A CFO’s Viewpoint on Papaya Global Adding Attachment Of Earnings…
The platform enables business to manage their global workforce and adhere to local employment guidelines and tax laws. Papaya Global offers a range of services, consisting of payroll management, benefits administration, compliance management, time and participation tracking, and HR management. The platform is developed to simplify the intricacies of worldwide payroll and provide real-time presence and control over payroll operations. The company was founded in 2016 and is headquartered in Tel Aviv, Israel, with offices in New york city, London, and Kiev.
In the dynamic landscape of global service operations, handling payroll throughout borders can be a complex and tough job. As the Chief Financial Officer (CFO) of a global company, I understand the critical significance of effective and compliant payroll management. In our pursuit of quality, we have actually embraced ingenious solutions to enhance our processes, and one such transformative tool is Software application.
The Obstacle of Worldwide Payroll:
International growth causes varied obstacles, and payroll management is no exception. Differing tax policies, differing employment laws, and multiple currencies make it vital for organizations to adopt advanced solutions to make sure precision, compliance, and efficiency in payroll processing.
Software application: A Comprehensive Option:
staff members so it’s really fundamental to ensure that you’ve considered from the outset any post-termination limitations that you want to take into the agreement of work that they’re enforceable so that indicates you need to truly think about what it is you’re wanting to secure and why plainly Define what’s included within the scope of that confidential information and address the duration of restriction post-determination that you want to apply and be actually able to to justify that in relation to intellectual property the position really depends on the kind of intellectual property you’re aiming to protect and likewise the jurisdiction so for example from a copyright perspective in the Netherlands the end customer is most likely to have the um intellectual property rights in a copyright that the employees produced who’s been under their supervision and control automatically nevertheless in somewhere like Poland for instance that automated right might not be there which project would need to stream through the chain uh contractually so it actually depends on the jurisdiction and the type of IP alright thank you Elizabeth Steve was staying on the topic of agreements Miss categorized misclassifying staff members
Papaya Global Software application has actually become a game-changer in the world of international payroll management. Its cloud-based platform integrates payroll, workforce management, and employee benefits into a single, easy to use user interface. As the CFO, I have actually witnessed firsthand the positive effect of on our organization’s financial operations.
Unified Global Payroll Processing:
allows our business to procedure payroll effortlessly throughout several nations. The platform’s unified approach enables constant payroll calculations, lowering mistakes and making sure compliance with local policies. This has actually substantially alleviated the threats connected with international payroll processing.
also crucial for if in the future 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 process and so what do you have to consist of because procedure it’s the who the what the where and the when who are you handling are you handling an individual or are you dealing with an individual Service Corporation and how are they operating what are they doing is it the type of work that lends itself more to being an independent specialist than a worker so for instance accounting
I.T crafting the creatives these all provide themselves more to that evaluation 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 handled again another key element is the management and supervision of the uh employee and then lastly when is it a specific project is it a six-month project 6 years all of this is workable however it needs to be recorded and it needs to be thoroughly um investigated so we have a tool we call it ic2 we had an ic1 and we’ve enhanced it this year so that we can roll it out internationally these tools take a survey list for the employee the worker completes and fills these questions out therefore 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 different questions because not every jurisdiction has the exact same feeling about a few of these questions some believe they’re more vital than others and it brings out a red yellow or green red you’re probably a staff member yellow you’re on the cusp we can probably help you with that in regards to a few of the things you require to strengthen to make sure that you are considered that examination of uh independent contractor or green where you were examined as an as a independent contractor once that assessment is done all the requisite documents are underneath it so that if later on there
Browsing the intricacies of global employment laws and tax regulations can be overwhelming. Papaya Global’s automated compliance engine keeps our company updated with changes in policies throughout jurisdictions. This ensures that our payroll processes follow the latest standards, lessening the risk of non-compliance and associated charges.
