A CFO’s Viewpoint on Papaya Global One Day Course…
The platform allows business to handle their worldwide workforce and comply with local employment guidelines and tax laws. Papaya Global offers a series of services, consisting of payroll management, benefits administration, compliance management, time and presence tracking, and HR management. The platform is designed to streamline the intricacies of global payroll and offer real-time presence and control over payroll operations. The company 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 organization operations, handling payroll throughout borders can be a complex and difficult job. As the Chief Financial Officer (CFO) of a worldwide company, I comprehend the critical value of effective and compliant payroll management. In our pursuit of quality, we have embraced innovative services to streamline our processes, and one such transformative tool is Software.
The Obstacle of Worldwide Payroll:
International expansion brings about varied challenges, and payroll management is no exception. Differing tax policies, varying work laws, and several currencies make it important for organizations to embrace sophisticated options to guarantee accuracy, compliance, and effectiveness in payroll processing.
Software: A Comprehensive Solution:
workers so it’s actually basic to guarantee that you have actually considered from the beginning any post-termination restrictions that you wish to put into the agreement of work that they’re enforceable so that means you need to actually think of what it is you’re wanting to protect and why clearly Define what’s consisted of within the scope of that confidential information and deal with the period of limitation post-determination that you wish to apply and be truly able to to validate that in relation to intellectual property the position really depends upon the type of intellectual property you’re looking to protect and likewise the jurisdiction so for instance from a copyright point of view in the Netherlands the end client is more likely to have the um copyright rights in a copyright that the workers produced who’s been under their guidance and control instantly nevertheless in somewhere like Poland for example that automatic right might not exist and that task would need to flow through the chain uh contractually so it really depends upon the jurisdiction and the kind of IP alright thank you Elizabeth Steve was remaining on the subject of contracts Miss classified misclassifying employees
Papaya Global Software has actually become a game-changer in the world of international payroll management. Its cloud-based platform incorporates payroll, workforce management, and employee benefits into a single, user-friendly interface. As the CFO, I have seen firsthand the positive effect of on our organization’s monetary operations.
Unified Worldwide Payroll Processing:
enables our company to process payroll flawlessly across numerous countries. The platform’s unified technique allows for consistent payroll calculations, minimizing errors and guaranteeing compliance with regional guidelines. This has significantly mitigated the risks associated with international payroll processing.
likewise crucial for if later on someone says misclassification you have your file supported by the requisite documents and that the right assessment tools to show somebody that you had a thoughtful procedure and so what do you need to consist of in that 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 handling 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 professional than an employee so for instance accounting
I.T crafting the creatives these all lend themselves more to that examination of being freelancer you know also uh where are they doing it can they work from anywhere or do they need to be on site and managed again another essential factor is the management and supervision of the uh worker and then lastly when is it a specific project is it a six-month project six years all of this is workable however it has to be documented and it has to be completely um examined 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 globally these tools take a questionnaire list for the employee the worker submits and fills these questions out therefore does completion customer or the recipient of the services they both put their info into the tool and then it does an assessment waiting the various concerns due to the fact that not every jurisdiction has the very same sensation about a few of these questions some think they’re more crucial than others and it comes out with a red yellow or green red you’re probably a worker yellow you’re on the cusp we can probably help you with that in regards to some of the important things you need to strengthen to make certain that you are given that assessment of uh independent professional or green where you were assessed as an as a independent contractor once that assessment is done all the requisite documents are beneath it so that if later there
Navigating the intricacies of worldwide employment laws and tax regulations can be frustrating. Papaya Global’s automated compliance engine keeps our organization updated with changes in guidelines across jurisdictions. This makes sure that our payroll procedures adhere to the current requirements, lessening 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 totally approximately date and we likewise get in touch with we require to when we see an unusual or or especially complex scenarios okay thanks Steve I can just see a quick question in the Q a window yes the session will be taped and sent out to attendees later on um returning to to the webinar itself Ray company of record is managed in a different way all over the world and the German law for example it’s classified as worker leasing can you shed any light on some 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 likewise called which prevails in a number of countries especially in Europe imposes rigorous regulations on products such as the length of project it likewise assigns employees to collective bargaining contracts that provides rights and advantages but even in the countries that don’t have those strict guidelines for example the UK Canada and the nordics there are regulations for each country and each worker is treated the same as all the other employees because nation and all those guidelines require to be followed okay thank you Ray um Kathy moving I would say to yourself what do business require to factor in when identifying agreement status to safeguard themselves and the rights of hires what are the benefits and drawbacks of hiring professionals and Freelancers versus long-term staff members so clearly the the advantage of specialists versus workers is the the flexibility for both the employee and for the employer um but I can’t worry enough how essential it is to have a constant comprehensive and a well-documented compliance
Papaya Global One Day Course and Time Cost Savings:
The software’s automation abilities have significantly minimized the time and effort needed for payroll processing. Handbook data entry and recurring tasks have actually been decreased, allowing our financing team to focus on tactical initiatives instead of administrative burdens. This has resulted in increased performance and performance within our monetary operations.
