A CFO’s Perspective on Papaya Global System Youtube…
The platform enables companies to manage their international labor force and adhere to regional work guidelines and tax laws. Papaya Global provides a variety of services, including payroll management, benefits administration, compliance management, time and attendance tracking, and HR management. The platform is designed to streamline the intricacies of worldwide 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 company operations, managing payroll throughout borders can be a complex and challenging job. As the Chief Financial Officer (CFO) of a worldwide company, I comprehend the vital importance of effective and compliant payroll management. In our pursuit of quality, we have actually embraced ingenious solutions to streamline our procedures, and one such transformative tool is Software application.
The Challenge of Worldwide Payroll:
Global expansion brings about diverse obstacles, and payroll management is no exception. Differing tax policies, varying work laws, and several currencies make it important for companies to embrace sophisticated solutions to ensure precision, compliance, and efficiency in payroll processing.
Software application: A Comprehensive Solution:
It is important to consider and include post-termination constraints in the employment agreement to guarantee enforceability. You must carefully identify what you are seeking to secure and clearly define the confidential information that falls within its scope. Additionally, specify the duration of the post-termination constraint and be prepared to justify it in relation to copyright. The guidelines relating to copyright differ depending on the type of IP and the jurisdiction. For example, in the Netherlands, completion customer is likely to have copyright rights over works produced by workers under their supervision, while in Poland, contractual assignment may be needed.
Papaya Global Software has actually become a game-changer in the realm of international payroll management. Its cloud-based platform incorporates payroll, labor force management, and employee benefits into a single, user-friendly interface. As the CFO, I have witnessed firsthand the favorable effect of on our company’s monetary operations.
Unified International Payroll Processing:
enables our company to procedure payroll perfectly across multiple countries. The platform’s unified method enables consistent payroll computations, lowering mistakes and making sure compliance with local policies. This has actually substantially alleviated the risks associated with worldwide payroll processing.
likewise crucial for if later someone says misclassification you have your file supported by the requisite files which the right evaluation tools to reveal someone that you had a thoughtful procedure therefore what do you have to include because 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 a personal Service Corporation and how are they running what are they doing is it the type of work that lends itself more to being an independent contractor than an employee so for instance accounting
I.T engineering the creatives these all lend themselves more to that examination of being freelancer you know likewise uh where are they doing it can they work from anywhere or do they need to be on website and handled again another essential aspect is the management and guidance of the uh worker and then finally when is it a specific job is it a six-month project 6 years all of this is workable but it needs to be documented and it has to be completely um investigated so we have a tool we call it ic2 we had an ic1 and we’ve improved it this year so that we can roll it out globally these tools take a survey list for the worker the worker completes and fills these concerns out and so does the end client or the recipient of the services they both put their information into the tool and after that it does an evaluation waiting the different concerns since not every jurisdiction has the same sensation about a few of these questions some think they’re more crucial than others and it brings out a red yellow or green red you’re probably a staff member yellow you’re on the cusp we can probably assist you with that in regards to a few of the important things you require to reinforce to make certain that you are considered that assessment of uh independent professional or green where you were evaluated as an as a independent specialist once that assessment is done all the requisite documents are underneath it so that if later there
Browsing the intricacies of global work laws and tax regulations can be frustrating. Papaya Global’s automated compliance engine keeps our company updated with changes in policies throughout jurisdictions. This guarantees that our payroll processes comply with the latest standards, minimizing the danger of non-compliance and associated charges.
