A CFO’s Viewpoint on Papaya Global Year End Week 53…
Papaya Global’s platform enhances worldwide labor force management for business, making sure compliance with regional guidelines and tax laws. Their services encompass payroll processing, advantages administration, compliance oversight, time and attendance tracking, and HR assistance. The platform centralizes international payroll operations, providing companies with real-time insights and control. Founded in 2016, Papaya Global has expanded to Tel Aviv, New York City, London, and Kiev.
In the dynamic landscape of worldwide service operations, handling payroll throughout borders can be a complex and difficult job. As the Chief Financial Officer (CFO) of an international business, I understand the crucial value of effective and certified payroll management. In our pursuit of quality, we have accepted innovative options to streamline our processes, and one such transformative tool is Software application.
The Obstacle of International Payroll:
International expansion causes diverse obstacles, and payroll management is no exception. Differing tax guidelines, varying work laws, and several currencies make it essential for organizations to embrace sophisticated services to guarantee accuracy, compliance, and performance in payroll processing.
Software: A Comprehensive Solution:
staff members so it’s truly essential to make sure that you’ve considered from the beginning any post-termination restrictions that you wish to put into the contract of work that they’re enforceable so that implies you need to really consider what it is you’re aiming to secure and why clearly Define what’s included within the scope of that secret information and attend to the duration of restriction post-determination that you want to use and be actually able to to validate that in relation to intellectual property the position actually depends upon the type of intellectual property you’re looking to protect and likewise the jurisdiction so for instance from a copyright viewpoint in the Netherlands the end customer is more likely to have the um copyright rights in a copyright that the workers produced who’s been under their supervision and control immediately however in somewhere like Poland for example that automated right might not exist and that assignment would require to flow through the chain uh contractually so it truly depends on the jurisdiction and the type of IP all right thank you Elizabeth Steve was remaining on the topic of agreements Miss classified misclassifying workers
Papaya Global Software application has emerged as a game-changer in the world of global payroll management. Its cloud-based platform incorporates payroll, workforce management, and employee benefits into a single, user-friendly interface. As the CFO, I have actually experienced firsthand the positive effect of on our company’s financial operations.
Unified Global Payroll Processing:
allows our business to procedure payroll seamlessly across numerous nations. The platform’s unified approach enables constant payroll computations, decreasing errors and making sure compliance with regional guidelines. This has significantly reduced the dangers related to worldwide payroll processing.
likewise crucial for if later someone says misclassification you have your file supported by the requisite files which the right examination tools to show someone that you had a thoughtful process therefore what do you have to include because process it’s the who the what the where and the when who are you handling are you dealing with a specific or are you handling a personal Service Corporation and how are they operating what are they doing is it the kind of work that provides itself more to being an independent contractor than a worker so for example accounting
I.T engineering the creatives these all lend themselves more to that assessment of being freelancer you know likewise uh where are they doing it can they work from anywhere or do they have to be on site and managed again another crucial element is the management and guidance of the uh employee and then lastly when is it a particular task is it a six-month project six years all of this is workable however it needs to be documented and it has 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 worldwide these tools take a survey list for the worker the employee fills out and fills these questions out therefore does the end client or the recipient of the services they both put their information into the tool and after that it does an assessment waiting the different questions due to the fact that not every jurisdiction has the very same feeling about some of these questions some think they’re more crucial than others and it comes out with a red yellow or green red you’re probably a staff member yellow you’re on the cusp we can most likely assist you with that in terms of some of the important things you need to bolster to make certain that you are considered that evaluation of uh independent specialist or green where you were evaluated as an as a independent contractor once that evaluation is done all the requisite documents are beneath it so that if later there
Browsing the intricacies of global work laws and tax guidelines can be overwhelming. Papaya Global’s automated compliance engine keeps our company current with modifications in policies across jurisdictions. This ensures that our payroll processes stick to the most recent requirements, reducing the threat of non-compliance and associated penalties.
