A CFO’s Viewpoint on Papaya Global Solutions Chicago…
The platform enables companies to manage their global workforce and abide by local employment regulations and tax laws. Papaya Global provides a variety of services, consisting of payroll management, benefits administration, compliance management, time and participation tracking, and HR management. The platform is developed to simplify the complexities of international payroll and provide real-time exposure and control over payroll operations. The company was founded in 2016 and is headquartered in Tel Aviv, Israel, with offices in New york city, London, and Kiev.
In the dynamic landscape of international organization operations, managing payroll across borders can be a complex and difficult task. As the Chief Financial Officer (CFO) of a worldwide company, I comprehend the crucial importance of effective and compliant payroll management. In our pursuit of quality, we have actually welcomed innovative options to enhance our processes, and one such transformative tool is Software application.
The Challenge of Worldwide Payroll:
Global expansion brings about varied difficulties, and payroll management is no exception. Differing tax regulations, differing work laws, and several currencies make it essential for companies to adopt sophisticated solutions to make sure accuracy, compliance, and efficiency in payroll processing.
Software application: A Comprehensive Solution:
It is essential to consider and consist of post-termination restrictions in the employment contract to guarantee enforceability. You must thoroughly determine what you are looking for to secure and clearly define the secret information that falls within its scope. In addition, define the period of the post-termination restriction and be prepared to validate it in relation to copyright. The guidelines relating to copyright differ depending upon the type of IP and the jurisdiction. For example, in the Netherlands, completion customer is likely to have copyright rights over works produced by employees under their guidance, while in Poland, contractual project might be needed.
Papaya Global Software 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 actually seen firsthand the favorable impact of on our organization’s monetary operations.
Unified Global Payroll Processing:
allows our business to process payroll perfectly throughout several countries. The platform’s unified technique allows for consistent payroll calculations, lowering errors and guaranteeing compliance with local guidelines. This has actually significantly alleviated the dangers connected with worldwide payroll processing.
also crucial for if in the future somebody states misclassification you have your file supported by the requisite files which the best examination tools to show someone that you had a thoughtful process therefore what do you have to include because process it’s the who the what the where and the when who are you handling are you handling a specific or are you handling a personal Service Corporation and how are they operating what are they doing is it the type of work that provides itself more to being an independent contractor than an employee so for example accounting
I.T engineering the creatives these all provide 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 website and handled again another key aspect is the management and supervision of the uh employee and then lastly when is it a specific task is it a six-month job six years all of this is workable but it has to be recorded and it needs to be thoroughly um investigated 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 survey list for the employee the worker fills out and fills these questions out therefore does the end customer or the recipient of the services they both put their info into the tool and then it does an assessment waiting the various concerns because not every jurisdiction has the same feeling about some of these concerns some think they’re more important than others and it brings out a red yellow or green red you’re most likely a staff member yellow you’re on the cusp we can probably help you with that in terms of a few of the important things you need to bolster to ensure that you are given that assessment of uh independent specialist or green where you were assessed as an as a independent contractor once that evaluation is done all the requisite documents are below it so that if in the future there
Browsing the intricacies of international work laws and tax policies can be frustrating. Papaya Global’s automated compliance engine keeps our organization up-to-date with changes in policies across jurisdictions. This ensures that our payroll processes adhere to the latest requirements, reducing the danger of non-compliance and associated penalties.
