A CFO’s Perspective on Papaya Global Cloud Version…
Papaya Global’s platform enhances global labor force management for companies, guaranteeing compliance with local guidelines and tax laws. Their services include payroll processing, advantages administration, compliance oversight, time and presence tracking, and HR assistance. The platform centralizes global payroll operations, providing businesses with real-time insights and control. Founded in 2016, Papaya Global has actually expanded to Tel Aviv, New York, London, and Kiev.
In the vibrant landscape of international business operations, handling payroll across borders can be a complex and challenging job. As the Chief Financial Officer (CFO) of a worldwide company, I comprehend the crucial importance of efficient and certified payroll management. In our pursuit of quality, we have actually welcomed innovative solutions to simplify our procedures, and one such transformative tool is Software application.
The Challenge of Worldwide Payroll:
Worldwide growth brings about diverse challenges, and payroll management is no exception. Differing tax guidelines, differing work laws, and several currencies make it important for organizations to embrace advanced solutions to make sure accuracy, compliance, and efficiency in payroll processing.
Software application: A Comprehensive Solution:
It is crucial to think about and include post-termination limitations in the employment agreement to make sure enforceability. You must thoroughly determine what you are seeking to safeguard and plainly specify the confidential information that falls within its scope. Furthermore, define the period of the post-termination restriction and be prepared to validate it in relation to copyright. The guidelines regarding intellectual property vary depending on the type of IP and the jurisdiction. For example, in the Netherlands, the end customer is likely to have copyright rights over works produced by workers under their supervision, while in Poland, contractual task may be needed.
Papaya Global Software 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, easy to use user interface. As the CFO, I have experienced firsthand the positive effect of on our company’s financial operations.
Unified International Payroll Processing:
allows our business to process payroll effortlessly throughout numerous countries. The platform’s unified approach allows for constant payroll calculations, minimizing errors and ensuring compliance with regional guidelines. This has actually considerably reduced the dangers connected with international payroll processing.
also essential for if in the future somebody states misclassification you have your file supported by the requisite documents which the right evaluation tools to show somebody that you had a thoughtful procedure therefore what do you need to consist of in that process it’s the who the what the where and the when who are you handling are you dealing with an individual or are you dealing with 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 specialist than a worker so for instance accounting
I.T engineering the creatives these all provide themselves more to that assessment of being freelancer you understand likewise 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 guidance of the uh worker and then finally when is it a specific task is it a six-month task six years all of this is manageable however 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 enhanced it this year so that we can roll it out internationally these tools take a questionnaire list for the employee the worker fills out and fills these questions out and so does completion client or the recipient of the services they both put their details into the tool and then it does an evaluation waiting the various concerns since not every jurisdiction has the very same sensation about some of these concerns some believe they’re more crucial than others and it comes out with a red yellow or green red you’re most likely an employee yellow you’re on the cusp we can most likely help you with that in terms of some of the things you require to strengthen to ensure that you are considered that examination of uh independent professional or green where you were evaluated as an as a independent specialist once that assessment is done all the requisite documents are underneath it so that if in the future there
Browsing the complexities of global employment laws and tax regulations can be overwhelming. Papaya Global’s automated compliance engine keeps our organization current with modifications in guidelines across jurisdictions. This guarantees that our payroll processes abide by the latest standards, minimizing the risk of non-compliance and associated charges.
