A CFO’s Perspective on Papaya Global Vs Papaya Global For Payroll…
Papaya Global’s platform simplifies international labor force management for companies, ensuring compliance with regional guidelines and tax laws. Their services encompass payroll processing, advantages administration, compliance oversight, time and participation tracking, and HR support. The platform centralizes worldwide 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 international company operations, managing payroll throughout borders can be a complex and difficult task. As the Chief Financial Officer (CFO) of a global business, I comprehend the vital significance of effective and compliant payroll management. In our pursuit of quality, we have actually welcomed innovative services to enhance our processes, and one such transformative tool is Software.
The Obstacle of International Payroll:
Worldwide expansion produces diverse difficulties, and payroll management is no exception. Differing tax guidelines, varying employment laws, and several currencies make it vital for companies to embrace sophisticated options to ensure accuracy, compliance, and performance in payroll processing.
Software: A Comprehensive Service:
It is essential to consider and consist of post-termination limitations in the employment agreement to make sure enforceability. You should carefully determine what you are seeking to protect and clearly specify the confidential information that falls within its scope. Furthermore, specify the period of the post-termination constraint and be prepared to validate it in relation to copyright. The guidelines relating to copyright differ depending on the kind of IP and the jurisdiction. For example, in the Netherlands, completion customer is likely to have copyright rights over works produced by employees under their guidance, while in Poland, contractual assignment may be needed.
Papaya Global Software application has become a game-changer in the world of worldwide payroll management. Its cloud-based platform incorporates payroll, workforce management, and employee benefits into a single, user-friendly user interface. As the CFO, I have actually seen firsthand the favorable impact of on our organization’s monetary operations.
Unified Global Payroll Processing:
allows our company to procedure payroll effortlessly throughout multiple countries. The platform’s unified approach allows for constant payroll computations, decreasing errors and ensuring compliance with regional regulations. This has actually considerably alleviated the threats associated with global payroll processing.
also key for if later somebody says misclassification you have your file supported by the requisite documents which the right assessment tools to show someone that you had a thoughtful procedure therefore what do you need to consist of in that process it’s the who the what the where and the when who are you dealing with are you handling a specific or are you handling an individual 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 professional than an employee so for instance 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 need to be on website and handled once again another key factor is the management and guidance of the uh worker and after that finally when is it a specific job is it a six-month project six years all of this is workable but it needs to be recorded 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 enhanced it this year so that we can roll it out worldwide these tools take a questionnaire list for the employee the worker submits and fills these questions out and so does completion customer or the recipient of the services they both put their information into the tool and then it does an examination waiting the various questions due to the fact that not every jurisdiction has the same feeling about some of these questions some believe they’re more vital than others and it comes out with a red yellow or green red you’re most likely a staff member yellow you’re on the cusp we can most likely help you with that in terms of some of the important things you need to boost to ensure that you are given that evaluation of uh independent specialist or green where you were evaluated as an as a independent professional once that examination is done all the requisite files are beneath it so that if later on there
Browsing the intricacies of worldwide work laws and tax guidelines can be frustrating. Papaya Global’s automated compliance engine keeps our company current with changes in guidelines throughout jurisdictions. This ensures that our payroll procedures comply with the current standards, minimizing the threat of non-compliance and associated charges.
