A CFO’s Point of view on Papaya Global Change Data Path…
The platform makes it possible for business to handle their global labor force and abide by local work guidelines and tax laws. Papaya Global provides a range of services, including payroll management, benefits administration, compliance management, time and attendance tracking, and HR management. The platform is developed to streamline 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 workplaces in New York, London, and Kiev.
In the dynamic landscape of global company operations, managing payroll across borders can be a complex and challenging job. As the Chief Financial Officer (CFO) of an international business, I understand the crucial significance of effective and certified payroll management. In our pursuit of excellence, we have actually welcomed innovative solutions to simplify our processes, and one such transformative tool is Software.
The Obstacle of Global Payroll:
Global expansion brings about varied obstacles, and payroll management is no exception. Differing tax regulations, varying work laws, and numerous currencies make it imperative for companies to embrace advanced options to guarantee accuracy, compliance, and effectiveness in payroll processing.
Software: A Comprehensive Option:
It is crucial to consider and consist of post-termination restrictions in the employment agreement to guarantee enforceability. You need to thoroughly determine what you are looking for to safeguard and clearly define the secret information that falls within its scope. In addition, specify the period of the post-termination limitation and be prepared to justify it in relation to intellectual property. The guidelines regarding copyright vary depending on the type of IP and the jurisdiction. For example, in the Netherlands, the end client is most likely to have copyright rights over works produced by employees under their guidance, while in Poland, contractual task might be necessary.
Papaya Global Software application has actually emerged as a game-changer in the world of global payroll management. Its cloud-based platform integrates payroll, workforce management, and employee benefits into a single, user-friendly interface. As the CFO, I have actually experienced firsthand the positive impact of on our organization’s monetary operations.
Unified Worldwide Payroll Processing:
enables our company to procedure payroll seamlessly across multiple countries. The platform’s unified approach allows for constant payroll estimations, lowering errors and making sure compliance with regional regulations. This has actually substantially alleviated the risks associated with worldwide payroll processing.
also crucial for if later somebody states misclassification you have your file supported by the requisite documents which the ideal examination tools to reveal someone that you had a thoughtful process and so what do you have to include in that process it’s the who the what the where and the when who are you dealing with are you handling an individual or are you handling a personal Service Corporation and how are they operating what are they doing is it the type of work that lends itself more to being an independent specialist than an employee so for instance accounting
I.T engineering the creatives these all lend themselves more to that assessment of being freelancer you understand also uh where are they doing it can they work from anywhere or do they need to be on site and managed once again another crucial factor is the management and guidance of the uh worker and then lastly when is it a particular job is it a six-month job 6 years all of this is manageable but it needs to be recorded and it has to be thoroughly um investigated 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 internationally these tools take a survey list for the employee the worker completes and fills these questions out and so does completion client or the recipient of the services they both put their info into the tool and after that it does an assessment waiting the different concerns since not every jurisdiction has the same sensation about a few of these concerns some think they’re more important than others and it brings out a red yellow or green red you’re probably an employee yellow you’re on the cusp we can most likely assist you with that in regards to some of the things you require to reinforce to make certain that you are considered that assessment of uh independent contractor or green where you were examined as an as a independent contractor once that assessment is done all the requisite documents are beneath it so that if in the future there
Browsing the intricacies of international work laws and tax policies can be overwhelming. Papaya Global’s automated compliance engine keeps our company updated with changes in guidelines throughout jurisdictions. This makes sure that our payroll processes abide by the latest standards, reducing 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 as much as date and we likewise get in touch with we require to when we see an unusual or or particularly intricate scenarios alright thanks Steve I can simply see a fast question in the Q a window yes the session will be recorded and sent to participants afterwards um returning to to the webinar itself Ray employer of record is managed in a different way worldwide and the German law for example it’s classed as staff member leasing can you shed any light on a few of the unique factors to consider for countries and where the eor design isn’t controlled yes Ian employee leasing or labor leasing as it’s likewise called which is prevalent in several nations especially in Europe imposes stringent guidelines on products such as the length of task it likewise designates employees to collective bargaining agreements that gives them rights and advantages but even in the nations that don’t have those rigorous regulations for example the UK Canada and the nordics there are policies for each nation and each worker is dealt with the like all the other workers in that nation and all those policies require to be complied with all right thank you Ray um Kathy moving I would state to yourself what do business need to factor in when figuring out agreement status to protect themselves and the rights of hires what are the advantages and disadvantages of working with professionals and Freelancers versus irreversible staff members so undoubtedly the the benefit of specialists versus employees is the the versatility for both the employee and for the employer um however I can’t stress enough how important it is to have a consistent comprehensive and a well-documented compliance
Papaya Global Change Data Path and Time Cost Savings:
The software application’s automation abilities have actually significantly lowered the time and effort needed for payroll processing. Handbook data entry and recurring jobs have been minimized, allowing our finance group to concentrate on tactical efforts rather than administrative burdens. This has actually led to increased effectiveness and efficiency within our monetary operations.