network of In-House outside advisors accounting companies and legal firms who help us keep our databases totally as much as date and we likewise contact we require to when we see an unusual or or particularly intricate situations all right thanks Steve I can just see a fast concern in the Q a window yes the session will be tape-recorded and sent to participants afterwards um returning to to the webinar itself Ray employer of record is regulated differently worldwide and the German law for instance it’s classified as worker leasing can you shed any light on a few of the unique factors to consider for nations and where the eor design isn’t managed yes Ian worker leasing or labor leasing as it’s also called which prevails in a number of countries specifically in Europe enforces strict guidelines on products such as the length of project it also designates employees to collective bargaining agreements that provides rights and benefits but even in the nations that don’t have those stringent policies for example the UK Canada and the nordics there are regulations for each country and each employee is treated the like all the other workers in that country and all those regulations need to be complied with fine thank you Ray um Kathy moving I would state to yourself what do business require to consider when determining contract status to safeguard themselves and the rights of hires what are the benefits and drawbacks of hiring contractors and Freelancers versus irreversible workers so clearly 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 extensive and a well-documented compliance
Papaya Global Cloud Version and Time Savings:
The software’s automation abilities have actually substantially reduced the time and effort needed for payroll processing. Handbook information entry and recurring jobs have been lessened, allowing our finance team to concentrate on strategic initiatives instead of administrative burdens. This has actually resulted in increased efficiency and efficiency within our financial operations.
in one considering that each state has its own guidelines Californians are a few of the most strict an example is pay slips on a payslip in California the right information needs to be on the payslip in the ideal format and in the ideal position if you’re in breach of of guidelines 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 worry to think of and we’re just 2 concerns in and 10 minutes approximately employing in one nation is tough enough but when employing in a you know on a global level it’s a totally different story you need to make certain that you’re up to date with existing along with pending regional labor laws Steve um how do you ensure and ensure that individuals 2.0 group is on top of an ever-changing landscape which your clients are completely supported and I’ll organize this into three crucial things we do in firstly you require to have the right team so we work with a group of global specialists in Employment Practices um that ex that team of experts consists of attorneys it consists of payroll specialists it includes HR specialists and these are individuals that not only know the laws in these in these nations and areas but they likewise understand the languages they understand the regional practices they know the cultures and it is very important to have that best group and really have the team on the ground uh dealing 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 financial information is crucial for decision-making. The platform’s reporting abilities empower me to make educated tactical decisions based on real-time insights into our global payroll information.
The practical application and extent of the application to employment law can be examined through the legal system using case law examples. For instance, the gotten rights instruction, likewise known as the 2p guidelines in the UK, and the working time regulations have actually undergone various legal interpretations, especially regarding holiday pay. In addition, the idea of work status has actually seen several legal precedents over the
Scalability for Service Growth:
Among the standout features of Papaya Global is its scalability. As our company continues to grow and broaden into new markets, the software application effortlessly accommodates changes in our labor force and payroll requirements. This scalability makes sure that our payroll infrastructure can adapt to the developing requirements of our international company.
Global Chief legal officer we’ve got Elizabeth Beal who is our primary legal officer for Amia and we’ve got Ray Look who is our senior vice president of customer service and I would say separately and collectively these 3 people have Decades of experience in in work law and global Work Practices so thank you it’s an enjoyment to be with everybody here today sounds 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 Provider at papaya International inform us about yourself thank you Elin Ian hey there my name is Elite I have actually been with the company for around 4 and a half years as head of Collaborations I have actually established Papaya’s network of in-country Partners in over 160 areas on an individual aspect and related to our subject today I’ve had the opportunity to transfer and operate in three different countries it is the company’s responsibility to ensure my protection while residing in a foreign nation compliance with regional laws and guidelines is essential for me or anybody else as an expat or as a regional so today we have invited our trusted Partners individuals 2.0 to show the importance of regional
know-how when business Go Worldwide thank you and take pleasure in fine 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’ve been considering we’ll talk about the realities a company needs to think about when opening a brand-new entity and broadening into new countries as well as keeping things going we’ll cover aspects such as regional regulations considerations when hiring compliance crucial challenges payments and what not to do it’s one of the most essential 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 need to comprehend and handle knowing what to do in each brand-new scenario as it rises is very important on numerous levels understanding local guidelines and regional laws as well as company practices assists reduce Associated and worldwide expansion papaya through our regional specialists can browse potential threats such as intellectual property security information privacy security problems guaranteeing the company’s operations remain compliant and safe tax Social Security returns and remittances vary by country
In conclusion, Papaya Global Software application has shown to be an important asset in our quest for efficient and compliant international payroll management. As the CFO of a global business, I am confident in advising Papaya Global to companies seeking to simplify their payroll processes, improve compliance, and achieve greater effectiveness in handling their worldwide labor force. The software’s ingenious features and dedication to excellence line up with our strategic objectives, making it an essential part of our monetary operations.
