A CFO’s Perspective on Papaya Global Open University…
The platform enables business to manage their global labor force and abide by regional work regulations and tax laws. Papaya Global provides a range of services, including payroll management, advantages administration, compliance management, time and participation tracking, and HR management. The platform is designed to streamline the intricacies of global payroll and offer real-time exposure and control over payroll operations. The business was founded in 2016 and is headquartered in Tel Aviv, Israel, with workplaces in New York, London, and Kiev.
In the dynamic landscape of international organization operations, handling payroll across borders can be a complex and tough task. As the Chief Financial Officer (CFO) of an international company, I comprehend the critical importance of effective and certified payroll management. In our pursuit of excellence, we have welcomed ingenious services to streamline our procedures, and one such transformative tool is Software.
The Challenge of Global Payroll:
Worldwide expansion brings about diverse difficulties, and payroll management is no exception. Differing tax regulations, differing work laws, and several currencies make it important for companies to embrace sophisticated solutions to guarantee accuracy, compliance, and effectiveness in payroll processing.
Software application: A Comprehensive Option:
workers so it’s really essential to ensure that you have actually thought about from the start any post-termination restrictions that you want to take into the contract of employment that they’re enforceable so that implies you need to truly think about what it is you’re aiming to safeguard and why plainly Specify what’s included within the scope of that confidential information and resolve the period of restriction post-determination that you wish to apply and be actually able to to justify that in relation to intellectual property the position really depends on the kind of copyright you’re aiming to safeguard and likewise the jurisdiction so for example from a copyright point of view in the Netherlands the end client is most likely to have the um intellectual property rights in a copyright that the workers produced who’s been under their supervision and control instantly however in somewhere like Poland for instance that automatic right might not exist which task would require to flow through the chain uh contractually so it really depends upon the jurisdiction and the kind of IP all right thank you Elizabeth Steve was remaining on the subject of contracts Miss categorized misclassifying workers
Papaya Global Software has actually emerged as 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 interface. As the CFO, I have seen firsthand the favorable impact of on our company’s monetary operations.
Unified Worldwide Payroll Processing:
enables our company to procedure payroll seamlessly throughout multiple countries. The platform’s unified technique enables constant payroll computations, reducing errors and guaranteeing compliance with local regulations. This has significantly reduced the risks associated with worldwide payroll processing.
likewise key for if later on someone says misclassification you have your file supported by the requisite files which the right assessment tools to show someone 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 handling 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 provides itself more to being an independent specialist than an employee so for example accounting
I.T engineering the creatives these all lend themselves more to that evaluation of being freelancer you understand likewise uh where are they doing it can they work from anywhere or do they need to be on website and managed once again another essential aspect is the management and supervision of the uh worker and then finally when is it a particular job is it a six-month task six years all of this is manageable but it needs to be documented and it needs to be thoroughly um examined so we have a tool we call it ic2 we had an ic1 and we have actually enhanced it this year so that we can roll it out worldwide these tools take a questionnaire list for the worker the worker submits and fills these concerns out therefore does completion client or the recipient of the services they both put their info into the tool and after that it does an evaluation waiting the various concerns due to the fact that not every jurisdiction has the same feeling about some of these concerns some think they’re more vital 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 need to boost to ensure that you are considered that assessment of uh independent contractor or green where you were assessed as an as a independent contractor once that assessment is done all the requisite files are below it so that if in the future there
Browsing the intricacies of worldwide work laws and tax policies can be frustrating. Papaya Global’s automated compliance engine keeps our organization up-to-date with changes in guidelines across jurisdictions. This guarantees that our payroll procedures adhere to the most recent standards, minimizing the risk of non-compliance and associated charges.
