A CFO’s Perspective on Papaya Global Images Reports…
Papaya Global’s platform enhances international workforce management for companies, ensuring compliance with local regulations and tax laws. Their services encompass payroll processing, benefits administration, compliance oversight, time and attendance tracking, and HR support. The platform centralizes international payroll operations, providing services with real-time insights and control. Founded in 2016, Papaya Global has actually expanded to Tel Aviv, New York, London, and Kiev.
In the dynamic landscape of international service operations, handling payroll throughout borders can be a complex and difficult job. As the Chief Financial Officer (CFO) of a worldwide business, I comprehend the vital value of effective and compliant payroll management. In our pursuit of excellence, we have actually welcomed ingenious solutions to improve our processes, and one such transformative tool is Software application.
The Challenge of Global Payroll:
Global growth causes varied challenges, and payroll management is no exception. Differing tax policies, differing employment laws, and multiple currencies make it crucial for companies to adopt advanced services to make sure precision, compliance, and efficiency 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 need to thoroughly determine what you are looking for to protect and clearly specify the confidential information that falls within its scope. In addition, specify the duration of the post-termination limitation and be prepared to justify it in relation to intellectual property. The rules regarding intellectual property differ depending upon the kind of IP and the jurisdiction. For example, in the Netherlands, the end customer is likely to have copyright rights over works produced by employees under their supervision, while in Poland, legal task may be essential.
Papaya Global Software has actually become a game-changer in the world of international payroll management. Its cloud-based platform integrates payroll, labor force management, and employee benefits into a single, user-friendly user interface. As the CFO, I have witnessed firsthand the favorable effect of on our organization’s financial operations.
Unified Global Payroll Processing:
allows our company to process payroll seamlessly across numerous nations. The platform’s unified method allows for constant payroll computations, decreasing errors and ensuring compliance with regional guidelines. This has considerably mitigated the dangers related to international payroll processing.
also essential for if in the future somebody says misclassification you have your file supported by the requisite documents which the ideal assessment tools to reveal somebody that you had a thoughtful procedure and so what do you need to consist of because process it’s the who the what the where and the when who are you dealing with are you handling a private or are you dealing with an individual Service Corporation and how are they running what are they doing is it the type of work that provides 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 examination 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 managed once again another crucial factor is the management and guidance of the uh employee and then finally when is it a particular project is it a six-month task 6 years all of this is manageable but it needs to be documented and it needs to be thoroughly um investigated so we have a tool we call it ic2 we had an ic1 and we’ve enhanced it this year so that we can roll it out globally these tools take a questionnaire list for the employee the employee submits and fills these concerns out therefore does completion customer or the recipient of the services they both put their details into the tool and then it does an assessment waiting the various questions due to the fact that not every jurisdiction has the same sensation about some of these questions some think they’re more vital than others and it brings out a red yellow or green red you’re most likely an employee yellow you’re on the cusp we can most likely assist you with that in regards to some of the important things you need to bolster to ensure that you are given that evaluation of uh independent professional or green where you were assessed as an as a independent specialist once that assessment is done all the requisite files are below it so that if later on there
Browsing the complexities of worldwide employment laws and tax guidelines can be frustrating. Papaya Global’s automated compliance engine keeps our organization up-to-date with modifications in guidelines throughout jurisdictions. This makes sure that our payroll procedures abide by the latest standards, minimizing the danger of non-compliance and associated charges.
Papaya Global Images Reports and Time Cost Savings:
The software application’s automation capabilities have actually significantly decreased the time and effort required for payroll processing. Manual information entry and repetitive jobs have actually been lessened, permitting our finance team to focus on strategic initiatives rather than administrative burdens. This has resulted in increased efficiency and productivity within our financial operations.