network of In-House outside consultants accounting firms and legal firms who assist us keep our databases totally as much as date and we likewise contact we require to when we see an unusual or or especially complex circumstances okay thanks Steve I can simply see a quick concern in the Q a window yes the session will be taped and sent to participants later on um returning to to the webinar itself Ray company of record is regulated differently all over the world and the German law for instance it’s classed as staff member leasing can you shed any light on some of the special factors to consider for countries and where the eor design isn’t managed yes Ian employee leasing or labor leasing as it’s also called which is prevalent in numerous countries particularly in Europe imposes stringent policies on items such as the length of assignment it also assigns workers to collective bargaining agreements that provides rights and advantages however even in the nations that do not have those stringent policies for example the UK Canada and the nordics there are policies for each nation and each employee is dealt with the same as all the other employees in that nation and all those regulations need to be abided by fine thank you Ray um Kathy moving I would state to yourself what do business require to consider when determining agreement status to safeguard themselves and the rights of hires what are the benefits and drawbacks of working with specialists and Freelancers versus permanent employees so obviously the the benefit of specialists versus employees is the the flexibility for both the employee and for the employer um however I can’t worry enough how essential it is to have a constant extensive and a well-documented compliance
Papaya Global Vs Papaya Global For Payroll and Time Savings:
The software application’s automation capabilities have considerably decreased the time and effort required for payroll processing. Manual information entry and repeated jobs have been reduced, enabling our finance team to concentrate on strategic efforts instead of administrative burdens. This has resulted in increased effectiveness and performance within our monetary operations.
in one because each state has its own regulations Californians are some of the most stringent an example is pay slips on a payslip in California the right information has to be on the payslip in the ideal format and in the ideal position if you remain in breach of of policies for payslips the fines are released per payslip so that’s each staff member 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 two hiring in one country is challenging enough however when hiring in a you understand on a global level it’s an entirely different story you need to make sure that you depend on date with existing along with pending local labor laws Steve um how do you make certain and make sure that the people 2.0 group is on top of an ever-changing landscape which your clients are fully supported and I’ll arrange this into 3 crucial things we do in firstly you require to have the right group so we hire a team of worldwide experts in Employment Practices um that ex that team of experts includes lawyers it consists of payroll experts it consists of HR professionals and these are individuals that not just know the laws in these in these countries and areas but they also know the languages they understand the regional practices they understand the cultures and it is very important to have that right team and truly have the team on the ground uh working with cl
Real-time Analytics and Reporting:
Papaya Global offers comprehensive real-time analytics and reporting tools. As a CFO, having access to accurate and timely monetary information is essential for decision-making. The platform’s reporting capabilities empower me to make informed tactical decisions based upon real-time insights into our worldwide payroll data.
application and its scope and the manner in which 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 directive otherwise called the 2p regulations in the UK the working time guidelines which has had numerous hairs of that legislation checked especially around vacation pay and of course as Kathy’s going to come on to talk about later on employment status which there’s been numerous precedence set for many years so I think it’s actually that consistent development of the work law landscape that you actually require to browse when when working in Europe alright thank you Elizabeth Ray what about you from your personal experience while moving across the pond as discussed each nation has various policies but the United States is basically 50 nations
Scalability for Business Development:
One of the standout features of Papaya Global is its scalability. As our business continues to grow and expand into new markets, the software perfectly accommodates modifications in our workforce and payroll requirements. This scalability ensures that our payroll facilities can adapt to the evolving requirements of our global organization.
Global 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 customer service and I would state separately and collectively these three people have Decades of experience in in work law and worldwide Employment Practices so thank you it’s a pleasure to be with everyone 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 delete share head of Global Services at papaya Global tell us about yourself thank you Elin Ian hello my name is Elite I have actually been with the business for around four and a half years as head of Partnerships I have actually developed 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 relocate and work in three various nations it is the company’s duty to guarantee my defense while living in a foreign nation compliance with regional laws and policies is important for me or anybody else as an expat or as a local so today we have actually invited our trusted Partners people 2.0 to demonstrate the value of local
know-how when companies Go Global thank you and enjoy all right thank you as I said let’s move on to the pact program today’s webinar is an opportunity to ask the panel the concerns you have actually been considering we’ll discuss the truths a business needs to consider when opening a brand-new entity and broadening into brand-new countries in addition to keeping things going we’ll cover elements such as local policies considerations when working with compliance essential difficulties payments and what not to do it’s one of the most essential things remembering what not to do um operating on a worldwide level is not for the faint-hearted the larger a business grows the more they need to understand and manage knowing what to do in each new circumstance as it increases is essential on lots of levels understanding regional regulations and regional laws in addition to company practices assists reduce Associated and international expansion papaya through our local specialists can navigate prospective dangers such as intellectual property defense information personal privacy security concerns ensuring the company’s operations stay compliant and secure tax Social Security returns and remittances differ by country
In conclusion, Papaya Global Software has shown to be an invaluable possession in our mission for efficient and compliant international payroll management. As the CFO of an international business, I am confident in recommending Papaya Global to companies looking for to streamline their payroll processes, enhance compliance, and accomplish greater effectiveness in handling their global labor force. The software’s ingenious functions and commitment to quality align with our strategic goals, making it an important part of our monetary operations.
