A CFO’s Point of view on Change Papaya Global Folder…
Papaya Global’s platform simplifies worldwide labor force management for business, guaranteeing compliance with local policies and tax laws. Their services encompass payroll processing, advantages administration, compliance oversight, time and participation tracking, and HR assistance. The platform centralizes international payroll operations, providing 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 dynamic landscape of worldwide company operations, managing payroll across borders can be a complex and tough task. As the Chief Financial Officer (CFO) of a worldwide company, I comprehend the critical importance of effective and compliant payroll management. In our pursuit of excellence, we have accepted innovative solutions to enhance our procedures, and one such transformative tool is Software application.
The Obstacle of Worldwide Payroll:
Worldwide growth brings about diverse difficulties, and payroll management is no exception. Differing tax policies, varying work laws, and several currencies make it necessary for companies to adopt advanced services to ensure accuracy, compliance, and efficiency in payroll processing.
Software: A Comprehensive Option:
employees so it’s truly basic to guarantee that you have actually thought about from the beginning any post-termination limitations that you wish to put into the agreement of employment that they’re enforceable so that means you require to actually think about what it is you’re aiming to secure and why clearly Specify what’s consisted of within the scope of that confidential information and attend to the duration of limitation post-determination that you want to use and be truly able to to validate that in relation to copyright the position truly depends on the type of intellectual property you’re seeking to protect and also the jurisdiction so for instance from a copyright point of view in the Netherlands the end customer is more likely to have the um copyright rights in a copyright that the workers produced who’s been under their supervision and control instantly however in someplace like Poland for example that automatic right might not exist and that project would need to stream through the chain uh contractually so it really depends on the jurisdiction and the type of IP alright thank you Elizabeth Steve was staying on the topic of contracts Miss classified misclassifying workers
Papaya Global Software has become a game-changer in the world of global payroll management. Its cloud-based platform integrates payroll, workforce management, and employee benefits into a single, easy to use user interface. As the CFO, I have seen firsthand the favorable effect of on our organization’s financial operations.
Unified International Payroll Processing:
enables our company to procedure payroll perfectly throughout multiple nations. The platform’s unified method permits constant payroll calculations, decreasing errors and guaranteeing compliance with regional regulations. This has substantially reduced the dangers related to international payroll processing.
likewise crucial for if later on somebody states misclassification you have your file supported by the requisite files and that the right evaluation tools to reveal someone 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 handling are you dealing with a private or are you handling a personal Service Corporation and how are they operating what are they doing is it the kind of work that lends itself more to being an independent professional than an employee 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 have to be on site and handled again another essential factor is the management and supervision of the uh worker and then finally when is it a particular project is it a six-month task 6 years all of this is manageable but it has to be recorded and it needs to be thoroughly 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 worldwide these tools take a survey list for the employee the employee fills out and fills these concerns out and so does completion customer or the recipient of the services they both put their details into the tool and then it does an examination waiting the various concerns because not every jurisdiction has the exact same sensation about a few of these questions some believe they’re more important than others and it comes out with 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 regards to some of the important things you need to strengthen to ensure that you are considered that examination of uh independent contractor or green where you were evaluated as an as a independent specialist once that examination is done all the requisite documents are underneath it so that if later there
Navigating the complexities of global employment laws and tax policies can be frustrating. Papaya Global’s automated compliance engine keeps our organization updated with modifications in policies throughout jurisdictions. This guarantees that our payroll processes follow the current standards, lessening the threat of non-compliance and associated penalties.
network of In-House outside consultants accounting firms and legal firms who assist us keep our databases entirely up to date and we also call on we need to when we see an unusual or or especially complicated situations all right thanks Steve I can simply see a quick concern in the Q a window yes the session will be taped and sent to participants later on um returning to to the webinar itself Ray company of record is regulated in a different way worldwide and the German law for instance it’s classified as employee leasing can you shed any light on a few of the unique considerations for nations and where the eor model isn’t managed yes Ian staff member leasing or labor leasing as it’s likewise called which prevails in numerous nations particularly in Europe enforces rigorous policies on items such as the length of assignment it also appoints employees to collective bargaining agreements that provides rights and advantages however even in the countries that don’t have those stringent guidelines for instance the UK Canada and the nordics there are policies for each nation and each employee is dealt with the same as all the other employees in that nation and all those guidelines require to be complied with all right thank you Ray um Kathy moving I would say to yourself what do business need to consider when determining contract status to protect themselves and the rights of hires what are the pros and cons of hiring professionals and Freelancers versus irreversible workers so clearly the the benefit of specialists versus workers is the the versatility for both the worker and for the employer um but I can’t worry enough how crucial it is to have a consistent comprehensive and a well-documented compliance
Change Papaya Global Folder and Time Cost Savings:
The software application’s automation capabilities have substantially decreased the time and effort needed for payroll processing. Handbook data entry and repetitive tasks have actually been reduced, enabling our financing team to concentrate on tactical initiatives instead of administrative burdens. This has actually led to increased performance and efficiency within our financial operations.
