A CFO’s Perspective on Papaya Global Handbook 2019…
The platform allows business to manage their global labor force and abide by local work regulations and tax laws. Papaya Global uses a series of services, consisting of payroll management, advantages administration, compliance management, time and presence tracking, and HR management. The platform is created to simplify 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 dynamic landscape of worldwide service operations, managing payroll throughout borders can be a complex and challenging job. As the Chief Financial Officer (CFO) of a global company, I understand the crucial significance of efficient and compliant payroll management. In our pursuit of quality, we have actually welcomed innovative solutions to simplify our processes, and one such transformative tool is Software application.
The Obstacle of Global Payroll:
International expansion produces diverse difficulties, and payroll management is no exception. Differing tax regulations, differing work laws, and multiple currencies make it vital for companies to adopt sophisticated solutions to ensure precision, compliance, and effectiveness in payroll processing.
Software application: A Comprehensive Solution:
It is essential to think about and include post-termination limitations in the employment agreement to ensure enforceability. You must carefully identify what you are looking for to protect and plainly define the confidential information that falls within its scope. Furthermore, specify the duration of the post-termination limitation and be prepared to justify it in relation to copyright. The rules regarding copyright differ depending upon 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 guidance, while in Poland, contractual project might be essential.
Papaya Global Software application has become a game-changer in the realm of worldwide payroll management. Its cloud-based platform integrates payroll, labor force management, and employee benefits into a single, easy to use user interface. As the CFO, I have witnessed firsthand the favorable impact of on our company’s financial operations.
Unified International Payroll Processing:
enables our company to procedure payroll effortlessly across multiple nations. The platform’s unified approach permits consistent payroll estimations, lowering mistakes and ensuring compliance with local guidelines. This has actually significantly alleviated the threats related to global payroll processing.
also essential for if later on somebody says misclassification you have your file supported by the requisite documents and that the right examination tools to show someone that you had a thoughtful process therefore what do you need to consist of because 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 contractor than a worker so for instance accounting
I.T crafting the creatives these all provide themselves more to that evaluation of being freelancer you understand also uh where are they doing it can they work from anywhere or do they have to be on website and handled again another crucial element is the management and guidance of the uh employee and then finally when is it a specific task is it a six-month task 6 years all of this is manageable however it needs to be recorded and it has 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 survey list for the employee the employee completes and fills these questions out therefore does the end customer or the recipient of the services they both put their info into the tool and then it does an evaluation waiting the different questions due to the fact that not every jurisdiction has the same sensation about some of these questions some believe they’re more important than others and it brings out a red yellow or green red you’re probably a staff member yellow you’re on the cusp we can most likely assist you with that in regards to a few of the important things you need to bolster to ensure that you are given that examination of uh independent specialist or green where you were assessed as an as a independent professional once that evaluation is done all the requisite files are beneath it so that if in the future there
Navigating the complexities of global work laws and tax guidelines can be overwhelming. Papaya Global’s automated compliance engine keeps our company updated with changes in regulations across jurisdictions. This guarantees that our payroll processes adhere to the latest standards, lessening the danger of non-compliance and associated charges.
network of In-House outside consultants accounting companies and legal companies who help us keep our databases totally approximately date and we also call on we need to when we see an uncommon or or especially intricate scenarios all right 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 guests afterwards um moving back to to the webinar itself Ray employer of record is managed differently all over the world and the German law for instance it’s classified as employee leasing can you shed any light on a few of the special factors to consider for countries and where the eor model isn’t controlled yes Ian staff member leasing or labor leasing as it’s also called which prevails in several nations especially in Europe imposes strict policies on products such as the length of assignment it likewise assigns workers to collective bargaining agreements that gives them rights and advantages but even in the countries that do not have those rigorous policies for instance the UK Canada and the nordics there are regulations for each nation and each worker is dealt with the like all the other employees in that country and all those policies require to be followed fine thank you Ray um Kathy moving I would state to yourself what do business need to factor in when identifying agreement status to safeguard themselves and the rights of hires what are the advantages and disadvantages of hiring specialists and Freelancers versus long-term staff members so obviously the the advantage of professionals versus employees is the the flexibility for both the employee and for the company um but I can’t stress enough how important it is to have a constant extensive and a well-documented compliance
Papaya Global Handbook 2019 and Time Savings:
The software’s automation capabilities have significantly minimized the time and effort needed for payroll processing. Manual information entry and repeated jobs have been minimized, allowing our financing group to concentrate on strategic initiatives rather than administrative burdens. This has resulted in increased effectiveness and productivity within our monetary operations.