network of In-House outside consultants accounting firms and legal companies who help us keep our databases totally up to date and we likewise get in touch with we need to when we see an unusual or or particularly complicated situations okay thanks Steve I can simply see a quick question in the Q a window yes the session will be taped and sent out to attendees afterwards um returning to to the webinar itself Ray company of record is managed differently around the globe and the German law for instance it’s classified as staff member leasing can you shed any light on some of the special factors to consider for nations and where the eor model isn’t managed yes Ian staff member leasing or labor leasing as it’s likewise called which prevails in a number of countries particularly in Europe imposes strict guidelines on products such as the length of task it also appoints workers to collective bargaining agreements that provides rights and advantages but even in the nations that do not have those stringent guidelines for instance the UK Canada and the nordics there are policies for each country and each employee is dealt with the like all the other workers because country and all those policies need to be abided by alright thank you Ray um Kathy moving I would say to yourself what do companies need to factor in when identifying agreement status to secure themselves and the rights of hires what are the advantages and disadvantages of hiring contractors and Freelancers versus permanent staff members so obviously the the advantage of professionals versus employees is the the flexibility for both the worker and for the employer um but I can’t worry enough how important it is to have a consistent thorough and a well-documented compliance
Papaya Global Year End Week 53 and Time Savings:
The software application’s automation abilities have substantially decreased the time and effort needed for payroll processing. Handbook information entry and recurring jobs have actually been decreased, enabling our financing group to focus on tactical initiatives rather than administrative concerns. This has resulted in increased efficiency and productivity within our monetary operations.
in one because each state has its own guidelines Californians are a few of the most strict an example is pay slips on a payslip in California the best info has to be on the payslip in the best format and in the best position if you remain in breach of of policies for payslips the fines are released per payslip so that’s each worker each pay slip will sustain a fine thanks Ray thank you Elizabeth a lot to stress to think of and we’re just 2 concerns in and 10 minutes or so hiring in one country is difficult enough but when employing in a you understand on a worldwide level it’s an entirely different story you require to make certain that you’re up to date with present as well as pending local 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 customers are completely supported and I’ll organize this into three essential things we carry out in first and foremost you need to have the best group so we employ a group of international experts in Work Practices um that ex that group of professionals includes attorneys it consists of payroll specialists it includes HR experts and these are people that not just understand the laws in these in these countries and regions but they also understand the languages they understand the regional practices they understand the cultures and it is essential to have that right group and genuinely have the group on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global provides 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 choices based upon real-time insights into our international payroll data.
application and its scope and the way that it applies to employment 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 called the 2p guidelines in the UK the working time regulations which has actually had numerous hairs of that legislation evaluated particularly around vacation pay and naturally as Kathy’s going to come on to speak about later on employment status which there’s been multiple precedence set over the years so I believe it’s actually that continuous development of the employment law landscape that you truly require to navigate when when working in Europe fine thank you Elizabeth Ray what about you from your individual experience while moving across the pond as discussed each nation has different regulations but the United States is basically 50 nations
Scalability for Company Growth:
One of the standout features of Papaya Global is its scalability. As our business continues to grow and expand into brand-new markets, the software effortlessly accommodates changes in our labor force and payroll requirements. This scalability ensures that our payroll facilities can adjust to the progressing requirements 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 Glimpse who is our senior vice president of client services and I would say separately and jointly these three people have Decades of experience in in employment law and worldwide Work Practices so thank you it’s a satisfaction to be with everybody here today sounds like we have actually 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 Services at papaya Worldwide tell us about yourself thank you Elin Ian hi my name is Elite I have actually been with the company for around four and a half years as head of Collaborations I have actually developed Papaya’s network of in-country Partners in over 160 areas on an individual element and related to our subject today I’ve had the chance to transfer and operate in three various countries it is the business’s obligation to guarantee my security while residing in a foreign nation compliance with local laws and guidelines is important for me or anyone else as an expat or as a regional so today we have invited our trusted Partners individuals 2.0 to show the importance of regional
know-how when business Go Global thank you and enjoy alright thank you as I said let’s move on to the pact agenda today’s webinar is a chance to ask the panel the concerns you have actually been considering we’ll discuss the truths a company needs to consider 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 essential challenges payments and what not to do it is among the most essential things remembering what not to do um operating on a worldwide level is not for the faint-hearted the bigger a company grows the more they need to understand and handle knowing what to do in each brand-new scenario as it rises is important on lots of levels comprehending local policies and local laws in addition to service practices helps reduce Associated and global expansion papaya through our local professionals can browse possible threats such as copyright protection information personal privacy security issues guaranteeing the company’s operations remain compliant and secure tax Social Security returns and remittances vary by nation
