A CFO’s Viewpoint on Papaya Global Sierra Leone…
Papaya Global’s platform improves global workforce management for business, making sure compliance with regional guidelines and tax laws. Their services incorporate payroll processing, benefits administration, compliance oversight, time and participation tracking, and HR assistance. The platform centralizes international payroll operations, providing businesses with real-time insights and control. Founded in 2016, Papaya Global has broadened to Tel Aviv, New York, London, and Kiev.
In the vibrant landscape of worldwide business operations, managing payroll across borders can be a complex and difficult task. As the Chief Financial Officer (CFO) of a worldwide business, I understand the critical significance of effective and compliant payroll management. In our pursuit of excellence, we have welcomed ingenious solutions to enhance our processes, and one such transformative tool is Software.
The Obstacle of Worldwide Payroll:
Global expansion causes diverse difficulties, and payroll management is no exception. Differing tax regulations, varying work laws, and multiple currencies make it important for organizations to embrace sophisticated solutions to make sure accuracy, compliance, and efficiency in payroll processing.
Software application: A Comprehensive Solution:
staff members so it’s really basic to guarantee that you’ve considered from the outset any post-termination restrictions that you want to put into the agreement of employment that they’re enforceable so that implies you need to truly consider what it is you’re wanting to secure and why plainly Define what’s included within the scope of that confidential information and attend to the duration of constraint post-determination that you want to apply and be truly able to to validate that in relation to intellectual property the position really depends on the type of copyright you’re aiming to secure and also the jurisdiction so for example from a copyright perspective in the Netherlands the end client is most likely to have the um copyright rights in a copyright that the employees produced who’s been under their guidance and control instantly however in somewhere like Poland for example that automated right might not be there which task would require to stream through the chain uh contractually so it really depends on the jurisdiction and the type of IP fine thank you Elizabeth Steve was staying on the topic of contracts Miss classified misclassifying staff members
Papaya Global Software application has actually become a game-changer in the realm of global payroll management. Its cloud-based platform incorporates payroll, labor force management, and employee benefits into a single, user-friendly user interface. As the CFO, I have witnessed firsthand the favorable effect of on our company’s monetary operations.
Unified Worldwide Payroll Processing:
enables our company to process payroll perfectly throughout several countries. The platform’s unified technique permits constant payroll estimations, reducing errors and guaranteeing compliance with regional guidelines. This has substantially mitigated the dangers associated with worldwide payroll processing.
likewise key for if later somebody says misclassification you have your file supported by the requisite files and that the best evaluation tools to show someone that you had a thoughtful process and so what do you have to consist of in that process it’s the who the what the where and the when who are you dealing with are you dealing with an individual or are you handling an individual Service Corporation and how are they operating what are they doing is it the kind of work that lends itself more to being an independent professional than a staff member so for example accounting
I.T engineering the creatives these all provide themselves more to that evaluation of being freelancer you know also uh where are they doing it can they work from anywhere or do they have to be on site and managed once again another essential element is the management and guidance of the uh employee and then lastly when is it a particular task is it a six-month project six years all of this is manageable however it has to be recorded and it needs to be thoroughly 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 worldwide these tools take a questionnaire list for the worker the worker completes and fills these questions out and so does completion customer or the recipient of the services they both put their details into the tool and after that it does an evaluation waiting the various concerns since not every jurisdiction has the very same feeling about some of these concerns some think they’re more crucial than others and it brings out a red yellow or green red you’re probably a worker yellow you’re on the cusp we can probably assist you with that in terms of some of the things you need to strengthen to make certain that you are considered that assessment of uh independent professional 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 later there
Browsing the intricacies of international employment laws and tax guidelines can be overwhelming. Papaya Global’s automated compliance engine keeps our organization current with changes in guidelines throughout jurisdictions. This ensures that our payroll processes adhere to the most recent requirements, minimizing the risk of non-compliance and associated penalties.