I find time and time again the workers typically misclassified unwittingly they do not comprehend the conditions of employment or contract and are told by the client why it’s most advantageous primarily to the client why you need to be utilized or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and health care advantages of the employee 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 actually gone by they have not contributed to pensions Etc so it’s a huge impact that they never knew they were walking into you could not agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy business are getting insurance against misclassification but generally premiums are just covering the cost of legal costs whilst the typical claim evaluated versus companies corresponds to to 40 or 50 percent of the base salary of employee exists any point in taking out insurance and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge and interest most of the times I have not seen it a minimum of so uh the the other area that I do believe if you managed to get the protection what we are saying is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK
Expense Factors to consider and Papaya Global Vs Papaya Global For Payroll …
The comprehensive features of come at an expense,
Current decades have seen a remarkable modification to the labor force as the rise of remote work has broken down geographical barriers to hiring. Businesses can now work with personnel from anywhere worldwide, permitting them to access the very best offered talent for any given function. This provides employees more flexibility to work from home and increase their earnings without relocating to costly locations or travelling fars away. A 2022 study found that 87% of workers who have the possibility to work from another location take that chance. The break out of COVID-19, in conjunction with new enterprise connection software, sped up the transfer to remote work, including in industries previously hesitant to welcome the trend.
insights are important to us and and your fellow guests so first things initially though um let’s get to know everyone my name is Ian Charles and I have actually worked in payroll for the last 25 years I have actually had roles in all type of Industries retail and Appeal to Aerospace in all types of businesses startup to matrixed environments across the globe I offered management and method to populations of more than 100,000 employees on a regular monthly basis and in over 170 countries today I’m the perel strategist for papaya
Global I work across business guy maning and building external relationships supporting Business customers and solutions and functioning as an advisor I ‘d like 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 internal legal group and really work extremely carefully with our um HR department also to manage various legal and HR matters that come up so truly delighted to be here about bambo HR if if you’re not knowledgeable about us uh at bambo HR we state our mission is to set you as HR specialists free to do great
Although Papaya Global offers integrations with numerous HR and financing systems, we encountered some hurdles during the integration process. Personalizing the software application to align with our existing facilities showed to be more intricate than expected, resulting in hold-ups in the initial rollout.
The extensive functions used by Papaya Global come at a cost, which some of our smaller subsidiaries found to be prohibitively costly. As a worldwide company, we needed to carefully weigh the need for sophisticated functionality against budget restrictions.
Support Reaction Time:
On occasion, our groups experienced issues that required urgent assistance. However, the reaction time from Papaya Global’s customer assistance team was not constantly as prompt as we would have liked, resulting in hold-ups in dealing with those problems.
Our implementation of involved a phased method. We began by onboarding a few subsidiaries to evaluate the system’s compatibility with our existing processes. This enabled us to determine and deal with combination challenges early on. As the software application became more ingrained in our operations, we slowly broadened its use to cover our whole international labor force.
The automated features streamlined our payroll processes, reducing the time invested in manual estimations and compliance tracking. Routine training sessions and continuous assistance from Papaya helped our teams end up being proficient users of the software application, maximizing its capacity for our company.