network of In-House outside consultants accounting companies and legal firms who assist us keep our databases entirely up to date and we likewise call on we require to when we see an unusual or or especially complex situations okay thanks Steve I can just see a quick concern in the Q a window yes the session will be recorded and sent to attendees later on um moving back to to the webinar itself Ray employer of record is controlled in a different way 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 countries and where the eor design isn’t controlled yes Ian employee leasing or labor leasing as it’s likewise called which is prevalent in numerous nations especially in Europe imposes strict policies on items such as the length of task it also appoints workers to collective bargaining arrangements that provides rights and benefits however even in the countries that don’t have those rigorous guidelines for example the UK Canada and the nordics there are regulations for each country and each worker is treated the like all the other workers in that country and all those policies need to be followed all right thank you Ray um Kathy moving I would state to yourself what do companies require to factor in when figuring out contract status to safeguard themselves and the rights of hires what are the pros and cons of employing professionals and Freelancers versus irreversible workers so undoubtedly the the advantage of specialists versus employees is the the versatility for both the employee and for the employer um but I can’t worry enough how essential it is to have a constant extensive and a well-documented compliance
Papaya Global Solutions Chicago and Time Cost Savings:
The software’s automation abilities have actually significantly decreased the time and effort needed for payroll processing. Manual data entry and repeated tasks have actually been reduced, allowing our finance team to focus on strategic efforts instead of administrative problems. This has led to increased effectiveness and productivity within our monetary 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 needs to be on the payslip in the right format and in the right position if you’re in breach of of guidelines 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 think about and we’re just 2 concerns in and 10 minutes or so working with in one nation is hard enough however when employing in a you understand on a worldwide level it’s a completely various story you need to ensure that you’re up to date with current along with pending local labor laws Steve um how do you ensure and ensure that the people 2.0 group is on top of an ever-changing landscape which your customers are completely supported and I’ll arrange this into three essential things we do in most importantly you require to have the right group so we employ a group of global professionals in Work Practices um that ex that team of professionals consists of lawyers it includes payroll professionals it consists of HR professionals and these are people that not only understand the laws in these in these countries and areas however 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 truly have the group on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global provides detailed real-time analytics and reporting tools. As a CFO, having access to precise and prompt monetary data is essential for decision-making. The platform’s reporting capabilities empower me to make educated strategic decisions based on real-time insights into our worldwide payroll information.
application and its scope and the manner in which it applies to employment law in practice can be evaluated through the judicial system by way of case law examples of that would be the acquired rights directive otherwise referred to as the 2p regulations in the UK the working time policies which has actually had numerous strands of that legislation evaluated especially around holiday pay and of course as Kathy’s going to come on to speak about later employment status which there’s been several precedence set throughout the years so I believe it’s really that consistent advancement of the work law landscape that you really require to navigate when when working in Europe fine thank you Elizabeth Ray what about you from your personal experience while moving across the pond as discussed each country has different regulations however the United States is basically 50 countries
Scalability for Service Development:
Among the standout functions of Papaya Global is its scalability. As our company continues to grow and expand into brand-new markets, the software application flawlessly accommodates changes in our labor force and payroll requirements. This scalability guarantees that our payroll infrastructure can adapt to the evolving needs of our global company.
Worldwide Chief legal officer we’ve got Elizabeth Beal who is our chief legal officer for Amia and we have actually got Ray Look who is our senior vice president of customer service and I would say individually and collectively these three individuals have Decades of experience in in work law and worldwide Employment Practices so thank you it’s an enjoyment to be with everybody here today sounds like we have actually got the right people with us today and in in addition to to those well we also have one of our own Stars delete share head of Global Services at papaya International inform 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 Collaborations I have actually developed Papaya’s network of in-country Partners in over 160 locations on an individual aspect and related to our subject today I have actually had the opportunity to move and work in three different nations it is the company’s responsibility to guarantee my protection while living in a foreign country compliance with local laws and guidelines is important for me or anybody else as an expat or as a regional so today we have actually welcomed our trusted Partners individuals 2.0 to demonstrate the value of local
know-how when companies Go Global thank you and enjoy alright thank you as I stated let’s proceed to the pact agenda today’s webinar is an opportunity to ask the panel the concerns you have actually been thinking about we’ll go over the facts a company needs to consider when opening a brand-new entity and expanding into brand-new countries as well as keeping things going we’ll cover aspects such as regional regulations factors to consider when hiring compliance crucial obstacles payments and what not to do it’s one of the most important 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 understand and handle knowing what to do in each new situation as it increases is very important on numerous levels understanding local guidelines and regional laws in addition to organization practices helps reduce Associated and international growth papaya through our local experts can navigate prospective risks such as intellectual property defense data personal privacy security issues guaranteeing the company’s operations stay certified and safe tax Social Security returns and remittances vary by nation
In conclusion, Papaya Global Software application has proven to be a vital asset in our mission for efficient and certified international payroll management. As the CFO of a global company, I am positive in suggesting Papaya Global to companies looking for to improve their payroll processes, boost compliance, and attain higher performance in managing their global labor force. The software’s innovative functions and commitment to excellence align with our strategic goals, making it an important part of our monetary operations.
