A CFO’s Point of view on Papaya Global Update Won& 39…
Papaya Global’s platform simplifies worldwide workforce management for business, guaranteeing compliance with regional policies and tax laws. Their services include payroll processing, benefits administration, compliance oversight, time and participation tracking, and HR assistance. The platform centralizes worldwide payroll operations, supplying companies with real-time insights and control. Founded in 2016, Papaya Global has broadened to Tel Aviv, New York City, London, and Kiev.
In the dynamic landscape of global service operations, handling payroll across borders can be a complex and challenging job. As the Chief Financial Officer (CFO) of a worldwide company, I comprehend the critical significance of effective and compliant payroll management. In our pursuit of quality, we have actually welcomed ingenious solutions to simplify our processes, and one such transformative tool is Software.
The Difficulty of Global Payroll:
Global growth causes varied difficulties, and payroll management is no exception. Differing tax guidelines, varying employment laws, and multiple currencies make it vital for organizations to embrace advanced solutions to make sure accuracy, compliance, and performance in payroll processing.
Software application: A Comprehensive Service:
employees so it’s actually essential to guarantee that you’ve thought about from the start any post-termination restrictions that you wish to put into the agreement of work that they’re enforceable so that indicates you require to really think about what it is you’re looking to safeguard and why plainly Define what’s consisted of within the scope of that secret information and deal with the duration of constraint post-determination that you want to apply and be really able to to validate that in relation to intellectual property the position really depends on the kind of intellectual property you’re wanting to secure and likewise the jurisdiction so for instance from a copyright point of view 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 automatically however in somewhere like Poland for instance that automatic right may not be there and that project would need to flow through the chain uh contractually so it truly depends on the jurisdiction and the kind of IP okay thank you Elizabeth Steve was staying on the subject of contracts Miss categorized misclassifying workers
Papaya Global Software has actually emerged as a game-changer in the realm of global payroll management. Its cloud-based platform integrates payroll, workforce management, and employee benefits into a single, user-friendly interface. As the CFO, I have seen firsthand the favorable impact of on our company’s financial operations.
Unified Worldwide Payroll Processing:
enables our business to procedure payroll seamlessly across several countries. The platform’s unified approach permits constant payroll calculations, lowering errors and guaranteeing compliance with local policies. This has substantially mitigated the dangers connected 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 show somebody that you had a thoughtful procedure and so what do you have to include because procedure it’s the who the what the where and the when who are you dealing with are you handling a specific or are you dealing with 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 contractor than a staff member so for example accounting
I.T engineering the creatives these all lend themselves more to that examination of being freelancer you understand 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 crucial factor is the management and guidance of the uh worker and then lastly when is it a particular job is it a six-month project six years all of this is manageable but it has to be recorded and it has to be completely um examined so we have a tool we call it ic2 we had an ic1 and we have actually enhanced it this year so that we can roll it out worldwide these tools take a questionnaire list for the employee the worker submits and fills these concerns out and so does completion client or the recipient of the services they both put their information into the tool and after that it does an evaluation waiting the various questions since not every jurisdiction has the very same feeling 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 most likely a worker yellow you’re on the cusp we can most likely help you with that in regards to a few of the things you need to strengthen to make certain that you are considered that examination of uh independent specialist or green where you were examined as an as a independent specialist once that assessment is done all the requisite files are below it so that if in the future there
Navigating the intricacies of worldwide work laws and tax guidelines can be frustrating. Papaya Global’s automated compliance engine keeps our company updated with modifications in guidelines throughout jurisdictions. This ensures that our payroll processes stick to the most recent standards, minimizing the threat of non-compliance and associated penalties.
