A CFO’s Point of view on Papaya Global Version 26 Update…
Papaya Global’s platform improves global labor force management for business, guaranteeing compliance with regional guidelines and tax laws. Their services include payroll processing, benefits administration, compliance oversight, time and presence tracking, and HR support. The platform centralizes worldwide payroll operations, providing services with real-time insights and control. Founded in 2016, Papaya Global has expanded to Tel Aviv, New York, London, and Kiev.
In the dynamic landscape of global business operations, managing payroll throughout borders can be a complex and challenging task. As the Chief Financial Officer (CFO) of a worldwide business, I comprehend the important value of efficient and certified payroll management. In our pursuit of quality, we have actually accepted innovative services to streamline our processes, and one such transformative tool is Software application.
The Challenge of Global Payroll:
Global expansion produces varied challenges, and payroll management is no exception. Differing tax regulations, varying work laws, and several currencies make it essential for organizations to embrace advanced options to ensure precision, compliance, and performance in payroll processing.
Software application: A Comprehensive Service:
It is crucial to consider and include post-termination constraints in the employment agreement to make sure enforceability. You should thoroughly determine what you are seeking to secure and plainly specify the secret information that falls within its scope. Furthermore, define the period of the post-termination restriction and be prepared to validate it in relation to intellectual property. The rules relating to intellectual property vary depending upon the kind of IP and the jurisdiction. For instance, in the Netherlands, completion customer is most likely to have copyright rights over works produced by workers under their guidance, while in Poland, contractual project might be necessary.
Papaya Global Software application has emerged as a game-changer in the realm of international payroll management. Its cloud-based platform incorporates payroll, workforce management, and employee benefits into a single, easy to use user interface. As the CFO, I have witnessed firsthand the positive effect of on our organization’s financial operations.
Unified Worldwide Payroll Processing:
enables our company to procedure payroll perfectly throughout several countries. The platform’s unified method allows for consistent payroll computations, decreasing errors and guaranteeing compliance with local regulations. This has actually substantially mitigated the risks connected with global payroll processing.
also crucial for if in the future somebody says misclassification you have your file supported by the requisite files and that the right evaluation tools to reveal somebody 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 dealing with are you handling a private or are you dealing with an individual Service Corporation and how are they operating 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 crafting the creatives these all lend themselves more to that assessment of being freelancer you understand likewise uh where are they doing it can they work from anywhere or do they need to be on website and managed once again another key element is the management and guidance of the uh employee and then finally when is it a specific job is it a six-month project 6 years all of this is manageable however it has to be documented and it needs to be thoroughly 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 internationally these tools take a questionnaire list for the employee the worker fills out and fills these concerns out and so does the end customer or the recipient of the services they both put their info into the tool and then it does an assessment waiting the various questions since not every jurisdiction has the exact same feeling about a few of these questions some believe they’re more important than others and it comes out with a red yellow or green red you’re probably a worker yellow you’re on the cusp we can most likely help you with that in regards to some of the things you need to strengthen to make certain that you are given that evaluation of uh independent professional or green where you were examined as an as a independent professional once that assessment is done all the requisite files are below it so that if later on there
Navigating the complexities of worldwide work laws and tax guidelines can be overwhelming. Papaya Global’s automated compliance engine keeps our company updated with modifications in regulations across jurisdictions. This ensures that our payroll processes adhere to the most recent standards, lessening the risk of non-compliance and associated penalties.
network of In-House outside advisors accounting companies and legal firms who assist us keep our databases completely as much as date and we likewise call on we need to when we see an uncommon or or especially intricate circumstances all right thanks Steve I can simply see a quick concern in the Q a window yes the session will be recorded and sent to guests later on um moving back to to the webinar itself Ray employer of record is regulated differently all over the world and the German law for example it’s classed as worker leasing can you shed any light on a few of the special factors to consider for countries and where the eor model isn’t controlled yes Ian worker leasing or labor leasing as it’s also called which prevails in a number of countries especially in Europe imposes rigorous regulations on items such as the length of project it also designates workers to collective bargaining agreements that provides rights and benefits but even in the nations that do not have those stringent policies for example the UK Canada and the nordics there are policies for each country and each employee is treated the same as all the other employees because country and all those policies require to be followed fine thank you Ray um Kathy moving I would say to yourself what do business need to factor in when figuring out contract status to safeguard themselves and the rights of hires what are the pros and cons of working with contractors and Freelancers versus irreversible staff members so certainly the the benefit of professionals versus employees is the the flexibility for both the worker and for the employer um but I can’t stress enough how essential it is to have a consistent extensive and a well-documented compliance
Papaya Global Version 26 Update and Time Cost Savings:
The software’s automation abilities have actually considerably decreased the time and effort required for payroll processing. Handbook data entry and recurring tasks have actually been lessened, allowing our financing team to focus on strategic efforts rather than administrative burdens. This has actually resulted in increased performance and performance within our monetary operations.