in one given that each state has its own policies Californians are a few of the most strict an example is pay slips on a payslip in California the best information needs to be on the payslip in the best format and in the ideal position if you remain in breach of of policies for payslips the fines are released per payslip so that’s each staff member each pay slip will incur a great thanks Ray thank you Elizabeth a lot to fret to think about and we’re only two questions in and 10 minutes or so employing in one country is tough enough but when employing in a you understand on a worldwide level it’s a totally different story you require to make sure that you’re up to date with current in addition to pending local labor laws Steve um how do you make sure and ensure that the people 2.0 group is on top of an ever-changing landscape and that your customers are completely supported and I’ll organize this into 3 essential things we carry out in first and foremost you need to have the ideal team so we work with a team of global experts in Employment Practices um that ex that group of professionals includes attorneys it includes payroll specialists it consists of HR experts and these are individuals that not just understand the laws in these in these countries and areas however they likewise understand the languages they know the regional practices they know the cultures and it is essential to have that best group and really have the group on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global provides detailed real-time analytics and reporting tools. As a CFO, having access to precise and timely financial information is important for decision-making. The platform’s reporting abilities empower me to make informed tactical decisions based on real-time insights into our worldwide payroll information.
application and its scope and the manner in which it applies to employment law in practice can be evaluated through the judicial system by way of case law examples of that would be the obtained rights instruction otherwise called the 2p regulations in the UK the working time regulations which has actually had various hairs of that legislation checked especially around vacation pay and of course as Kathy’s going to come on to talk about later on work status which there’s been several precedence set throughout the years so I believe it’s truly that constant development of the employment law landscape that you really need to browse when when working in Europe alright thank you Elizabeth Ray what about you from your individual experience while moving across the pond as mentioned each nation has various regulations but the United States is essentially 50 nations
Scalability for Service Growth:
Among the standout functions of Papaya Global is its scalability. As our company continues to grow and broaden into brand-new markets, the software application effortlessly accommodates modifications in our workforce and payroll requirements. This scalability guarantees that our payroll infrastructure can adjust to the evolving requirements of our global company.
International 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 customer service and I would state individually and jointly these three people have Decades of experience in in work law and global Work Practices so thank you it’s an enjoyment to be with everyone here today seems like we’ve 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 Solutions at papaya Global inform us about yourself thank you Elin Ian hi 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 developed Papaya’s network of in-country Partners in over 160 places on a personal aspect and related to our subject today I’ve had the chance to move and operate in 3 different nations it is the company’s obligation to ensure my protection while residing in a foreign nation compliance with local laws and guidelines is crucial for me or anybody else as an expat or as a regional so today we have actually invited our trusted Partners people 2.0 to demonstrate the value of regional
competence when companies Go Global thank you and take pleasure in alright thank you as I stated let’s proceed to the pact program today’s webinar is an opportunity to ask the panel the concerns you have actually been considering we’ll talk about the realities a business needs to consider when opening a brand-new entity and expanding into brand-new countries as well as keeping things going we’ll cover aspects such as regional policies factors to consider when hiring compliance crucial challenges payments and what not to do it is among the most crucial 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 handle knowing what to do in each new circumstance as it increases is essential on lots of levels comprehending regional policies and local laws along with organization practices helps reduce Associated and international growth papaya through our local professionals can browse potential risks such as intellectual property protection information privacy security problems ensuring the business’s operations remain compliant and secure tax Social Security returns and remittances vary by nation
In conclusion, Papaya Global Software application has actually proven to be an important possession in our quest for efficient and certified global payroll management. As the CFO of a global company, I am confident in suggesting Papaya Global to organizations seeking to enhance their payroll processes, improve compliance, and achieve greater performance in handling their worldwide labor force. The software application’s innovative functions and commitment to quality align with our tactical objectives, making it an integral part of our monetary operations.