in one because each state has its own guidelines Californians are a few of the most stringent an example is pay slips on a payslip in California the ideal info has to be on the payslip in the ideal format and in the best position if you’re in breach of of policies for payslips the fines are issued per payslip so that’s each worker each pay slip will sustain a fine thanks Ray thank you Elizabeth a lot to stress to consider and we’re just 2 questions in and 10 minutes or two working with in one nation is hard enough however when hiring in a you know on an international level it’s a totally different story you require to ensure that you’re up to date with current along with pending local labor laws Steve um how do you make certain and make sure that the people 2.0 team is on top of an ever-changing landscape and that your customers are completely supported and I’ll arrange this into three crucial things we do in most importantly you require to have the best team so we employ a group of global specialists in Work Practices um that ex that team of specialists includes legal representatives it includes payroll professionals it includes HR professionals and these are individuals that not just know the laws in these in these countries and areas but they also know the languages they understand the local practices they know the cultures and it is very important to have that best group and really have the group 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 precise and timely monetary data is essential for decision-making. The platform’s reporting capabilities empower me to make informed strategic choices based upon real-time insights into our international payroll data.
application and its scope and the manner in which it applies to employment law in practice can be checked through the judicial system by way of case law examples of that would be the acquired rights instruction otherwise known as the 2p guidelines in the UK the working time policies which has actually had different strands of that legislation checked particularly around holiday pay and of course as Kathy’s going to come on to talk about later work status which there’s been multiple precedence set throughout the years so I think it’s truly that constant development of the employment law landscape that you really require to navigate when when working in Europe fine thank you Elizabeth Ray what about you from your individual experience while moving across the pond as mentioned each nation has different guidelines but the United States is basically 50 countries
Scalability for Service Growth:
Among the standout functions of Papaya Global is its scalability. As our business continues to grow and broaden into brand-new markets, the software application perfectly accommodates changes in our workforce and payroll requirements. This scalability guarantees that our payroll facilities can adjust to the progressing requirements of our worldwide company.
Worldwide 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 client services and I would say individually and collectively these 3 people have Years of experience in in employment law and global 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 among our own Stars erase share head of Global Solutions at papaya Global tell us about yourself thank you Elin Ian hello my name is Elite I have actually been with the company for around four and a half years as head of Collaborations I have developed 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 chance to relocate and operate in three various nations it is the company’s duty to guarantee my defense 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 welcomed our relied on Partners individuals 2.0 to show the importance of local
knowledge when companies Go Worldwide thank you and take pleasure 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 concerns you have actually been thinking of we’ll go over the facts a business requires to think about when opening a new entity and broadening into new countries as well as keeping things going we’ll cover aspects such as local guidelines 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 larger a company grows the more they need to comprehend and handle understanding what to do in each brand-new circumstance as it increases is necessary on numerous levels understanding regional policies and regional laws as well as business practices helps mitigate Associated and worldwide expansion papaya through our regional experts can navigate prospective risks such as copyright defense information personal privacy security problems guaranteeing the business’s operations remain certified and safe and secure tax Social Security returns and remittances vary by nation
In conclusion, Papaya Global Software has proven to be a vital possession in our mission for effective and certified worldwide payroll management. As the CFO of a worldwide company, I am positive in suggesting Papaya Global to companies looking for to simplify their payroll procedures, improve compliance, and accomplish greater efficiency in managing their global workforce. The software’s innovative functions and dedication to excellence align with our strategic objectives, making it an important part of our monetary operations.
