A CFO’s Point of view on Papaya Global For 350 Employees…
The platform enables companies to manage their global workforce and adhere to local employment policies and tax laws. Papaya Global offers a variety of services, consisting of payroll management, advantages administration, compliance management, time and attendance tracking, and HR management. The platform is designed to streamline the complexities of global payroll and supply real-time visibility and control over payroll operations. The business was founded in 2016 and is headquartered in Tel Aviv, Israel, with offices in New York, London, and Kiev.
In the vibrant landscape of international service operations, handling payroll throughout borders can be a complex and difficult job. As the Chief Financial Officer (CFO) of a global company, I understand the critical importance of efficient and certified payroll management. In our pursuit of excellence, we have welcomed ingenious options to simplify our procedures, and one such transformative tool is Software application.
The Challenge of Global Payroll:
Worldwide expansion causes varied challenges, and payroll management is no exception. Differing tax guidelines, varying employment laws, and several currencies make it vital for organizations to embrace sophisticated solutions to ensure accuracy, compliance, and effectiveness in payroll processing.
Software application: A Comprehensive Solution:
It is crucial to consider and include post-termination constraints in the employment contract to guarantee enforceability. You need to carefully identify what you are looking for to secure and plainly specify the confidential information that falls within its scope. In addition, specify the period of the post-termination restriction and be prepared to validate it in relation to copyright. The guidelines relating to copyright vary depending on the kind of IP and the jurisdiction. For example, in the Netherlands, completion client is most likely to have copyright rights over works produced by workers under their supervision, while in Poland, contractual project might be essential.
Papaya Global Software has become a game-changer in the realm of global payroll management. Its cloud-based platform incorporates payroll, labor force management, and employee benefits into a single, user-friendly user interface. As the CFO, I have actually experienced firsthand the positive effect of on our company’s monetary operations.
Unified Worldwide Payroll Processing:
enables our company to process payroll seamlessly throughout several countries. The platform’s unified approach allows for consistent payroll computations, decreasing mistakes and guaranteeing compliance with local guidelines. This has actually substantially mitigated the dangers related to worldwide payroll processing.
also essential for if in the future somebody states misclassification you have your file supported by the requisite documents and that the right evaluation tools to show somebody that you had a thoughtful procedure therefore 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 handling a specific or are you handling an individual 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 staff member so for instance accounting
I.T engineering the creatives these all lend themselves more to that assessment of being freelancer you know likewise uh where are they doing it can they work from anywhere or do they need to be on site and handled again another essential factor is the management and guidance of the uh employee and then finally when is it a specific task is it a six-month project 6 years all of this is workable but it has to be recorded and it needs to be completely 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 worldwide these tools take a survey list for the worker the worker completes and fills these concerns out and so does the end client or the recipient of the services they both put their details into the tool and after that it does an evaluation waiting the various questions due to the fact that not every jurisdiction has the exact same feeling about some of these concerns some think 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 probably 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 specialist or green where you were evaluated as an as a independent contractor once that assessment is done all the requisite documents are below it so that if in the future there
Navigating the complexities of worldwide employment laws and tax guidelines can be overwhelming. Papaya Global’s automated compliance engine keeps our organization current with modifications in policies across jurisdictions. This ensures that our payroll processes abide by the latest standards, minimizing the danger of non-compliance and associated penalties.
network of In-House outside advisors accounting companies and legal companies who assist us keep our databases entirely as much as date and we likewise get in touch with we require to when we see an uncommon or or especially complex scenarios fine thanks Steve I can simply see a fast question in the Q a window yes the session will be tape-recorded and sent out to attendees later on um returning to to the webinar itself Ray company of record is managed in a different way worldwide and the German law for instance it’s classed as worker leasing can you shed any light on some of the unique considerations for nations and where the eor model isn’t regulated yes Ian staff member leasing or labor leasing as it’s also called which prevails in numerous nations specifically in Europe enforces strict guidelines on products such as the length of task it likewise designates workers to collective bargaining agreements that gives them rights and benefits however even in the nations that don’t have those strict policies 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 workers because country and all those regulations require to be followed all right thank you Ray um Kathy moving I would say to yourself what do companies require to consider when figuring out agreement status to secure themselves and the rights of hires what are the benefits and drawbacks of hiring specialists and Freelancers versus permanent staff members so certainly the the advantage of specialists versus staff members is the the versatility for both the employee and for the company um but I can’t worry enough how important it is to have a constant thorough and a well-documented compliance
Papaya Global For 350 Employees and Time Cost Savings:
The software application’s automation abilities have actually considerably decreased the time and effort required for payroll processing. Manual data entry and repetitive tasks have been minimized, enabling our finance team to focus on strategic efforts rather than administrative burdens. This has actually resulted in increased efficiency and performance within our financial operations.