network of In-House outside advisors accounting firms and legal firms who assist us keep our databases entirely approximately date and we also get in touch with we require to when we see an unusual or or particularly intricate circumstances fine thanks Steve I can just see a quick concern in the Q a window yes the session will be recorded and sent to guests later on 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 worker leasing can you shed any light on some of the special considerations for countries and where the eor design isn’t controlled yes Ian worker leasing or labor leasing as it’s also called which prevails in numerous nations specifically in Europe imposes strict guidelines on products such as the length of assignment it likewise assigns employees to collective bargaining contracts that provides rights and advantages but even in the countries that do not have those stringent guidelines for example the UK Canada and the nordics there are policies for each country and each employee is treated the same as all the other workers because nation and all those policies need to be complied with all right thank you Ray um Kathy moving I would state to yourself what do business require to factor in when figuring out contract status to safeguard themselves and the rights of hires what are the benefits and drawbacks of employing specialists and Freelancers versus irreversible staff members so undoubtedly the the advantage of contractors versus staff members is the the flexibility for both the worker and for the company um but I can’t worry enough how important it is to have a constant extensive and a well-documented compliance
Papaya Global Sierra Leone and Time Cost Savings:
The software application’s automation abilities have significantly lowered the time and effort needed for payroll processing. Handbook data entry and recurring jobs have actually been minimized, enabling our financing team to concentrate on strategic initiatives instead of administrative concerns. This has actually led to increased efficiency and performance within our monetary operations.
in one because each state has its own policies Californians are some of the most stringent an example is pay slips on a payslip in California the ideal information has to be on the payslip in the ideal format and in the ideal position if you’re in breach of of regulations for payslips the fines are provided per payslip so that’s each employee each pay slip will incur a great thanks Ray thank you Elizabeth a lot to fret to think about and we’re only 2 concerns in and 10 minutes approximately hiring in one country is difficult enough but when employing in a you know on an international level it’s a completely different story you require to ensure that you depend on date with existing as well as pending local labor laws Steve um how do you make sure and ensure that individuals 2.0 team is on top of an ever-changing landscape which your customers are totally supported and I’ll arrange this into 3 crucial things we perform in most importantly you need to have the right team so we hire a team of international specialists in Work Practices um that ex that group of specialists consists of attorneys it consists of payroll specialists it includes HR specialists and these are people that not only understand the laws in these in these countries and areas but they also understand the languages they understand the regional practices they understand the cultures and it is very important to have that ideal team and really have the team on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global supplies detailed real-time analytics and reporting tools. As a CFO, having access to accurate and timely monetary data is essential for decision-making. The platform’s reporting capabilities empower me to make educated strategic choices based upon real-time insights into our worldwide payroll data.
application and its scope and the way that it applies to employment law in practice can be tested through the judicial system by way of case law examples of that would be the gotten rights instruction otherwise called the 2p policies in the UK the working time regulations which has actually had numerous hairs of that legislation evaluated particularly around vacation pay and naturally as Kathy’s going to come on to speak about later on work status which there’s been multiple precedence set over the years so I think it’s really that constant advancement of the employment law landscape that you actually require to browse when when working in Europe all right thank you Elizabeth Ray what about you from your individual experience while crossing the pond as discussed each nation has different guidelines but the United States is basically 50 countries
Scalability for Business Development:
One of the standout features of Papaya Global is its scalability. As our business continues to grow and broaden into new markets, the software application seamlessly accommodates modifications in our workforce and payroll requirements. This scalability guarantees that our payroll infrastructure can adapt to the progressing requirements of our international company.
Worldwide Chief legal officer we have actually got Elizabeth Beal who is our primary legal officer for Amia and we’ve got Ray Look 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 employment law and global Employment Practices so thank you it’s a satisfaction 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 among our own Stars erase share head of Global Provider at papaya International tell us about yourself thank you Elin Ian hi my name is Elite I have actually been with the business for around four and a half years as head of Partnerships I have developed Papaya’s network of in-country Partners in over 160 locations on an individual aspect and related to our subject today I’ve had the chance to relocate and operate in 3 various nations it is the business’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 local so today we have invited our relied on Partners people 2.0 to show the significance of local
expertise when companies Go Global thank you and delight in alright thank you as I stated let’s move on to the pact agenda today’s webinar is an opportunity to ask the panel the concerns you have actually been thinking of we’ll discuss the truths a business needs to consider when opening a new entity and expanding into new countries along with keeping things going we’ll cover aspects such as regional regulations considerations when hiring compliance crucial difficulties payments and what not to do it is among the most important things remembering what not to do um operating on an international level is not for the faint-hearted the bigger a business grows the more they require to understand and manage understanding what to do in each new scenario as it increases is very important on numerous levels understanding local regulations and regional laws in addition to business practices assists mitigate Associated and worldwide growth papaya through our regional specialists can navigate possible risks such as intellectual property protection information privacy security issues making sure the company’s operations remain compliant and secure tax Social Security returns and remittances differ by country
In conclusion, Papaya Global Software application has actually proven to be an important property in our quest for efficient and certified international payroll management. As the CFO of a worldwide company, I am positive in suggesting Papaya Global to companies looking for to improve their payroll processes, boost compliance, and achieve greater effectiveness in managing their international workforce. The software application’s ingenious features and dedication to quality line up with our tactical objectives, making it an integral part of our financial operations.