network of In-House outside advisors accounting companies and legal companies who help us keep our databases completely as much as date and we likewise contact we need to when we see an unusual or or especially complicated situations okay thanks Steve I can just see a fast concern in the Q a window yes the session will be recorded and sent out to guests afterwards um returning to to the webinar itself Ray employer of record is regulated differently around the globe and the German law for instance it’s classed as staff member leasing can you shed any light on some of the special considerations for nations and where the eor model isn’t managed yes Ian employee leasing or labor leasing as it’s likewise called which is prevalent in numerous countries specifically in Europe enforces stringent policies on products such as the length of project it also appoints workers to collective bargaining agreements that gives them rights and benefits however even in the nations that don’t have those rigorous guidelines for instance the UK Canada and the nordics there are policies for each country and each employee is dealt with the same as all the other employees because nation and all those guidelines need to be abided by alright thank you Ray um Kathy moving I would say to yourself what do companies require to consider when determining contract status to safeguard themselves and the rights of hires what are the benefits and drawbacks of hiring professionals and Freelancers versus permanent workers so clearly the the benefit of specialists versus staff members is the the flexibility for both the employee and for the employer um but I can’t stress enough how crucial it is to have a constant comprehensive and a well-documented compliance
Papaya Global Open University and Time Cost Savings:
The software application’s automation capabilities have actually substantially decreased the time and effort required for payroll processing. Handbook data entry and recurring tasks have been decreased, allowing our financing team to focus on strategic efforts instead of administrative problems. This has actually led to increased efficiency and efficiency within our monetary operations.
in one since each state has its own policies Californians are some of the most strict an example is pay slips on a payslip in California the right information needs to be on the payslip in the right format and in the right position if you remain in breach of of guidelines for payslips the fines are provided 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 consider and we’re only 2 concerns in and 10 minutes or two employing in one nation is tough enough but when employing in a you know on a worldwide level it’s a completely different story you need to make sure that you depend on date with present in addition to pending local labor laws Steve um how do you make certain and make sure that individuals 2.0 team is on top of an ever-changing landscape and that your clients are totally supported and I’ll organize this into 3 key things we do in primarily you need to have the right group so we hire a group of global professionals in Work Practices um that ex that team of specialists consists of lawyers it consists of payroll professionals it consists of HR specialists and these are people that not just understand the laws in these in these countries and regions but they likewise know the languages they know the regional practices they know the cultures and it is necessary to have that right group and genuinely have the team on the ground uh dealing 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 information is crucial for decision-making. The platform’s reporting abilities empower me to make informed strategic decisions based upon 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 gotten rights instruction otherwise referred to as the 2p policies in the UK the working time regulations which has actually had different hairs of that legislation checked particularly around holiday pay and naturally as Kathy’s going to come on to discuss later employment status which there’s been multiple precedence set for many years so I believe it’s truly that continuous advancement of the work law landscape that you actually need to navigate when when working in Europe all right thank you Elizabeth Ray what about you from your personal experience while crossing the pond as discussed each country has various guidelines but the United States is essentially 50 nations
Scalability for Business Growth:
Among the standout features of Papaya Global is its scalability. As our company continues to grow and broaden into brand-new markets, the software application perfectly accommodates modifications in our workforce and payroll requirements. This scalability ensures that our payroll facilities can adjust to the progressing needs of our international organization.
Worldwide Chief legal officer we’ve 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 state separately and jointly these three people have Decades of experience in in employment law and international Work Practices so thank you it’s a pleasure to be with everyone here today seems like we have actually got the right people with us today and in in addition to to those well we likewise have one of our own Stars delete share head of Global Provider at papaya International inform us about yourself thank you Elin Ian hey there my name is Elite I have actually been with the business for around four and a half years as head of Partnerships I have actually established Papaya’s network of in-country Partners in over 160 areas on an individual aspect and related to our subject today I have actually had the chance to relocate and work in 3 different countries it is the company’s obligation to guarantee my defense while living in a foreign nation compliance with regional laws and regulations is crucial for me or anybody else as an expat or as a local so today we have actually welcomed our trusted Partners individuals 2.0 to show the significance of local
proficiency when business Go Worldwide thank you and take pleasure in fine thank you as I said let’s carry on to the pact agenda today’s webinar is a chance to ask the panel the questions you’ve been considering we’ll talk about the realities a company needs to think about when opening a brand-new entity and expanding into new nations in addition to keeping things going we’ll cover elements such as regional guidelines considerations when hiring compliance crucial obstacles payments and what not to do it is among the most crucial things remembering what not to do um operating on an international level is not for the faint-hearted the bigger a company grows the more they need to comprehend and manage understanding what to do in each new circumstance as it rises is essential on lots of levels understanding local regulations and local laws as well as organization practices helps mitigate Associated and global growth papaya through our local experts can browse possible threats such as copyright protection data personal privacy security issues guaranteeing the business’s operations remain compliant and protected tax Social Security returns and remittances vary by nation