I find time and time again the employees frequently misclassified unconsciously they don’t understand the conditions of employment or contract and are informed by the client why it’s most advantageous mainly to the customer why you should be employed or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have actually gone by they have not added to pensions And so on so it’s a big effect that they never understood they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy companies are taking out insurance versus misclassification however usually premiums are only covering the cost of legal charges whilst the average claim assessed versus employers equates to to 40 or 50 percent of the base pay 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 read the small print it is not covering the taxes charge and interest in most cases I haven’t seen it at least so uh the the other area that I do think if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK
Cost Factors to consider and Papaya Global Cloud Version …
The thorough features of come at a cost,
Over the past few decades, the labor force has actually gone through a substantial improvement with the introduction of remote work, which has actually gotten rid of geographical restrictions on hiring. This has enabled organizations to recruit talent from all over the world, permitting them to put together the best possible team for each role. As a result, employees have gotten higher versatility to work from home and increase their earnings without needing to relocate to expensive locations or commute long distances. According to a 2022 survey, 87% of workers who have the alternative to work from another location choose to do so. The COVID-19 pandemic, integrated with developments in business connectivity software application, 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 learn more about everybody my name is Ian Charles and I’ve operated in payroll for the last 25 years I’ve had functions in all kind of Industries retail and Charm to Aerospace in all types of services startup to matrixed environments across the globe I supplied leadership and method to populations of more than 100,000 employees on a regular monthly basis and in over 170 nations today I’m the perel strategist for papaya
Global I work throughout business guy maning and developing external relationships supporting Enterprise clients and services and serving as a consultant I wish to introduce our first Greg um visitor 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 business counsil at bambo HR so I lead our in-house legal team and in fact work very carefully with our um HR department as well to handle numerous legal and HR matters that show up so really delighted to be here about bambo HR if if you’re not knowledgeable about us uh at bambo HR we say our mission is to set you as HR professionals totally free to do great
Although Papaya Global offers integrations with different HR and finance systems, we encountered some hurdles during the combination procedure. Personalizing the software to line up with our existing facilities showed to be more intricate than prepared for, leading to delays in the preliminary rollout.
The substantial functions used by Papaya Global come at an expense, which a few of our smaller subsidiaries found to be excessively pricey. As a global company, we had to thoroughly weigh the need for advanced functionality versus budget plan restraints.
Support Reaction Time:
On occasion, our teams experienced issues that required urgent assistance. Nevertheless, the action time from Papaya Global’s customer support team was not constantly as timely as we would have liked, resulting in delays in dealing with those issues.
Our application of involved a phased approach. We began by onboarding a few subsidiaries to check the system’s compatibility with our existing procedures. This enabled us to recognize and address integration challenges early on. As the software application ended up being more implanted in our operations, we slowly expanded its usage to cover our entire global labor force.
The automated features structured our payroll processes, decreasing the time spent on manual estimations and compliance tracking. Routine training sessions and continuous support from Papaya helped our groups become proficient users of the software application, optimizing its potential for our organization.
However, paying a labor force can be complicated. It is especially challenging for companies who use staff throughout multiple countries, as they should constantly consolidate different data streams, by hand track regional and national labor and policies, and invest important time and resources to establish regional entities in new locations. These business are faced with suboptimal, pricey alternatives, like opening a foreign subsidiary or working with an expert employment company, which is a regional company that employs employees on their behalf and can charge up to 15% of. By 2022, 75% of companies reported trouble recruiting qualified workers, a boost of 21% from 2019. The payroll & HR options market was valued at $26.4 billion in 2022 and is projected to reach $50.4 billion by 2030.
offers an option supporting all forms of work. It offers an end-to-end platform, from employee onboarding and continuous management to global payments and. It helps business with labor law compliance in the jurisdictions in which they operate, provides management of employment advantages, and ensures data personal 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 labor force management. She co-founded after seeing the technology space in global.
