A CFO’s Viewpoint on Papaya Global Week 53…
Papaya Global’s platform enhances global labor force management for business, ensuring compliance with regional guidelines and tax laws. Their services incorporate payroll processing, advantages administration, compliance oversight, time and presence tracking, and HR support. The platform centralizes global payroll operations, supplying companies with real-time insights and control. Founded in 2016, Papaya Global has expanded to Tel Aviv, New York City, London, and Kiev.
In the vibrant landscape of worldwide business operations, handling payroll across borders can be a complex and difficult job. As the Chief Financial Officer (CFO) of a worldwide company, I understand the crucial significance of effective and certified payroll management. In our pursuit of excellence, we have actually accepted ingenious options to improve our processes, and one such transformative tool is Software.
The Challenge of Global Payroll:
International expansion produces diverse difficulties, and payroll management is no exception. Differing tax policies, differing work laws, and multiple currencies make it important for organizations to embrace advanced options to ensure accuracy, compliance, and performance in payroll processing.
Software: A Comprehensive Solution:
workers so it’s really basic to make sure that you’ve considered from the beginning any post-termination restrictions that you want to take into the agreement of employment that they’re enforceable so that indicates you need to truly think of what it is you’re aiming to protect and why plainly Define what’s consisted of within the scope of that confidential information and address the period of limitation post-determination that you want to use and be actually able to to justify that in relation to copyright the position truly depends upon the type of copyright you’re looking to secure and likewise the jurisdiction so for instance from a copyright viewpoint in the Netherlands the end client is most likely to have the um intellectual property rights in a copyright that the employees produced who’s been under their guidance and control automatically nevertheless in somewhere like Poland for example that automatic right may not be there which project would need to stream through the chain uh contractually so it truly depends on the jurisdiction and the kind of IP okay thank you Elizabeth Steve was remaining on the topic of contracts Miss categorized misclassifying employees
Papaya Global Software application has actually become a game-changer in the world of international payroll management. Its cloud-based platform integrates payroll, workforce management, and employee benefits into a single, user-friendly user interface. As the CFO, I have seen firsthand the favorable impact of on our organization’s monetary operations.
Unified Global Payroll Processing:
allows our business to procedure payroll flawlessly throughout multiple countries. The platform’s unified approach enables consistent payroll estimations, reducing mistakes and guaranteeing compliance with regional regulations. This has actually substantially mitigated the threats associated with worldwide payroll processing.
likewise crucial for if in the future somebody says misclassification you have your file supported by the requisite files and that the best assessment tools to show somebody that you had a thoughtful process therefore what do you have to include because process it’s the who the what the where and the when who are you dealing with are you handling a specific or are you handling a personal 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 professional than an employee so for example accounting
I.T engineering the creatives these all provide themselves more to that assessment of being freelancer you know likewise uh where are they doing it can they work from anywhere or do they need to be on website and managed once again another crucial aspect is the management and supervision of the uh employee and then lastly when is it a particular project is it a six-month task six years all of this is manageable however it needs to be documented and it needs to be completely um examined so we have a tool we call it ic2 we had an ic1 and we have actually enhanced it this year so that we can roll it out globally these tools take a questionnaire list for the worker the employee fills out and fills these questions out therefore does completion client or the recipient of the services they both put their details into the tool and after that it does an evaluation waiting the different questions because not every jurisdiction has the exact same feeling about some of these concerns some think they’re more important than others and it brings out a red yellow or green red you’re most likely an employee yellow you’re on the cusp we can probably assist you with that in terms of a few of the important things you need to strengthen to make certain that you are given that examination of uh independent professional or green where you were evaluated as an as a independent contractor once that evaluation is done all the requisite files are below it so that if in the future there
Navigating the intricacies of global employment laws and tax regulations can be frustrating. Papaya Global’s automated compliance engine keeps our organization current with changes in policies throughout jurisdictions. This makes sure that our payroll procedures adhere to the most recent requirements, lessening the risk of non-compliance and associated penalties.