network of In-House outside advisors accounting companies and legal firms who help us keep our databases entirely as much as date and we also contact we require to when we see an unusual or or particularly intricate scenarios fine thanks Steve I can simply see a fast concern in the Q a window yes the session will be recorded and sent out to attendees afterwards um returning to to the webinar itself Ray employer of record is controlled differently around the globe and the German law for example it’s classified as staff member leasing can you shed any light on some of the unique factors to consider for nations and where the eor design isn’t controlled yes Ian staff member leasing or labor leasing as it’s likewise called which prevails in several countries particularly in Europe imposes stringent guidelines on items such as the length of project it also appoints employees to collective bargaining agreements that gives them rights and benefits but even in the countries that do not have those stringent guidelines for example the UK Canada and the nordics there are guidelines for each country and each worker is dealt with the same as all the other workers because nation and all those policies need to be followed okay thank you Ray um Kathy moving I would state to yourself what do companies need to consider when determining contract status to secure themselves and the rights of hires what are the benefits and drawbacks of hiring specialists and Freelancers versus long-term staff members so undoubtedly the the benefit of contractors versus workers is the the versatility for both the employee and for the company um but I can’t worry enough how crucial it is to have a consistent extensive and a well-documented compliance
Papaya Global Adding Attachment Of Earnings and Time Savings:
The software’s automation abilities have actually significantly minimized the time and effort needed for payroll processing. Manual data entry and repetitive tasks have actually been reduced, allowing our financing group to concentrate on strategic initiatives instead of administrative concerns. This has led to increased efficiency and productivity within our monetary operations.
in one given that each state has its own regulations Californians are some of the most strict an example is pay slips on a payslip in California the best details needs to be on the payslip in the right format and in the best position if you’re in breach of of regulations for payslips the fines are issued per payslip so that’s each staff member each pay slip will incur a great thanks Ray thank you Elizabeth a lot to stress to think of and we’re just two questions in and 10 minutes approximately working with in one nation is hard enough but when employing in a you understand on a worldwide level it’s an entirely various story you require to make sure that you’re up to date with current in addition to pending regional labor laws Steve um how do you make certain and make sure that individuals 2.0 group is on top of an ever-changing landscape and that your customers are fully supported and I’ll arrange this into 3 crucial things we carry out in primarily you need to have the best team so we work with a team of international specialists in Employment Practices um that ex that group of professionals consists of attorneys it includes payroll experts it consists of HR professionals and these are people that not only know the laws in these in these countries and areas but they also know the languages they understand the local practices they understand the cultures and it is very important to have that best team and truly have the group on the ground uh dealing 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 financial information is essential for decision-making. The platform’s reporting capabilities empower me to make educated tactical choices based upon real-time insights into our worldwide payroll information.
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 obtained rights regulation otherwise referred to as the 2p policies in the UK the working time regulations which has actually had different hairs of that legislation checked particularly around holiday pay and of course as Kathy’s going to come on to discuss later employment status which there’s been several precedence set over the years so I think it’s really that continuous evolution of the work law landscape that you actually require to navigate when when working in Europe alright thank you Elizabeth Ray what about you from your personal experience while crossing the pond as mentioned each country has different guidelines however the United States is basically 50 nations
Scalability for Organization Development:
Among the standout features of Papaya Global is its scalability. As our company continues to grow and expand into new markets, the software application perfectly accommodates modifications in our workforce and payroll requirements. This scalability makes sure that our payroll facilities can adjust to the evolving requirements of our global company.
Worldwide Chief legal officer we’ve 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 collectively these three people have Decades of experience in in work law and worldwide Work Practices so thank you it’s an enjoyment to be with everybody here today seems like we’ve got the right people with us today and in in addition to to those well we likewise have among 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 company for around 4 and a half years as head of Partnerships I have established Papaya’s network of in-country Partners in over 160 locations on an individual aspect and related to our subject today I have actually had the opportunity to transfer and work in 3 different nations it is the company’s responsibility to ensure my protection while residing in a foreign nation compliance with local laws and policies is important for me or anybody else as an expat or as a local so today we have invited our relied on Partners individuals 2.0 to show the value of regional
expertise when companies Go International thank you and take pleasure in all right thank you as I stated let’s carry on to the pact program today’s webinar is a chance to ask the panel the questions you have actually been considering we’ll discuss the truths a business requires to think about when opening a brand-new entity and broadening into brand-new countries as well as keeping things going we’ll cover aspects such as regional policies considerations when employing compliance essential obstacles payments and what not to do it is among the most crucial things remembering what not to do um operating on a global level is not for the faint-hearted the bigger a company grows the more they require to comprehend and handle knowing what to do in each new situation as it increases is necessary on lots of levels comprehending regional policies and local laws along with business practices assists alleviate Associated and global growth papaya through our local professionals can browse prospective dangers such as copyright defense data privacy security concerns ensuring the company’s operations stay compliant and safe tax Social Security returns and remittances differ by nation
In conclusion, Papaya Global Software application has proven to be an important possession in our quest for efficient and certified international payroll management. As the CFO of a worldwide business, I am positive in recommending Papaya Global to organizations seeking to simplify their payroll processes, enhance compliance, and achieve greater efficiency in managing their worldwide labor force. The software’s ingenious features and commitment to quality line up with our strategic objectives, making it an important part of our monetary operations.