in one since each state has its own regulations Californians are a few of the most strict an example is pay slips on a payslip in California the ideal information needs to be on the payslip in the best format and in the best position if you remain in breach of of guidelines for payslips the fines are issued per payslip so that’s each employee each pay slip will incur a fine thanks Ray thank you Elizabeth a lot to fret to think about and we’re only two questions in and 10 minutes approximately working with in one nation is hard enough however when working with in a you understand on a worldwide level it’s an entirely various 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 ensure and make sure that individuals 2.0 team is on top of an ever-changing landscape which your customers are completely supported and I’ll organize this into three essential things we do in primarily you need to have the ideal group so we work with a team of global professionals in Work Practices um that ex that group of specialists includes attorneys it consists of payroll experts it includes HR professionals and these are people that not just know the laws in these in these nations and areas but they likewise know the languages they know the local practices they understand the cultures and it is necessary to have that ideal group and genuinely have the team on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global offers comprehensive real-time analytics and reporting tools. As a CFO, having access to precise and timely financial data is vital for decision-making. The platform’s reporting abilities empower me to make informed strategic choices based on real-time insights into our international payroll information.
application and its scope and the way that it applies to employment law in practice can be tested 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 guidelines which has had different hairs of that legislation tested especially around holiday pay and of course as Kathy’s going to come on to discuss later on work status which there’s been several precedence set throughout the years so I think it’s truly that constant advancement of the work law landscape that you really require to navigate when when working in Europe all right thank you Elizabeth Ray what about you from your individual experience while crossing the pond as mentioned each country has different guidelines but the United States is essentially 50 countries
Scalability for Company Development:
One of the standout functions of Papaya Global is its scalability. As our business continues to grow and expand into new markets, the software flawlessly accommodates modifications in our workforce and payroll requirements. This scalability ensures that our payroll facilities can adjust to the progressing needs of our worldwide company.
International Chief legal officer we’ve got Elizabeth Beal who is our chief legal officer for Amia and we’ve got Ray Gander who is our senior vice president of customer service and I would state individually and collectively these 3 individuals have Decades of experience in in work law and global Work 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 Worldwide tell us about yourself thank you Elin Ian hi my name is Elite I’ve 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 places on a personal aspect and related to our subject today I have actually had the opportunity to relocate and work in three various nations it is the business’s responsibility to guarantee my security while living in a foreign nation compliance with local laws and regulations is essential for me or anyone else as an expat or as a local so today we have invited our relied on Partners people 2.0 to demonstrate the significance of regional
know-how when companies Go International thank you and take pleasure in all right thank you as I said let’s proceed to the pact agenda today’s webinar is a chance to ask the panel the concerns you’ve been thinking of we’ll go over the facts a business needs to think about when opening a new entity and broadening into brand-new countries in addition to keeping things going we’ll cover aspects such as regional policies considerations when working with compliance essential challenges payments and what not to do it is among the most essential things remembering what not to do um operating on a global level is not for the faint-hearted the bigger a company grows the more they require to understand and manage understanding what to do in each new circumstance as it rises is very important on many levels comprehending local guidelines and local laws along with company practices assists mitigate Associated and worldwide expansion papaya through our regional specialists can navigate potential risks such as intellectual property protection data privacy security problems ensuring the business’s operations stay certified and protected tax Social Security returns and remittances vary by country
In conclusion, Papaya Global Software application has proven to be an invaluable property in our mission for effective and compliant worldwide payroll management. As the CFO of a worldwide business, I am confident in recommending Papaya Global to organizations seeking to improve their payroll procedures, enhance compliance, and achieve greater effectiveness in handling their international workforce. The software application’s innovative features and dedication to excellence align with our tactical goals, making it an important part of our financial operations.