I find time and time again the employees typically misclassified unconsciously they do not understand the conditions of work or agreement and are told by the client why it’s optimum mainly to the client why you should be employed or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have passed they have not added to pensions And so on so it’s a big effect that they never knew they were walking into you could not agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy companies are getting insurance versus misclassification but generally premiums are only covering the expense of legal costs whilst the typical claim examined against companies equates to to 40 or 50 percent of the base pay of employee exists any point in securing insurance coverage and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge and interest most of the times I have not seen it at least 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 pack you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK
Cost Considerations and Papaya Global Sierra Leone …
The thorough features of come at a cost,
Over the past couple of decades, the workforce has actually gone through a substantial change with the introduction of remote work, which has actually eliminated geographical constraints on hiring. This has allowed organizations to hire talent from all over the world, allowing them to assemble the very best possible team for each role. As a result, staff members have actually gained higher flexibility to work from home and increase their earnings without needing to relocate to expensive areas or commute cross countries. According to a 2022 survey, 87% of employees who have the option to work from another location pick to do so. The COVID-19 pandemic, integrated with developments in business connection software application, has even more sped up the shift towards remote work, even in industries that were at first reluctant to embrace the pattern.
insights are important to us and and your fellow attendees so first things first though um let’s get to know everyone my name is Ian Charles and I have actually operated in payroll for the last 25 years I’ve had roles in all type of Industries retail and Charm to Aerospace in all types of services start-up to matrixed environments around the world I offered leadership and method to populations of more than 100,000 staff members on a monthly basis and in over 170 nations today I’m the perel strategist for papaya
Global I work throughout business guy maning and building external relationships supporting Business customers and services and functioning as an advisor I want to introduce our very first Greg um guest Greg who will kick things off by telling 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 really work very carefully with our um HR department also to manage different legal and HR matters that turn up so actually delighted to be here about bambo HR if if you’re not acquainted with us uh at bambo HR we state our objective is to set you as HR specialists free to do great
Although Papaya Global offers combinations with various HR and financing systems, we encountered some hurdles during the combination procedure. Personalizing the software application to align with our existing facilities proved to be more complex than anticipated, resulting in hold-ups in the initial rollout.
The extensive functions used by Papaya Global come at a cost, which some of our smaller sized subsidiaries discovered to be excessively costly. As an international organization, we had to carefully weigh the requirement for advanced performance versus spending plan restraints.
Assistance Reaction Time:
On occasion, our teams experienced concerns that needed immediate help. However, the reaction time from Papaya Global’s customer support team was not constantly as prompt as we would have liked, leading to delays in fixing those issues.
Our execution of included a phased approach. We began by onboarding a few subsidiaries to test the system’s compatibility with our existing processes. This enabled us to identify and deal with combination obstacles early on. As the software application became more instilled in our operations, we slowly broadened its usage to cover our entire global workforce.
The automated features streamlined our payroll procedures, decreasing the time invested in manual estimations and compliance tracking. Routine training sessions and ongoing support from Papaya helped our teams become competent users of the software, maximizing its potential for our organization.