in one considering that each state has its own policies Californians are a few of the most stringent an example is pay slips on a payslip in California the best info has to be on the payslip in the right format and in the best position if you’re in breach of of regulations for payslips the fines are issued per payslip so that’s each staff member each pay slip will incur a fine thanks Ray thank you Elizabeth a lot to fret to think about and we’re only two concerns in and 10 minutes approximately hiring in one country is tough enough but when working with in a you understand on a global level it’s a totally various story you need to ensure that you’re up to date with present as well as pending local labor laws Steve um how do you make certain and make sure that the people 2.0 group is on top of an ever-changing landscape which your customers are totally supported and I’ll organize this into 3 key things we perform in primarily you need to have the best group so we employ a group of international experts in Employment Practices um that ex that team of experts includes attorneys it consists of payroll specialists it includes HR experts and these are individuals that not just know the laws in these in these countries and regions however they likewise know the languages they understand the regional practices they know the cultures and it’s important to have that best team and truly have the team on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global offers thorough real-time analytics and reporting tools. As a CFO, having access to precise and timely financial information is vital for decision-making. The platform’s reporting capabilities empower me to make educated tactical choices based upon real-time insights into our worldwide payroll information.
The useful application and degree of the application to employment law can be evaluated through the legal system using case law examples. For instance, the acquired rights instruction, also referred to as the 2p guidelines in the UK, and the working time regulations have undergone various legal analyses, particularly relating to holiday pay. Additionally, the principle of work status has actually seen numerous legal precedents over the
Scalability for Organization Growth:
Among the standout features of Papaya Global is its scalability. As our business continues to grow and broaden into new markets, the software application flawlessly accommodates modifications in our labor force and payroll requirements. This scalability guarantees that our payroll infrastructure can adapt to the progressing needs of our global company.
Worldwide Chief legal officer we have actually 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 three people have Decades of experience in in employment law and international Employment Practices so thank you it’s an enjoyment to be with everyone here today sounds like we’ve got the right people with us today and in in addition to to those well we likewise 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 business for around four and a half years as head of Partnerships I have actually developed Papaya’s network of in-country Partners in over 160 areas on an individual aspect and related to our subject today I have actually had the chance to transfer and operate in 3 different nations it is the business’s duty to guarantee my protection while living in a foreign nation compliance with regional laws and guidelines is important for me or anyone else as an expat or as a local so today we have welcomed our relied on Partners people 2.0 to demonstrate the value of regional
competence when business Go Global thank you and delight in all right thank you as I said let’s carry on to the pact program today’s webinar is an opportunity to ask the panel the questions you have actually been thinking about we’ll go over the facts a company requires to think about when opening a brand-new entity and expanding into brand-new countries in addition to keeping things going we’ll cover elements such as regional policies factors to consider when hiring compliance key difficulties payments and what not to do it is among the most essential things remembering what not to do um operating on a worldwide level is not for the faint-hearted the bigger a business grows the more they need to understand and handle knowing what to do in each brand-new scenario as it increases is important on many levels comprehending regional regulations and local laws as well as organization practices assists alleviate Associated and global growth papaya through our local specialists can navigate potential threats such as copyright defense data privacy security concerns guaranteeing the business’s operations stay compliant and protected tax Social Security returns and remittances differ by nation
In conclusion, Papaya Global Software application has shown to be an indispensable asset in our quest for effective and certified international payroll management. As the CFO of a worldwide business, I am confident in recommending Papaya Global to organizations looking for to improve their payroll processes, enhance compliance, and accomplish greater efficiency in handling their worldwide workforce. The software’s ingenious features and dedication to quality align with our tactical goals, making it an integral part of our financial operations.