I discover time and time again the employees typically misclassified unconsciously they don’t comprehend the conditions of employment or agreement and are informed by the customer why it’s optimum generally to the customer why you need to be employed or participated in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be affected 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 And so on so it’s a big impact that they never ever understood they were strolling into you could not agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy companies are taking out insurance against misclassification but generally premiums are just covering the cost of legal fees whilst the typical claim evaluated versus companies equates to to 40 or 50 percent of the base salary of worker is there 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 penalty and interest in most cases 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 saying is is that if your compliance program is not up to pack you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK
Expense Factors to consider and Papaya Global Solutions Chicago …
The thorough functions of come at an expense,
Over the past couple of decades, the labor force has actually gone through a substantial transformation with the introduction of remote work, which has eliminated geographical restraints on hiring. This has enabled services to recruit skill from all over the world, permitting them to put together the very best possible team for each role. As a result, staff members have acquired greater flexibility to work from home and increase their revenues without having to relocate to expensive areas or commute fars away. According to a 2022 survey, 87% of employees who have the option to work from another location choose to do so. The COVID-19 pandemic, integrated with improvements in enterprise connection software application, has actually even more accelerated the shift towards remote work, even in industries that were initially reluctant to adopt the pattern.
insights are valuable to us and and your fellow attendees so first things initially though um let’s be familiar with everyone my name is Ian Charles and I’ve worked in payroll for the last 25 years I have actually had roles in all sort of Industries retail and Appeal to Aerospace in all types of businesses startup to matrixed environments across the globe I supplied management and technique to populations of more than 100,000 employees on a monthly basis and in over 170 countries today I’m the perel strategist for papaya
Worldwide I work across the business male maning and constructing external relationships supporting Enterprise clients and options and serving as an advisor I ‘d like to present our very first Greg um visitor 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 internal legal group and really work extremely carefully with our um HR department as well to handle different legal and HR matters that turn up so actually thrilled to be here about bambo HR if if you’re not knowledgeable about us uh at bambo HR we say our objective is to set you as HR experts complimentary to do fantastic
While Papaya Global deals integrations with various HR and financing systems, the execution process was not without challenges. Incorporating the software with our existing facilities required additional customization, leading to some hold-ups in the preliminary rollout.
Paying FAQs Papaya Global Solutions Chicago 2024
and some smaller sized subsidiaries within our organization found the rates to be on the greater side. As a global company, balancing the need for innovative functions with budget restraints became a delicate exercise.
Client Assistance Reaction Time:
There were instances where our teams dealt with concerns that needed timely help. Nevertheless, the response time from’s consumer support group was not always as quick as desired, causing occasional hold-ups in issue resolution.
Our execution of included a phased method. We began by onboarding a couple of subsidiaries to evaluate the system’s compatibility with our existing procedures. This enabled us to identify and deal with combination obstacles early on. As the software application became more ingrained in our operations, we gradually broadened its use to cover our whole worldwide labor force.
The automated features streamlined our payroll processes, minimizing the time invested in manual estimations and compliance tracking. Routine training sessions and continuous support from Papaya helped our teams end up being proficient users of the software, optimizing its potential for our organization.
