:
Worldwide expansion produces diverse challenges, and payroll management is no exception. Differing tax policies, varying employment laws, and multiple currencies make it vital for organizations to embrace advanced solutions to guarantee precision, compliance, and efficiency in payroll processing.
Software: A Comprehensive Service:
employees so it’s truly basic to ensure that you’ve thought about from the start any post-termination limitations that you wish to take into the contract of employment that they’re enforceable so that means you require to really think about what it is you’re aiming to secure and why clearly Define what’s included within the scope of that secret information and deal with the period of restriction post-determination that you want to apply and be really able to to justify that in relation to copyright the position really depends on the type of copyright you’re seeking to protect and likewise the jurisdiction so for example from a copyright point of view in the Netherlands completion customer is most likely to have the um copyright rights in a copyright that the employees produced who’s been under their supervision and control instantly nevertheless in someplace like Poland for instance that automatic right might not be there which assignment would require to flow 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 topic of agreements Miss categorized misclassifying employees
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, easy to use user interface. As the CFO, I have witnessed firsthand the favorable impact of on our company’s financial operations.
Unified International Payroll Processing:
enables our company to procedure payroll perfectly throughout numerous nations. The platform’s unified technique enables constant payroll computations, reducing mistakes and ensuring compliance with local regulations. This has considerably reduced the threats connected with global payroll processing.
also crucial for if later somebody states misclassification you have your file supported by the requisite files and that the ideal evaluation tools to reveal somebody that you had a thoughtful process and so what do you have to consist of in that procedure it’s the who the what the where and the when who are you handling are you handling an individual or are you handling an individual Service Corporation and how are they operating what are they doing is it the kind of work that provides itself more to being an independent specialist than a staff member so for instance accounting
I.T crafting the creatives these all lend 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 managed again another essential aspect is the management and guidance of the uh employee and after that lastly when is it a particular task is it a six-month job six years all of this is manageable however it has to be recorded and it has to be completely um examined so we have a tool we call it ic2 we had an ic1 and we have actually improved it this year so that we can roll it out internationally these tools take a questionnaire list for the worker the employee submits and fills these concerns out therefore does the end client or the recipient of the services they both put their details into the tool and then it does an evaluation waiting the different concerns because not every jurisdiction has the very same feeling about a few of these questions some believe they’re more vital 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 assist you with that in terms of a few of the things you need to strengthen to make certain that you are considered that evaluation of uh independent specialist or green where you were examined as an as a independent specialist once that evaluation is done all the requisite files are beneath it so that if in the future there
Browsing the complexities of worldwide work laws and tax regulations can be overwhelming. Papaya Global’s automated compliance engine keeps our company updated with changes in policies throughout jurisdictions. This guarantees that our payroll procedures comply with the most recent requirements, minimizing the danger of non-compliance and associated penalties.
network of In-House outside advisors accounting firms and legal firms who assist us keep our databases completely approximately date and we likewise get in touch with we require to when we see an unusual or or particularly complicated scenarios okay thanks Steve I can just see a quick concern in the Q a window yes the session will be tape-recorded and sent out to attendees afterwards um returning to to the webinar itself Ray company of record is regulated differently around the globe and the German law for example it’s classified as worker leasing can you shed any light on some of the unique considerations for countries and where the eor design isn’t regulated yes Ian worker leasing or labor leasing as it’s likewise called which prevails in several nations particularly in Europe imposes stringent policies on products such as the length of project it also designates workers to collective bargaining contracts that gives them rights and advantages but even in the countries that do not have those rigorous guidelines for example the UK Canada and the nordics there are regulations for each nation and each worker is dealt with the like all the other employees because country and all those guidelines require to be abided by alright thank you Ray um Kathy moving I would say to yourself what do business need to consider when figuring out contract status to protect themselves and the rights of hires what are the benefits and drawbacks of hiring contractors and Freelancers versus irreversible workers so obviously the the advantage of specialists versus workers is the the flexibility for both the worker and for the company um but I can’t worry enough how essential it is to have a constant thorough and a well-documented compliance
Papaya Global Webchat and Time Savings:
The software’s automation abilities have actually significantly reduced the time and effort needed for payroll processing. Handbook data entry and repetitive tasks have been decreased, allowing our finance team to concentrate on strategic initiatives instead of administrative problems. This has actually resulted in increased effectiveness and efficiency within our monetary operations.
