A CFO’s Viewpoint on The Papaya Global Company…
The platform enables companies to manage their worldwide workforce and abide by local employment policies and tax laws. Papaya Global uses a variety of services, consisting of payroll management, benefits administration, compliance management, time and presence tracking, and HR management. The platform is developed to simplify the intricacies of worldwide payroll and provide real-time exposure 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 service operations, handling payroll across borders can be a complex and difficult job. As the Chief Financial Officer (CFO) of a worldwide company, I comprehend the vital value of effective and compliant payroll management. In our pursuit of excellence, we have accepted ingenious services to simplify our procedures, and one such transformative tool is Software.
The Obstacle of Global Payroll:
Worldwide expansion produces diverse difficulties, and payroll management is no exception. Differing tax regulations, varying employment laws, and numerous currencies make it imperative for organizations to embrace sophisticated services to ensure precision, compliance, and performance in payroll processing.
Software application: A Comprehensive Solution:
workers so it’s actually essential to ensure that you’ve thought about from the outset any post-termination restrictions that you wish to put into the contract of work that they’re enforceable so that means you need to really think about what it is you’re wanting to protect and why clearly Specify what’s consisted of within the scope of that confidential information and attend to the duration of constraint post-determination that you want to apply and be truly able to to justify that in relation to copyright the position truly depends upon the type of copyright you’re looking to protect and also the jurisdiction so for instance from a copyright viewpoint 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 may not be there and that assignment would need to stream through the chain uh contractually so it truly depends upon the jurisdiction and the type of IP fine thank you Elizabeth Steve was staying on the topic of contracts Miss classified misclassifying employees
Papaya Global Software application has actually become a game-changer in the realm of international 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 experienced firsthand the positive impact of on our organization’s financial operations.
Unified Global Payroll Processing:
allows our company to procedure payroll effortlessly throughout multiple nations. The platform’s unified approach permits consistent payroll estimations, minimizing mistakes and guaranteeing compliance with regional guidelines. This has actually substantially reduced the risks related to global payroll processing.
also crucial for if later someone states misclassification you have your file supported by the requisite documents which the best examination tools to reveal somebody that you had a thoughtful procedure and so what do you have to include in that procedure 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 an individual 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 specialist than a staff member so for instance accounting
I.T engineering the creatives these all lend themselves more to that examination of being freelancer you understand also uh where are they doing it can they work from anywhere or do they need to be on website and managed again another crucial element is the management and guidance of the uh employee and after that finally when is it a specific task is it a six-month task 6 years all of this is workable however it has 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’ve improved it this year so that we can roll it out internationally these tools take a survey list for the worker the employee fills out and fills these questions out and so does completion customer or the recipient of the services they both put their details into the tool and after that it does an assessment waiting the different concerns due to the fact that not every jurisdiction has the very same feeling about a few of these questions some think they’re more vital 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 terms of some of the important things you require to reinforce to ensure that you are considered that assessment of uh independent contractor or green where you were examined as an as a independent contractor once that examination is done all the requisite documents are below it so that if later there
Navigating the intricacies of worldwide employment laws and tax policies can be overwhelming. Papaya Global’s automated compliance engine keeps our company current with modifications in regulations throughout jurisdictions. This guarantees that our payroll procedures abide by the current standards, lessening 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 approximately date and we likewise get in touch with we require to when we see an uncommon or or particularly intricate circumstances fine thanks Steve I can just see a quick question in the Q a window yes the session will be tape-recorded and sent to attendees later on um returning to to the webinar itself Ray employer of record is controlled differently all over the world and the German law for example it’s classed as worker leasing can you shed any light on some of the special considerations for nations and where the eor model isn’t regulated yes Ian employee leasing or labor leasing as it’s also called which prevails in numerous countries particularly in Europe enforces rigorous guidelines on products such as the length of project it also designates workers to collective bargaining contracts that provides rights and benefits however even in the nations that don’t have those strict regulations for instance the UK Canada and the nordics there are guidelines for each nation and each employee is dealt with the same as all the other employees in that nation and all those regulations need to be followed okay thank you Ray um Kathy moving I would state to yourself what do companies require to consider when identifying agreement status to secure themselves and the rights of hires what are the pros and cons of hiring professionals and Freelancers versus permanent workers so clearly the the benefit of professionals versus employees is the the versatility for both the employee and for the employer um however I can’t worry enough how crucial it is to have a constant extensive and a well-documented compliance
The Papaya Global Company and Time Savings:
The software application’s automation capabilities have actually substantially decreased the time and effort required for payroll processing. Handbook information entry and repetitive tasks have been minimized, allowing our finance group to focus on strategic initiatives rather than administrative burdens. This has resulted in increased performance and productivity within our financial operations.