network of In-House outside advisors accounting companies and legal companies who assist us keep our databases totally as much as date and we likewise call on we require to when we see an unusual or or especially 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 attendees later on um returning to to the webinar itself Ray employer of record is regulated differently worldwide and the German law for example it’s classified as worker leasing can you shed any light on a few of the unique factors to consider for countries and where the eor model isn’t controlled yes Ian staff member leasing or labor leasing as it’s likewise called which prevails in a number of countries particularly in Europe imposes rigorous guidelines on products such as the length of project it also appoints employees to collective bargaining arrangements that gives them rights and advantages however even in the countries that do not have those strict regulations for example the UK Canada and the nordics there are guidelines for each country and each worker is dealt with the like all the other workers in that nation and all those guidelines need to be complied with all right thank you Ray um Kathy moving I would say to yourself what do companies need to consider when identifying agreement status to safeguard themselves and the rights of hires what are the pros and cons of employing professionals and Freelancers versus permanent staff members so clearly the the advantage of specialists versus staff members is the the flexibility for both the employee and for the company um but I can’t stress enough how essential it is to have a constant thorough and a well-documented compliance
Papaya Global System Youtube and Time Cost Savings:
The software application’s automation capabilities have substantially lowered the time and effort needed for payroll processing. Handbook data entry and recurring jobs have actually been decreased, permitting our finance group to focus on tactical efforts instead of administrative problems. This has led to increased performance and efficiency within our monetary operations.
in one considering that each state has its own guidelines Californians are some 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 best format and in the right position if you remain in breach of of regulations 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 stress to consider and we’re just 2 concerns in and 10 minutes or so hiring in one country is difficult enough however when hiring in a you know on a global level it’s an entirely various story you need to make sure that you depend on date with current as well as pending local labor laws Steve um how do you ensure and guarantee that the people 2.0 group is on top of an ever-changing landscape and that your customers are fully supported and I’ll organize this into 3 essential things we perform in primarily you require to have the right team so we work with a team of worldwide experts in Work Practices um that ex that group of specialists consists of attorneys it consists of payroll professionals 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 local practices they understand the cultures and it is very important to have that best team and truly have the team on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global offers comprehensive 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 educated tactical decisions based upon real-time insights into our global payroll data.
application and its scope and the manner in which it applies to employment law in practice can be checked through the judicial system by way of case law examples of that would be the gotten rights regulation otherwise called the 2p policies in the UK the working time regulations which has actually had numerous hairs of that legislation evaluated especially around vacation pay and obviously as Kathy’s going to come on to discuss later on work status which there’s been multiple precedence set for many years so I believe it’s actually that consistent evolution of the work law landscape that you really need to navigate when when working in Europe okay thank you Elizabeth Ray what about you from your personal experience while crossing the pond as mentioned each nation has various guidelines but the United States is basically 50 countries
Scalability for Business 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 perfectly accommodates modifications in our workforce and payroll requirements. This scalability makes sure that our payroll infrastructure can adjust to the progressing needs of our international organization.
Global Chief legal officer we’ve got Elizabeth Beal who is our primary legal officer for Amia and we have actually got Ray Gander who is our senior vice president of client services and I would say individually and jointly these 3 people have Years of experience in in employment law and global Employment Practices so thank you it’s a satisfaction 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 among our own Stars delete share head of Global Solutions at papaya Global inform us about yourself thank you Elin Ian hello my name is Elite I’ve been with the business for around 4 and a half years as head of Collaborations I have actually developed Papaya’s network of in-country Partners in over 160 locations on a personal aspect and related to our subject today I have actually had the chance to transfer and operate in three various nations it is the company’s responsibility to ensure my security while living in a foreign nation compliance with regional laws and policies is vital for me or anybody else as an expat or as a regional so today we have invited our relied on Partners individuals 2.0 to demonstrate the importance of regional
competence when companies Go Worldwide thank you and delight in okay thank you as I stated let’s proceed to the pact agenda today’s webinar is a chance to ask the panel the concerns you’ve been considering we’ll go over the truths a company needs to consider when opening a brand-new entity and broadening into new countries along with keeping things going we’ll cover elements such as local guidelines factors to consider when working with compliance crucial obstacles payments and what not to do it’s one of the most essential things remembering what not to do um operating on an international level is not for the faint-hearted the larger a business grows the more they require to understand and handle knowing what to do in each new situation as it rises is very important on lots of levels comprehending regional guidelines and local laws as well as organization practices assists mitigate Associated and global expansion papaya through our regional professionals can navigate possible risks such as intellectual property security information personal privacy security concerns guaranteeing the business’s operations remain certified and secure tax Social Security returns and remittances differ by country
In conclusion, Papaya Global Software has proven to be a vital possession in our mission for efficient and certified worldwide payroll management. As the CFO of a global business, I am confident in recommending Papaya Global to companies seeking to streamline their payroll procedures, boost compliance, and achieve higher efficiency in handling their international labor force. The software application’s ingenious features and commitment to quality align with our tactical goals, making it an essential part of our monetary operations.
