A CFO’s Viewpoint on Papaya Global Version 25 Update…
The platform makes it possible for business to manage their worldwide workforce and comply with local work guidelines and tax laws. Papaya Global provides a series of services, including payroll management, benefits administration, compliance management, time and attendance tracking, and HR management. The platform is designed to simplify the intricacies of global payroll and provide real-time exposure and control over payroll operations. The business was founded in 2016 and is headquartered in Tel Aviv, Israel, with offices in New York, London, and Kiev.
In the dynamic landscape of worldwide company operations, handling payroll throughout borders can be a complex and difficult task. As the Chief Financial Officer (CFO) of a global business, I comprehend the important significance of efficient and certified payroll management. In our pursuit of excellence, we have welcomed ingenious options to streamline our procedures, and one such transformative tool is Software application.
The Obstacle of Global Payroll:
Global growth produces diverse difficulties, and payroll management is no exception. Differing tax regulations, varying work laws, and numerous currencies make it crucial for organizations to embrace advanced solutions to ensure precision, compliance, and efficiency in payroll processing.
Software: A Comprehensive Service:
It is important to consider and include post-termination limitations in the employment contract to make sure enforceability. You must thoroughly identify what you are seeking to safeguard and plainly define the secret information that falls within its scope. Additionally, define the period of the post-termination limitation and be prepared to justify it in relation to intellectual property. The rules concerning copyright vary depending on the kind of IP and the jurisdiction. For instance, in the Netherlands, the end client is likely to have copyright rights over works produced by employees under their supervision, while in Poland, legal assignment may be required.
Papaya Global Software application has actually become a game-changer in the realm of global payroll management. Its cloud-based platform incorporates payroll, workforce management, and employee benefits into a single, easy to use interface. As the CFO, I have actually experienced firsthand the positive effect of on our company’s financial operations.
Unified International Payroll Processing:
enables our business to process payroll perfectly throughout numerous nations. The platform’s unified approach permits constant payroll computations, decreasing errors and making sure compliance with regional regulations. This has actually substantially mitigated the risks related to international payroll processing.
also essential for if later on somebody states misclassification you have your file supported by the requisite documents which the best examination tools to reveal somebody that you had a thoughtful procedure therefore what do you need to include because procedure it’s the who the what the where and the when who are you handling are you handling a specific or are you handling an individual 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 professional than an employee so for instance accounting
I.T engineering the creatives these all lend themselves more to that evaluation 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 once again another crucial element is the management and guidance of the uh worker and then finally when is it a specific project is it a six-month task six years all of this is workable however it needs to be documented and it needs to be completely um investigated so we have a tool we call it ic2 we had an ic1 and we have actually improved it this year so that we can roll it out globally these tools take a questionnaire list for the employee the worker completes and fills these concerns out therefore does the end customer or the recipient of the services they both put their information into the tool and then it does an assessment waiting the various concerns because not every jurisdiction has the same sensation about some of these questions some believe they’re more vital than others and it brings out a red yellow or green red you’re most likely a worker yellow you’re on the cusp we can most likely assist you with that in regards to a few of the important things you require to strengthen to make sure that you are considered that evaluation 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 beneath it so that if later there
Browsing the complexities of international employment laws and tax policies can be overwhelming. Papaya Global’s automated compliance engine keeps our company current with modifications in guidelines across jurisdictions. This makes sure that our payroll procedures stick to the latest standards, reducing the risk of non-compliance and associated penalties.
network of In-House outside consultants accounting firms and legal companies who help us keep our databases entirely approximately date and we likewise contact we require to when we see an uncommon or or especially intricate scenarios fine thanks Steve I can simply see a quick question in the Q a window yes the session will be taped and sent to guests afterwards um returning to to the webinar itself Ray company of record is regulated in a different way around the globe and the German law for example it’s classed as staff member leasing can you shed any light on some of the unique considerations for countries and where the eor design isn’t regulated yes Ian employee leasing or labor leasing as it’s also called which is prevalent in a number of nations particularly in Europe enforces stringent guidelines on items such as the length of project it likewise designates workers to collective bargaining arrangements that provides rights and benefits but even in the nations that don’t have those strict policies for example the UK Canada and the nordics there are policies for each nation and each worker is dealt with the same as all the other workers because country and all those guidelines require to be complied with fine thank you Ray um Kathy moving I would say to yourself what do companies need to factor in when identifying contract status to safeguard themselves and the rights of hires what are the advantages and disadvantages of hiring specialists and Freelancers versus irreversible employees so obviously the the advantage of specialists versus staff members is the the flexibility for both the worker and for the company um however I can’t worry enough how crucial it is to have a constant extensive and a well-documented compliance
Papaya Global Version 25 Update and Time Cost Savings:
The software’s automation abilities have considerably minimized the time and effort needed for payroll processing. Manual information entry and recurring jobs have actually been reduced, enabling our financing group to focus on strategic initiatives rather than administrative burdens. This has resulted in increased effectiveness and efficiency within our monetary operations.