publicly 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 likewise considerable legal expenses there exists’s other penalties there’s other costs behind that as well so the overall expense can be extremely significant in the tens of millions of dollars or more and and those amounts are growing uh the reason companies are getting it so incorrect is really just the rules are complex and they’re altering all the time think ir-35 in the UK which has actually been a continuous development for numerous years now and and still a great deal of uncertainty amongst business on what it really suggests and how you handle it most employers are just not familiar with the rules and and act as if the the rules are the same all over which they’re not so so motivate you to to be really proactive as you’re engaging uh employees from a category point of view alright thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the staff member Papaya Global Handbook 2019 especially when it concerns their own tax liabilities social security and benefits for instance jury and certainly the employees the other side of the coin
I find time and time again the workers typically misclassified unknowingly they do not comprehend the conditions of work or contract and are told by the customer why it’s most advantageous generally to the client why you should be used or engaged in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be impacted 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 have not added to pensions And so on so it’s a big impact that they never ever understood they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy business are getting insurance coverage against misclassification however normally premiums are just covering the cost of legal charges whilst the average claim examined versus companies corresponds to to 40 or 50 percent of the base salary of worker exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest in most cases I haven’t seen it at least so uh the the other area that I do believe if you managed to get the protection what we are saying is is that if your compliance program is not up to stuff you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK
Expense Considerations and Papaya Global Handbook 2019 …
The detailed features of come at a cost,
Recent years have actually seen a remarkable change to the labor force as the rise of remote work has actually broken down geographical barriers to hiring. Organizations can now employ personnel from anywhere worldwide, enabling them to access the best readily available skill for any given role. This offers employees more liberty to work from home and increase their earnings without transferring to expensive areas or travelling cross countries. A 2022 survey found that 87% of staff members who have the possibility to work from another location take that chance. The break out of COVID-19, in conjunction with brand-new enterprise connectivity software application, sped up the transfer to remote work, including in industries previously reluctant to welcome the pattern.
insights are important to us and and your fellow guests so first things first though um let’s be familiar with everybody my name is Ian Charles and I have actually operated 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 companies startup to matrixed environments around the world I supplied leadership and method to populations of more than 100,000 employees on a regular monthly basis and in over 170 countries today I’m the perel strategist for papaya
Global I work across business man maning and constructing external relationships supporting Enterprise customers and options and acting as a consultant I want to present our very first Greg um guest Greg who will kick things off by informing us um who he is and a bit more about bamboo HR Greg over to you thanks Ian yeah as Ian stated my name is Greg Piper uh I am the senior business counsil at bambo HR so I lead our in-house legal team and in fact work really carefully with our um HR department as well to handle various legal and HR matters that show up so truly excited to be here about bambo HR if if you’re not knowledgeable about us uh at bambo HR we say our objective is to set you as HR experts free to do fantastic
Although Papaya Global provides combinations with different HR and financing systems, we experienced some hurdles throughout the combination process. Tailoring the software to align with our existing infrastructure proved to be more complicated than expected, leading to delays in the initial rollout.
The extensive features provided by Papaya Global come at an expense, which some of our smaller subsidiaries found to be excessively expensive. As a worldwide company, we needed to carefully weigh the requirement for sophisticated performance versus budget plan restrictions.
Support Response Time:
On occasion, our teams experienced concerns that needed urgent support. Nevertheless, the response time from Papaya Global’s client assistance group was not constantly as prompt as we would have liked, resulting in delays in solving those problems.
Our execution of involved a phased approach. We started by onboarding a couple of subsidiaries to evaluate the system’s compatibility with our existing processes. This enabled us to determine and resolve integration obstacles early on. As the software ended up being more ingrained in our operations, we slowly broadened its use to cover our whole global workforce.