publicly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly announced settlements there’s likewise considerable legal expenses there exists’s other penalties there’s other expenses behind that also so the total cost can be very significant in the tens of millions of dollars or more and and those quantities are growing uh the reason that business are getting it so incorrect is actually simply the guidelines are complicated and they’re altering all the time believe ir-35 in the UK which has actually been a continuous development for several years now and and still a lot of uncertainty among business on what it truly means and how you deal with it most employers are merely not aware of the guidelines and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be extremely proactive as you’re engaging uh employees from a classification point of view okay 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 worker Papaya Global Images Reports specifically when it comes to their own tax liabilities social security and advantages for example jury and clearly the workers the other side of the coin
I find time and time again the workers often misclassified unconsciously they don’t comprehend the conditions of employment or contract and are informed by the customer why it’s optimum mainly to the customer why you ought to be employed or engaged in this style the employee might owe taxes and Social Security to the authorities the future pension and health care benefits 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 gone by they haven’t added to pensions And so on so it’s a huge effect that they never knew they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy companies are securing insurance coverage versus misclassification but usually premiums are only covering the expense of legal costs whilst the typical claim examined versus employers relates to to 40 or half of the base pay of worker exists any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes charge and interest for the most part I have not seen it a minimum of so uh the the other location that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to stuff you could be rejected 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 Images Reports …
The extensive features of come at an expense,
Over the past couple of decades, the workforce has actually gone through a substantial change with the development of remote work, which has gotten rid of geographical restrictions on hiring. This has enabled organizations to recruit skill from all over the world, enabling them to assemble the best possible group for each function. As a result, workers have gotten higher versatility to work from home and increase their profits without having to move to expensive areas or commute fars away. According to a 2022 study, 87% of employees who have the choice to work remotely pick to do so. The COVID-19 pandemic, integrated with improvements in enterprise connectivity software application, has actually even more sped up the shift towards remote work, even in industries that were initially hesitant to adopt the trend.
insights are important to us and and your fellow participants so first things initially 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 sort of Industries retail and Charm to Aerospace in all kinds of businesses startup to matrixed environments across the globe I provided leadership and strategy to populations of more than 100,000 workers on a regular monthly basis and in over 170 nations today I’m the perel strategist for papaya
International I work throughout the business guy maning and building external relationships supporting Business customers and services and acting as an advisor 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 bit more about bamboo HR Greg over to you thanks Ian yeah as Ian stated my name is Greg Piper uh I am the senior corporate counsil at bambo HR so I lead our in-house legal group and really work very carefully with our um HR department too to handle different legal and HR matters that come up so truly thrilled 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 terrific
Although Papaya Global offers integrations with numerous HR and finance systems, we encountered some obstacles during the combination procedure. Personalizing the software to line up with our existing facilities showed to be more complicated than expected, resulting in hold-ups in the initial rollout.
The extensive functions provided by Papaya Global come at an expense, which some of our smaller sized subsidiaries found to be excessively costly. As a worldwide organization, we needed to carefully weigh the need for advanced performance against spending plan restraints.
Support Action Time:
On occasion, our teams experienced problems that required urgent support. Nevertheless, the response time from Papaya Global’s customer assistance team was not always as timely as we would have liked, causing delays in fixing those concerns.
Our implementation of included a phased method. We started by onboarding a few subsidiaries to check the system’s compatibility with our existing processes. This enabled us to recognize and address integration obstacles early on. As the software ended up being more ingrained in our operations, we gradually expanded its usage to cover our whole worldwide labor force.
The automated functions streamlined our payroll procedures, lowering the time invested in manual calculations and compliance tracking. Routine training sessions and ongoing assistance from Papaya helped our teams become competent users of the software, optimizing its capacity for our company.
Nevertheless, paying a labor force can be complex. It is especially challenging for companies who use personnel throughout multiple countries, as they need to continuously consolidate different data streams, by hand track local and nationwide labor and guidelines, and invest important time and resources to set up regional entities in brand-new areas. These business are faced with suboptimal, expensive options, like opening a foreign subsidiary or employing an expert employment company, which is a local company that hires staff members on their behalf and can charge up to 15% of. By 2022, 75% of employers reported difficulty recruiting qualified personnel, an increase 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 a service supporting all kinds of work. It provides an end-to-end platform, from employee onboarding and ongoing management to global payments and. It helps companies with labor law compliance in the jurisdictions in which they operate, provides management of work benefits, and ensures information personal privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. A business owner with 15 years of experience, she is a leading expert in payroll and workforce management. She co-founded after seeing the technology space in international.
