A CFO’s Point of view on Timetastic Papaya Global…
Papaya Global’s platform simplifies international workforce management for business, guaranteeing compliance with local guidelines and tax laws. Their services include payroll processing, advantages administration, compliance oversight, time and attendance tracking, and HR assistance. The platform centralizes international payroll operations, providing organizations with real-time insights and control. Founded in 2016, Papaya Global has broadened to Tel Aviv, New York City, London, and Kiev.
In the vibrant landscape of international organization operations, handling payroll across borders can be a complex and challenging job. 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 excellence, we have actually accepted innovative services to enhance our processes, and one such transformative tool is Software.
The Difficulty of Global Payroll:
Worldwide expansion produces diverse challenges, and payroll management is no exception. Differing tax regulations, varying work laws, and multiple currencies make it necessary for organizations to embrace advanced services to ensure precision, compliance, and efficiency in payroll processing.
Software: A Comprehensive Service:
It is vital to consider and include post-termination constraints in the employment contract to ensure enforceability. You must thoroughly determine what you are seeking to safeguard and clearly specify the confidential information that falls within its scope. Furthermore, define the period of the post-termination constraint and be prepared to validate it in relation to copyright. The rules regarding copyright vary depending upon the type of IP and the jurisdiction. For example, in the Netherlands, completion client is likely to have copyright rights over works produced by workers under their guidance, while in Poland, contractual project may be necessary.
Papaya Global Software application has actually become a game-changer in the realm of international payroll management. Its cloud-based platform incorporates payroll, workforce management, and employee benefits into a single, user-friendly interface. As the CFO, I have actually experienced firsthand the positive effect of on our organization’s financial operations.
Unified Worldwide Payroll Processing:
enables our business to process payroll flawlessly across numerous nations. The platform’s unified method allows for constant payroll estimations, reducing errors and ensuring compliance with local guidelines. This has actually significantly alleviated the threats connected with global payroll processing.
also essential for if later on someone states misclassification you have your file supported by the requisite documents and that the ideal evaluation tools to reveal someone that you had a thoughtful procedure and so what do you need to include because process it’s the who the what the where and the when who are you dealing with are you dealing with an individual or are you dealing with a personal Service Corporation and how are they running what are they doing is it the type of work that lends itself more to being an independent contractor than a worker so for instance accounting
I.T engineering the creatives these all lend themselves more to that evaluation of being freelancer you understand likewise uh where are they doing it can they work from anywhere or do they need to be on site and managed once again another key element is the management and guidance of the uh worker and then finally when is it a particular task is it a six-month project six years all of this is workable but it needs to be documented and it has to be thoroughly um investigated 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 questionnaire list for the worker the employee submits 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 examination waiting the various concerns since not every jurisdiction has the same sensation about a few of these questions some think they’re more important 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 things you need to boost to ensure that you are considered that examination of uh independent contractor or green where you were assessed 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 work laws and tax guidelines can be overwhelming. Papaya Global’s automated compliance engine keeps our company updated with modifications in policies throughout jurisdictions. This makes sure that our payroll processes stick to the most recent requirements, minimizing the danger of non-compliance and associated charges.
network of In-House outside consultants accounting firms and legal companies who help us keep our databases entirely as much as date and we also get in touch with we require to when we see an unusual or or especially complex circumstances all right thanks Steve I can just see a quick concern in the Q a window yes the session will be recorded and sent to attendees later on um returning to to the webinar itself Ray company of record is regulated differently all over the world and the German law for example it’s classified as worker leasing can you shed any light on some of the special factors to consider for nations and where the eor model isn’t managed yes Ian staff member leasing or labor leasing as it’s likewise called which is prevalent in several nations specifically in Europe enforces stringent guidelines on products such as the length of project it likewise appoints employees to collective bargaining agreements that gives them rights and benefits but even in the countries that do not have those stringent guidelines for instance the UK Canada and the nordics there are regulations for each nation and each employee is treated the like all the other workers in that country and all those policies need to be abided by fine thank you Ray um Kathy moving I would state to yourself what do companies require to factor in when figuring out agreement status to secure themselves and the rights of hires what are the benefits and drawbacks of employing specialists and Freelancers versus permanent staff members so certainly the the benefit of professionals versus workers is the the versatility for both the employee and for the employer um however I can’t stress enough how crucial it is to have a constant comprehensive and a well-documented compliance
Timetastic Papaya Global and Time Savings:
The software application’s automation abilities have actually substantially decreased the time and effort required for payroll processing. Manual information entry and recurring jobs have actually been minimized, enabling our finance team to focus on strategic initiatives rather than administrative burdens. This has led to increased effectiveness and performance within our monetary operations.