in one given that each state has its own guidelines Californians are a few of the most rigorous an example is pay slips on a payslip in California the right 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 fine thanks Ray thank you Elizabeth a lot to fret to think about and we’re just 2 concerns in and 10 minutes or so hiring in one nation is challenging enough but when hiring in a you know on a worldwide level it’s a totally various story you require to make sure that you depend on date with current along with pending local labor laws Steve um how do you ensure and guarantee that the people 2.0 team is on top of an ever-changing landscape which your clients are completely supported and I’ll arrange this into three key things we carry out in first and foremost you require to have the right group so we hire a group of global experts in Work Practices um that ex that team of specialists includes attorneys it includes payroll professionals it consists of HR specialists and these are individuals that not only understand the laws in these in these countries and regions but they also understand the languages they understand the local practices they understand the cultures and it is very important to have that right team and truly have the group on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global offers extensive real-time analytics and reporting tools. As a CFO, having access to precise and prompt monetary data is important for decision-making. The platform’s reporting capabilities empower me to make educated tactical decisions based upon real-time insights into our worldwide payroll data.
The practical application and extent of the application to work law can be assessed through the legal system using case law examples. For example, the gotten rights instruction, also referred to as the 2p policies in the UK, and the working time policies have been subject to different legal interpretations, especially concerning holiday pay. Furthermore, the principle of work status has actually seen multiple legal precedents over the
Scalability for Business Growth:
One of the standout functions of Papaya Global is its scalability. As our company continues to grow and expand into new markets, the software application seamlessly accommodates changes in our labor force and payroll requirements. This scalability guarantees that our payroll infrastructure can adjust to the developing needs of our international company.
Global Chief legal officer we have actually got Elizabeth Beal who is our primary legal officer for Amia and we have actually got Ray Look who is our senior vice president of customer service and I would say separately and jointly these three individuals have Years of experience in in work law and global Employment Practices so thank you it’s a pleasure 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 likewise have one of our own Stars erase share head of Global Services at papaya Global inform us about yourself thank you Elin Ian hey there my name is Elite I have actually been with the business for around 4 and a half years as head of Collaborations I have developed Papaya’s network of in-country Partners in over 160 areas on a personal element and related to our subject today I’ve had the opportunity to transfer and work in three various nations it is the business’s duty to guarantee my security while living in a foreign country compliance with regional laws and guidelines is essential for me or anybody else as an expat or as a regional so today we have actually welcomed our relied on Partners people 2.0 to demonstrate the significance of regional
expertise when business Go International thank you and delight in alright 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 have actually been considering we’ll discuss the truths a company needs to think about when opening a new entity and expanding into brand-new countries along with keeping things going we’ll cover elements such as local policies factors to consider when working with compliance crucial obstacles 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 require to comprehend and manage knowing what to do in each new scenario as it rises is very important on lots of levels understanding local policies and regional laws as well as business practices assists alleviate Associated and global expansion papaya through our local specialists can navigate prospective risks such as intellectual property protection information privacy security problems ensuring the business’s operations stay compliant and secure tax Social Security returns and remittances vary by country
In conclusion, Papaya Global Software application has actually proven to be an invaluable property in our quest for efficient and certified global payroll management. As the CFO of a worldwide business, I am positive in recommending Papaya Global to companies seeking to enhance their payroll processes, boost compliance, and achieve greater performance in managing their international workforce. The software application’s innovative features and dedication to quality align with our strategic goals, making it an integral 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 also considerable legal expenses there’s there’s other charges there’s other expenses behind that too so the overall cost can be really considerable in the tens of countless dollars or more and and those amounts are growing uh the reason that companies are getting it so incorrect is truly just the rules are intricate and they’re altering all the time believe ir-35 in the UK which has actually been a continuous advancement for numerous years now and and still a great deal of unpredictability among companies on what it truly indicates and how you deal with it most companies are just not aware of the rules and and act as if the the guidelines 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 viewpoint