publicly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the openly revealed settlements there’s also significant legal costs there’s there’s other penalties there’s other costs behind that too so the total cost can be really considerable in the tens of countless dollars or more and and those quantities are growing uh the reason that companies are getting it so wrong is actually simply the rules are complex and they’re changing all the time believe ir-35 in the UK which has actually been an ongoing development for a number of years now and and still a lot of unpredictability amongst companies on what it truly implies and how you handle it most employers are just not familiar with the guidelines and and act as if the the rules 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 perspective alright thank you Stephen and moving back to yourself Ray it’s not only the company that suffers in the long run what effects can this have on the employee Papaya Global Adding Attachment Of Earnings specifically when it pertains to their own tax liabilities social security and advantages for instance jury and undoubtedly the employees the other side of the coin
I discover time and time again the workers typically misclassified unknowingly they do not comprehend the conditions of employment or agreement and are told by the client why it’s most advantageous mainly to the customer why you ought to be utilized or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be impacted and several 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 And so on so it’s a huge impact that they never ever understood they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy companies are getting insurance coverage against misclassification but normally premiums are only covering the expense of legal costs whilst the average claim evaluated against employers corresponds to to 40 or 50 percent of the base pay of employee is there any point in taking out insurance and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes charge and interest most of the times 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 saying is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK
Cost Factors to consider and Papaya Global Adding Attachment Of Earnings …
The detailed features of come at a cost,
Over the past couple of decades, the workforce has gone through a considerable improvement with the introduction of remote work, which has actually eliminated geographical restrictions on hiring. This has actually enabled organizations to recruit skill from all over the world, enabling them to put together the best possible group for each role. As a result, staff members have actually gotten greater flexibility to work from home and increase their incomes without having to move to pricey locations or commute fars away. According to a 2022 survey, 87% of workers who have the choice to work remotely choose to do so. The COVID-19 pandemic, integrated with advancements in enterprise connection software application, has actually even more sped up the shift towards remote work, even in industries that were initially hesitant to adopt the pattern.
insights are valuable to us and and your fellow attendees so first things first though um let’s be familiar with everyone my name is Ian Charles and I’ve worked in payroll for the last 25 years I’ve had roles in all type of Industries retail and Charm to Aerospace in all types of organizations startup to matrixed environments around the world I provided management and method to populations of more than 100,000 employees on a regular monthly basis and in over 170 nations today I’m the perel strategist for papaya
International I work across the business man maning and developing external relationships supporting Enterprise clients and services and functioning as a consultant I wish to present our very first Greg um visitor Greg who will kick things off by telling us um who he is and a bit more about bamboo HR Greg over to you thanks Ian yeah as Ian said my name is Greg Piper uh I am the senior business counsil at bambo HR so I lead our internal legal team and in fact work really closely with our um HR department too to handle various legal and HR matters that turn up so really thrilled to be here about bambo HR if if you’re not acquainted with us uh at bambo HR we state our objective is to set you as HR experts totally free to do great
Although Papaya Global provides integrations with different HR and finance systems, we encountered some obstacles during the combination process. Personalizing the software to align with our existing infrastructure showed to be more complicated than anticipated, leading to delays in the initial rollout.
The extensive functions provided by Papaya Global come at a cost, which a few of our smaller sized subsidiaries found to be excessively pricey. As a global company, we had to carefully weigh the requirement for advanced functionality versus budget constraints.
Support Reaction Time:
On occasion, our groups experienced issues that required immediate help. However, the response time from Papaya Global’s consumer support group was not constantly as timely as we would have liked, leading to delays in resolving those problems.
Our application of involved a phased technique. We started by onboarding a few subsidiaries to test the system’s compatibility with our existing procedures. This permitted us to recognize and deal with combination challenges early on. As the software became more ingrained in our operations, we slowly broadened its use to cover our whole global labor force.
The automated functions structured our payroll procedures, minimizing the time spent on manual calculations and compliance tracking. Regular training sessions and ongoing support from Papaya assisted our teams become skilled users of the software, maximizing its capacity for our organization.