Nevertheless, paying a labor force can be intricate. It is especially challenging for companies who employ personnel throughout numerous nations, as they must continuously combine various information streams, by hand track regional and nationwide labor and guidelines, and invest valuable time and resources to establish regional entities in new locations. These business are confronted with suboptimal, costly options, like opening a foreign subsidiary or employing a professional employment company, which is a local company that employs staff members on their behalf and can charge up to 15% of. By 2022, 75% of companies reported difficulty recruiting qualified workers, an increase of 21% from 2019. The payroll & HR solutions market was valued at $26.4 billion in 2022 and is projected to reach $50.4 billion by 2030.
uses a service supporting all forms of employment. It offers an end-to-end platform, from worker onboarding and ongoing management to international payments and. It helps companies with labor law compliance in the jurisdictions in which they run, uses management of work benefits, and ensures information personal privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. An entrepreneur with 15 years of experience, she is a leading professional in payroll and labor force management. She co-founded after seeing the technology space in global.
papaya this webcast has been pre-approved for hrci and Sherm credit please make sure to go to the complete webcast in order to receive 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 brand-new tab will open in your internet browser with the webcast study please make sure 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 thrilled to have you here as we start a journey of information to regulation accomplishing
360 degree employee compliance where we’ll dive into the necessary aspects of the staff member compliance management model throughout the session we’ll explore real life 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 workers while staying compliant in an
Ever progressing regulative environment in the everchanging world of company and financing making sure compliance with payroll policies is not only important but also a legal imperative from the minute of hiring to the in intri complexities even sorry of termination every step along the worker journey is Frau with compliance dangers that have significant effects nevertheless with a deeper more nuanced understanding of their commitments companies can not only navigate the intricate landscape but also proactively ensure this 360 degree compliance the webinar is created to equip you with the knowledge and tools required to browse the complex Surface of compliance whether you’re an experienced P professional a small business owner or someone brand-new to the field what I want to do before we begin and I think it’s actually important
In our quest to boost performance and precision in managing our worldwide labor force, our multinational corporation turned to, a leading and workforce management software application. The transition intended to streamline the complex job of managing throughout different countries, currencies, and compliance policies.
Among the standout functions of is its robust compliance management system. The software instantly updates itself to adhere to ever-evolving tax and labor laws throughout numerous jurisdictions. This has actually been invaluable in guaranteeing that our processes remain certified in each country of operation.
is to state that the material here is illegal advice it is merely for your information please consult your legal team needs to you have any questions or issues in relation to anything that we’ve gone over today our secret take key takeaways by the end of the webinar will be an understanding of staff member compliance threats how to work with ly with self-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.
serve as your hris or is kind of your core employee record um to handle that worker life cycle throughout their Journey with you as as a staff member in addition to a payroll module we have to help you pay those staff members and compensate them and benefits Administration module that enables you to help manage the advantages you offer to your staff members so truly thrilled to be here represent um bamb booy jar and talk about this subject um and I guess from my perspective I’ll I’ll probably offer a great deal of a concentrate on the United States side of things when we discuss kind of compliance so pleased to be here thanks for having me Ian fine thanks Greg um Gina over to you would you like to introduce yourself and tell the audience a bit about papay global yes definitely thank you Ian hey there everybody I’m Gina dorelis I’m the Work professional supervisor.
at I handle the work Council in the US APAC EMA and Israel region I also act as us Council for I’m certified in New York 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 company 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 point out as we were kind of like going through the intro so it’s actually truly nice to really see in the webinar chat where everybody’s really participating in from today I can see that we have individuals in Las Vegas and Indiana currently so if you want to carry on inform where you are that would be absolutely great whilst we simply await everyone else to sort of like participate in there we go Chicago too well um so whil we’re doing that I’m waiting for everybody to kind of join I’ll just run us through the program um today we are going to talk about working with Talent new higher Information Management termination compliance and automation wow the chat has actually got actually really hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from definitely all over which is fantastic so uh I’m hoping that we’re actually going to have some actually excellent commentary and questions 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 staff member and their information is Papaya Global Solutions Chicago diverse without fail and an.
Ever developing relationship that starts the minute a person signs up with an organization it continues throughout their work and Beyond this journey can be divided into k to a number of essential phases whilst we’re really you know that they’re utilized with us so on boarding day-to-day operations settlement and benefits expert development then we get to the offboarding and even advocacy so it even takes place after the staff member has left your work throughout the journey organizations are accountable for collecting saving securing worker data in compliance with data personal privacy policies no matter where it is you’re operating around the globe it frequently involves carrying out protected information management systems and guaranteeing strict adherence to local requirements to secure both the worker and the organization the evolution of employee information and management c.