in one considering that each state has its own regulations Californians are some of the most stringent an example is pay slips on a payslip in California the best information has to be on the payslip in the best format and in the right position if you remain in breach of of policies for payslips the fines are provided per payslip so that’s each worker each pay slip will incur a fine thanks Ray thank you Elizabeth a lot to stress to think about and we’re just 2 concerns in and 10 minutes or two working with in one nation is tough enough however when working with in a you understand on a worldwide level it’s a completely different story you require to ensure that you’re up to date with current in addition to pending local labor laws Steve um how do you make certain 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 three essential things we carry out in most importantly you require to have the right group so we work with a team of global experts in Work Practices um that ex that team of specialists consists of attorneys it includes payroll professionals it includes HR professionals and these are people that not just know the laws in these in these countries and regions but they also understand the languages they understand the local practices they know the cultures and it’s important to have that best team 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 accurate and timely financial information is vital for decision-making. The platform’s reporting capabilities empower me to make informed strategic decisions based upon real-time insights into our international payroll information.
application and its scope and the way that it applies to work law in practice can be checked through the judicial system by way of case law examples of that would be the obtained rights regulation otherwise called the 2p regulations in the UK the working time regulations which has had numerous hairs of that legislation tested particularly around holiday pay and of course as Kathy’s going to come on to discuss later work status which there’s been several precedence set for many years so I believe it’s actually that continuous evolution of the work law landscape that you actually need to navigate when when working in Europe fine thank you Elizabeth Ray what about you from your individual experience while crossing the pond as pointed out each nation has different policies however the United States is essentially 50 countries
Scalability for Business Growth:
One of the standout features of Papaya Global is its scalability. As our business continues to grow and expand into brand-new markets, the software effortlessly accommodates changes in our labor force and payroll requirements. This scalability guarantees that our payroll facilities can adjust to the progressing needs of our global company.
Worldwide Chief legal officer we have actually got Elizabeth Beal who is our chief legal officer for Amia and we have actually got Ray Glimpse who is our senior vice president of customer service and I would say separately and collectively these three individuals have Decades of experience in in employment law and global Employment Practices so thank you it’s a pleasure to be with everybody here today sounds like we have actually got the right people with us today and in in addition to to those well we likewise have among our own Stars erase share head of Global Provider at papaya International tell 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 Partnerships I have developed Papaya’s network of in-country Partners in over 160 locations on an individual element and related to our subject today I’ve had the opportunity to transfer and work in 3 various countries it is the business’s duty to ensure my defense while residing in a foreign nation compliance with local laws and policies is important for me or anybody else as an expat or as a local so today we have actually invited our trusted Partners individuals 2.0 to demonstrate the importance of regional
proficiency when business Go Worldwide thank you and take pleasure in fine thank you as I stated let’s carry on to the pact program today’s webinar is a chance to ask the panel the concerns you’ve been thinking about we’ll discuss the truths a company requires to think about when opening a brand-new entity and broadening into new nations along with keeping things going we’ll cover aspects such as regional guidelines factors to consider when employing compliance essential challenges 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 bigger a business grows the more they require to comprehend and handle understanding what to do in each new circumstance as it rises is essential on numerous levels comprehending regional regulations and local laws along with business practices helps alleviate Associated and worldwide expansion papaya through our local specialists can navigate potential dangers such as copyright security information privacy security problems ensuring the company’s operations remain compliant and secure tax Social Security returns and remittances vary by country
In conclusion, Papaya Global Software has proven to be an indispensable property in our quest for efficient and compliant international payroll management. As the CFO of a global business, I am confident in suggesting Papaya Global to organizations looking for to enhance their payroll processes, enhance compliance, and achieve greater effectiveness in managing their worldwide labor force. The software’s innovative features and dedication to quality line up with our tactical goals, making it an essential part of our monetary operations.