I find time and time again the workers typically misclassified unknowingly they do not understand the conditions of employment or contract and are told by the client why it’s optimum generally to the client why you must be utilized or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be impacted 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 have not contributed to pensions Etc so it’s a big impact that they never understood they were walking 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 getting insurance coverage versus misclassification but typically premiums are only covering the cost of legal fees whilst the typical claim examined against employers equates to to 40 or half of the base salary of employee is there any point in getting insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes charge and interest in most cases I have not seen it a minimum of so uh the the other area that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK
Expense Factors to consider and Papaya Global Change Data Path …
The comprehensive features of come at a cost,
Over the past couple of years, the labor force has gone through a significant transformation with the development of remote work, which has actually gotten rid of geographical restrictions on hiring. This has actually allowed organizations to hire skill from all over the world, enabling them to assemble the best possible group for each role. As a result, workers have actually acquired higher flexibility to work from home and increase their earnings without having to move to pricey areas or commute fars away. According to a 2022 study, 87% of employees who have the alternative to work remotely choose to do so. The COVID-19 pandemic, combined with advancements in business connectivity software, has actually further sped up the shift towards remote work, even in industries that were initially hesitant to embrace the pattern.
insights are important to us and and your fellow guests so first things initially though um let’s be familiar with everybody my name is Ian Charles and I’ve worked in payroll for the last 25 years I’ve had functions in all sort of Industries retail and Charm to Aerospace in all types of businesses startup to matrixed environments across the globe I offered leadership and technique 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
International I work throughout business man maning and building external relationships supporting Business clients and options and acting as a consultant I ‘d like to present our very 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 said 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 really carefully with our um HR department also to manage different 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 say our mission is to set you as HR experts free to do great
Although Papaya Global provides integrations with various HR and financing systems, we came across some obstacles throughout the combination process. Customizing the software application to align with our existing infrastructure showed to be more intricate than expected, leading to delays in the initial rollout.
The extensive functions offered by Papaya Global come at an expense, which some of our smaller sized subsidiaries discovered to be excessively expensive. As a worldwide organization, we had to thoroughly weigh the requirement for sophisticated functionality against budget restraints.
Support Reaction Time:
On occasion, our teams experienced issues that needed immediate help. However, the reaction time from Papaya Global’s consumer support group was not constantly as timely as we would have liked, resulting in delays in fixing those concerns.
Our implementation of included a phased method. We began by onboarding a couple of subsidiaries to evaluate the system’s compatibility with our existing processes. This enabled us to determine and resolve integration difficulties early on. As the software ended up being more implanted in our operations, we slowly broadened its use to cover our entire worldwide workforce.
The automated features streamlined our payroll processes, decreasing the time invested in manual calculations and compliance tracking. Regular training sessions and ongoing assistance from Papaya assisted our teams become competent users of the software application, maximizing its capacity for our organization.
However, paying a labor force can be complex. It is particularly challenging for companies who utilize personnel throughout several countries, as they must continuously combine various data streams, by hand track local and national labor and policies, and spend valuable time and resources to set up local entities in new locations. These companies are confronted with suboptimal, pricey alternatives, like opening a foreign subsidiary or working with an expert employment company, which is a local company that employs workers on their behalf and can charge up to 15% of. By 2022, 75% of companies reported trouble hiring certified workers, an increase of 21% from 2019. The payroll & HR solutions market was valued at $26.4 billion in 2022 and is forecasted to reach $50.4 billion by 2030.