openly announced 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 significant legal expenses there’s there’s other charges there’s other costs behind that also so the overall expense can be very substantial in the 10s of countless dollars or more and and those amounts are growing uh the reason that companies are getting it so wrong is really just the rules are complicated and they’re altering all the time believe ir-35 in the UK which has actually been an ongoing advancement for numerous years now and and still a lot of unpredictability among companies on what it truly suggests and how you handle it most companies are merely not familiar with the guidelines and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be extremely proactive as you’re engaging uh workers from a category perspective okay thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what results can this have on the staff member Papaya Global For 350 Employees particularly when it concerns their own tax liabilities social security and advantages for instance jury and obviously the workers the other side of the coin
I find time and time again the workers often misclassified unknowingly they don’t understand the conditions of work or agreement and are informed by the customer why it’s most advantageous generally to the client why you should be employed or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care privileges of the employee can be affected and several times it can be years before this all falls out and by that time it’s far too late years have actually passed they haven’t added to pensions And so on so it’s a huge effect that they never ever knew they were strolling into you could not agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy companies are securing insurance coverage against misclassification however typically premiums are only covering the expense of legal fees whilst the average claim assessed against companies corresponds to to 40 or 50 percent of the base pay of worker exists any point in getting insurance and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes penalty and interest for the most part I have not seen it at least so uh the the other location that I do think 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 rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK
Expense Considerations and Papaya Global For 350 Employees …
The thorough functions of come at an expense,
Over the past few years, the labor force has actually undergone a considerable transformation with the emergence of remote work, which has eliminated geographical restrictions on hiring. This has actually allowed businesses to hire talent from all over the world, enabling them to assemble the best possible group for each function. As a result, staff members have actually gained greater versatility to work from home and increase their incomes without having to move to costly locations or commute cross countries. According to a 2022 survey, 87% of employees who have the option to work remotely choose to do so. The COVID-19 pandemic, integrated with advancements in business connectivity software, has even more accelerated the shift towards remote work, even in industries that were initially reluctant to adopt the trend.
insights are important to us and and your fellow guests 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 Beauty to Aerospace in all kinds of services start-up to matrixed environments across the globe I provided leadership and strategy to populations of more than 100,000 staff members on a regular monthly basis and in over 170 countries today I’m the perel strategist for papaya
Worldwide I work across business man maning and constructing external relationships supporting Enterprise clients and services and functioning as a consultant I wish to introduce our very first Greg um visitor 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 said my name is Greg Piper uh I am the senior corporate counsil at bambo HR so I lead our in-house legal group and in fact work extremely closely with our um HR department also to deal with numerous legal and HR matters that show up so really excited to be here about bambo HR if if you’re not knowledgeable about us uh at bambo HR we state our objective is to set you as HR experts free to do excellent
Although Papaya Global supplies combinations with different HR and financing systems, we came across some hurdles throughout the integration procedure. Tailoring the software application to line up with our existing facilities proved to be more intricate than prepared for, resulting in delays in the preliminary rollout.
The comprehensive functions offered by Papaya Global come at an expense, which some of our smaller subsidiaries discovered to be prohibitively costly. As an international company, we had to carefully weigh the need for sophisticated performance against budget plan restrictions.
Assistance Reaction Time:
On occasion, our groups experienced problems that needed immediate support. However, the reaction time from Papaya Global’s customer support team was not constantly as timely as we would have liked, leading to delays in dealing with those issues.
Our implementation of included a phased method. We began by onboarding a couple of subsidiaries to check the system’s compatibility with our existing procedures. This enabled us to recognize and deal with combination obstacles early on. As the software application became more instilled in our operations, we slowly expanded its usage to cover our whole global workforce.
The automated functions streamlined our payroll processes, decreasing the time spent on manual estimations and compliance tracking. Regular training sessions and continuous assistance from Papaya assisted our groups end up being skilled users of the software, optimizing its potential for our company.