in one since each state has its own policies Californians are a few of the most strict an example is pay slips on a payslip in California the right details needs to be on the payslip in the best format and in the right position if you remain in breach of of regulations for payslips the fines are provided per payslip so that’s each worker each pay slip will sustain a fine thanks Ray thank you Elizabeth a lot to stress to think of and we’re just two concerns in and 10 minutes or so hiring in one country is hard enough however when hiring in a you understand on a global level it’s a completely various story you require to make sure that you’re up to date with present along with pending regional labor laws Steve um how do you make certain and guarantee that the people 2.0 group is on top of an ever-changing landscape which your clients are completely supported and I’ll arrange this into three key things we do in firstly you require to have the right group so we work with a group of international professionals in Employment Practices um that ex that group of experts consists of lawyers it consists of payroll specialists it consists of HR professionals and these are people that not just understand the laws in these in these countries and regions but they also understand the languages they know the local practices they know the cultures and it’s important to have that right team and genuinely have the group on the ground uh working 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 financial information is crucial for decision-making. The platform’s reporting capabilities empower me to make informed strategic choices based upon real-time insights into our global payroll information.
The practical application and degree of the application to employment law can be assessed through the legal system using case law examples. For instance, the obtained rights directive, likewise called the 2p guidelines in the UK, and the working time guidelines have gone through numerous legal interpretations, especially relating to vacation pay. In addition, the idea of employment status has actually seen multiple legal precedents over the
Scalability for Service Development:
One of the standout functions of Papaya Global is its scalability. As our company continues to grow and broaden into new markets, the software application perfectly accommodates modifications in our labor force and payroll requirements. This scalability ensures that our payroll infrastructure can adapt to the evolving requirements of our global organization.
International Chief legal officer we have actually got Elizabeth Beal who is our chief legal officer for Amia and we’ve got Ray Gander who is our senior vice president of client services and I would state separately and collectively these three people have Years 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 one of our own Stars delete share head of Global Services at papaya Worldwide tell us about yourself thank you Elin Ian hey there my name is Elite I have actually been with the business for around four and a half years as head of Partnerships I have established Papaya’s network of in-country Partners in over 160 areas on a personal aspect and related to our subject today I’ve had the opportunity to move and operate in three different countries it is the company’s responsibility to ensure my protection while living in a foreign country compliance with local laws and policies is vital for me or anyone else as an expat or as a regional so today we have welcomed our trusted Partners individuals 2.0 to demonstrate the significance of local
proficiency when companies Go Worldwide thank you and enjoy all right thank you as I stated let’s carry on to the pact agenda today’s webinar is an opportunity to ask the panel the concerns you have actually been thinking of we’ll talk about the facts a business needs to consider when opening a new entity and broadening into new nations in addition to keeping things going we’ll cover aspects such as regional regulations factors to consider when employing compliance essential challenges payments and what not to do it is among the most important things remembering what not to do um operating on a global level is not for the faint-hearted the larger a business grows the more they require to understand and manage knowing what to do in each new circumstance as it rises is very important on many levels comprehending regional policies and regional laws along with organization practices assists mitigate Associated and international expansion papaya through our local professionals can navigate prospective threats such as copyright defense data privacy security problems ensuring the company’s operations stay certified and protected tax Social Security returns and remittances differ by country
In conclusion, Papaya Global Software application has actually shown to be an invaluable possession in our quest for effective and compliant global payroll management. As the CFO of an international company, I am confident in recommending Papaya Global to companies looking for to simplify their payroll processes, boost compliance, and attain greater effectiveness in handling their worldwide workforce. The software application’s ingenious functions and commitment to excellence align with our tactical objectives, making it an important part of our financial operations.