in one because each state has its own guidelines Californians are some of the most stringent an example is pay slips on a payslip in California the ideal details needs to be on the payslip in the right format and in the right position if you’re in breach of of regulations for payslips the fines are released per payslip so that’s each worker each pay slip will incur a great thanks Ray thank you Elizabeth a lot to stress to think about and we’re just two questions in and 10 minutes or so employing in one nation is difficult enough however when employing in a you know on an international level it’s a totally different story you need to make sure that you depend on date with existing in addition to pending local labor laws Steve um how do you make sure and guarantee 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 crucial things we carry out in primarily you require to have the best team so we work with a group of international experts in Work Practices um that ex that group of experts includes lawyers it includes payroll professionals it includes HR specialists and these are people that not just understand the laws in these in these countries and regions however they likewise know the languages they understand the local practices they know the cultures and it is very important to have that ideal team and genuinely have the team 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 monetary information is important for decision-making. The platform’s reporting capabilities empower me to make educated strategic decisions based upon real-time insights into our worldwide payroll information.
application and its scope and the way that it applies to work law in practice can be tested through the judicial system by way of case law examples of that would be the acquired rights instruction otherwise referred to as the 2p regulations in the UK the working time regulations which has had different strands of that legislation tested especially around vacation pay and of course as Kathy’s going to come on to talk about later work status which there’s been multiple precedence set for many years so I think it’s really that consistent development of the work law landscape that you really require to browse when when operating in Europe fine thank you Elizabeth Ray what about you from your personal experience while moving across the pond as discussed each country has different policies but the United States is basically 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 brand-new markets, the software seamlessly accommodates changes in our labor force and payroll requirements. This scalability guarantees that our payroll facilities can adapt to the developing needs of our worldwide company.
Global Chief legal officer we have actually got Elizabeth Beal who is our chief 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 people have Years of experience in in work law and international Employment Practices so thank you it’s a satisfaction to be with everyone here today seems like we’ve got the right people with us today and in in addition to to those well we also have one of our own Stars delete 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 4 and a half years as head of Partnerships I have developed 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 3 different nations it is the business’s duty to guarantee my defense while living in a foreign nation compliance with local laws and policies is crucial for me or anybody else as an expat or as a regional so today we have actually welcomed our relied on Partners individuals 2.0 to show the significance of regional
expertise when business Go International thank you and delight in 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 concerns you’ve been considering we’ll talk about the facts a company needs to think about when opening a new entity and expanding into new nations in addition to keeping things going we’ll cover elements such as regional guidelines factors to consider when hiring compliance key challenges payments and what not to do it’s one of 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 need to understand and manage understanding what to do in each new scenario as it rises is essential on numerous levels understanding local policies and regional laws in addition to service practices helps reduce Associated and global growth papaya through our regional professionals can navigate possible threats such as intellectual property defense information privacy security concerns guaranteeing the business’s operations stay compliant and secure tax Social Security returns and remittances differ by country
In conclusion, Papaya Global Software application has shown to be an invaluable asset in our quest for efficient and certified international payroll management. As the CFO of a worldwide business, I am confident in recommending Papaya Global to organizations seeking to enhance their payroll procedures, enhance compliance, and achieve greater performance in managing their international labor force. The software application’s ingenious functions and commitment to excellence align with our tactical objectives, making it an integral part of our financial operations.