in one considering that each state has its own regulations Californians are a few of the most rigorous an example is pay slips on a payslip in California the best info has to be on the payslip in the right format and in the ideal position if you’re in breach of of regulations for payslips the fines are provided per payslip so that’s each employee each pay slip will sustain a great thanks Ray thank you Elizabeth a lot to stress to consider and we’re only two questions in and 10 minutes approximately employing in one nation is difficult enough however when employing in a you know on an international level it’s a totally various story you need to make sure that you depend on date with current as well as pending regional labor laws Steve um how do you ensure and guarantee that individuals 2.0 team is on top of an ever-changing landscape and that your clients are fully supported and I’ll arrange this into three crucial things we carry out in most importantly you require to have the ideal team so we employ a group of global professionals in Employment Practices um that ex that team of specialists consists of lawyers it includes payroll professionals it consists of HR specialists and these are individuals that not just know the laws in these in these countries and regions but they also understand the languages they understand the local practices they know the cultures and it is necessary to have that ideal team and really have the group on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global offers thorough real-time analytics and reporting tools. As a CFO, having access to precise and timely financial information is essential for decision-making. The platform’s reporting abilities empower me to make informed strategic choices based on real-time insights into our global payroll data.
application and its scope and the manner in which it applies to work 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 known as the 2p policies in the UK the working time regulations which has had various strands of that legislation checked particularly around holiday pay and obviously as Kathy’s going to come on to speak about later on employment status which there’s been multiple precedence set for many years so I think it’s truly that consistent evolution of the work law landscape that you actually need to browse when when operating in Europe okay thank you Elizabeth Ray what about you from your individual experience while moving across the pond as discussed each country has different guidelines but the United States is essentially 50 nations
Scalability for Business Growth:
Among the standout features of Papaya Global is its scalability. As our business continues to grow and broaden into new markets, the software flawlessly accommodates changes in our workforce and payroll requirements. This scalability guarantees that our payroll facilities can adapt to the evolving needs of our global 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 say individually and collectively these three individuals have Years of experience in in employment law and worldwide Work Practices so thank you it’s an enjoyment to be with everybody here today sounds like we’ve got the right people with us today and in in addition to to those well we also have among our own Stars delete share head of Global Provider at papaya International inform us about yourself thank you Elin Ian hello my name is Elite I have actually been with the business for around 4 and a half years as head of Collaborations I have developed Papaya’s network of in-country Partners in over 160 places on a personal element and related to our subject today I’ve had the opportunity to relocate and work in three different nations it is the company’s duty to ensure my security while living in a foreign country compliance with regional laws and policies is essential for me or anybody else as an expat or as a regional so today we have actually invited our trusted Partners individuals 2.0 to show the importance of regional
expertise when business Go Worldwide thank you and delight in all right thank you as I said let’s proceed to the pact agenda today’s webinar is a chance to ask the panel the questions you have actually been thinking about we’ll go over the facts a company requires to think about when opening a brand-new entity and broadening into brand-new nations as well as keeping things going we’ll cover aspects such as regional regulations considerations when employing compliance crucial challenges payments and what not to do it is among the most essential things remembering what not to do um operating on a global level is not for the faint-hearted the larger a company grows the more they need to comprehend and manage knowing what to do in each new situation as it increases is very important on lots of levels understanding regional guidelines and regional laws along with service practices assists alleviate Associated and international growth papaya through our regional specialists can browse possible threats such as copyright security information personal privacy security concerns ensuring the company’s operations remain certified and safe and secure tax Social Security returns and remittances differ by country
In conclusion, Papaya Global Software application has proven to be a vital property in our mission for efficient and compliant international payroll management. As the CFO of a worldwide company, I am positive in advising Papaya Global to companies looking for to simplify their payroll procedures, improve compliance, and attain higher efficiency in handling their global labor force. The software application’s ingenious features and dedication to excellence align with our strategic objectives, making it an integral part of our financial operations.