papaya this webcast has actually 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 throughout 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 be sure 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 hey there and thank you for joining us today we’re thrilled to have you here as we start a journey of data to guideline attaining
360 degree employee compliance where we’ll dive into the vital aspects of the staff member compliance management design throughout the session we’ll check out real world difficulties real local guidelines best practices and the function of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to safeguard your company and employees while staying compliant in an
Ever progressing regulatory environment in the everchanging world of service and finance making sure compliance with payroll regulations is not only important however likewise a legal necessary from the minute of employing to the in intri complexities even sorry of termination every step along the employee journey is Frau with compliance threats that have far-reaching effects however with a much deeper more nuanced understanding of their obligations companies can not only browse the intricate landscape however likewise proactively guarantee this 360 degree compliance the webinar is developed to equip you with the understanding and tools required to browse the complex Surface of compliance whether you’re an experienced P expert a small business owner or someone new to the field what I wish to do before we start and I believe it’s really crucial
In our mission to enhance performance and precision 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 across various countries, currencies, and compliance guidelines.
One of the standout features of is its robust compliance management system. The software immediately updates itself to follow ever-evolving tax and labor laws throughout numerous jurisdictions. This has been invaluable in ensuring that our procedures stay certified in each nation of operation.
is to state that the material here is not legal advice it is simply for your information please consult your legal group needs to you have any questions or concerns in relation to anything that we’ve discussed today our key take crucial takeaways by the end of the webinar will be an understanding of staff member compliance dangers how to employ ly with confidence how to simplify data management and automation so let’s take ourselves a minute to acquaint ourselves with the webinar platform once again as we have actually.
serve as your hris or is sort of your core staff member record um to manage that employee life process throughout their Journey with you as as a worker in addition to a payroll module we need to assist you pay those staff members and compensate them and advantages Administration module that enables you to help manage the advantages you supply to your staff members so really delighted to be here represent um bamb booy jar and speak about this topic um and I guess from my viewpoint I’ll I’ll most likely provide a great deal of a concentrate on the United States side of things when we discuss type of compliance so delighted to be here thanks for having me Ian fine thanks Greg um Gina over to you would you like to introduce yourself and inform the audience a bit about papay international yes absolutely thank you Ian hey there everyone I’m Gina dorelis I’m the Employment professional manager.
at I manage the work Council in the US APAC EMA and Israel region I also act as us Council for I’m licensed in New york city and New Jersey um we make sure compliance onboarding and offboarding of workers with regard to papaya we provide payroll payments and workforce management as a Service work force supplier to employees serving in over.
160 countries all right thank you so both I feel completely underqualified sitting here with you both well I forgot to mention as we were type of like going through the introduction so it’s truly truly great to really see in the webinar chat where everyone’s actually participating in from today I can see that we have individuals in Las Vegas and Indiana currently so if you want to continue tell where you are that would be absolutely wonderful whilst we just wait for everyone else to type of like take part there we go Chicago as well well um so whil we’re doing that I’m waiting on everybody to sort of join I’ll just run us through the agenda um today we are going to go over hiring Talent new greater Information Management termination compliance and automation wow the chat has actually got actually truly hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from definitely all over which is great so uh I’m hoping that we’re really going to have some truly fantastic commentary and questions throughout the uh the webinar too fine so that’s the agenda then what I wish to Now cover is the the compliance and the Personal privacy side of things so the the Journey of a worker and their data is Papaya Global Cloud Version complex without fail and an.
Ever evolving relationship that begins the minute a person signs up with an organization it continues throughout their employment and Beyond this journey can be divided into k to several key phases whilst we’re really you know that they’re used with us so on boarding day-to-day operations payment and advantages professional advancement then we get to the offboarding and even advocacy so it even happens after the employee has left your employment throughout the journey companies are accountable for gathering keeping protecting staff member data in compliance with data personal privacy regulations no matter where it is you’re running around the world it typically includes executing protected data management systems and making sure rigorous adherence to regional requirements to secure both the employee and the company the development of worker information and management c.