openly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly revealed settlements there’s also substantial legal expenses there exists’s other charges there’s other costs behind that also so the overall expense can be extremely substantial in the 10s of countless dollars or more and and those quantities are growing uh the reason why business are getting it so wrong is actually just the rules are complex and they’re altering all the time think ir-35 in the UK which has been a continuous development for several years now and and still a lot of uncertainty amongst companies on what it really means and how you handle it most companies are simply not aware of the rules and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be very proactive as you’re engaging uh workers from a classification point of view fine thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what results can this have on the worker Change Papaya Global Folder particularly when it pertains to their own tax liabilities social security and benefits for instance jury and obviously the employees the opposite of the coin
I find time and time again the employees typically misclassified unconsciously they don’t comprehend the conditions of work or contract and are informed by the customer why it’s optimum primarily to the customer 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 benefits of the employee 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 gone by they haven’t contributed to pensions And so on so it’s a huge effect that they never ever knew they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy business are securing insurance versus misclassification however typically premiums are only covering the cost of legal charges whilst the typical claim examined against companies relates to to 40 or 50 percent of the base pay of employee exists any point in securing insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest in most cases 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 pack you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK
Expense Considerations and Change Papaya Global Folder …
The detailed features of come at an expense,
Over the past few decades, the workforce has actually gone through a substantial change with the development of remote work, which has eliminated geographical restraints on hiring. This has actually enabled organizations to hire talent from all over the world, allowing them to assemble the best possible team for each function. As a result, workers have actually gained higher versatility to work from home and increase their earnings without having to relocate to pricey locations or commute fars away. According to a 2022 study, 87% of staff members who have the choice to work from another location pick to do so. The COVID-19 pandemic, combined with improvements in business connection software, has further sped up the shift towards remote work, even in industries that were initially reluctant to embrace the trend.
insights are valuable to us and and your fellow guests 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 have actually had functions in all kind of Industries retail and Beauty to Aerospace in all kinds of businesses startup to matrixed environments around the world I offered management and strategy to populations of more than 100,000 employees on a month-to-month basis and in over 170 nations today I’m the perel strategist for papaya
International I work across the business male maning and developing external relationships supporting Enterprise customers and solutions and serving as an advisor I want to present our first Greg um guest 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 stated my name is Greg Piper uh I am the senior corporate counsil at bambo HR so I lead our in-house legal group and really work very carefully with our um HR department too to deal with various legal and HR matters that turn up so actually delighted to be here about bambo HR if if you’re not familiar with us uh at bambo HR we state our mission is to set you as HR specialists complimentary to do fantastic
Although Papaya Global provides combinations with various HR and finance systems, we experienced some hurdles during the integration process. Tailoring the software application to line up with our existing infrastructure proved to be more complicated than prepared for, resulting in hold-ups in the initial rollout.
The comprehensive features used by Papaya Global come at a cost, which some of our smaller sized subsidiaries discovered to be prohibitively pricey. As an international organization, we needed to thoroughly weigh the need for innovative functionality against budget plan constraints.
Support Action Time:
On occasion, our teams experienced issues that required urgent assistance. Nevertheless, the action time from Papaya Global’s consumer assistance group was not constantly as prompt as we would have liked, resulting in delays in dealing with those problems.
Our application of included a phased technique. We began by onboarding a few subsidiaries to evaluate the system’s compatibility with our existing processes. This allowed us to determine and attend to integration challenges early on. As the software ended up being more ingrained in our operations, we slowly expanded its usage to cover our entire global labor force.
The automated features streamlined our payroll procedures, decreasing the time spent on manual computations and compliance tracking. Regular training sessions and ongoing support from Papaya helped our teams end up being skilled users of the software application, maximizing its capacity for our company.