However, paying a labor force can be complex. It is particularly challenging for companies who use personnel throughout several countries, as they need to constantly consolidate different information streams, manually track local and national labor and policies, and spend important time and resources to set up regional entities in brand-new locations. These business are faced with suboptimal, pricey options, like opening a foreign subsidiary or working with an expert work organization, which is a local firm that employs workers on their behalf and can charge up to 15% of. By 2022, 75% of companies reported trouble recruiting qualified personnel, a boost 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 service supporting all forms of employment. It offers an end-to-end platform, from staff member onboarding and ongoing management to global payments and. It assists business with labor law compliance in the jurisdictions in which they run, provides management of work advantages, and makes sure data personal privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. A business owner with 15 years of experience, she is a leading expert in payroll and workforce management. She co-founded after seeing the innovation space in global.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please be sure to participate in the total webcast in order to receive your credits if you have any questions 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 study please make sure to complete it as quickly as the webcast has 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 embark on a journey of data to regulation achieving
360 degree staff member compliance where we’ll dive into the essential elements of the staff member compliance management design throughout the session we’ll explore real life challenges genuine regional policies finest practices and the role of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to protect your organization and employees while staying certified in an
Ever evolving regulatory environment in the everchanging world of service and financing ensuring compliance with payroll policies is not just important but also a legal vital from the moment of hiring to the in intri intricacies even sorry of termination every step along the employee journey is Frau with compliance threats that have far-reaching consequences however with a much deeper more nuanced understanding of their commitments organizations can not only navigate the elaborate landscape but also proactively ensure this 360 degree compliance the webinar is designed to equip you with the understanding and tools required to browse the complex Surface of compliance whether you’re an experienced P professional a small business owner or someone brand-new to the field what I wish to do before we start and I believe it’s actually important
In our mission to improve effectiveness and precision in handling our international workforce, our international corporation turned to, a leading and workforce management software. The shift intended to streamline the complex task of managing across various nations, currencies, and compliance regulations.
Among the standout functions of is its robust compliance management system. The software application instantly updates itself to stick to ever-evolving tax and labor laws across multiple jurisdictions. This has actually been vital in guaranteeing that our processes remain compliant in each country of operation.
is to state that the content here is illegal advice it is simply for your information please consult your legal group needs to you have any questions or issues in relation to anything that we’ve discussed today our key take essential 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 sort of your core staff member record um to handle that worker life cycle throughout their Journey with you as as an employee in addition to a payroll module we need to help you pay those staff members and compensate them and advantages Administration module that allows you to help handle the advantages you provide to your employees so actually thrilled to be here represent um bamb booy container and speak about this topic um and I think from my perspective I’ll I’ll probably offer a great deal of a focus on the US side of things when we discuss sort of compliance so pleased to be here thanks for having me Ian all right thanks Greg um Gina over to you would you like to introduce yourself and inform the audience a bit about papay global yes definitely thank you Ian hello everybody I’m Gina dorelis I’m the Employment professional manager.
at I manage the employment Council in the US APAC EMA and Israel area I also serve as us Council for I’m certified in New York 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 supplier to employees serving in over.
160 nations okay thank you so both I feel totally underqualified sitting here with you both well I forgot to discuss as we were kind of like going through the introduction so it’s truly actually great to actually see in the webinar chat where everybody’s in fact participating in from today I can see that we have individuals in Las Vegas and Indiana currently so if you wish to carry on tell where you are that would be definitely great whilst we just await everybody else to type of like join in there we go Chicago too well um so whil we’re doing that I’m waiting on everybody to kind of join I’ll just run us through the agenda um today we are going to talk about working with Skill brand-new greater Details Management termination compliance and automation wow the chat has actually got actually actually busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from definitely everywhere which is wonderful so uh I’m hoping that we’re actually going to have some truly fantastic commentary and questions throughout the uh the webinar too all right 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 an employee and their data is Papaya Global Adding Attachment Of Earnings diverse without fail and an.
Ever developing relationship that starts the minute a person joins an organization it continues throughout their work and Beyond this journey can be divided into k to several essential phases whilst we’re actually you know that they’re utilized with us so on boarding daily operations compensation and benefits professional development then we get to the offboarding and even advocacy so it even happens after the employee has left your work throughout the journey organizations are responsible for collecting saving securing employee data in compliance with information privacy policies no matter where it is you’re operating around the world it typically includes executing secure information management systems and making sure strict adherence to local requirements to secure both the staff member and the organization the advancement of worker information and management c.