A CFO’s Point of view on Papaya Global South Korea…
Papaya Global’s platform simplifies international workforce management for business, guaranteeing compliance with local guidelines and tax laws. Their services incorporate payroll processing, benefits administration, compliance oversight, time and participation tracking, and HR support. The platform centralizes global payroll operations, supplying organizations with real-time insights and control. Founded in 2016, Papaya Global has expanded to Tel Aviv, New York, London, and Kiev.
In the vibrant landscape of international organization operations, managing payroll throughout borders can be a complex and challenging job. As the Chief Financial Officer (CFO) of an international business, I understand the critical importance of efficient and certified payroll management. In our pursuit of excellence, we have actually welcomed ingenious solutions to simplify our procedures, and one such transformative tool is Software application.
The Obstacle of Global Payroll:
Global expansion brings about diverse challenges, and payroll management is no exception. Differing tax policies, differing work laws, and several currencies make it crucial for organizations to adopt advanced services to ensure accuracy, compliance, and efficiency in payroll processing.
Software application: A Comprehensive Service:
staff members so it’s actually fundamental to guarantee that you have actually considered from the start any post-termination restrictions that you want to take into the contract of work that they’re enforceable so that means you require to actually think of what it is you’re seeking to protect and why clearly Specify what’s consisted of within the scope of that secret information and address the duration of constraint post-determination that you wish to use and be really able to to validate that in relation to intellectual property the position really depends upon the type of intellectual property you’re seeking to protect and likewise the jurisdiction so for instance from a copyright perspective in the Netherlands completion customer is more likely to have the um intellectual property rights in a copyright that the workers produced who’s been under their supervision and control immediately nevertheless in someplace like Poland for example that automated right might not be there and that assignment would require to flow through the chain uh contractually so it really depends on the jurisdiction and the type of IP fine thank you Elizabeth Steve was remaining on the topic of agreements Miss classified misclassifying staff members
Papaya Global Software application has 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 user interface. As the CFO, I have actually seen firsthand the positive effect of on our organization’s financial operations.
Unified International Payroll Processing:
allows our business to procedure payroll seamlessly throughout several nations. The platform’s unified technique enables constant payroll estimations, reducing errors and making sure compliance with local policies. This has actually substantially mitigated the risks connected with international payroll processing.
also crucial for if in the future someone says misclassification you have your file supported by the requisite documents which the best examination tools to show someone that you had a thoughtful procedure and so what do you need to consist of in that procedure it’s the who the what the where and the when who are you handling are you dealing with a specific or are you handling a personal Service Corporation and how are they running what are they doing is it the kind of work that lends itself more to being an independent specialist than a worker so for example accounting
I.T crafting the creatives these all provide themselves more to that assessment of being freelancer you understand also uh where are they doing it can they work from anywhere or do they need to be on website and handled once again another crucial element is the management and guidance of the uh worker and then finally when is it a specific task is it a six-month project 6 years all of this is manageable however it needs to be recorded and it has 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 internationally these tools take a questionnaire list for the worker the worker submits and fills these concerns out and so does completion customer or the recipient of the services they both put their information into the tool and then it does an examination waiting the different concerns due to the fact that not every jurisdiction has the same sensation about a few of these concerns some think they’re more important than others and it comes out with a red yellow or green red you’re probably an employee yellow you’re on the cusp we can probably help you with that in regards to some of the things you require to strengthen to ensure that you are considered that evaluation of uh independent specialist or green where you were evaluated as an as a independent contractor once that evaluation is done all the requisite files are underneath it so that if in the future there
Navigating the intricacies of international employment laws and tax guidelines can be frustrating. Papaya Global’s automated compliance engine keeps our organization up-to-date with changes in policies throughout jurisdictions. This ensures that our payroll procedures follow the most recent requirements, lessening the threat of non-compliance and associated penalties.