The automated features streamlined our payroll procedures, lowering the time spent on manual estimations and compliance tracking. Regular training sessions and continuous support from Papaya assisted 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 employ personnel across several countries, as they should constantly consolidate different information streams, manually track local and national labor and guidelines, and spend valuable time and resources to set up regional entities in brand-new areas. These business are confronted with suboptimal, expensive choices, like opening a foreign subsidiary or working with a professional work organization, which is a regional company that employs employees on their behalf and can charge up to 15% of. By 2022, 75% of companies reported difficulty hiring qualified 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 work. It supplies an end-to-end platform, from worker onboarding and continuous management to international payments and. It helps companies with labor law compliance in the jurisdictions in which they run, uses management of employment advantages, and makes sure 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 professional in payroll and workforce management. She co-founded after seeing the technology gap in global.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please make sure to participate in the complete webcast in order to receive your credits if you have any questions during the webcast please click the Q&A tab in your webinar controls and type the there a new tab will open in your web browser with the webcast survey please be sure to finish it as soon as the webcast has ended it is now my pleasure to turn it over to Pap and bamboo HR for their discussion hi and thank you for joining us today we’re enjoyed have you here as we embark on a journey of information to regulation achieving
360 degree worker compliance where we’ll dive into the vital aspects of the worker compliance management design throughout the session we’ll check out real world challenges real regional policies finest practices and the role of Automotion in simplying compliance journey be prepared to emerge in a thorough understanding of how to secure your company and workers while staying certified in an
Ever developing regulative environment in the everchanging world of company and finance ensuring compliance with payroll guidelines is not just crucial however also a legal necessary from the minute of hiring to the in intri intricacies even sorry of termination every step along the worker journey is Frau with compliance dangers that have significant consequences however with a much deeper more nuanced understanding of their obligations organizations can not only browse the intricate landscape but likewise 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 specialist a small business owner or someone brand-new to the field what I wish to do before we begin and I believe it’s really important
In our mission to improve effectiveness and precision in managing our worldwide workforce, our international corporation turned to, a leading and workforce management software application. The transition aimed to streamline the complex task of handling across different countries, currencies, and compliance policies.
Among the standout features of is its robust compliance management system. The software application immediately updates itself to stick to ever-evolving tax and labor laws throughout numerous jurisdictions. This has actually been indispensable in guaranteeing that our procedures stay compliant in each nation of operation.
is to state that the content here is illegal advice it is simply for your details please consult your legal team must you have any questions or issues in relation to anything that we’ve gone over today our key take key takeaways by the end of the webinar will be an understanding of employee compliance dangers 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 have actually.
serve as your hris or is type of your core employee record um to handle that worker life cycle throughout their Journey with you as as a worker in addition to a payroll module we have to help you pay those employees and compensate them and advantages Administration module that enables you to help manage the benefits you provide to your workers so really excited to be here represent um bamb booy container and discuss this topic um and I think from my perspective I’ll I’ll most likely provide a lot of a concentrate on the United States side of things when we talk about kind of compliance so happy to be here thanks for having me Ian okay 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 everybody I’m Gina dorelis I’m the Work professional supervisor.
at I handle the work Council in the United States APAC EMA and Israel region I also serve as us Council for I’m licensed in New York and New Jersey um we make sure compliance onboarding and offboarding of employees with regard to papaya we offer payroll payments and workforce management as a Service work force service provider to employees serving in over.
160 countries okay thank you so both I feel entirely underqualified sitting here with you both well I forgot to point out as we were sort of like going through the introduction so it’s truly actually great to actually see in the webinar chat where everyone’s actually participating in from today I can see that we have people in Las Vegas and Indiana already so if you wish to continue inform where you are that would be definitely great whilst we just await everyone else to type of like join in there we go Chicago as well well um so whil we’re doing that I’m waiting on everyone to kind of join I’ll simply run us through the program um today we are going to discuss employing Skill brand-new higher Info Management termination compliance and automation wow the chat has got truly truly busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from definitely everywhere which is fantastic so uh I’m hoping that we’re really going to have some really great commentary and concerns throughout the uh the webinar too okay so that’s the agenda then what I wish to Now cover is the the compliance and the Privacy side of things so the the Journey of an employee and their information is Papaya Global Handbook 2019 complex without fail and an.
Ever developing relationship that starts the minute a person signs up with a company it continues throughout their work 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 daily operations settlement and benefits expert development then we get to the offboarding and even advocacy so it even takes place after the employee has actually left your work throughout the journey organizations are accountable for collecting storing protecting worker data in compliance with information personal privacy policies no matter where it is you’re operating around the globe it often involves implementing safe and secure information management systems and guaranteeing stringent adherence to local requirements to safeguard both the worker and the company the advancement of staff member data and management c.