I find time and time again the employees often misclassified unconsciously they do not comprehend the conditions of employment or agreement and are told by the customer why it’s optimum primarily to the client why you must be utilized or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be affected 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 added to pensions And so on so it’s a huge impact that they never knew they were walking 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 versus misclassification but typically premiums are just covering the cost of legal charges whilst the average claim examined against companies equates to to 40 or half of the base salary of worker is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes penalty and interest most of the times 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 denied 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 System Youtube …
The comprehensive functions of come at an expense,
Over the past couple of years, the labor force has actually gone through a considerable improvement with the introduction of remote work, which has gotten rid of geographical constraints on hiring. This has actually allowed businesses to hire talent from all over the world, enabling them to assemble the very best possible team for each role. As a result, workers have acquired higher versatility to work from home and increase their profits without needing to move to costly locations or commute long distances. According to a 2022 survey, 87% of workers who have the choice to work remotely choose to do so. The COVID-19 pandemic, integrated with developments in enterprise connection software application, has even more accelerated the shift towards remote work, even in industries that were at first hesitant to embrace the pattern.
insights are valuable to us and and your fellow participants so first things initially though um let’s get to know everybody my name is Ian Charles and I have actually worked in payroll for the last 25 years I’ve had roles in all kind of Industries retail and Beauty to Aerospace in all kinds of services start-up to matrixed environments around the world I offered management and technique to populations of more than 100,000 workers on a regular monthly basis and in over 170 countries today I’m the perel strategist for papaya
Worldwide I work throughout business guy maning and constructing external relationships supporting Business clients and solutions and serving as a consultant I ‘d like to present our very first Greg um visitor 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 in-house legal team and really work extremely closely with our um HR department also to deal with numerous legal and HR matters that show up so actually delighted to be here about bambo HR if if you’re not familiar with us uh at bambo HR we say our mission is to set you as HR professionals complimentary to do fantastic
Although Papaya Global offers integrations with different HR and finance systems, we experienced some difficulties during the combination process. Customizing the software to line up with our existing facilities showed to be more intricate than expected, resulting in hold-ups in the initial rollout.
The comprehensive features offered by Papaya Global come at an expense, which a few of our smaller sized subsidiaries found to be excessively expensive. As a worldwide organization, we had to carefully weigh the need for sophisticated functionality versus budget constraints.
Support Reaction Time:
On occasion, our groups experienced concerns that required urgent help. Nevertheless, the action time from Papaya Global’s consumer assistance group was not always as prompt as we would have liked, leading to hold-ups in solving those problems.
Our execution of involved a phased method. We began by onboarding a couple of subsidiaries to test the system’s compatibility with our existing procedures. This permitted us to identify and resolve combination difficulties early on. As the software became more implanted in our operations, we gradually expanded its usage to cover our entire global workforce.
The automated functions structured our payroll processes, reducing the time invested in manual computations and compliance tracking. Routine training sessions and continuous support from Papaya assisted our groups become competent users of the software application, optimizing its potential for our company.
Nevertheless, paying a labor force can be complicated. It is particularly challenging for business who employ personnel throughout numerous countries, as they need to constantly combine various data streams, by hand track regional and national labor and guidelines, and spend important time and resources to set up local entities in new areas. These business are confronted with suboptimal, costly alternatives, like opening a foreign subsidiary or hiring a professional employment company, which is a regional firm that employs employees on their behalf and can charge up to 15% of. By 2022, 75% of companies reported trouble hiring certified workers, a boost of 21% from 2019. The payroll & HR options market was valued at $26.4 billion in 2022 and is projected to reach $50.4 billion by 2030.