In conclusion, Papaya Global Software application has actually proven to be an invaluable asset in our quest for effective and certified international payroll management. As the CFO of a global company, I am confident in recommending Papaya Global to companies looking for to simplify their payroll procedures, enhance compliance, and attain greater effectiveness in handling their international labor force. The software application’s innovative functions and dedication to quality align 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 openly announced settlements there’s likewise significant legal costs there exists’s other charges there’s other costs behind that too so the overall cost can be extremely considerable in the tens of countless dollars or more and and those quantities are growing uh the reason business are getting it so incorrect is really simply the guidelines are complex and they’re altering all the time believe ir-35 in the UK which has been an ongoing development for a number of years now and and still a great deal of unpredictability among companies on what it truly means and how you handle it most employers are just not familiar with the rules 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 category viewpoint okay thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what results can this have on the employee Papaya Global Year End Week 53 specifically when it concerns their own tax liabilities social security and benefits for example jury and undoubtedly the employees the opposite of the coin
I discover time and time again the workers frequently misclassified unconsciously they do not understand the conditions of work or agreement and are told by the customer why it’s most advantageous primarily to the customer why you must be utilized or taken part in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker 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 actually passed they have not contributed to pensions Etc so it’s a huge effect that they never ever knew 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 ten years um Kathy companies are taking out insurance versus misclassification but generally premiums are only covering the cost of legal charges whilst the typical claim examined versus companies equates to to 40 or 50 percent of the base pay of employee exists any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes penalty and interest most of the times I have not seen it a minimum of so uh the the other location that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK
Expense Factors to consider and Papaya Global Year End Week 53 …
The detailed features of come at an expense,
Current decades have actually seen a significant change to the workforce as the rise of remote work has actually broken down geographical barriers to working with. Companies can now hire personnel from anywhere worldwide, enabling them to access the best readily available skill for any offered role. This gives employees more flexibility to work from home and increase their income without relocating to expensive areas or travelling fars away. A 2022 survey found that 87% of workers who have the chance to work from another location take that chance. The break out of COVID-19, in conjunction with brand-new enterprise connection software, sped up the relocate to remote work, including in industries previously reluctant to embrace the pattern.
insights are important to us and and your fellow attendees so first things initially though um let’s be familiar with everyone my name is Ian Charles and I’ve operated in payroll for the last 25 years I have actually had roles in all type of Industries retail and Charm to Aerospace in all kinds of services startup to matrixed environments across the globe I supplied management and method 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
International I work across business guy maning and building external relationships supporting Enterprise customers and options and serving as an advisor I ‘d like to introduce our 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 stated my name is Greg Piper uh I am the senior corporate counsil at bambo HR so I lead our internal legal group and actually work extremely closely with our um HR department as well to handle different legal and HR matters that come up so really thrilled to be here about bambo HR if if you’re not acquainted with us uh at bambo HR we say our objective is to set you as HR specialists complimentary to do excellent
While Papaya Global offers combinations with various HR and finance systems, the implementation process was not without difficulties. Incorporating the software with our existing facilities needed additional personalization, leading to some hold-ups in the preliminary rollout.
Paying FAQs Papaya Global Year End Week 53 2024
and some smaller subsidiaries within our company discovered the pricing to be on the higher side. As a global business, balancing the requirement for sophisticated features with budget plan restraints ended up being a delicate exercise.
Consumer Support Action Time:
There were instances where our teams dealt with problems that required timely assistance. However, the reaction time from’s client assistance group was not constantly as quick as preferred, resulting in periodic hold-ups in issue resolution.
Our execution of involved a phased technique. We started by onboarding a couple of subsidiaries to test the system’s compatibility with our existing processes. This allowed us to recognize and deal with integration obstacles early on. As the software application became more implanted in our operations, we slowly broadened its use to cover our whole worldwide workforce.
The automated features streamlined our payroll processes, minimizing the time spent on manual calculations and compliance tracking. Regular training sessions and continuous support from Papaya assisted our groups become proficient users of the software application, maximizing its potential for our organization.
However, paying a workforce can be complex. It is particularly challenging for companies who utilize staff throughout multiple countries, as they need to continuously combine different data streams, by hand track local and national labor and policies, and spend important time and resources to set up regional entities in new locations. These business are confronted with suboptimal, expensive choices, like opening a foreign subsidiary or working with a professional work company, which is a local company that works with employees on their behalf and can charge up to 15% of. By 2022, 75% of companies reported trouble hiring qualified workers, a boost of 21% from 2019. The payroll & HR options market was valued at $26.4 billion in 2022 and is forecasted to reach $50.4 billion by 2030.