network of In-House outside consultants accounting companies and legal firms who help us keep our databases totally approximately date and we also get in touch with we require to when we see an unusual or or especially intricate situations all right thanks Steve I can simply see a quick concern in the Q a window yes the session will be tape-recorded and sent to participants afterwards um moving back to to the webinar itself Ray company of record is controlled in a different way around the world and the German law for instance it’s classified as employee leasing can you shed any light on some of the special factors to consider for countries and where the eor design isn’t regulated yes Ian worker leasing or labor leasing as it’s also called which is prevalent in a number of countries particularly in Europe enforces stringent regulations on products such as the length of task it likewise appoints employees to collective bargaining agreements that gives them rights and benefits however even in the countries that don’t have those rigorous guidelines for instance the UK Canada and the nordics there are guidelines for each nation and each worker is dealt with the same as all the other employees in that country and all those policies need to be followed okay thank you Ray um Kathy moving I would state to yourself what do business require to factor in when figuring out contract status to protect themselves and the rights of hires what are the pros and cons of employing contractors and Freelancers versus irreversible employees so obviously the the advantage of specialists versus workers is the the versatility for both the employee and for the employer um but I can’t stress enough how important it is to have a constant extensive and a well-documented compliance
Papaya Global South Korea and Time Savings:
The software’s automation capabilities have considerably minimized the time and effort required for payroll processing. Manual data entry and recurring tasks have actually been decreased, permitting our finance team to focus on tactical efforts instead of administrative burdens. This has resulted in increased effectiveness and efficiency within our monetary operations.
in one because each state has its own guidelines Californians are some of the most stringent an example is pay slips on a payslip in California the right details needs to be on the payslip in the best format and in the ideal position if you remain in breach of of guidelines for payslips the fines are provided per payslip so that’s each worker each pay slip will sustain a great thanks Ray thank you Elizabeth a lot to fret to think about and we’re only 2 questions in and 10 minutes or two employing in one country is challenging enough however when employing in a you understand on a worldwide level it’s a completely different story you need to make certain that you’re up to date with existing as well as pending local labor laws Steve um how do you make sure and guarantee that individuals 2.0 team is on top of an ever-changing landscape which your customers are fully supported and I’ll arrange this into 3 key things we do in most importantly you need to have the best group so we employ a team of international specialists in Employment Practices um that ex that team of professionals consists of lawyers it includes payroll experts it consists of HR specialists and these are people that not only understand the laws in these in these nations and regions but they likewise know the languages they understand the regional practices they understand the cultures and it is very important to have that best team and really have the group on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global supplies extensive real-time analytics and reporting tools. As a CFO, having access to precise and timely monetary data is important for decision-making. The platform’s reporting capabilities empower me to make informed tactical decisions based upon real-time insights into our international payroll information.
application and its scope and the way that it applies to work 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 guidelines in the UK the working time policies which has actually had different hairs of that legislation checked especially around holiday pay and obviously as Kathy’s going to come on to speak about later employment status which there’s been numerous precedence set throughout the years so I think it’s truly that continuous evolution of the work law landscape that you actually need to browse when when working in Europe all right thank you Elizabeth Ray what about you from your personal experience while crossing the pond as mentioned each country has various regulations however the United States is basically 50 countries
Scalability for Service Development:
Among the standout features of Papaya Global is its scalability. As our company continues to grow and broaden into new markets, the software application perfectly accommodates modifications in our labor force and payroll requirements. This scalability ensures that our payroll facilities can adapt to the evolving requirements of our worldwide organization.
Worldwide Chief legal officer we’ve got Elizabeth Beal who is our chief legal officer for Amia and we’ve got Ray Gander who is our senior vice president of client services and I would say individually and collectively these 3 people have Decades of experience in in work law and worldwide Employment Practices so thank you it’s a pleasure to be with everybody 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 among our own Stars erase share head of Global Provider at papaya Global tell us about yourself thank you Elin Ian hey there my name is Elite I’ve been with the company for around four and a half years as head of Collaborations I have actually established 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 move and work in three various nations it is the company’s duty to ensure my defense while residing in a foreign country compliance with local laws and policies is important for me or anybody else as an expat or as a regional so today we have welcomed our trusted Partners people 2.0 to demonstrate the significance of local
expertise when business Go International thank you and enjoy all right thank you as I said let’s move on to the pact program today’s webinar is an opportunity to ask the panel the questions you’ve been considering we’ll talk about the truths a business requires to think about when opening a new entity and expanding into brand-new countries along with keeping things going we’ll cover aspects such as regional regulations factors to consider when employing compliance key obstacles 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 company grows the more they need to understand and manage understanding what to do in each brand-new scenario as it increases is very important on lots of levels understanding local policies and local laws as well as service practices helps mitigate Associated and international expansion papaya through our regional specialists can browse possible dangers such as intellectual property security information privacy security concerns ensuring the company’s operations remain compliant and safe and secure tax Social Security returns and remittances vary by country
In conclusion, Papaya Global Software application has actually proven to be an indispensable property in our quest for effective and certified international payroll management. As the CFO of a worldwide company, I am confident in advising Papaya Global to organizations looking for to simplify their payroll procedures, improve compliance, and achieve greater efficiency in managing their worldwide workforce. The software application’s innovative features and commitment to quality align with our tactical objectives, making it an essential part of our financial operations.