network of In-House outside consultants accounting firms and legal firms who help us keep our databases entirely approximately date and we also call on we require to when we see an uncommon or or especially complex scenarios all right thanks Steve I can simply see a quick question in the Q a window yes the session will be taped and sent out to participants afterwards um returning to to the webinar itself Ray company of record is regulated differently around the world and the German law for example it’s classified as worker leasing can you shed any light on a few of the unique considerations for nations and where the eor design isn’t controlled yes Ian staff member leasing or labor leasing as it’s likewise called which is prevalent in several countries particularly in Europe enforces strict policies on products such as the length of task it also assigns employees to collective bargaining contracts that gives them rights and benefits but even in the nations that do not have those strict guidelines for instance the UK Canada and the nordics there are regulations for each country and each worker is treated the same as all the other employees because country and all those regulations need to be abided by all right thank you Ray um Kathy moving I would say to yourself what do companies require to consider when determining contract status to safeguard themselves and the rights of hires what are the advantages and disadvantages of working with professionals and Freelancers versus permanent workers so clearly the the benefit of contractors versus employees is the the versatility for both the worker and for the employer um but I can’t stress enough how essential it is to have a constant thorough and a well-documented compliance
Papaya Global Week 53 and Time Cost Savings:
The software’s automation abilities have significantly lowered the time and effort required for payroll processing. Handbook information entry and recurring tasks have been minimized, permitting our financing team to concentrate on tactical initiatives instead of administrative problems. This has actually resulted in increased efficiency and productivity within our monetary operations.
in one because each state has its own guidelines Californians are a few of the most strict an example is pay slips on a payslip in California the best info has to be on the payslip in the best format and in the right 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 incur a fine thanks Ray thank you Elizabeth a lot to worry to think about and we’re just two questions in and 10 minutes or two working with in one country is challenging enough however when working with in a you understand on a worldwide level it’s a totally various story you require to make sure that you’re up to date with current as well as pending regional labor laws Steve um how do you ensure and ensure that individuals 2.0 team is on top of an ever-changing landscape which your customers are completely supported and I’ll organize this into 3 key things we perform in firstly you need to have the right group so we hire a group of global experts in Work Practices um that ex that team of professionals consists of attorneys it consists of payroll experts it consists of HR experts and these are individuals that not only know the laws in these in these countries and areas however they also understand the languages they know the local practices they know the cultures and it is essential to have that best group and really have the group on the ground uh dealing 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 prompt financial data is essential for decision-making. The platform’s reporting capabilities empower me to make educated strategic decisions based upon real-time insights into our worldwide payroll data.
The practical application and extent of the application to work law can be evaluated through the legal system utilizing case law examples. For instance, the acquired rights directive, likewise known as the 2p policies in the UK, and the working time regulations have been subject to different legal interpretations, especially regarding vacation pay. Additionally, the idea of employment status has actually seen multiple legal precedents over the
Scalability for Service Growth:
One of the standout features of Papaya Global is its scalability. As our business continues to grow and expand into new markets, the software application flawlessly accommodates modifications in our labor force and payroll requirements. This scalability ensures that our payroll infrastructure can adapt to the progressing needs of our worldwide organization.
Global Chief legal officer we have actually 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 customer service 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 pleasure 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 also have among our own Stars delete share head of Global Solutions at papaya Worldwide inform us about yourself thank you Elin Ian hey there my name is Elite I’ve 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 aspect and related to our subject today I’ve had the chance to relocate and operate in three different nations it is the company’s obligation to guarantee my protection while living in a foreign country compliance with local laws and policies is vital for me or anybody else as an expat or as a local so today we have invited our relied on Partners people 2.0 to show the value of local
competence when business Go International thank you and enjoy okay thank you as I stated let’s move on to the pact program today’s webinar is a chance to ask the panel the questions you’ve been considering we’ll discuss the facts a business requires to think about when opening a brand-new entity and broadening into brand-new nations in addition to keeping things going we’ll cover elements such as local policies considerations 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 an international level is not for the faint-hearted the larger a company grows the more they need to understand and manage understanding what to do in each new circumstance as it increases is important on many levels comprehending local guidelines and regional laws along with service practices helps reduce Associated and worldwide growth papaya through our local professionals can navigate prospective risks such as copyright protection data privacy security issues guaranteeing the business’s operations stay certified and secure tax Social Security returns and remittances differ by nation
In conclusion, Papaya Global Software application has actually proven to be a vital asset in our quest for effective and certified worldwide payroll management. As the CFO of an international business, I am positive in suggesting Papaya Global to companies looking for to enhance their payroll procedures, enhance compliance, and achieve higher efficiency in handling their international workforce. The software application’s innovative functions and dedication to quality align with our tactical goals, making it an integral part of our financial operations.