I discover time and time again the workers often misclassified unknowingly they do not comprehend the conditions of employment or agreement and are told by the customer why it’s optimum generally to the customer why you ought to be used or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be affected and 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 haven’t contributed to pensions And so on so it’s a huge effect that they never understood they were walking into you could not agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy business are getting insurance versus misclassification however generally premiums are just covering the expense of legal charges whilst the average claim evaluated against companies relates to to 40 or half 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 require to read 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 location that I do believe 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 rejected protection on the basis of the reality that you were not in compliance with laws um in the UK
Cost Factors to consider and The Papaya Global Company …
The detailed features of come at a cost,
Over the past couple of years, the workforce has actually gone through a substantial transformation with the emergence of remote work, which has gotten rid of geographical restraints on hiring. This has actually made it possible for organizations to hire talent from all over the world, allowing them to put together the best possible group for each function. As a result, staff members have gotten higher flexibility to work from home and increase their revenues without having to move to pricey locations or commute fars away. According to a 2022 survey, 87% of workers who have the alternative to work remotely choose to do so. The COVID-19 pandemic, integrated with developments in enterprise connection software application, has actually even more sped up the shift towards remote work, even in industries that were at first hesitant to adopt the pattern.
insights are important to us and and your fellow attendees so first things initially though um let’s learn more about everyone my name is Ian Charles and I have actually worked in payroll for the last 25 years I have actually had roles in all kind of Industries retail and Beauty to Aerospace in all kinds of services start-up to matrixed environments across the globe I provided leadership and method to populations of more than 100,000 staff members on a regular monthly basis and in over 170 nations today I’m the perel strategist for papaya
Global I work throughout business man maning and building external relationships supporting Business customers and options and acting as a consultant I wish to introduce our very first Greg um visitor Greg who will kick things off by telling 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 business counsil at bambo HR so I lead our internal legal team and really work really closely with our um HR department as well to deal with different legal and HR matters that turn up so really 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 free to do excellent
Although Papaya Global supplies combinations with various HR and finance systems, we came across some hurdles throughout the integration procedure. Customizing the software application to align with our existing facilities proved to be more intricate than prepared for, leading to hold-ups in the initial rollout.
The extensive functions provided by Papaya Global come at an expense, which a few of our smaller subsidiaries discovered to be prohibitively expensive. As an international company, we needed to thoroughly weigh the requirement for advanced performance against budget restrictions.
Support Reaction Time:
On occasion, our groups experienced problems that required urgent support. Nevertheless, the reaction time from Papaya Global’s client assistance team was not always as timely as we would have liked, leading to delays in resolving those problems.
Our execution of included a phased approach. We started by onboarding a couple of subsidiaries to test the system’s compatibility with our existing processes. This permitted us to identify and attend to integration challenges early on. As the software became more instilled in our operations, we slowly broadened its use to cover our entire worldwide labor force.
The automated functions streamlined our payroll processes, decreasing the time invested in manual calculations and compliance tracking. Regular training sessions and continuous support from Papaya assisted our groups end up being proficient users of the software, maximizing its potential for our company.
Companies that worker workers across several nations typically deal with intricate challenges when it comes to managing their workforce. One of the most significant obstacles is combining different data streams and adhering to varied regional and national labor policies, which can be both lengthy and pricey. Furthermore, setting up local entities in new regions can be a pricey and suboptimal alternative, with options such as opening a foreign subsidiary or hiring an expert employment organization (PEO) often charging up to 15% of the payroll. These obstacles have led to a substantial boost in difficulty recruiting certified workers, with 75% of employers reporting this concern in 2022, a 21% boost from 2019. The payroll and HR options market, valued at $26.4 billion in 2022, is anticipated to reach $50.4 billion by 2030.
uses an option supporting all types of employment. It provides an end-to-end platform, from worker onboarding and ongoing management to global payments and. It helps companies with labor law compliance in the jurisdictions in which they run, uses management of work benefits, and guarantees data personal 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 technology gap in international.