openly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly revealed settlements there’s also considerable legal costs there exists’s other penalties there’s other costs behind that too so the total expense can be really substantial in the 10s of countless dollars or more and and those amounts are growing uh the reason why companies are getting it so wrong is actually just the rules are complicated and they’re changing all the time believe ir-35 in the UK which has been an ongoing development for several years now and and still a great deal of unpredictability amongst companies on what it actually implies and how you handle it most employers are merely not knowledgeable about the rules and and act as if the the rules are the same everywhere which they’re not so so encourage you to to be extremely proactive as you’re engaging uh employees from a classification point of view fine thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what impacts can this have on the staff member Papaya Global South Korea specifically when it concerns their own tax liabilities social security and advantages for instance jury and certainly the workers the opposite of the coin
I find time and time again the workers frequently misclassified unknowingly they don’t comprehend the conditions of employment or contract and are informed by the client why it’s most advantageous generally to the customer why you must be used or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the worker can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have actually passed they haven’t added to pensions Etc so it’s a huge effect 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 10 years um Kathy companies are getting insurance coverage against misclassification however typically premiums are just covering the cost of legal fees whilst the average claim evaluated against employers equates to to 40 or 50 percent of the base salary of employee exists any point in getting insurance coverage and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes charge and interest in many cases I haven’t seen it a minimum of so uh the the other area that I do believe if you managed to get the coverage 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 reality that you were not in compliance with laws um in the UK
Expense Factors to consider and Papaya Global South Korea …
The detailed features of come at an expense,
Recent years have actually seen a dramatic change to the labor force as the rise of remote work has actually broken down geographical barriers to hiring. Services can now work with personnel from anywhere worldwide, allowing them to access the very best readily available talent for any given role. This provides workers more freedom to work from home and increase their income without moving to expensive areas or travelling fars away. A 2022 survey found that 87% of staff members who have the possibility to work from another location take that chance. The outbreak of COVID-19, in conjunction with brand-new business connection software, accelerated the move to remote work, consisting of in industries previously hesitant to welcome the trend.
insights are important to us and and your fellow guests so first things first though um let’s be familiar with everybody 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 Beauty to Aerospace in all types of services startup to matrixed environments around the world I offered leadership and method to populations of more than 100,000 employees on a month-to-month basis and in over 170 countries today I’m the perel strategist for papaya
Worldwide I work throughout the business man maning and developing external relationships supporting Enterprise customers and options and acting as a consultant I want to introduce our 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 said my name is Greg Piper uh I am the senior corporate counsil at bambo HR so I lead our internal legal group and in fact work very closely with our um HR department also to manage different legal and HR matters that come up so actually excited 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 totally free to do excellent
Although Papaya Global offers integrations with different HR and finance systems, we experienced some obstacles throughout the integration procedure. Personalizing the software application to align with our existing facilities showed to be more complicated than expected, leading to delays in the preliminary rollout.
The substantial functions used by Papaya Global come at an expense, which a few of our smaller subsidiaries discovered to be prohibitively expensive. As a worldwide company, we had to carefully weigh the need for innovative performance against budget plan restrictions.
Support Action Time:
On occasion, our groups experienced problems that needed immediate assistance. However, the action time from Papaya Global’s consumer assistance group was not constantly as timely as we would have liked, resulting in delays in dealing with those concerns.
Our application of involved a phased method. We started by onboarding a couple of subsidiaries to check the system’s compatibility with our existing processes. This enabled us to identify and address combination challenges early on. As the software became more implanted in our operations, we slowly broadened its use to cover our whole worldwide workforce.
The automated functions streamlined our payroll processes, minimizing the time invested in manual calculations and compliance tracking. Regular training sessions and continuous support from Papaya helped our teams end up being competent users of the software application, maximizing its capacity for our company.