uses an option supporting all forms of work. It provides an end-to-end platform, from employee onboarding and continuous management to worldwide payments and. It assists business with labor law compliance in the jurisdictions in which they run, uses management of work advantages, and makes sure information personal privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. A business owner with 15 years of experience, she is a leading expert in payroll and workforce management. She co-founded after seeing the innovation space in international.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please be sure to attend the total webcast in order to get your credits if you have any concerns throughout the webcast please click the Q&A tab in your webinar controls and type the there a brand-new tab will open in your web browser with the webcast study please make certain 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 discussion hey there and thank you for joining us today we’re enjoyed have you here as we start a journey of information to guideline achieving
360 degree employee compliance where we’ll dive into the vital elements of the employee compliance management design throughout the session we’ll check out real world difficulties genuine local guidelines finest practices and the function of Automotion in simplying compliance journey be prepared to emerge in a thorough understanding of how to secure your organization and workers while remaining compliant in an
Ever developing regulatory environment in the everchanging world of organization and financing ensuring compliance with payroll policies is not just vital but likewise a legal necessary from the moment of working with to the in intri complexities even sorry of termination every step along the worker journey is Frau with compliance dangers that have significant consequences nevertheless with a deeper more nuanced understanding of their responsibilities companies can not just browse the detailed landscape however likewise proactively guarantee 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 an experienced P expert a small business owner or someone new to the field what I would like to do before we start and I think it’s really important
In our quest to boost efficiency and precision in handling our worldwide workforce, our multinational corporation turned to, a leading and labor force management software application. The transition aimed to streamline the complex job of handling throughout different countries, currencies, and compliance policies.
One of the standout features of is its robust compliance management system. The software application automatically updates itself to follow ever-evolving tax and labor laws across numerous jurisdictions. This has actually been important in making sure that our procedures stay certified in each nation of operation.
is to state that the content here is not legal suggestions it is just for your information please consult your legal group should you have any questions or issues in relation to anything that we’ve gone over today our key take key takeaways by the end of the webinar will be an understanding of worker compliance risks how to hire ly with confidence how to simplify data management and automation so let’s take ourselves a moment to acquaint ourselves with the webinar platform once again as we’ve.
serve as your hris or is kind of your core worker record um to handle that worker life process throughout their Journey with you as as an employee in addition to a payroll module we have to help you pay those staff members and compensate them and benefits Administration module that allows you to help handle the benefits you offer to your workers so really delighted to be here represent um bamb booy jar and speak about this topic um and I guess from my perspective I’ll I’ll probably supply a lot of a concentrate on the US side of things when we speak about sort of compliance so happy to be here thanks for having me Ian alright thanks Greg um Gina over to you would you like to present yourself and tell the audience a bit about papay international yes definitely thank you Ian hey there everybody I’m Gina dorelis I’m the Work specialist supervisor.
at I manage the work Council in the US APAC EMA and Israel area I likewise serve as us Council for I’m certified in New york city and New Jersey um we guarantee compliance onboarding and offboarding of employees with regard to papaya we provide payroll payments and labor force management as a Service work force company to employees serving in over.
160 nations okay 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 really good to actually see in the webinar chat where everybody’s actually participating in from today I can see that we have people in Las Vegas and Indiana currently so if you wish to continue 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 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 agenda um today we are going to go over hiring Skill new greater Info 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 coming from definitely all over which is fantastic so uh I’m hoping that we’re really going to have some truly fantastic commentary and questions throughout the uh the webinar as well fine 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 staff member and their data is Papaya Global System Youtube multifaceted without fail and an.
Ever evolving relationship that starts the minute a person signs up with a company it continues throughout their employment and Beyond this journey can be divided into k to several essential stages whilst we’re actually you know that they’re utilized with us so on boarding everyday operations compensation and advantages professional development then we get to the offboarding and even advocacy so it even occurs after the employee has left your employment throughout the journey organizations are responsible for gathering saving protecting employee information in compliance with data privacy regulations no matter where it is you’re operating around the world it often involves executing secure information management systems and guaranteeing stringent adherence to regional requirements to protect both the staff member and the organization the development of worker data and management c.