uses a service supporting all types of employment. It supplies an end-to-end platform, from employee onboarding and ongoing management to international payments and. It assists business with labor law compliance in the jurisdictions in which they operate, uses management of employment advantages, and ensures data personal privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. An entrepreneur with 15 years of experience, she is a leading expert in payroll and labor force management. She co-founded after seeing the innovation space in international.
papaya this webcast has been pre-approved for hrci and Sherm credit please make certain to go to the complete webcast in order to receive 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 browser with the webcast survey please make sure to finish it as soon as the webcast has ended it is now my pleasure to turn it over to Pap and bamboo HR for their presentation hello and thank you for joining us today we’re thrilled to have you here as we start a journey of information to policy achieving
360 degree staff member compliance where we’ll dive into the vital elements of the employee compliance management design throughout the session we’ll explore real world obstacles real local guidelines best practices and the role of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to protect your company and staff members while remaining compliant in an
Ever progressing regulative environment in the everchanging world of organization and finance ensuring compliance with payroll guidelines is not just essential but likewise a legal necessary from the minute of working with to the in intri intricacies even sorry of termination every step along the employee journey is Frau with compliance threats that have significant repercussions nevertheless with a much deeper more nuanced understanding of their responsibilities companies can not just navigate the intricate landscape however likewise proactively guarantee this 360 degree compliance the webinar is created to equip you with the understanding and tools essential to navigate the complex Surface of compliance whether you’re a skilled P professional a small business owner or somebody brand-new to the field what I would like to do before we begin and I think it’s truly essential
In our quest to improve efficiency and accuracy in handling our worldwide labor force, our international corporation turned to, a leading and workforce management software application. The transition intended to streamline the complex task of handling across different nations, currencies, and compliance policies.
Among the standout features of is its robust compliance management system. The software application automatically updates itself to stick to ever-evolving tax and labor laws across multiple jurisdictions. This has actually been vital in ensuring that our processes stay compliant in each country of operation.
is to state that the material here is not legal guidance it is merely for your information please consult your legal team must you have any questions or issues in relation to anything that we have actually discussed today our key take essential takeaways by the end of the webinar will be an understanding of worker compliance threats how to work with ly with 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 have actually.
function as your hris or is type of your core worker record um to manage that staff member life process throughout their Journey with you as as an employee in addition to a payroll module we have to assist you pay those staff members and compensate them and benefits Administration module that permits you to assist manage the advantages you supply to your workers so actually excited to be here represent um bamb booy jar and discuss this topic um and I guess from my viewpoint I’ll I’ll most likely provide a great deal of a concentrate on the United States side of things when we speak about sort of compliance so delighted to be here thanks for having me Ian fine thanks Greg um Gina over to you would you like to introduce yourself and tell the audience a little bit about papay international yes absolutely thank you Ian hello everyone I’m Gina dorelis I’m the Work expert manager.
at I manage the work Council in the US APAC EMA and Israel region I likewise act as us Council for I’m accredited in New york city and New Jersey um we guarantee compliance onboarding and offboarding of workers with regard to papaya we provide payroll payments and labor force management as a Service labor force company to employees 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 sort of like going through the intro so it’s truly truly good to in fact see in the webinar chat where everyone’s in fact attending from today I can see that we have people in Las Vegas and Indiana currently so if you wish to carry on inform where you are that would be definitely wonderful whilst we just await everyone else to type of like take part there we go Chicago as well well um so whil we’re doing that I’m waiting on everybody to type of join I’ll simply run us through the agenda um today we are going to talk about working with Skill new greater Details Management termination compliance and automation wow the chat has got actually really busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from absolutely everywhere which is wonderful so uh I’m hoping that we’re really going to have some actually great commentary and questions throughout the uh the webinar also okay so that’s the program then what I want to Now cover is the the compliance and the Personal privacy side of things so the the Journey of a worker and their information is Papaya Global Year End Week 53 diverse without fail and an.
Ever developing relationship that starts the moment an individual signs up with a company it continues throughout their employment and Beyond this journey can be divided into k to a number of key phases whilst we’re in fact you know that they’re employed with us so on boarding day-to-day operations settlement and benefits professional advancement then we get to the offboarding and even advocacy so it even occurs after the employee has left your work throughout the journey organizations are responsible for collecting keeping safeguarding staff member information in compliance with information privacy policies no matter where it is you’re running around the world it frequently involves executing safe and secure data management systems and making sure rigorous adherence to local requirements to safeguard both the employee and the company the advancement of worker data and management c.