Companies that worker workers throughout numerous nations frequently face detailed difficulties when it comes to managing their labor force. One of the most significant hurdles is consolidating numerous information streams and sticking to varied local and nationwide labor regulations, which can be both lengthy and expensive. Additionally, establishing regional entities in brand-new regions can be a costly and suboptimal option, with options such as opening a foreign subsidiary or working with a professional work organization (PEO) typically charging up to 15% of the payroll. These challenges have led to a considerable boost in problem recruiting certified personnel, with 75% of companies reporting this concern in 2022, a 21% boost from 2019. The payroll and HR services market, valued at $26.4 billion in 2022, is expected to reach $50.4 billion by 2030.
provides a service supporting all types of work. It supplies an end-to-end platform, from staff member onboarding and continuous management to international payments and. It assists business with labor law compliance in the jurisdictions in which they operate, uses management of employment advantages, and guarantees data privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. A business owner with 15 years of experience, she is a leading specialist 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 certain to go to 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 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 hello and thank you for joining us today we’re thrilled to have you here as we embark on a journey of data to policy attaining
360 degree worker compliance where we’ll dive into the essential elements of the employee compliance management model throughout the session we’ll explore real life challenges real local regulations best practices and the role of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to safeguard your company and staff members while staying compliant in an
Ever progressing regulatory environment in the everchanging world of organization and finance making sure compliance with payroll regulations is not just vital but likewise a legal essential from the minute of working with to the in intri complexities even sorry of termination every step along the employee journey is Frau with compliance dangers that have far-reaching consequences nevertheless with a much deeper more nuanced understanding of their commitments organizations can not just browse the intricate landscape but likewise proactively ensure this 360 degree compliance the webinar is created to equip you with the understanding and tools essential to browse the complex Terrain of compliance whether you’re a seasoned P expert a small business owner or someone brand-new to the field what I wish to do before we begin and I think it’s actually essential
In our mission to improve efficiency and precision in handling our global workforce, our multinational corporation turned to, a leading and labor force management software. The shift intended to streamline the complex task of handling across numerous countries, currencies, and compliance regulations.
One of the standout features of is its robust compliance management system. The software automatically updates itself to comply with ever-evolving tax and labor laws across multiple jurisdictions. This has been invaluable in making sure that our procedures stay certified in each nation of operation.
is to state that the content here is not legal recommendations it is merely for your details please consult your legal team needs to you have any questions or concerns in relation to anything that we have actually discussed today our key take key takeaways by the end of the webinar will be an understanding of staff member compliance threats how to employ ly with confidence how to simplify information management and automation so let’s take ourselves a moment to acquaint ourselves with the webinar platform once again as we’ve.
act as your hris or is sort of your core staff member record um to manage that employee 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 enables you to help handle the benefits you offer to your staff members so really excited to be here represent um bamb booy jar and discuss this topic um and I guess from my viewpoint I’ll I’ll probably provide a great deal of a concentrate on the United States side of things when we speak about type of compliance so pleased to be here thanks for having me Ian fine thanks Greg um Gina over to you would you like to present yourself and tell the audience a little bit about papay worldwide yes absolutely thank you Ian hello everybody I’m Gina dorelis I’m the Employment specialist manager.
at I manage the employment Council in the US APAC EMA and Israel area I likewise work as us Council for I’m licensed in New york city and New Jersey um we ensure compliance onboarding and offboarding of employees with regard to papaya we offer payroll payments and workforce management as a Service labor force service provider to workers serving in over.
160 nations all right thank you so both I feel totally underqualified sitting here with you both well I forgot to discuss as we were type of like going through the introduction so it’s actually truly nice to actually see in the webinar chat where everybody’s in fact attending from today I can see that we have people in Las Vegas and Indiana already so if you want to carry on tell where you are that would be absolutely wonderful whilst we just wait for everybody else to kind of like participate in there we go Chicago also well um so whil we’re doing that I’m waiting on everybody to sort of join I’ll just run us through the agenda um today we are going to talk about working with Skill new greater Details 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 absolutely all over which is great so uh I’m hoping that we’re really going to have some truly excellent commentary and concerns throughout the uh the webinar as well all right so that’s the agenda then what I ‘d like to Now cover is the the compliance and the Privacy side of things so the the Journey of a worker and their information is Papaya Global Sierra Leone complex without fail and an.
Ever developing relationship that begins the moment an individual signs up with a company it continues throughout their employment and Beyond this journey can be divided into k to several crucial stages whilst we’re actually you understand that they’re utilized with us so on boarding everyday operations settlement and advantages professional development then we get to the offboarding and even advocacy so it even occurs after the staff member has actually left your employment throughout the journey companies are accountable for collecting storing protecting staff member data in compliance with data privacy regulations no matter where it is you’re operating worldwide it often involves implementing secure information management systems and ensuring stringent adherence to local requirements to secure both the staff member and the organization the advancement of employee information and management c.