in one considering that each state has its own guidelines Californians are a few of the most stringent an example is pay slips on a payslip in California the best information needs to be on the payslip in the right format and in the best 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 fine thanks Ray thank you Elizabeth a lot to fret to think of and we’re only 2 concerns in and 10 minutes approximately employing in one nation is tough enough however when hiring in a you know on a global level it’s an entirely different story you need to ensure that you’re up to date with existing as well as pending regional labor laws Steve um how do you make certain and guarantee that the people 2.0 team is on top of an ever-changing landscape which your clients are fully supported and I’ll organize this into 3 key things we do in primarily you need to have the best team so we hire a group of international experts in Work Practices um that ex that team of specialists includes lawyers it consists of payroll professionals it includes HR specialists and these are individuals that not only know the laws in these in these countries and areas but they likewise understand the languages they know the local practices they understand the cultures and it’s important to have that ideal team and really have the team on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global provides comprehensive real-time analytics and reporting tools. As a CFO, having access to accurate and timely financial information is crucial for decision-making. The platform’s reporting abilities empower me to make educated strategic choices based upon real-time insights into our international payroll data.
application and its scope and the manner in which 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 obtained rights regulation otherwise referred to as the 2p regulations in the UK the working time regulations which has had various hairs of that legislation evaluated particularly around holiday pay and of course as Kathy’s going to come on to speak about later on employment status which there’s been numerous precedence set for many years so I believe it’s really that constant evolution of the employment law landscape that you truly need to browse when when working in Europe fine thank you Elizabeth Ray what about you from your personal experience while crossing the pond as mentioned each country has various policies but the United States is essentially 50 countries
Scalability for Business Growth:
Among the standout functions of Papaya Global is its scalability. As our business continues to grow and broaden into brand-new markets, the software application seamlessly accommodates changes in our workforce and payroll requirements. This scalability makes sure that our payroll infrastructure can adjust to the developing needs of our worldwide company.
International Chief legal officer we’ve got Elizabeth Beal who is our primary 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 collectively these three individuals have Years of experience in in employment law and international Employment 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 one of our own Stars erase share head of Global Services at papaya Global tell us about yourself thank you Elin Ian hi my name is Elite I’ve been with the business for around 4 and a half years as head of Partnerships I have actually established Papaya’s network of in-country Partners in over 160 places on an individual element and related to our subject today I have actually had the chance to transfer and work in three various countries it is the company’s duty to guarantee my security while living in a foreign country compliance with regional laws and regulations is vital for me or anyone else as an expat or as a local so today we have actually welcomed our relied on Partners individuals 2.0 to demonstrate the importance of regional
expertise when companies Go International thank you and delight in alright thank you as I stated let’s move on to the pact program today’s webinar is a chance to ask the panel the questions you’ve been thinking of we’ll discuss the truths a business needs to think about when opening a brand-new entity and broadening into brand-new nations in addition to keeping things going we’ll cover elements such as local regulations factors to consider when hiring compliance crucial challenges payments and what not to do it is among the most essential things remembering what not to do um operating on an international level is not for the faint-hearted the bigger a business grows the more they need to comprehend and handle knowing what to do in each brand-new scenario as it rises is very important on many levels understanding regional policies and local laws along with service practices helps alleviate Associated and global expansion papaya through our regional professionals can navigate potential threats such as copyright protection data personal privacy security issues making sure the business’s operations remain certified and safe and secure tax Social Security returns and remittances differ by country
In conclusion, Papaya Global Software application has actually shown to be an indispensable asset in our quest for effective and compliant global payroll management. As the CFO of a global business, I am confident in suggesting Papaya Global to companies looking for to enhance their payroll processes, boost compliance, and achieve greater effectiveness in handling their international workforce. The software’s ingenious functions and dedication to excellence line up with our strategic goals, making it an essential part of our monetary operations.