papaya this webcast has been pre-approved for hrci and Sherm credit please make certain to attend the total webcast in order to receive your credits if you have any questions throughout the webcast please click the Q&A tab in your webinar controls and type the there a brand-new tab will open in your internet browser with the webcast study please make certain to finish it as quickly as the webcast has actually ended it is now my pleasure to turn it over to Pap and bamboo HR for their discussion hello and thank you for joining us today we’re enjoyed have you here as we embark on a journey of information to policy accomplishing
360 degree worker compliance where we’ll dive into the essential elements of the worker compliance management model throughout the session we’ll explore real world difficulties real local policies best practices and the role of Automotion in simplying compliance journey be prepared to emerge in a detailed understanding of how to protect your company and workers while staying certified in an
Ever progressing regulative environment in the everchanging world of company and finance ensuring compliance with payroll policies is not only important however also a legal essential from the moment of employing to the in intri intricacies even sorry of termination every step along the worker journey is Frau with compliance dangers that have significant repercussions however with a deeper more nuanced understanding of their obligations companies can not just navigate the intricate landscape however also proactively guarantee 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 expert a small company owner or someone new to the field what I want to do before we start and I think it’s really important
In our mission to enhance effectiveness and precision in handling our worldwide workforce, our multinational corporation turned to, a leading and labor force management software application. The shift aimed to simplify the complex task of handling throughout various countries, currencies, and compliance regulations.
One of the standout functions of is its robust compliance management system. The software application immediately updates itself to follow ever-evolving tax and labor laws throughout several jurisdictions. This has actually been invaluable in guaranteeing that our processes stay certified in each nation of operation.
is to state that the material here is illegal guidance it is merely for your details please consult your legal group must you have any concerns or issues in relation to anything that we’ve gone over today our key take crucial takeaways by the end of the webinar will be an understanding of worker compliance risks how to hire ly with self-confidence how to simplify information management and automation so let’s take ourselves a minute to acquaint ourselves with the webinar platform once again as we have actually.
work as your hris or is type of your core employee record um to handle that staff member life cycle throughout their Journey with you as as a staff member in addition to a payroll module we have to assist you pay those staff members and compensate them and advantages Administration module that allows you to help handle the advantages you supply to your employees so actually delighted to be here represent um bamb booy jar and talk about this subject um and I think from my viewpoint I’ll I’ll most likely supply a lot of a concentrate on the US side of things when we discuss sort of compliance so happy to be here thanks for having me Ian all right thanks Greg um Gina over to you would you like to present yourself and tell the audience a little bit about papay international yes definitely thank you Ian hey there everyone I’m Gina dorelis I’m the Work professional manager.
at I handle the work Council in the United States APAC EMA and Israel area I also serve as us Council for I’m accredited in New york city and New Jersey um we ensure compliance onboarding and offboarding of employees with regard to papaya we offer payroll payments and workforce management as a Service work force company to workers serving in over.
160 countries all right 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 introduction so it’s actually actually nice to in fact see in the webinar chat where everyone’s in fact attending from today I can see that we have individuals in Las Vegas and Indiana currently so if you wish to continue inform where you are that would be definitely wonderful whilst we simply wait on everybody else to kind of like participate in there we go Chicago as well well um so whil we’re doing that I’m waiting for everyone to sort of join I’ll just run us through the program um today we are going to discuss employing Talent new higher Details Management termination compliance and automation wow the chat has got actually really 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 truly excellent commentary and concerns throughout the uh the webinar too all right so that’s the program then what I want to Now cover is the the compliance and the Personal privacy side of things so the the Journey of an employee and their information is Papaya Global Images Reports diverse without fail and an.
Ever progressing relationship that begins the moment an individual joins an organization it continues throughout their employment and Beyond this journey can be divided into k to several key stages whilst we’re really you understand that they’re utilized with us so on boarding day-to-day operations compensation and benefits expert development then we get to the offboarding and even advocacy so it even occurs after the employee has left your employment throughout the journey companies are responsible for collecting storing securing staff member data in compliance with information privacy regulations no matter where it is you’re running around the world it frequently includes executing protected data management systems and making sure stringent adherence to local requirements to secure both the staff member and the company the development of staff member information and management c.