network of In-House outside advisors accounting companies and legal companies who assist us keep our databases totally up to date and we also call on we require to when we see an uncommon or or especially complex circumstances alright thanks Steve I can simply see a fast question in the Q a window yes the session will be taped and sent to attendees afterwards um moving back to to the webinar itself Ray company of record is controlled differently worldwide and the German law for instance it’s classed as employee leasing can you shed any light on a few of the special factors to consider for nations and where the eor design isn’t managed yes Ian staff member leasing or labor leasing as it’s also called which is prevalent in several countries specifically in Europe imposes strict guidelines on products such as the length of assignment it also appoints workers to collective bargaining agreements that gives them rights and advantages but even in the nations that do not have those stringent regulations for instance the UK Canada and the nordics there are regulations for each nation and each worker is treated the same as all the other employees because nation and all those guidelines need to be abided by fine thank you Ray um Kathy moving I would state to yourself what do companies require to consider when identifying contract status to safeguard themselves and the rights of hires what are the benefits and drawbacks of working with professionals and Freelancers versus irreversible workers so undoubtedly the the benefit of specialists versus workers is the the versatility for both the employee and for the employer um but I can’t worry enough how crucial it is to have a constant extensive and a well-documented compliance
Papaya Global Update Won& 39 and Time Savings:
The software’s automation abilities have substantially lowered the time and effort required for payroll processing. Handbook data entry and recurring tasks have been minimized, allowing our finance team to concentrate on strategic efforts rather than administrative concerns. This has resulted in increased effectiveness and productivity within our monetary operations.
in one since each state has its own policies Californians are some of the most stringent an example is pay slips on a payslip in California the right information needs to be on the payslip in the best format and in the ideal position if you’re 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 consider and we’re only 2 concerns in and 10 minutes or so employing in one country is hard enough however when employing in a you understand on a global level it’s a totally different story you need to ensure that you depend on date with existing as well as pending local labor laws Steve um how do you make sure and guarantee that the people 2.0 team is on top of an ever-changing landscape and that your clients are completely supported and I’ll organize this into three key things we do in most importantly you need to have the right group so we work with a team of worldwide experts in Employment Practices um that ex that group of specialists includes legal representatives it includes payroll experts it includes HR professionals and these are individuals that not only understand the laws in these in these nations and areas but they also know the languages they know the local practices they know the cultures and it is very important to have that best group and really have the group on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global supplies thorough real-time analytics and reporting tools. As a CFO, having access to precise and timely monetary information is essential for decision-making. The platform’s reporting abilities empower me to make educated tactical decisions based on real-time insights into our worldwide payroll data.
The useful application and level of the application to work law can be assessed through the legal system using case law examples. For instance, the gotten rights instruction, likewise known as the 2p guidelines in the UK, and the working time guidelines have gone through numerous legal interpretations, particularly concerning holiday pay. In addition, the principle of work status has actually seen numerous legal precedents over the
Scalability for Organization Development:
Among the standout features of Papaya Global is its scalability. As our business continues to grow and expand into brand-new markets, the software perfectly accommodates modifications in our labor force and payroll requirements. This scalability guarantees that our payroll facilities can adapt to the progressing needs of our international organization.
Global Chief legal officer we have actually got Elizabeth Beal who is our chief legal officer for Amia and we’ve got Ray Look who is our senior vice president of client services and I would state separately and jointly these 3 people have Decades of experience in in employment law and global Work Practices so thank you it’s an enjoyment to be with everyone here today sounds like we have actually got the right people with us today and in in addition to to those well we likewise have one of our own Stars erase share head of Global Provider at papaya Worldwide inform us about yourself thank you Elin Ian hey there my name is Elite I’ve been with the business for around 4 and a half years as head of Collaborations I have established Papaya’s network of in-country Partners in over 160 places on an individual element and related to our subject today I’ve had the opportunity to relocate and work in 3 different nations it is the company’s responsibility to guarantee my defense while living in a foreign country compliance with local laws and regulations is vital for me or anyone else as an expat or as a regional so today we have welcomed our relied on Partners people 2.0 to show the importance of local
knowledge when companies Go International thank you and delight in okay thank you as I stated let’s carry on to the pact agenda today’s webinar is a chance to ask the panel the concerns you have actually been thinking of we’ll talk about the realities a business needs to consider when opening a new entity and expanding into new nations as well as keeping things going we’ll cover elements such as local policies considerations when employing compliance essential challenges 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 manage knowing what to do in each brand-new scenario as it rises is very important on many levels comprehending local regulations and regional laws along with service practices assists alleviate Associated and global growth papaya through our local experts can browse possible risks such as intellectual property protection data personal privacy security problems ensuring the business’s operations remain compliant and safe tax Social Security returns and remittances differ by country
In conclusion, Papaya Global Software application has shown to be an indispensable possession in our quest for effective and certified worldwide payroll management. As the CFO of an international company, I am positive in suggesting Papaya Global to organizations seeking to simplify their payroll processes, improve compliance, and accomplish higher efficiency in managing their global labor force. The software application’s innovative functions and dedication to quality align with our strategic objectives, making it an essential part of our monetary operations.