publicly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly revealed settlements there’s also considerable legal expenses there’s there’s other penalties there’s other expenses behind that also so the overall cost can be extremely considerable in the 10s of millions of dollars or more and and those amounts are growing uh the reason that business are getting it so wrong is actually just the guidelines are complicated and they’re altering all the time believe ir-35 in the UK which has actually been a continuous advancement for numerous years now and and still a lot of uncertainty among business on what it really indicates and how you handle it most employers are simply not familiar with the rules and and act as if the the rules are the same all over which they’re not so so encourage you to to be extremely proactive as you’re engaging uh employees from a classification viewpoint alright thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what effects can this have on the employee Papaya Global Version 26 Update particularly when it pertains to their own tax liabilities social security and advantages for example jury and certainly the employees the opposite of the coin
I discover time and time again the employees often misclassified unconsciously they do not understand the conditions of work or agreement and are informed by the client why it’s optimum generally to the customer why you must be employed or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and health care opportunities 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 passed they have not added to pensions And so on so it’s a huge effect that they never knew they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy companies are taking out insurance coverage against misclassification but generally premiums are just covering the expense of legal costs whilst the typical claim examined versus employers relates to to 40 or 50 percent of the base pay of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes charge and interest in most cases I have not seen it a minimum of so uh the the other area that I do think 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 protection on the basis of the truth that you were not in compliance with laws um in the UK
Cost Considerations and Papaya Global Version 26 Update …
The detailed features of come at a cost,
Over the past couple of years, the workforce has actually undergone a substantial change with the development of remote work, which has gotten rid of geographical restrictions on hiring. This has allowed services to recruit talent from all over the world, allowing them to put together the best possible team for each function. As a result, workers have gotten higher flexibility to work from home and increase their revenues without having to move to costly locations or commute cross countries. According to a 2022 survey, 87% of workers who have the choice to work remotely choose to do so. The COVID-19 pandemic, combined with advancements in enterprise connectivity software application, has actually further accelerated the shift towards remote work, even in industries that were initially reluctant to embrace the trend.
insights are valuable to us and and your fellow guests so first things initially though um let’s learn more about everyone my name is Ian Charles and I’ve worked 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 businesses startup to matrixed environments across the globe I provided leadership and strategy to populations of more than 100,000 employees on a monthly basis and in over 170 countries today I’m the perel strategist for papaya
Worldwide I work across the business man maning and building external relationships supporting Business customers and solutions and serving as an advisor I wish to present our very 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 stated my name is Greg Piper uh I am the senior corporate counsil at bambo HR so I lead our internal legal team and actually work really carefully with our um HR department as well to handle different legal and HR matters that come up so truly thrilled to be here about bambo HR if if you’re not familiar with us uh at bambo HR we say our objective is to set you as HR professionals totally free to do fantastic
While Papaya Global deals combinations with numerous HR and financing systems, the execution process was not without obstacles. Incorporating the software with our existing infrastructure needed additional customization, leading to some hold-ups in the preliminary rollout.
Paying FAQs Papaya Global Version 26 Update 2024
and some smaller subsidiaries within our company found the rates to be on the greater side. As a global business, balancing the need for sophisticated functions with budget plan restraints became a fragile workout.
Client Support Reaction Time:
There were circumstances where our teams faced issues that required timely assistance. However, the response time from’s customer support group was not always as fast as preferred, causing occasional hold-ups in concern resolution.
Our application of involved a phased technique. We started by onboarding a couple of subsidiaries to evaluate the system’s compatibility with our existing procedures. This permitted us to identify and attend to integration obstacles early on. As the software became more instilled in our operations, we gradually expanded its use to cover our whole global workforce.
The automated functions structured our payroll processes, decreasing the time spent on manual computations and compliance tracking. Routine training sessions and ongoing support from Papaya assisted our groups become proficient users of the software application, optimizing its capacity for our company.