Business that staff member workers throughout numerous nations typically deal with elaborate obstacles when it pertains to managing their workforce. Among the most significant hurdles is consolidating numerous information streams and sticking to varied local and nationwide labor guidelines, which can be both lengthy and expensive. Additionally, establishing regional entities in brand-new areas can be a costly and suboptimal choice, with options such as opening a foreign subsidiary or hiring a professional work company (PEO) often charging up to 15% of the payroll. These difficulties have caused a substantial boost in problem hiring qualified workers, with 75% of employers reporting this problem in 2022, a 21% boost from 2019. The payroll and HR services market, valued at $26.4 billion in 2022, is expected to reach $50.4 billion by 2030.
provides a solution supporting all forms of work. It provides an end-to-end platform, from staff member onboarding and ongoing management to worldwide payments and. It assists companies with labor law compliance in the jurisdictions in which they run, uses management of work advantages, and guarantees data 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 gap in global.
papaya this webcast has been pre-approved for hrci and Sherm credit please make sure to attend the complete 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 web browser with the webcast survey please make certain 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 presentation hey there and thank you for joining us today we’re enjoyed have you here as we start a journey of data to policy accomplishing
360 degree worker compliance where we’ll dive into the vital aspects of the worker compliance management model throughout the session we’ll check out real life difficulties real local guidelines finest practices and the function of Automotion in simplying compliance journey be prepared to emerge in a thorough understanding of how to safeguard your organization and staff members while remaining certified in an
Ever progressing regulatory environment in the everchanging world of business and finance making sure compliance with payroll policies is not just crucial but likewise a legal necessary from the moment of working with to the in intri complexities even sorry of termination every step along the staff member journey is Frau with compliance dangers that have significant repercussions however with a much deeper more nuanced understanding of their obligations organizations can not just browse the intricate landscape but also proactively guarantee this 360 degree compliance the webinar is developed to equip you with the understanding and tools needed to browse the complex Terrain of compliance whether you’re an experienced P specialist a small company owner or somebody brand-new to the field what I wish to do before we begin and I believe it’s actually essential
In our quest to enhance performance and accuracy in managing our global workforce, our international corporation turned to, a leading and workforce management software application. The transition aimed to streamline the complex job of handling throughout different nations, currencies, and compliance guidelines.
One of the standout functions of is its robust compliance management system. The software application automatically updates itself to comply with ever-evolving tax and labor laws across numerous jurisdictions. This has actually been important in making sure that our processes stay compliant in each nation of operation.
is to state that the material here is illegal recommendations it is just for your info please consult your legal team should you have any questions or concerns in relation to anything that we’ve gone over today our secret take crucial takeaways by the end of the webinar will be an understanding of staff member compliance risks 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’ve.
work as your hris or is type of your core worker record um to manage that worker life process throughout their Journey with you as as an employee in addition to a payroll module we need to help you pay those staff members and compensate them and benefits Administration module that allows you to assist manage the benefits you offer to your employees so really excited to be here represent um bamb booy jar and speak about this subject um and I think from my point of view I’ll I’ll probably offer a great deal of a focus on the US side of things when we talk about sort of compliance so pleased to be here thanks for having me Ian alright thanks Greg um Gina over to you would you like to introduce yourself and inform the audience a bit about papay global yes absolutely thank you Ian hey there everyone I’m Gina dorelis I’m the Work expert manager.
at I handle the work Council in the US APAC EMA and Israel area I likewise serve 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 workforce management as a Service labor force supplier to workers serving in over.
160 countries okay thank you so both I feel totally underqualified sitting here with you both well I forgot to point out as we were kind of like going through the intro so it’s really truly great to actually see in the webinar chat where everyone’s really attending from today I can see that we have people in Las Vegas and Indiana currently so if you wish to continue tell where you are that would be absolutely great whilst we just wait on everybody else to kind of like participate in there we go Chicago as well well um so whil we’re doing that I’m awaiting everyone to sort of join I’ll simply run us through the agenda um today we are going to go over working with Talent brand-new higher Details Management termination compliance and automation wow the chat has got actually truly busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from absolutely everywhere which is wonderful so uh I’m hoping that we’re really going to have some truly fantastic commentary and questions 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 staff member and their data is Change Papaya Global Folder complex without fail and an.
Ever evolving relationship that starts the minute a person joins a company it continues throughout their employment and Beyond this journey can be divided into k to numerous crucial phases whilst we’re really you understand that they’re used with us so on boarding everyday operations compensation and advantages expert advancement then we get to the offboarding and even advocacy so it even takes place after the staff member has left your work throughout the journey companies are accountable for gathering keeping safeguarding staff member data in compliance with information privacy regulations no matter where it is you’re operating around the world it typically involves executing safe information management systems and guaranteeing rigorous adherence to regional requirements to protect both the employee and the company the evolution of employee data and management c.