I find time and time again the employees often misclassified unconsciously they do not understand the conditions of work or agreement and are told by the customer why it’s optimum primarily to the customer why you must be utilized or taken part in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare 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 far too late years have passed they haven’t contributed to pensions Etc so it’s a huge impact that they never 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 versus misclassification however usually premiums are just covering the expense of legal fees whilst the average claim examined against companies equates to to 40 or half of the base salary of worker exists any point in securing insurance 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 haven’t 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 stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK
Cost Factors to consider and Papaya Global Update Won& 39 …
The extensive functions of come at a cost,
Over the past few decades, the labor force has gone through a considerable transformation with the development of remote work, which has removed geographical restraints on hiring. This has actually allowed businesses to recruit skill from all over the world, allowing 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 earnings without needing to move to pricey locations or commute fars away. According to a 2022 survey, 87% of staff members who have the alternative to work remotely choose to do so. The COVID-19 pandemic, combined with developments in business connection software application, has actually further sped up the shift towards remote work, even in industries that were at first hesitant to adopt the pattern.
insights are valuable to us and and your fellow attendees so first things first though um let’s get to know everybody my name is Ian Charles and I’ve operated in payroll for the last 25 years I’ve had roles in all kind of Industries retail and Appeal to Aerospace in all types of organizations start-up to matrixed environments across the globe I offered leadership and strategy to populations of more than 100,000 staff members on a regular monthly basis and in over 170 nations today I’m the perel strategist for papaya
International I work throughout the business male maning and developing external relationships supporting Business customers and solutions and functioning as an advisor I ‘d like to present our first Greg um guest Greg who will kick things off by informing us um who he is and a little bit more about bamboo HR Greg over to you thanks Ian yeah as Ian stated my name is Greg Piper uh I am the senior business counsil at bambo HR so I lead our internal legal team and in fact work extremely closely with our um HR department too to deal with numerous legal and HR matters that come up so actually thrilled to be here about bambo HR if if you’re not knowledgeable about us uh at bambo HR we state our mission is to set you as HR specialists free to do fantastic
Although Papaya Global supplies combinations with different HR and finance systems, we encountered some obstacles during the integration procedure. Tailoring the software application to line up with our existing infrastructure proved to be more complex than expected, resulting in delays in the initial rollout.
The comprehensive functions provided by Papaya Global come at an expense, which a few of our smaller subsidiaries discovered to be excessively costly. As an international organization, we needed to carefully weigh the requirement for advanced performance against budget restrictions.
Support Reaction Time:
On occasion, our teams experienced issues that needed urgent assistance. However, the action time from Papaya Global’s customer assistance team was not constantly as timely as we would have liked, causing hold-ups in solving those concerns.
Our application of involved a phased method. We began by onboarding a couple of subsidiaries to evaluate the system’s compatibility with our existing processes. This allowed us to identify and address combination challenges early on. As the software application ended up being more implanted in our operations, we slowly expanded its use to cover our entire international workforce.
The automated functions streamlined our payroll processes, minimizing the time invested in manual computations and compliance tracking. Regular training sessions and ongoing assistance from Papaya helped our teams become proficient users of the software, maximizing its potential for our company.
Nevertheless, paying a workforce can be complex. It is particularly challenging for companies who employ staff throughout several nations, as they need to continuously combine different information streams, by hand track local and nationwide labor and regulations, and spend important time and resources to set up local entities in brand-new locations. These business are confronted with suboptimal, expensive options, like opening a foreign subsidiary or employing a professional work company, which is a regional firm that works with employees on their behalf and can charge up to 15% of. By 2022, 75% of companies reported difficulty hiring qualified personnel, a boost of 21% from 2019. The payroll & HR services market was valued at $26.4 billion in 2022 and is forecasted to reach $50.4 billion by 2030.