I discover time and time again the workers often misclassified unknowingly they don’t understand the conditions of employment or agreement and are informed by the customer why it’s optimum 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 opportunities of the employee can be impacted and a number of times it can be years before this all falls out and by that time it’s too late years have gone by they have not added to pensions And so on 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 10 years um Kathy business are taking out insurance against misclassification but typically premiums are just covering the cost of legal charges whilst the typical claim examined against companies corresponds to to 40 or half of the base salary of employee is there 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 haven’t seen it at least so uh the the other area that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK
Expense Considerations and Papaya Global Week 53 …
The thorough functions of come at an expense,
Over the past couple of years, the labor force has actually gone through a substantial transformation with the introduction of remote work, which has actually gotten rid of geographical restraints on hiring. This has actually made it possible for services to recruit skill from all over the world, allowing them to put together the very best possible team for each role. As a result, staff members have gotten greater flexibility to work from home and increase their earnings without having to transfer to costly areas or commute long distances. According to a 2022 survey, 87% of workers who have the choice to work remotely choose to do so. The COVID-19 pandemic, combined with improvements in enterprise connectivity software application, has even more accelerated the shift towards remote work, even in industries that were at first hesitant to adopt the trend.
insights are important to us and and your fellow participants so first things initially though um let’s learn more about everybody my name is Ian Charles and I’ve operated in payroll for the last 25 years I have actually had functions in all kind of Industries retail and Appeal to Aerospace in all types of businesses start-up to matrixed environments around the world I offered management and strategy to populations of more than 100,000 staff members on a monthly basis and in over 170 nations today I’m the perel strategist for papaya
International I work across the business man maning and developing external relationships supporting Enterprise clients and solutions and serving as a consultant I ‘d like to present our very 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 stated my name is Greg Piper uh I am the senior business counsil at bambo HR so I lead our in-house legal group and actually work really carefully with our um HR department also to handle numerous legal and HR matters that show up so truly excited to be here about bambo HR if if you’re not acquainted with us uh at bambo HR we state our objective is to set you as HR specialists free to do great
While Papaya Global deals integrations with different HR and finance systems, the application process was not without challenges. Incorporating the software with our existing facilities needed extra modification, resulting in some hold-ups in the preliminary rollout.
Paying FAQs Papaya Global Week 53 2024
and some smaller subsidiaries within our organization discovered the pricing to be on the higher side. As a worldwide company, balancing the requirement for sophisticated functions with budget constraints became a fragile exercise.
Client Support Reaction Time:
There were circumstances where our teams dealt with concerns that needed timely assistance. However, the reaction time from’s customer support group was not constantly as fast as preferred, resulting in periodic delays in concern resolution.
Our application of included a phased method. We started by onboarding a few subsidiaries to evaluate the system’s compatibility with our existing procedures. This enabled us to recognize and address combination challenges early on. As the software application became more implanted in our operations, we gradually broadened its use to cover our entire international workforce.
The automated functions streamlined our payroll procedures, minimizing the time spent on manual computations and compliance tracking. Routine training sessions and ongoing support from Papaya assisted our groups end up being skilled users of the software, optimizing its capacity for our organization.