Companies that staff member workers throughout numerous countries typically face complex challenges when it concerns managing their labor force. Among the most significant hurdles is consolidating various data streams and sticking to diverse local and nationwide labor guidelines, which can be both lengthy and expensive. Furthermore, setting up regional entities in brand-new areas can be an expensive and suboptimal choice, with alternatives such as opening a foreign subsidiary or employing an expert work company (PEO) frequently charging up to 15% of the payroll. These challenges have actually resulted in a considerable increase in trouble hiring certified personnel, with 75% of companies reporting this problem in 2022, a 21% boost from 2019. The payroll and HR services market, valued at $26.4 billion in 2022, is expected to reach $50.4 billion by 2030.
provides an option supporting all forms of employment. It supplies an end-to-end platform, from worker onboarding and continuous management to worldwide payments and. It helps companies with labor law compliance in the jurisdictions in which they run, offers management of employment advantages, and guarantees data 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 attend the complete webcast in order to receive your credits if you have any questions throughout the webcast please click on the Q&A tab in your webinar controls and type the there a new tab will open in your browser with the webcast survey please be sure 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 discussion hey there and thank you for joining us today we’re enjoyed have you here as we embark on a journey of information to regulation achieving
360 degree worker compliance where we’ll dive into the essential elements of the employee compliance management design throughout the session we’ll check out real world difficulties genuine regional guidelines finest practices and the function of Automotion in simplying compliance journey be prepared to emerge in a thorough understanding of how to safeguard your company and employees while remaining certified in an
Ever developing regulatory environment in the everchanging world of organization and finance ensuring compliance with payroll regulations is not just essential but likewise a legal vital from the moment of hiring to the in intri complexities even sorry of termination every step along the employee journey is Frau with compliance threats that have significant consequences however with a deeper more nuanced understanding of their responsibilities companies can not just browse the elaborate landscape however also proactively ensure this 360 degree compliance the webinar is developed to equip you with the knowledge and tools essential to browse the complex Terrain of compliance whether you’re an experienced P specialist a small company owner or someone new to the field what I want to do before we begin and I think it’s really crucial
In our quest to enhance efficiency and accuracy in handling our global workforce, our international corporation turned to, a leading and workforce management software. The transition aimed to simplify the complex task of handling across various countries, currencies, and compliance regulations.
One of the standout features of is its robust compliance management system. The software application immediately updates itself to adhere to ever-evolving tax and labor laws throughout multiple jurisdictions. This has been vital in ensuring that our procedures remain compliant in each nation of operation.
is to state that the material here is not legal guidance it is just for your details please consult your legal group must you have any questions or concerns in relation to anything that we have actually talked about today our secret take crucial takeaways by the end of the webinar will be an understanding of worker compliance risks how to hire ly with self-confidence how to simplify information management and automation so let’s take ourselves a moment to familiarize 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 employee life cycle throughout their Journey with you as as a worker in addition to a payroll module we have to assist you pay those staff members and compensate them and advantages Administration module that allows you to help manage the advantages you supply to your workers so really delighted to be here represent um bamb booy container and talk about this subject um and I guess from my viewpoint I’ll I’ll probably supply a lot of a focus on the United States side of things when we speak about sort of compliance so pleased to be here thanks for having me Ian fine thanks Greg um Gina over to you would you like to present yourself and tell the audience a little bit about papay global yes definitely thank you Ian hello everyone I’m Gina dorelis I’m the Employment professional supervisor.
at I manage the employment Council in the US APAC EMA and Israel region I also serve as us Council for I’m accredited 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 labor force supplier to workers serving in over.
160 nations all right thank you so both I feel completely underqualified sitting here with you both well I forgot to mention as we were type of like going through the intro so it’s really actually good to actually see in the webinar chat where everybody’s actually going to from today I can see that we have individuals in Las Vegas and Indiana already so if you want to carry on inform where you are that would be absolutely wonderful whilst we just await everyone else to sort of like participate there we go Chicago too well um so whil we’re doing that I’m waiting for everybody to type of join I’ll just run us through the agenda um today we are going to discuss hiring Skill brand-new higher 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 originating from definitely all over which is wonderful so uh I’m hoping that we’re in fact going to have some truly excellent commentary and concerns throughout the uh the webinar too fine so that’s the agenda then what I ‘d like 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 26 Update diverse without fail and an.
Ever evolving relationship that begins the minute a person signs up with an organization it continues throughout their employment and Beyond this journey can be divided into k to numerous crucial phases whilst we’re really you know that they’re used with us so on boarding everyday operations settlement and benefits professional advancement then we get to the offboarding and even advocacy so it even happens after the employee has actually left your employment throughout the journey companies are responsible for gathering saving securing staff member information in compliance with information personal privacy policies no matter where it is you’re running worldwide it often involves carrying out protected data management systems and guaranteeing rigorous adherence to regional requirements to protect both the employee and the company the advancement of staff member data and management c.