In conclusion, Papaya Global Software application has shown to be an important asset in our quest for effective and compliant global payroll management. As the CFO of a worldwide company, I am confident in advising Papaya Global to organizations seeking to simplify their payroll processes, improve compliance, and achieve higher effectiveness in handling their global labor force. The software’s innovative functions and dedication to excellence align with our strategic objectives, making it an essential 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 openly announced settlements there’s likewise significant legal costs there exists’s other charges there’s other expenses behind that as well so the overall cost can be really substantial in the tens of countless dollars or more and and those amounts are growing uh the reason why business are getting it so wrong is actually just the rules are complex and they’re changing all the time think ir-35 in the UK which has been a continuous advancement for a number of years now and and still a great deal of unpredictability amongst business on what it truly suggests and how you deal with it most companies are simply not knowledgeable about 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 workers from a classification perspective all right thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the employee Papaya Global Open University especially when it concerns their own tax liabilities social security and benefits for example jury and certainly the employees the opposite of the coin
I find time and time again the employees typically misclassified unknowingly they do not comprehend the conditions of work or agreement and are told by the customer why it’s optimum generally to the client why you should be used or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be impacted and a number of times it can be years before this all falls out and by that time it’s too late years have actually passed they have not contributed to pensions And so on so it’s a big impact that they never ever knew they were walking 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 business are securing insurance coverage against misclassification however generally premiums are just covering the cost of legal costs whilst the average claim evaluated against employers corresponds 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 require to read the fine print it is not covering the taxes penalty and interest in many cases I haven’t seen it a minimum of so uh the the other area that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK
Expense Factors to consider and Papaya Global Open University …
The thorough functions of come at an expense,
Over the past few years, the workforce has actually gone through a significant improvement with the introduction of remote work, which has actually removed geographical restraints on hiring. This has made it possible for businesses to recruit skill from all over the world, allowing them to put together the best possible group for each function. As a result, staff members have acquired higher versatility to work from home and increase their revenues without having to transfer to pricey locations or commute fars away. According to a 2022 survey, 87% of staff members who have the choice to work from another location pick to do so. The COVID-19 pandemic, integrated with improvements in enterprise connection software, has even more sped up the shift towards remote work, even in industries that were initially reluctant to embrace the trend.
insights are important to us and and your fellow participants so first things initially though um let’s get to know everyone my name is Ian Charles and I’ve operated in payroll for the last 25 years I’ve had functions in all sort of Industries retail and Beauty to Aerospace in all kinds of businesses start-up to matrixed environments around the world I provided leadership and strategy to populations of more than 100,000 workers on a monthly basis and in over 170 nations today I’m the perel strategist for papaya
International I work throughout the business man maning and building external relationships supporting Business clients and services and serving as a consultant I want to present our very first Greg um guest Greg who will kick things off by telling us um who he is and a little bit more about bamboo HR Greg over to you thanks Ian yeah as Ian stated my name is Greg Piper uh I am the senior business counsil at bambo HR so I lead our internal legal team and in fact work really closely with our um HR department too to manage different legal and HR matters that show up so truly excited to be here about bambo HR if if you’re not acquainted with us uh at bambo HR we say our mission is to set you as HR specialists complimentary to do great
Although Papaya Global provides combinations with various HR and finance systems, we came across some hurdles during the integration procedure. Tailoring the software application to line up with our existing facilities proved to be more complicated than expected, leading to delays in the initial rollout.
The extensive features offered by Papaya Global come at a cost, which a few of our smaller subsidiaries discovered to be excessively costly. As a global company, we had to carefully weigh the need for sophisticated performance versus spending plan restrictions.
Assistance Action Time:
On occasion, our teams experienced issues that needed urgent help. However, the action time from Papaya Global’s customer support team was not always as timely as we would have liked, resulting in hold-ups in resolving those issues.
Our application of included a phased method. We started by onboarding a few subsidiaries to check the system’s compatibility with our existing procedures. This allowed us to recognize and address integration difficulties early on. As the software application became more instilled in our operations, we slowly expanded its use to cover our entire international labor force.
The automated functions structured our payroll procedures, decreasing the time invested in manual calculations and compliance tracking. Regular training sessions and ongoing support from Papaya assisted our groups end up being competent users of the software, maximizing its potential for our organization.