in one given that each state has its own guidelines Californians are a few of the most rigorous an example is pay slips on a payslip in California the best info has to be on the payslip in the ideal format and in the right position if you remain in breach of of guidelines for payslips the fines are issued per payslip so that’s each worker each pay slip will incur a great thanks Ray thank you Elizabeth a lot to stress to consider and we’re just 2 questions in and 10 minutes or two employing in one nation is difficult enough however when working with in a you know on a worldwide level it’s a totally various story you need to make certain that you’re up to date with present in addition to pending local labor laws Steve um how do you make sure and make sure that individuals 2.0 team is on top of an ever-changing landscape which your customers are fully supported and I’ll organize this into 3 essential things we carry out in primarily you require to have the best group so we work with a team of international professionals in Work Practices um that ex that group of professionals includes lawyers it includes payroll experts it consists of HR professionals and these are individuals that not only know the laws in these in these nations and regions however they also know the languages they understand the regional practices they understand the cultures and it’s important to have that right group and really have the group on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global offers thorough real-time analytics and reporting tools. As a CFO, having access to accurate and prompt monetary data is essential for decision-making. The platform’s reporting capabilities empower me to make informed tactical choices based on real-time insights into our worldwide payroll data.
The useful application and extent of the application to employment law can be assessed through the legal system using case law examples. For instance, the obtained rights regulation, likewise called the 2p regulations in the UK, and the working time policies have actually gone through different legal analyses, especially regarding holiday pay. Furthermore, the concept of employment status has actually seen numerous legal precedents over the
Scalability for Service Growth:
Among the standout features of Papaya Global is its scalability. As our business continues to grow and expand into brand-new markets, the software seamlessly accommodates modifications in our workforce and payroll requirements. This scalability makes sure that our payroll facilities can adjust to the evolving requirements of our international organization.
International Chief legal officer we’ve got Elizabeth Beal who is our primary 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 jointly these 3 individuals have Years of experience in in work law and international Employment Practices so thank you it’s an enjoyment 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 Global tell us about yourself thank you Elin Ian hey there my name is Elite I have actually been with the company 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 opportunity to transfer and operate in three various nations it is the business’s obligation to guarantee my security while residing in a foreign nation compliance with regional laws and guidelines is essential for me or anyone else as an expat or as a regional so today we have welcomed our relied on Partners people 2.0 to show the significance of local
expertise when companies Go Worldwide thank you and delight in okay thank you as I stated let’s carry on to the pact program today’s webinar is a chance to ask the panel the questions you’ve been thinking of we’ll discuss the truths a company needs to consider when opening a brand-new entity and expanding into new nations in addition to keeping things going we’ll cover elements such as local guidelines considerations when hiring compliance essential obstacles payments and what not to do it is among the most crucial things remembering what not to do um operating on an international 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 increases is essential on lots of levels understanding regional regulations and regional laws in addition to organization practices assists mitigate Associated and global growth papaya through our local professionals can navigate potential threats such as intellectual property protection information privacy security issues guaranteeing the company’s operations remain certified and safe tax Social Security returns and remittances vary by country