provides a solution supporting all forms of employment. It provides an end-to-end platform, from staff member onboarding and ongoing management to global payments and. It assists companies with labor law compliance in the jurisdictions in which they run, offers management of employment benefits, and makes sure 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 workforce management. She co-founded after seeing the technology space in worldwide.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please make sure to go to the complete webcast in order to get your credits if you have any questions during 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 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 discussion hello and thank you for joining us today we’re thrilled to have you here as we start a journey of information to regulation achieving
360 degree staff member compliance where we’ll dive into the necessary elements of the staff member compliance management model throughout the session we’ll explore real world difficulties genuine regional guidelines best practices and the function of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to protect your organization and employees while remaining compliant in an
Ever evolving regulative environment in the everchanging world of business and finance ensuring compliance with payroll regulations is not just crucial but likewise a legal vital from the moment of employing to the in intri intricacies even sorry of termination every step along the worker journey is Frau with compliance risks that have far-reaching effects nevertheless with a deeper more nuanced understanding of their obligations organizations can not only browse the complex landscape but also proactively ensure this 360 degree compliance the webinar is designed to equip you with the knowledge and tools needed to navigate the complex Terrain of compliance whether you’re an experienced P professional a small company 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 quest to boost performance and accuracy in handling our international workforce, our international corporation turned to, a leading and workforce management software application. The transition intended to simplify the complex task of managing throughout numerous countries, currencies, and compliance regulations.
One of the standout functions of is its robust compliance management system. The software automatically updates itself to stick to ever-evolving tax and labor laws across multiple jurisdictions. This has been invaluable in guaranteeing that our procedures stay compliant in each nation of operation.
is to state that the content here is not legal advice it is just for your info please consult your legal group ought to you have any questions or concerns in relation to anything that we’ve gone over today our secret take crucial takeaways by the end of the webinar will be an understanding of worker compliance threats how to hire ly with self-confidence how to simplify information management and automation so let’s take ourselves a minute to acquaint ourselves with the webinar platform once again as we’ve.
function as your hris or is type of your core staff member record um to handle that staff member life process throughout their Journey with you as as a worker in addition to a payroll module we need to assist you pay those staff members and compensate them and advantages Administration module that allows you to help handle the benefits you supply to your employees so truly delighted to be here represent um bamb booy container and discuss this subject um and I guess from my perspective I’ll I’ll most likely supply a great deal of a focus on the United States side of things when we talk about sort of compliance so delighted to be here thanks for having me Ian alright thanks Greg um Gina over to you would you like to introduce yourself and inform the audience a little bit about papay worldwide yes absolutely thank you Ian hey there everyone I’m Gina dorelis I’m the Employment expert supervisor.
at I handle the employment Council in the US APAC EMA and Israel area I also function as us Council for I’m accredited in New york city and New Jersey um we ensure compliance onboarding and offboarding of workers with regard to papaya we offer payroll payments and workforce management as a Service work force company to workers serving in over.
160 countries alright thank you so both I feel completely 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 really good to really see in the webinar chat where everybody’s in fact going to from today I can see that we have individuals in Las Vegas and Indiana already so if you wish to continue tell where you are that would be absolutely great whilst we simply wait on everyone else to type of like participate there we go Chicago as well well um so whil we’re doing that I’m waiting for everyone to sort of join I’ll simply run us through the agenda um today we are going to discuss hiring Talent new higher Info Management termination compliance and automation wow the chat has actually got actually truly busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from absolutely all over which is wonderful so uh I’m hoping that we’re really going to have some actually excellent commentary and questions throughout the uh the webinar as well okay 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 an employee and their information is Papaya Global Update Won& 39 diverse without fail and an.
Ever developing relationship that begins the minute a person joins a company it continues throughout their work and Beyond this journey can be divided into k to a number of essential stages whilst we’re really you understand that they’re utilized with us so on boarding day-to-day operations settlement and advantages expert advancement then we get to the offboarding and even advocacy so it even happens after the worker has left your work throughout the journey companies are accountable for gathering storing protecting employee information in compliance with information personal privacy policies no matter where it is you’re operating worldwide it typically includes carrying out safe data management systems and ensuring rigorous adherence to local requirements to safeguard both the employee and the company the evolution of employee information and management c.