Companies that employee workers throughout numerous nations frequently deal with complex difficulties when it pertains to managing their labor force. Among the greatest hurdles is consolidating different information streams and sticking to diverse local and nationwide labor regulations, which can be both time-consuming and pricey. Additionally, setting up local entities in brand-new regions can be a pricey and suboptimal choice, with options such as opening a foreign subsidiary or hiring a professional work organization (PEO) typically charging up to 15% of the payroll. These obstacles have actually resulted in a significant increase in problem hiring certified workers, with 75% of employers reporting this concern 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 service supporting all kinds of work. It supplies an end-to-end platform, from staff member onboarding and ongoing management to global payments and. It assists business with labor law compliance in the jurisdictions in which they run, offers management of work benefits, and guarantees information privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. An entrepreneur with 15 years of experience, she is a leading specialist 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 certain to participate in the total webcast in order to receive your credits if you have any concerns throughout the webcast please click on the Q&A tab in your webinar controls and type the there a brand-new tab will open in your web browser with the webcast survey please make sure to finish it as quickly as the webcast has actually ended it is now my pleasure to turn it over to Pap and bamboo HR for their discussion hey there and thank you for joining us today we’re thrilled to have you here as we embark on a journey of data to regulation accomplishing
360 degree employee compliance where we’ll dive into the essential elements of the employee compliance management model throughout the session we’ll explore real world obstacles genuine local guidelines finest practices and the role of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to safeguard your company and workers while staying compliant in an
Ever progressing regulatory environment in the everchanging world of service and finance making sure compliance with payroll regulations is not just vital but likewise a legal vital from the moment of hiring to the in intri intricacies even sorry of termination every step along the worker journey is Frau with compliance dangers that have significant consequences nevertheless with a deeper more nuanced understanding of their commitments companies can not only navigate the complex landscape however likewise proactively ensure this 360 degree compliance the webinar is developed to equip you with the understanding and tools essential to browse the complex Terrain of compliance whether you’re a seasoned P professional a small business owner or someone brand-new to the field what I wish to do before we start and I think it’s truly important
In our quest to enhance performance and precision in managing our worldwide labor force, our multinational corporation turned to, a leading and labor force management software. The shift intended to streamline the complex task of managing throughout numerous countries, currencies, and compliance regulations.
Among the standout features of is its robust compliance management system. The software immediately updates itself to stick to ever-evolving tax and labor laws throughout several jurisdictions. This has been indispensable in making sure that our procedures remain compliant in each nation of operation.
is to state that the material here is not legal recommendations it is just for your info please consult your legal team should you have any concerns or issues in relation to anything that we have actually talked about today our secret take key takeaways by the end of the webinar will be an understanding of employee compliance dangers how to employ ly with self-confidence how to simplify information management and automation so let’s take ourselves a minute to acquaint ourselves with the webinar platform once again as we have actually.
act as your hris or is sort of your core worker record um to manage that staff member life process throughout their Journey with you as as a staff member in addition to a payroll module we need to assist you pay those employees and compensate them and benefits Administration module that allows you to assist handle the benefits you offer to your employees so truly thrilled to be here represent um bamb booy container and speak about this topic um and I guess from my point of view I’ll I’ll most likely offer a great deal of a focus on the US side of things when we speak about type of compliance so pleased to be here thanks for having me Ian all right thanks Greg um Gina over to you would you like to introduce yourself and inform the audience a bit about papay worldwide yes definitely thank you Ian hi everybody I’m Gina dorelis I’m the Employment expert supervisor.
at I manage the employment Council in the US APAC EMA and Israel region I likewise serve as us Council for I’m certified in New York and New Jersey um we make sure compliance onboarding and offboarding of workers with regard to papaya we offer payroll payments and workforce management as a Service labor force provider to workers serving in over.
160 countries fine thank you so both I feel totally underqualified sitting here with you both well I forgot to mention as we were sort of like going through the intro so it’s actually really nice to really 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 wish to carry on tell where you are that would be definitely wonderful whilst we just await everyone else to sort of like participate there we go Chicago too well um so whil we’re doing that I’m waiting for everyone to type of join I’ll simply run us through the program um today we are going to talk about working with Talent brand-new greater Details Management termination compliance and automation wow the chat has actually got really actually hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from absolutely all over which is fantastic so uh I’m hoping that we’re actually going to have some actually fantastic commentary and concerns throughout the uh the webinar as well all right so that’s the agenda then what I want 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 Week 53 complex without fail and an.
Ever evolving relationship that starts the minute an individual joins a company it continues throughout their employment and Beyond this journey can be divided into k to several key phases whilst we’re actually you understand that they’re utilized with us so on boarding daily operations payment and benefits professional development then we get to the offboarding and even advocacy so it even happens after the staff member has actually left your employment throughout the journey organizations are accountable for gathering storing securing staff member information in compliance with information personal privacy guidelines no matter where it is you’re operating around the world it typically includes implementing protected data management systems and making sure stringent adherence to regional requirements to protect both the worker and the organization the advancement of employee information and management c.