Companies that staff member workers throughout numerous countries often face elaborate difficulties when it concerns managing their labor force. Among the biggest obstacles is combining numerous information streams and adhering to varied regional and national labor policies, which can be both time-consuming and pricey. Moreover, establishing local entities in brand-new areas can be an expensive and suboptimal option, with options such as opening a foreign subsidiary or employing an expert employment organization (PEO) frequently charging up to 15% of the payroll. These challenges have led to a significant increase in trouble hiring certified workers, with 75% of companies reporting this concern in 2022, a 21% boost from 2019. The payroll and HR solutions market, valued at $26.4 billion in 2022, is expected to reach $50.4 billion by 2030.
offers a solution supporting all types of work. It provides an end-to-end platform, from staff member onboarding and ongoing management to worldwide payments and. It helps companies with labor law compliance in the jurisdictions in which they run, provides management of work advantages, and guarantees information privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. An entrepreneur with 15 years of experience, she is a leading expert in payroll and workforce management. She co-founded after seeing the innovation gap in international.
papaya this webcast has been pre-approved for hrci and Sherm credit please be sure to participate in the total webcast in order to receive 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 browser with the webcast survey please make sure to finish it as soon as the webcast has 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 embark on a journey of data to policy achieving
360 degree staff member compliance where we’ll dive into the essential elements of the staff member compliance management design throughout the session we’ll explore real life difficulties genuine regional guidelines best 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 staff members while staying certified in an
Ever progressing regulative environment in the everchanging world of business and finance ensuring compliance with payroll guidelines is not only crucial however likewise 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 risks that have significant effects however with a deeper more nuanced understanding of their obligations organizations can not just browse the intricate landscape however also proactively ensure this 360 degree compliance the webinar is developed to equip you with the understanding and tools necessary to browse the complex Surface of compliance whether you’re a skilled P professional a small business owner or somebody new to the field what I want to do before we begin and I think it’s truly crucial
In our mission to improve efficiency and accuracy in managing our worldwide labor force, our international corporation turned to, a leading and labor force management software. The shift intended to simplify the complex job of handling throughout different nations, currencies, and compliance policies.
Among the standout features of is its robust compliance management system. The software application immediately updates itself to abide by ever-evolving tax and labor laws throughout numerous jurisdictions. This has actually been vital in ensuring that our procedures stay certified in each nation of operation.
is to state that the content here is illegal advice it is merely for your information please consult your legal group needs to you have any questions or concerns in relation to anything that we’ve talked about today our secret take crucial takeaways by the end of the webinar will be an understanding of employee compliance threats how to work with ly with confidence how to simplify data management and automation so let’s take ourselves a minute to familiarize ourselves with the webinar platform once again as we’ve.
function as your hris or is type of your core worker record um to manage that employee life cycle throughout their Journey with you as as an employee in addition to a payroll module we need to help you pay those employees and compensate them and benefits Administration module that allows you to help handle the benefits you provide to your staff members so truly excited to be here represent um bamb booy container and talk about this subject um and I guess from my viewpoint I’ll I’ll most likely provide a great deal of a concentrate on the US side of things when we discuss sort of compliance so delighted to be here thanks for having me Ian okay thanks Greg um Gina over to you would you like to present yourself and tell the audience a little bit about papay international yes definitely thank you Ian hi everybody I’m Gina dorelis I’m the Work specialist supervisor.
at I manage the employment Council in the US APAC EMA and Israel region I likewise act as us Council for I’m accredited in New york city and New Jersey um we ensure compliance onboarding and offboarding of employees with regard to papaya we provide payroll payments and workforce management as a Service labor force provider to employees serving in over.
160 countries okay thank you so both I feel entirely underqualified sitting here with you both well I forgot to mention as we were kind of like going through the introduction so it’s truly truly great to in fact see in the webinar chat where everyone’s in fact going to from today I can see that we have individuals in Las Vegas and Indiana currently so if you wish to carry on tell where you are that would be absolutely wonderful whilst we just wait for everyone else to sort of like participate in there we go Chicago as well well um so whil we’re doing that I’m waiting for everybody to sort of join I’ll just run us through the agenda um today we are going to talk about hiring Skill brand-new higher Info Management termination compliance and automation wow the chat has got truly truly hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from absolutely everywhere which is wonderful so uh I’m hoping that we’re in fact going to have some truly terrific commentary and concerns throughout the uh the webinar too all right so that’s the program then what I want to Now cover is the the compliance and the Personal privacy side of things so the the Journey of an employee and their information is Papaya Global South Korea diverse without fail and an.
Ever developing relationship that starts the moment a person signs up with a company it continues throughout their work and Beyond this journey can be divided into k to several key phases whilst we’re in fact you know that they’re used with us so on boarding day-to-day operations settlement and advantages expert development then we get to the offboarding and even advocacy so it even takes place after the worker has actually left your employment throughout the journey companies are accountable for gathering storing safeguarding worker data in compliance with information privacy guidelines no matter where it is you’re running around the world it often includes executing safe information management systems and guaranteeing strict adherence to regional requirements to protect both the staff member and the organization the development of staff member information and management c.