all right thank you Stephen and returning to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the worker Papaya Global One Day Course specifically 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 discover time and time again the employees frequently misclassified unknowingly they don’t comprehend the conditions of employment or agreement and are told by the client why it’s most advantageous generally to the customer why you ought to be used or taken part 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 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 have not added to pensions Etc so it’s a big effect that they never ever knew they were strolling into you could not agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy companies are getting insurance versus misclassification but usually premiums are just covering the expense of legal charges whilst the average claim examined versus companies corresponds to to 40 or 50 percent of the base pay of employee is there any point in taking out insurance 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 many cases I have not seen it a minimum of so uh the the other area that I do believe 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 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 One Day Course …
The extensive features of come at a cost,
Over the past couple of decades, the labor force has undergone a significant transformation with the emergence of remote work, which has actually removed geographical restraints on hiring. This has actually made it possible for organizations to recruit talent from all over the world, permitting them to put together the very best possible team for each function. As a result, workers have gained higher flexibility to work from home and increase their profits without having to move to costly areas or commute fars away. According to a 2022 study, 87% of employees who have the alternative to work remotely pick to do so. The COVID-19 pandemic, integrated with advancements in enterprise connectivity software application, has further accelerated the shift towards remote work, even in industries that were at first reluctant to embrace the trend.
insights are important to us and and your fellow participants so first things first though um let’s get to know 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 companies startup to matrixed environments around the world I provided leadership and technique to populations of more than 100,000 workers on a month-to-month basis and in over 170 nations today I’m the perel strategist for papaya
International I work throughout the business man maning and constructing external relationships supporting Enterprise customers and solutions and functioning as a consultant I wish to introduce our 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 team and really work extremely closely with our um HR department also to deal with different legal and HR matters that turn up so truly delighted to be here about bambo HR if if you’re not acquainted with us uh at bambo HR we say our objective is to set you as HR experts complimentary to do great
Although Papaya Global provides integrations with numerous HR and financing systems, we came across some obstacles during the integration procedure. Personalizing the software to align with our existing facilities proved to be more complicated than anticipated, resulting in hold-ups in the initial rollout.
The extensive functions used by Papaya Global come at an expense, which a few of our smaller sized subsidiaries discovered to be prohibitively pricey. As a worldwide company, we had to carefully weigh the requirement for advanced functionality versus budget restraints.
Assistance Action Time:
On occasion, our groups experienced issues that required immediate support. Nevertheless, the response time from Papaya Global’s client assistance group was not always as timely as we would have liked, resulting in delays in fixing those issues.
Our implementation of included a phased technique. We began by onboarding a couple of subsidiaries to test the system’s compatibility with our existing procedures. This enabled us to identify and address combination difficulties early on. As the software became more instilled in our operations, we gradually expanded its usage to cover our whole worldwide workforce.
The automated functions streamlined our payroll procedures, minimizing the time invested in manual computations and compliance tracking. Routine training sessions and ongoing support from Papaya assisted our groups end up being proficient users of the software application, maximizing its potential for our company.
Nevertheless, paying a workforce can be complex. It is especially challenging for companies who use personnel throughout numerous countries, as they need to constantly consolidate different data streams, manually track regional and national labor and guidelines, and spend valuable time and resources to establish local entities in new areas. These companies are confronted with suboptimal, expensive alternatives, like opening a foreign subsidiary or hiring an expert work organization, which is a regional firm that works with workers on their behalf and can charge up to 15% of. By 2022, 75% of companies reported problem hiring certified personnel, an increase of 21% from 2019. The payroll & HR options market was valued at $26.4 billion in 2022 and is predicted to reach $50.4 billion by 2030.
uses a service supporting all kinds of employment. It offers an end-to-end platform, from employee onboarding and ongoing management to global payments and. It assists companies with labor law compliance in the jurisdictions in which they run, uses management of employment benefits, and ensures data 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 workforce management. She co-founded after seeing the innovation space in global.