openly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly announced settlements there’s likewise significant legal costs there’s there’s other charges there’s other expenses behind that also so the overall expense can be extremely substantial in the 10s of countless dollars or more and and those amounts are growing uh the reason that business are getting it so incorrect is really just the rules are intricate and they’re changing all the time think ir-35 in the UK which has actually been an ongoing advancement for several years now and and still a great deal of unpredictability amongst business on what it truly means and how you handle it most companies are simply not aware of the guidelines and and act as if the the guidelines are the same everywhere which they’re not so so motivate you to to be extremely proactive as you’re engaging uh employees from a classification viewpoint all right thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what impacts can this have on the employee Papaya Global Version 25 Update especially when it concerns their own tax liabilities social security and advantages for example jury and certainly the employees the opposite of the coin
I find time and time again the employees typically misclassified unwittingly they do not understand the conditions of employment or contract and are informed by the customer why it’s optimum generally to the client why you must be utilized or taken part in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s too late years have passed they haven’t added to pensions And so on so it’s a huge impact that they never ever understood they were walking into you could not agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy companies are getting insurance coverage versus misclassification however generally premiums are just covering the cost of legal charges whilst the typical claim evaluated against companies corresponds to to 40 or half of the base salary of employee exists any point in securing insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest for the most part I have not seen it at least 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 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 Considerations and Papaya Global Version 25 Update …
The detailed functions of come at an expense,
Over the past few years, the labor force has actually undergone a substantial improvement with the development of remote work, which has eliminated geographical restraints on hiring. This has enabled services to hire talent from all over the world, allowing them to put together the very best possible group for each role. As a result, employees have gained greater versatility to work from home and increase their earnings without having to relocate to pricey locations or commute cross countries. According to a 2022 survey, 87% of staff members who have the alternative to work from another location pick to do so. The COVID-19 pandemic, combined with advancements in enterprise connection software, has further 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 first though um let’s learn more about everybody my name is Ian Charles and I’ve worked in payroll for the last 25 years I have actually had functions in all kind of Industries retail and Charm to Aerospace in all types of companies start-up to matrixed environments around the world I provided leadership and strategy to populations of more than 100,000 workers on a month-to-month basis and in over 170 countries today I’m the perel strategist for papaya
Global I work throughout the business man maning and developing external relationships supporting Enterprise customers and services and functioning as an advisor I wish to introduce our very first Greg um guest 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 said my name is Greg Piper uh I am the senior corporate counsil at bambo HR so I lead our in-house legal group and in fact work extremely closely with our um HR department too to manage numerous legal and HR matters that come up so really excited 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 complimentary to do fantastic
While Papaya Global deals integrations with numerous HR and finance systems, the implementation process was not without challenges. Incorporating the software application with our existing facilities required extra customization, causing some delays in the preliminary rollout.
Paying FAQs Papaya Global Version 25 Update 2024
and some smaller subsidiaries within our organization found the prices to be on the greater side. As an international company, stabilizing the requirement for innovative functions with budget plan constraints ended up being a fragile workout.
Client Support Action Time:
There were circumstances where our groups dealt with concerns that needed prompt support. However, the reaction time from’s client assistance group was not constantly as quick as preferred, causing occasional hold-ups in concern resolution.
Our application of included a phased approach. We began by onboarding a couple of subsidiaries to test the system’s compatibility with our existing processes. This permitted us to recognize and address combination obstacles early on. As the software became more ingrained in our operations, we gradually expanded its usage to cover our whole global workforce.
The automated functions structured our payroll procedures, decreasing the time invested in manual calculations and compliance tracking. Routine training sessions and continuous assistance from Papaya helped our groups become competent users of the software, maximizing its capacity for our company.