uses a service supporting all kinds of employment. It provides an end-to-end platform, from staff member onboarding and continuous management to worldwide payments and. It helps business with labor law compliance in the jurisdictions in which they operate, provides management of work advantages, and makes sure information personal privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. An entrepreneur with 15 years of experience, she is a leading expert in payroll and labor force management. She co-founded after seeing the technology 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 get your credits if you have any concerns throughout 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 certain to complete it as soon as the webcast has 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 data to regulation accomplishing
360 degree staff member compliance where we’ll dive into the essential aspects of the employee compliance management design throughout the session we’ll check out real life difficulties genuine regional regulations finest practices and the role of Automotion in simplying compliance journey be prepared to emerge in a comprehensive understanding of how to safeguard your company and employees while staying certified in an
Ever progressing regulative environment in the everchanging world of business and finance guaranteeing compliance with payroll guidelines is not only vital however likewise a legal imperative from the moment of working with to the in intri intricacies even sorry of termination every step along the staff member journey is Frau with compliance threats that have far-reaching effects however with a much deeper more nuanced understanding of their obligations organizations can not only browse the elaborate landscape however also proactively ensure this 360 degree compliance the webinar is created to equip you with the understanding and tools necessary to browse the complex Surface of compliance whether you’re an experienced P professional a small company owner or somebody new to the field what I wish to do before we begin and I think it’s really crucial
In our mission to enhance effectiveness and accuracy in managing our international labor force, our international corporation turned to, a leading and labor force management software. The shift aimed to streamline the complex job of handling across numerous countries, currencies, and compliance guidelines.
Among the standout functions of is its robust compliance management system. The software automatically updates itself to comply with ever-evolving tax and labor laws across several jurisdictions. This has been important in ensuring that our processes stay compliant in each country of operation.
is to state that the material here is illegal guidance it is merely for your information please consult your legal group should you have any questions or concerns in relation to anything that we have actually talked about today our key take essential takeaways by the end of the webinar will be an understanding of employee compliance threats how to hire ly with confidence how to simplify information management and automation so let’s take ourselves a moment to familiarize ourselves with the webinar platform once again as we’ve.
serve as your hris or is kind of your core worker record um to handle that worker life process throughout their Journey with you as as a worker in addition to a payroll module we have to help you pay those workers and compensate them and advantages Administration module that enables you to help handle the advantages you offer to your employees so truly delighted to be here represent um bamb booy container and talk about this topic um and I guess from my viewpoint I’ll I’ll probably provide a lot of a focus on the United States side of things when we discuss type 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 little bit about papay international yes definitely thank you Ian hello everyone I’m Gina dorelis I’m the Work professional manager.
at I manage the employment Council in the United States APAC EMA and Israel region I likewise act 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 supply payroll payments and labor force management as a Service work force supplier to employees serving in over.
160 countries alright thank you so both I feel totally underqualified sitting here with you both well I forgot to point out as we were type of like going through the intro so it’s actually really good to really see in the webinar chat where everybody’s really attending from today I can see that we have people in Las Vegas and Indiana already so if you want to continue tell where you are that would be definitely fantastic whilst we simply await everybody else to type of like join in there we go Chicago also well um so whil we’re doing that I’m waiting on everyone to sort of join I’ll just run us through the program um today we are going to go over working with Talent new greater Information Management termination compliance and automation wow the chat has actually got truly actually hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from absolutely everywhere which is fantastic so uh I’m hoping that we’re really going to have some actually fantastic commentary and questions throughout the uh the webinar too all right so that’s the agenda then what I ‘d like to Now cover is the the compliance and the Personal privacy side of things so the the Journey of a worker and their information is Papaya Global Change Data Path multifaceted without fail and an.
Ever progressing relationship that starts the moment 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 know that they’re used with us so on boarding daily operations compensation and advantages expert development then we get to the offboarding and even advocacy so it even occurs after the staff member has left your employment throughout the journey companies are responsible for gathering storing safeguarding staff member data in compliance with data privacy regulations no matter where it is you’re operating worldwide it often involves implementing secure data management systems and guaranteeing strict adherence to local requirements to secure both the staff member and the organization the development of worker data and management c.