papaya this webcast has been pre-approved for hrci and Sherm credit please make certain to go to the complete webcast in order to get your credits if you have any concerns during the webcast please click the Q&A tab in your webinar controls and type the there a new tab will open in your browser with the webcast study please make certain to complete it as soon as the webcast has actually 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 enjoyed have you here as we embark on a journey of data to regulation achieving
360 degree staff member compliance where we’ll dive into the vital aspects of the worker compliance management design throughout the session we’ll explore real life obstacles genuine local guidelines finest practices and the function of Automotion in simplying compliance journey be prepared to emerge in a comprehensive understanding of how to safeguard your company and employees while staying certified in an
Ever progressing regulatory environment in the everchanging world of business and finance making sure compliance with payroll guidelines is not just essential however also a legal imperative from the minute of working with to the in intri intricacies even sorry of termination every step along the employee journey is Frau with compliance dangers that have significant consequences nevertheless with a much deeper more nuanced understanding of their responsibilities companies can not just browse the detailed landscape but likewise proactively guarantee this 360 degree compliance the webinar is designed to equip you with the understanding and tools needed to navigate the complex Surface of compliance whether you’re an experienced P expert a small company owner or someone brand-new to the field what I want to do before we start and I think it’s truly important
In our mission to improve effectiveness and precision in handling our international workforce, our multinational corporation turned to, a leading and labor force management software application. The transition aimed to simplify the complex job of managing across various nations, currencies, and compliance guidelines.
Among the standout functions of is its robust compliance management system. The software application immediately updates itself to follow ever-evolving tax and labor laws across multiple jurisdictions. This has actually been indispensable in guaranteeing that our procedures remain compliant in each nation of operation.
is to state that the content here is illegal suggestions it is just for your info please consult your legal group needs to you have any questions or concerns in relation to anything that we’ve discussed today our secret take key takeaways by the end of the webinar will be an understanding of staff member compliance risks how to employ ly with self-confidence how to streamline information management and automation so let’s take ourselves a moment to acquaint ourselves with the webinar platform once again as we’ve.
serve as your hris or is kind of your core worker record um to manage that worker life cycle throughout their Journey with you as as a worker in addition to a payroll module we need to help you pay those workers and compensate them and benefits Administration module that allows you to assist manage the benefits you offer to your employees so truly excited to be here represent um bamb booy container and discuss this topic um and I guess from my point of view I’ll I’ll probably supply a lot of a focus on the United States side of things when we speak about sort of compliance so happy to be here thanks for having me Ian alright thanks Greg um Gina over to you would you like to introduce yourself and inform the audience a little bit about papay international yes definitely thank you Ian hello everyone I’m Gina dorelis I’m the Work professional manager.
at I handle the work Council in the US APAC EMA and Israel region I also work as us Council for I’m certified 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 labor force management as a Service work force provider to employees serving in over.
160 countries all right thank you so both I feel entirely underqualified sitting here with you both well I forgot to discuss as we were type of like going through the intro so it’s truly truly nice to really see in the webinar chat where everybody’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 absolutely great whilst we just wait for everybody else to kind of like join in there we go Chicago also well um so whil we’re doing that I’m waiting on everybody to type of join I’ll just run us through the agenda um today we are going to go over hiring Talent brand-new higher Info Management termination compliance and automation wow the chat has got really really busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from absolutely all over which is fantastic so uh I’m hoping that we’re in fact going to have some actually terrific commentary and concerns throughout the uh the webinar too fine so that’s the program then what I wish to Now cover is the the compliance and the Personal privacy side of things so the the Journey of a staff member and their data is Papaya Global One Day Course diverse without fail and an.
Ever developing relationship that begins the moment an individual joins a company it continues throughout their work and Beyond this journey can be divided into k to numerous key phases whilst we’re actually you know that they’re employed with us so on boarding daily operations compensation and benefits expert development then we get to the offboarding and even advocacy so it even takes place after the staff member has actually left your work throughout the journey organizations are responsible for gathering storing safeguarding worker information in compliance with information privacy regulations no matter where it is you’re running around the globe it frequently includes implementing safe information management systems and guaranteeing stringent adherence to regional requirements to secure both the staff member and the organization the evolution of staff member data and management c.