publicly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly announced settlements there’s also considerable legal expenses there exists’s other charges there’s other expenses behind that too so the total cost can be very substantial in the 10s of millions of dollars or more and and those amounts are growing uh the reason why business are getting it so incorrect is actually simply the rules are complex and they’re changing all the time believe ir-35 in the UK which has actually been an ongoing development for several years now and and still a great deal of unpredictability amongst companies on what it actually suggests and how you deal with it most companies are just not familiar with the guidelines and and act as if the the rules are the same all over which they’re not so so motivate you to to be very proactive as you’re engaging uh employees from a classification viewpoint all right thank you Stephen and returning to yourself Ray it’s not just the business that suffers in the long run what results can this have on the employee Papaya Global Webchat specifically when it concerns their own tax liabilities social security and benefits for instance jury and clearly the workers the opposite of the coin
I find time and time again the workers often misclassified unknowingly they do not comprehend the conditions of employment or agreement and are told by the client why it’s optimum generally to the customer why you must be utilized or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be affected and a number of times it can be years before this all falls out and by that time it’s too late years have actually gone by they haven’t added to pensions Etc so it’s a huge effect that they never ever understood they were walking into you could not agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy companies are taking out insurance versus misclassification but usually premiums are just covering the cost of legal fees whilst the average claim examined versus employers equates to to 40 or half 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 in most cases I haven’t seen it at least so uh the the other area that I do believe if you managed to get the coverage what we are saying is is that if your compliance program is not up to pack you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK
Cost Factors to consider and Papaya Global Webchat …
The detailed functions of come at an expense,
Over the past few decades, the labor force has actually undergone a significant change with the introduction of remote work, which has removed geographical restrictions on hiring. This has allowed services to hire skill from all over the world, enabling them to assemble the very best possible group for each role. As a result, employees have actually acquired higher flexibility to work from home and increase their incomes without needing to transfer to costly areas or commute cross countries. According to a 2022 survey, 87% of workers who have the choice to work remotely select to do so. The COVID-19 pandemic, combined with developments in business connection software, has even more sped up the shift towards remote work, even in industries that were initially hesitant to adopt the trend.
insights are valuable to us and and your fellow attendees so first things initially though um let’s learn more about everybody my name is Ian Charles and I have actually operated in payroll for the last 25 years I’ve had functions in all sort of Industries retail and Appeal to Aerospace in all types of companies start-up to matrixed environments across the globe I supplied leadership and method to populations of more than 100,000 staff members on a 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 Business customers and options and functioning as an advisor I ‘d like to present our very first Greg um visitor Greg who will kick things off by informing us um who he is and a little 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 corporate counsil at bambo HR so I lead our internal legal group and in fact work really closely with our um HR department as well to deal with numerous legal and HR matters that turn up so truly excited to be here about bambo HR if if you’re not knowledgeable about us uh at bambo HR we state our objective is to set you as HR specialists totally free to do excellent
Although Papaya Global supplies combinations with various HR and finance systems, we came across some hurdles during the integration process. Tailoring the software application to align with our existing facilities showed to be more complex than expected, leading to hold-ups in the preliminary rollout.
The extensive functions offered by Papaya Global come at a cost, which some of our smaller subsidiaries found to be prohibitively expensive. As a worldwide organization, we needed to thoroughly weigh the need for innovative functionality against spending plan constraints.
Support Response Time:
On occasion, our teams experienced concerns that required urgent help. However, the reaction time from Papaya Global’s consumer assistance team was not always as timely as we would have liked, leading to hold-ups in solving those concerns.
Our execution of included a phased approach. We began by onboarding a few subsidiaries to test the system’s compatibility with our existing processes. This allowed us to identify and attend to combination obstacles early on. As the software application became more instilled in our operations, we gradually expanded its use to cover our entire worldwide labor force.
The automated features structured our payroll processes, decreasing the time invested in manual estimations and compliance tracking. Regular training sessions and ongoing support from Papaya assisted our teams end up being proficient users of the software, optimizing its capacity for our company.
Business that staff member workers throughout numerous nations frequently face detailed challenges when it concerns managing their labor force. One of the greatest hurdles is consolidating different data streams and sticking to varied local and national labor guidelines, which can be both time-consuming and costly. Moreover, establishing regional entities in new areas can be a pricey and suboptimal alternative, with alternatives such as opening a foreign subsidiary or employing a professional employment company (PEO) frequently charging up to 15% of the payroll. These difficulties have resulted in a substantial increase in difficulty recruiting qualified personnel, with 75% of employers reporting this problem 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 a solution supporting all kinds of employment. It supplies an end-to-end platform, from worker onboarding and continuous management to international payments and. It assists business with labor law compliance in the jurisdictions in which they operate, provides management of work benefits, and guarantees data privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. A business owner with 15 years of experience, she is a leading professional in payroll and workforce management. She co-founded after seeing the innovation space in worldwide.