Business that worker workers throughout multiple nations frequently face complex difficulties when it concerns managing their workforce. One of the greatest obstacles is consolidating various information streams and sticking to varied local and national labor regulations, which can be both lengthy and pricey. Furthermore, establishing local entities in brand-new regions can be an expensive and suboptimal choice, with alternatives such as opening a foreign subsidiary or working with a professional work organization (PEO) often charging up to 15% of the payroll. These challenges have actually caused a substantial boost in problem recruiting qualified personnel, with 75% of employers reporting this problem in 2022, a 21% boost from 2019. The payroll and HR options market, valued at $26.4 billion in 2022, is anticipated to reach $50.4 billion by 2030.
uses a service supporting all types of employment. It supplies an end-to-end platform, from staff member onboarding and ongoing management to worldwide payments and. It helps business with labor law compliance in the jurisdictions in which they run, offers management of work advantages, and makes sure information 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 workforce management. She co-founded after seeing the technology gap in international.
papaya this webcast has been pre-approved for hrci and Sherm credit please make certain to go to the total webcast in order to receive your credits if you have any questions during the webcast please click on the Q&A tab in your webinar controls and type the there a 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 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 thrilled to have you here as we start a journey of data to regulation accomplishing
360 degree worker compliance where we’ll dive into the vital elements of the worker compliance management design throughout the session we’ll check out real world difficulties genuine local regulations finest practices and the role of Automotion in simplying compliance journey be prepared to emerge in a thorough understanding of how to protect your company and staff members while remaining certified in an
Ever progressing regulative environment in the everchanging world of organization and financing ensuring compliance with payroll policies is not only important however also a legal imperative from the moment of hiring to the in intri intricacies even sorry of termination every step along the employee journey is Frau with compliance risks that have far-reaching consequences however with a deeper more nuanced understanding of their responsibilities organizations can not just navigate the complex landscape however also proactively ensure this 360 degree compliance the webinar is designed to equip you with the knowledge and tools needed to navigate the complex Terrain of compliance whether you’re a seasoned P professional a small company owner or someone new to the field what I want to do before we start and I think it’s truly important
In our mission to enhance efficiency and accuracy in managing our worldwide labor force, our multinational corporation turned to, a leading and labor force management software application. The transition intended to simplify the complex task of handling across numerous countries, currencies, and compliance regulations.
One of the standout functions of is its robust compliance management system. The software application automatically updates itself to stick to ever-evolving tax and labor laws across several jurisdictions. This has been important in guaranteeing that our procedures remain compliant in each nation of operation.
is to state that the content here is not legal recommendations it is simply for your information please consult your legal team must you have any concerns or issues 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 risks how to work with ly with confidence how to streamline information management and automation so let’s take ourselves a minute to acquaint ourselves with the webinar platform once again as we’ve.
act as your hris or is kind of your core employee record um to handle that employee life process throughout their Journey with you as as a staff member in addition to a payroll module we need to help you pay those staff members and compensate them and advantages Administration module that enables you to assist manage the advantages you provide to your employees so truly delighted to be here represent um bamb booy jar and discuss this subject um and I think from my point of view I’ll I’ll most likely offer a lot of a focus on the United States side of things when we discuss sort of compliance so pleased to be here thanks for having me Ian all right thanks Greg um Gina over to you would you like to introduce yourself and tell the audience a bit about papay worldwide yes definitely thank you Ian hey there everyone I’m Gina dorelis I’m the Employment expert manager.
at I handle the employment Council in the United States APAC EMA and Israel region I likewise serve 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 supply payroll payments and workforce management as a Service labor force provider to workers 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 really nice to actually see in the webinar chat where everyone’s in fact participating in from today I can see that we have people in Las Vegas and Indiana currently so if you want to carry on tell where you are that would be absolutely fantastic whilst we just await everyone else to type of like take part there we go Chicago also well um so whil we’re doing that I’m awaiting everyone to sort of join I’ll just run us through the agenda um today we are going to go over employing Talent brand-new greater Info Management termination compliance and automation wow the chat has actually got truly really busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from absolutely everywhere which is great so uh I’m hoping that we’re really going to have some really excellent commentary and questions throughout the uh the webinar as well okay 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 an employee and their data is Papaya Global For 350 Employees complex without fail and an.
Ever progressing relationship that begins the moment a person joins an organization it continues throughout their employment and Beyond this journey can be divided into k to numerous key stages whilst we’re in fact you understand that they’re used with us so on boarding day-to-day operations payment and benefits expert advancement then we get to the offboarding and even advocacy so it even happens after the employee has actually left your employment throughout the journey organizations are accountable for gathering keeping safeguarding worker information in compliance with data personal privacy policies no matter where it is you’re running worldwide it typically involves carrying out protected information management systems and ensuring rigorous adherence to local requirements to safeguard both the worker and the organization the development of worker information and management c.