However, paying a workforce can be complicated. It is particularly challenging for business who employ staff across multiple countries, as they must continuously consolidate various information streams, manually track local 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 working with a professional employment company, which is a local company that hires workers on their behalf and can charge up to 15% of. By 2022, 75% of employers reported trouble hiring qualified personnel, a boost of 21% from 2019. The payroll & HR services market was valued at $26.4 billion in 2022 and is predicted 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 assists companies with labor law compliance in the jurisdictions in which they run, offers management of employment advantages, and guarantees 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 labor force management. She co-founded after seeing the technology space in international.
papaya this webcast has been pre-approved for hrci and Sherm credit please be sure to participate in the complete webcast in order to get your credits if you have any concerns throughout the webcast please click on the Q&A tab in your webinar controls and type the there a brand-new tab will open in your internet browser with the webcast survey please make sure 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 hi and thank you for joining us today we’re enjoyed have you here as we start a journey of information to guideline attaining
360 degree staff member compliance where we’ll dive into the necessary elements of the staff member compliance management model throughout the session we’ll check out real world challenges genuine regional guidelines best practices and the role of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to protect your company and employees while staying certified in an
Ever progressing regulatory environment in the everchanging world of organization and finance ensuring compliance with payroll regulations 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 effects nevertheless with a much deeper more nuanced understanding of their commitments organizations can not just navigate the complex landscape but also proactively guarantee this 360 degree compliance the webinar is created to equip you with the knowledge and tools essential to navigate the complex Terrain of compliance whether you’re a skilled P expert a small company owner or someone brand-new to the field what I would like to do before we start and I believe it’s truly important
In our quest to boost performance and accuracy in managing our international labor force, our multinational corporation turned to, a leading and workforce management software application. The shift intended to simplify the complex task of managing across numerous nations, currencies, and compliance guidelines.
One of the standout features of is its robust compliance management system. The software automatically updates itself to follow ever-evolving tax and labor laws throughout numerous jurisdictions. This has actually been indispensable in making sure that our procedures stay certified in each nation of operation.
is to state that the content here is illegal suggestions it is simply for your information please consult your legal team ought to you have any concerns or concerns in relation to anything that we have actually talked about today our secret take essential takeaways by the end of the webinar will be an understanding of worker compliance threats how to employ ly with self-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 have actually.
work as your hris or is sort of your core worker record um to handle that employee life process throughout their Journey with you as as an employee in addition to a payroll module we need to assist you pay those staff members and compensate them and advantages Administration module that allows you to help manage the benefits you offer to your workers so truly delighted 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 offer a great deal of a concentrate on the US side of things when we talk about type of compliance so happy to be here thanks for having me Ian okay thanks Greg um Gina over to you would you like to present yourself and inform the audience a bit about papay worldwide yes definitely thank you Ian hello everybody I’m Gina dorelis I’m the Employment expert supervisor.
at I manage the work Council in the United States APAC EMA and Israel region I also act as us Council for I’m certified in New York and New Jersey um we make sure compliance onboarding and offboarding of workers with regard to papaya we supply payroll payments and workforce management as a Service work force provider to employees serving in over.
160 nations okay thank you so both I feel entirely underqualified sitting here with you both well I forgot to mention as we were type of like going through the introduction so it’s really actually nice to actually see in the webinar chat where everyone’s in fact going to from today I can see that we have people in Las Vegas and Indiana already so if you want to continue tell where you are that would be definitely fantastic whilst we just await everybody else to kind of like take part there we go Chicago also well um so whil we’re doing that I’m waiting on everyone to type of join I’ll simply run us through the agenda um today we are going to discuss employing Skill new higher Info Management termination compliance and automation wow the chat has got truly actually hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from absolutely everywhere which is wonderful so uh I’m hoping that we’re really going to have some actually great commentary and questions throughout the uh the webinar too all right so that’s the agenda then what I want to Now cover is the the compliance and the Personal privacy side of things so the the Journey of a worker and their data is Papaya Global Open University diverse without fail and an.
Ever developing 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 numerous crucial phases whilst we’re actually you understand that they’re used with us so on boarding day-to-day operations compensation and benefits professional advancement then we get to the offboarding and even advocacy so it even takes place after the employee has left your employment throughout the journey companies are responsible for collecting saving safeguarding employee information in compliance with information personal privacy guidelines no matter where it is you’re running around the globe it often involves executing secure data management systems and guaranteeing strict adherence to local requirements to safeguard both the worker and the organization the development of worker data and management c.