papaya this webcast has been pre-approved for hrci and Sherm credit please make certain to go to the total webcast in order to receive your credits if you have any concerns 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 sure 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 hi and thank you for joining us today we’re enjoyed have you here as we embark on a journey of information to regulation attaining
360 degree employee compliance where we’ll dive into the necessary aspects of the employee compliance management design throughout the session we’ll check out real life difficulties genuine regional guidelines finest practices and the role of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to secure your company and staff members while remaining certified in an
Ever developing regulatory environment in the everchanging world of company and financing ensuring compliance with payroll guidelines is not only essential however likewise a legal essential from the minute of employing to the in intri complexities even sorry of termination every step along the employee journey is Frau with compliance threats that have significant repercussions however with a much deeper more nuanced understanding of their commitments organizations can not just navigate the elaborate landscape but also proactively ensure this 360 degree compliance the webinar is designed to equip you with the knowledge and tools needed to browse the complex Terrain of compliance whether you’re a skilled P professional a small business owner or somebody new to the field what I wish to do before we start and I think it’s truly crucial
In our quest to boost efficiency and precision in handling our international labor force, our multinational corporation turned to, a leading and workforce management software application. The shift intended to simplify the complex task of handling across different nations, currencies, and compliance policies.
One of the standout functions of is its robust compliance management system. The software immediately updates itself to abide by ever-evolving tax and labor laws throughout multiple jurisdictions. This has been indispensable in guaranteeing that our procedures remain compliant in each country of operation.
is to state that the content here is illegal recommendations it is merely for your information please consult your legal group needs to you have any questions or concerns in relation to anything that we’ve gone over today our key take crucial takeaways by the end of the webinar will be an understanding of employee compliance dangers how to hire ly with self-confidence how to simplify information management and automation so let’s take ourselves a minute to familiarize ourselves with the webinar platform once again as we’ve.
function as your hris or is type of your core employee record um to handle that employee life cycle throughout their Journey with you as as a worker in addition to a payroll module we have to help you pay those staff members and compensate them and benefits Administration module that enables you to help handle the advantages you offer to your staff members so truly excited to be here represent um bamb booy jar and discuss this subject um and I think from my point of view I’ll I’ll most likely offer a lot of a focus on the United States side of things when we talk about kind of compliance so pleased to be here thanks for having me Ian alright thanks Greg um Gina over to you would you like to present yourself and tell the audience a little bit about papay global yes definitely thank you Ian hey there everyone I’m Gina dorelis I’m the Employment specialist supervisor.
at I manage 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 ensure compliance onboarding and offboarding of employees with regard to papaya we offer payroll payments and workforce management as a Service labor force service provider to workers serving in over.
160 nations alright thank you so both I feel entirely underqualified sitting here with you both well I forgot to point out as we were kind of like going through the introduction so it’s actually actually nice to really see in the webinar chat where everybody’s really participating in from today I can see that we have individuals in Las Vegas and Indiana already so if you want to continue inform where you are that would be definitely wonderful whilst we just wait for everyone else to kind of like participate in there we go Chicago as well well um so whil we’re doing that I’m waiting for everyone to kind of join I’ll just run us through the program um today we are going to discuss employing Skill new higher Info Management termination compliance and automation wow the chat has actually got really really busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from definitely everywhere which is wonderful so uh I’m hoping that we’re actually going to have some really terrific commentary and concerns throughout the uh the webinar too fine so that’s the agenda then what I ‘d like to Now cover is the the compliance and the Privacy side of things so the the Journey of a worker and their information is Papaya Global Webchat multifaceted without fail and an.
Ever progressing relationship that begins the moment an individual joins an organization it continues throughout their work and Beyond this journey can be divided into k to several essential stages whilst we’re in fact you know that they’re used with us so on boarding day-to-day operations settlement and benefits professional development then we get to the offboarding and even advocacy so it even takes place after the worker has left your employment throughout the journey companies are responsible for collecting storing protecting worker information in compliance with data personal privacy regulations no matter where it is you’re operating around the world it often involves carrying out safe information management systems and ensuring rigorous adherence to local requirements to secure both the staff member and the company the evolution of staff member information and management c.