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 questions during the webcast please click on the Q&A tab in your webinar controls and type the there a new tab will open in your internet browser with the webcast study please make sure to complete it as soon as the webcast has actually ended it is now my pleasure to turn it over to Pap and bamboo HR for their presentation 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 guideline achieving
360 degree worker compliance where we’ll dive into the important aspects of the employee compliance management model throughout the session we’ll check out real world challenges genuine local policies best practices and the function of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to safeguard your organization and workers while staying compliant in an
Ever evolving regulative environment in the everchanging world of organization and finance guaranteeing compliance with payroll guidelines is not just important but also a legal vital from the minute of employing to the in intri intricacies even sorry of termination every step along the employee journey is Frau with compliance risks that have far-reaching effects nevertheless with a deeper more nuanced understanding of their obligations companies can not only browse the intricate landscape but likewise proactively guarantee this 360 degree compliance the webinar is created to equip you with the understanding and tools needed to browse the complex Surface of compliance whether you’re an experienced P specialist a small company owner or somebody new to the field what I would like to do before we start and I think it’s truly essential
In our quest to boost efficiency and precision in managing our global labor force, our international corporation turned to, a leading and labor force management software. The shift intended to simplify the complex job of handling across numerous countries, currencies, and compliance policies.
One of the standout features of is its robust compliance management system. The software instantly updates itself to abide by ever-evolving tax and labor laws throughout numerous jurisdictions. This has actually been important in ensuring that our processes remain certified in each nation of operation.
is to state that the content here is illegal recommendations it is simply for your info please consult your legal team must you have any questions or issues in relation to anything that we have actually gone over today our secret take key takeaways by the end of the webinar will be an understanding of staff member compliance dangers how to employ ly with 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.
act as your hris or is kind of your core employee record um to manage that worker life cycle throughout their Journey with you as as a staff member in addition to a payroll module we have to help you pay those workers and compensate them and advantages Administration module that allows you to assist handle the benefits you supply to your staff members so really delighted to be here represent um bamb booy container and speak about this topic um and I guess from my viewpoint I’ll I’ll probably provide a great deal of a focus on the United States side of things when we speak about type of compliance so delighted to be here thanks for having me Ian alright thanks Greg um Gina over to you would you like to introduce yourself and tell the audience a bit about papay global yes definitely thank you Ian hi everyone I’m Gina dorelis I’m the Work expert supervisor.
at I handle the employment Council in the US APAC EMA and Israel region I likewise function as us Council for I’m accredited in New York and New Jersey um we ensure compliance onboarding and offboarding of workers with regard to papaya we offer payroll payments and labor force management as a Service work force provider to employees serving in over.
160 nations okay thank you so both I feel completely underqualified sitting here with you both well I forgot to discuss as we were type of like going through the intro so it’s actually really nice to in fact see in the webinar chat where everyone’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 fantastic whilst we just wait on everybody else to sort of like take part there we go Chicago too well um so whil we’re doing that I’m waiting on everyone to type of join I’ll simply run us through the agenda um today we are going to talk about employing Talent brand-new greater Info Management termination compliance and automation wow the chat has got truly actually hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from absolutely everywhere which is great so uh I’m hoping that we’re really going to have some actually great commentary and questions throughout the uh the webinar as well alright so that’s the program then what I wish to Now cover is the the compliance and the Personal privacy side of things so the the Journey of an employee and their information is The Papaya Global Company complex without fail and an.
Ever developing relationship that begins the minute a person joins an organization it continues throughout their employment and Beyond this journey can be divided into k to a number of essential phases whilst we’re in fact you understand that they’re used with us so on boarding day-to-day operations compensation and benefits expert advancement then we get to the offboarding and even advocacy so it even occurs after the staff member has actually left your work throughout the journey companies are responsible for gathering saving protecting staff member information in compliance with data privacy guidelines no matter where it is you’re operating all over the world it often involves executing secure data management systems and making sure strict adherence to local requirements to protect both the staff member and the organization the advancement of staff member information and management c.