In conclusion, Papaya Global Software application has proven to be a vital possession in our quest for effective and compliant worldwide payroll management. As the CFO of a worldwide company, I am positive in suggesting Papaya Global to organizations seeking to streamline their payroll processes, boost compliance, and accomplish greater performance in managing their international workforce. The software’s innovative features and commitment to quality line up with our tactical goals, 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 openly revealed settlements there’s likewise considerable legal expenses there exists’s other charges there’s other expenses behind that as well so the overall expense can be really considerable in the tens of millions of dollars or more and and those quantities are growing uh the reason that business are getting it so incorrect is truly just the rules are intricate and they’re altering all the time believe ir-35 in the UK which has been a continuous development for several years now and and still a great deal of uncertainty amongst companies on what it really suggests and how you handle it most employers are merely not familiar with the rules and and act as if the the guidelines are the same all over which they’re not so so encourage you to to be very proactive as you’re engaging uh workers from a category point of view fine thank you Stephen and returning to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the employee Timetastic Papaya Global particularly when it concerns their own tax liabilities social security and advantages for instance jury and undoubtedly the employees the other side of the coin
I find time and time again the employees often misclassified unknowingly they do not understand the conditions of work or contract and are informed by the customer why it’s most advantageous primarily to the client why you should be employed or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have passed they haven’t added to pensions Etc so it’s a big impact that they never ever knew they were strolling into you could not agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy companies are taking out insurance against misclassification but typically premiums are only covering the expense of legal fees whilst the typical claim examined against employers corresponds to to 40 or 50 percent of the base salary of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest most of the times I have not seen it a minimum of 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 coverage on the basis of the reality that you were not in compliance with laws um in the UK
Cost Factors to consider and Timetastic Papaya Global …
The comprehensive features of come at a cost,
Current years have seen a significant modification to the workforce as the rise of remote work has actually broken down geographical barriers to hiring. Services can now employ staff from anywhere worldwide, permitting them to access the very best available skill for any given function. This provides employees more flexibility to work from home and increase their earnings without relocating to costly locations or commuting cross countries. A 2022 survey found that 87% of staff members who have the chance to work remotely take that chance. The outbreak of COVID-19, in conjunction with new enterprise connectivity software application, sped up the move to remote work, consisting of in industries previously hesitant to accept the pattern.
insights are important to us and and your fellow attendees so first things first 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’ve had functions in all type of Industries retail and Charm 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 workers on a monthly basis and in over 170 countries today I’m the perel strategist for papaya
Global I work across business man maning and building external relationships supporting Business customers and services and functioning as an advisor I wish to introduce our very first Greg um guest 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 stated my name is Greg Piper uh I am the senior business counsil at bambo HR so I lead our in-house legal team and in fact work very closely with our um HR department as well to manage different legal and HR matters that show up so really thrilled to be here about bambo HR if if you’re not familiar with us uh at bambo HR we state our objective is to set you as HR experts free to do great
Although Papaya Global offers combinations with numerous HR and financing systems, we experienced some difficulties during the combination process. Tailoring the software application to line up with our existing infrastructure proved to be more intricate than prepared for, resulting in delays in the preliminary rollout.
The substantial functions provided by Papaya Global come at a cost, which some of our smaller subsidiaries found to be excessively costly. As a global organization, we needed to carefully weigh the requirement for innovative functionality versus budget restraints.
Assistance Response Time:
On occasion, our groups experienced concerns that needed immediate help. Nevertheless, the response time from Papaya Global’s customer support team was not always as prompt as we would have liked, causing hold-ups in fixing those problems.
Our execution of included a phased technique. We started by onboarding a couple of subsidiaries to evaluate the system’s compatibility with our existing procedures. This allowed us to recognize and address combination difficulties early on. As the software application became more implanted in our operations, we slowly broadened its usage to cover our whole global workforce.
The automated features structured our payroll processes, minimizing the time spent on manual computations and compliance tracking. Routine training sessions and continuous support from Papaya assisted our groups become skilled users of the software, maximizing its capacity for our organization.