Nevertheless, paying a labor force can be complicated. It is particularly challenging for business who employ personnel across numerous nations, as they must constantly consolidate various data streams, by hand track local and nationwide labor and policies, and spend valuable time and resources to set up local entities in new locations. These companies are confronted with suboptimal, costly alternatives, like opening a foreign subsidiary or working with a professional employment company, which is a local company that works with workers on their behalf and can charge up to 15% of. By 2022, 75% of companies reported trouble recruiting qualified personnel, an increase of 21% from 2019. The payroll & HR options market was valued at $26.4 billion in 2022 and is predicted to reach $50.4 billion by 2030.
uses a solution supporting all forms of employment. It offers an end-to-end platform, from staff member onboarding and continuous management to global payments and. It helps business with labor law compliance in the jurisdictions in which they run, uses management of work benefits, and guarantees information privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. A business owner with 15 years of experience, she is a leading professional in payroll and labor force management. She co-founded after seeing the technology 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 get 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 new tab will open in your web browser with the webcast survey please make certain to complete it as quickly as the webcast has actually ended it is now my pleasure to turn it over to Pap and bamboo HR for their presentation hello and thank you for joining us today we’re thrilled to have you here as we embark on a journey of information to guideline accomplishing
360 degree staff member 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 real local policies best practices and the role of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to secure your company and staff members while staying compliant in an
Ever evolving regulative environment in the everchanging world of business and financing guaranteeing compliance with payroll guidelines is not only essential however also a legal essential from the minute of hiring to the in intri complexities even sorry of termination every step along the staff member journey is Frau with compliance risks that have significant effects however with a deeper more nuanced understanding of their responsibilities organizations can not just browse the complex landscape however likewise proactively ensure this 360 degree compliance the webinar is created to equip you with the understanding and tools necessary to navigate the complex Terrain of compliance whether you’re a seasoned P specialist a small business owner or someone brand-new to the field what I want to do before we start and I think it’s actually essential
In our mission to enhance effectiveness and precision in managing our global labor force, our international corporation turned to, a leading and labor force management software. The shift aimed to simplify the complex job of handling across various nations, currencies, and compliance regulations.
One of the standout functions of is its robust compliance management system. The software application instantly updates itself to follow ever-evolving tax and labor laws across numerous jurisdictions. This has been important in making sure that our procedures stay compliant in each nation of operation.
is to state that the material here is illegal recommendations it is simply for your details please consult your legal group needs to you have any questions or issues in relation to anything that we have actually discussed today our key take key takeaways by the end of the webinar will be an understanding of staff member compliance dangers how to hire ly with self-confidence how to streamline information management and automation so let’s take ourselves a minute to acquaint ourselves with the webinar platform once again as we’ve.
work as your hris or is kind of your core staff member record um to handle that employee life cycle throughout their Journey with you as as a worker in addition to a payroll module we have to help you pay those workers and compensate them and benefits Administration module that enables you to assist handle the benefits you supply to your staff members so truly delighted to be here represent um bamb booy container and discuss this topic um and I think from my perspective I’ll I’ll probably provide a lot of a focus on the United States side of things when we talk about kind 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 inform the audience a bit about papay international yes absolutely thank you Ian hi everyone I’m Gina dorelis I’m the Work professional manager.
at I handle the employment Council in the US APAC EMA and Israel area I also work as us Council for I’m licensed in New York and New Jersey um we guarantee compliance onboarding and offboarding of workers with regard to papaya we provide payroll payments and workforce management as a Service labor force provider to employees serving in over.
160 countries all right thank you so both I feel completely underqualified sitting here with you both well I forgot to discuss as we were kind of like going through the intro so it’s actually actually good to in fact see in the webinar chat where everybody’s actually going to from today I can see that we have people in Las Vegas and Indiana already so if you wish to carry on inform where you are that would be absolutely great whilst we just await everybody else to kind of like join in there we go Chicago as well well um so whil we’re doing that I’m waiting for everybody to kind of join I’ll simply run us through the program um today we are going to talk about working with Talent brand-new greater Details Management termination compliance and automation wow the chat has got really actually busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from definitely all over which is fantastic so uh I’m hoping that we’re actually going to have some really fantastic commentary and concerns throughout the uh the webinar also all right 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 Version 25 Update multifaceted without fail and an.
Ever progressing relationship that starts the moment a person joins an organization it continues throughout their employment and Beyond this journey can be divided into k to several essential stages whilst we’re actually you understand that they’re used with us so on boarding day-to-day operations settlement and benefits expert advancement then we get to the offboarding and even advocacy so it even happens after the employee has left your employment throughout the journey organizations are responsible for gathering keeping securing worker data in compliance with data personal privacy guidelines no matter where it is you’re running all over the world it typically involves implementing secure data management systems and guaranteeing stringent adherence to local requirements to protect both the staff member and the company the evolution of worker data and management c.