However, paying a labor force can be complicated. It is particularly challenging for companies who employ staff throughout numerous nations, as they need to continuously combine different data streams, manually track regional and nationwide labor and policies, and spend important time and resources to establish local entities in brand-new locations. These business are faced with suboptimal, costly choices, like opening a foreign subsidiary or hiring an expert work company, which is a regional firm that works with employees on their behalf and can charge up to 15% of. By 2022, 75% of companies reported difficulty hiring certified personnel, a boost of 21% from 2019. The payroll & HR services market was valued at $26.4 billion in 2022 and is projected to reach $50.4 billion by 2030.
uses an option supporting all kinds of work. It offers an end-to-end platform, from staff member onboarding and continuous 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 ensures data privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. An entrepreneur with 15 years of experience, she is a leading professional in payroll and labor force management. She co-founded after seeing the technology gap in worldwide.
papaya this webcast has been pre-approved for hrci and Sherm credit please be sure to go to the total webcast in order to receive your credits if you have any questions during the webcast please click the Q&A tab in your webinar controls and type the there a new tab will open in your web browser with the webcast survey please make sure to complete 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 presentation hello and thank you for joining us today we’re enjoyed have you here as we start a journey of information to guideline attaining
360 degree staff member compliance where we’ll dive into the important elements of the worker compliance management model throughout the session we’ll explore real world difficulties genuine regional regulations finest practices and the function of Automotion in simplying compliance journey be prepared to emerge in a detailed understanding of how to secure your company and workers while staying certified in an
Ever progressing regulative environment in the everchanging world of service and financing ensuring compliance with payroll guidelines is not just important however also a legal essential 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 dangers that have far-reaching repercussions however with a deeper more nuanced understanding of their commitments companies can not only navigate the intricate landscape but also proactively guarantee this 360 degree compliance the webinar is designed to equip you with the knowledge and tools necessary to browse the complex Terrain of compliance whether you’re an experienced P professional a small business owner or somebody brand-new to the field what I wish to do before we begin and I believe it’s actually important
In our mission to improve effectiveness and precision in managing our global workforce, our international corporation turned to, a leading and labor force management software application. The transition aimed to simplify the complex job of handling across different nations, currencies, and compliance policies.
Among the standout functions of is its robust compliance management system. The software instantly updates itself to follow ever-evolving tax and labor laws across numerous jurisdictions. This has actually been invaluable in ensuring that our processes remain 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 ought to you have any concerns or concerns in relation to anything that we’ve talked about today our secret take essential takeaways by the end of the webinar will be an understanding of worker compliance threats how to employ ly with self-confidence how to simplify information management and automation so let’s take ourselves a moment 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 handle that staff member life cycle throughout their Journey with you as as a staff member in addition to a payroll module we have to assist you pay those employees and compensate them and advantages Administration module that permits you to assist manage the advantages you offer to your staff members so truly thrilled to be here represent um bamb booy container and speak about this subject um and I guess from my perspective I’ll I’ll most likely offer a great deal of a focus on the United States side of things when we talk about kind of compliance so happy 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 absolutely thank you Ian hello everybody I’m Gina dorelis I’m the Employment expert manager.
at I manage the employment Council in the US APAC EMA and Israel area I likewise function as us Council for I’m licensed 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 labor force management as a Service labor force company to employees serving in over.
160 countries alright thank you so both I feel entirely underqualified sitting here with you both well I forgot to mention as we were type of like going through the intro so it’s truly really good to in fact see in the webinar chat where everyone’s in fact participating in from today I can see that we have individuals in Las Vegas and Indiana already so if you wish to continue tell where you are that would be definitely wonderful whilst we simply await everybody else to sort of like participate there we go Chicago too well um so whil we’re doing that I’m waiting on everyone to type of join I’ll just run us through the agenda um today we are going to discuss employing Skill brand-new greater Info Management termination compliance and automation wow the chat has got truly really hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from definitely everywhere which is great so uh I’m hoping that we’re actually going to have some actually fantastic commentary and concerns throughout the uh the webinar too alright so that’s the program then what I ‘d like 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 Timetastic Papaya Global diverse without fail and an.
Ever developing relationship that starts the moment an individual signs up with an organization it continues throughout their employment and Beyond this journey can be divided into k to numerous crucial stages whilst we’re actually you know that they’re used with us so on boarding daily operations compensation and advantages expert advancement then we get to the offboarding and even advocacy so it even occurs after the staff member has left your employment throughout the journey organizations are accountable for gathering saving securing staff member data in compliance with data privacy regulations no matter where it is you’re running around the world it typically involves implementing safe information management systems and ensuring rigorous adherence to regional requirements to secure both the employee and the company the development of employee information and management c.