Nevertheless, paying a labor force can be complex. It is particularly challenging for business who use personnel across several nations, as they should constantly combine various data streams, manually track local and nationwide labor and regulations, and spend valuable time and resources to set up regional entities in brand-new areas. These companies are confronted with suboptimal, expensive choices, like opening a foreign subsidiary or employing an expert employment company, which is a local company that hires workers on their behalf and can charge up to 15% of. By 2022, 75% of companies reported trouble hiring qualified workers, an increase of 21% from 2019. The payroll & HR options market was valued at $26.4 billion in 2022 and is projected to reach $50.4 billion by 2030.
uses an option supporting all kinds of work. It offers an end-to-end platform, from employee onboarding and ongoing management to global payments and. It helps companies with labor law compliance in the jurisdictions in which they operate, provides management of employment advantages, and ensures information 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 labor force management. She co-founded after seeing the innovation space in international.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please make sure to participate in the total 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 internet browser with the webcast study please make certain to finish 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 enjoyed have you here as we embark on a journey of information to policy achieving
360 degree worker compliance where we’ll dive into the important elements of the employee compliance management model throughout the session we’ll explore real life difficulties real regional guidelines best practices and the function of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to secure your organization and workers while remaining certified in an
Ever developing regulatory environment in the everchanging world of company and finance guaranteeing compliance with payroll policies is not just essential however likewise a legal imperative from the moment of hiring to the in intri complexities even sorry of termination every step along the staff member journey is Frau with compliance dangers that have significant effects however with a much deeper more nuanced understanding of their commitments organizations can not only navigate the complex landscape however likewise proactively guarantee this 360 degree compliance the webinar is developed to equip you with the knowledge and tools needed to browse the complex Terrain of compliance whether you’re an experienced P expert a small company owner or someone new to the field what I would like to do before we start and I think it’s truly important
In our quest to improve efficiency and precision in handling our global workforce, our multinational corporation turned to, a leading and labor force management software application. The shift intended to simplify the complex job of managing throughout various countries, currencies, and compliance policies.
One of the standout features of is its robust compliance management system. The software application automatically updates itself to follow ever-evolving tax and labor laws throughout several jurisdictions. This has been indispensable in making sure that our procedures stay certified in each country of operation.
is to state that the content here is illegal guidance it is simply for your information please consult your legal team needs to you have any questions or concerns in relation to anything that we’ve discussed today our secret take essential takeaways by the end of the webinar will be an understanding of worker compliance threats how to hire ly with self-confidence how to simplify information management and automation so let’s take ourselves a moment to acquaint ourselves with the webinar platform once again as we’ve.
work as your hris or is kind of your core employee record um to manage that employee life cycle throughout their Journey with you as as a staff member in addition to a payroll module we need to assist you pay those workers and compensate them and benefits Administration module that permits you to help handle the benefits you provide to your workers so truly excited to be here represent um bamb booy container and talk about this subject um and I guess from my point of view I’ll I’ll probably offer a lot of a concentrate on the United States side of things when we talk about type of compliance so delighted 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 little bit about papay international yes definitely thank you Ian hey there everybody I’m Gina dorelis I’m the Work professional manager.
at I handle the work Council in the United States APAC EMA and Israel region I likewise serve as us Council for I’m licensed in New york city and New Jersey um we make sure compliance onboarding and offboarding of workers with regard to papaya we offer payroll payments and workforce management as a Service work force supplier to workers serving in over.
160 nations alright thank you so both I feel entirely underqualified sitting here with you both well I forgot to discuss as we were type of like going through the intro so it’s really actually good to really see in the webinar chat where everyone’s in fact participating in from today I can see that we have individuals in Las Vegas and Indiana currently so if you want to continue inform where you are that would be definitely great whilst we just wait on everybody else to type of like participate in there we go Chicago also well um so whil we’re doing that I’m awaiting everybody to sort of join I’ll just run us through the program um today we are going to go over employing Talent new greater Information Management termination compliance and automation wow the chat has actually got actually really busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from definitely all over which is fantastic so uh I’m hoping that we’re really going to have some truly fantastic 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 Privacy side of things so the the Journey of a staff member and their data is Papaya Global Vs Papaya Global For Payroll complex without fail and an.
Ever developing relationship that starts the moment an individual joins a company it continues throughout their employment and Beyond this journey can be divided into k to several key stages whilst we’re in fact you know that they’re utilized with us so on boarding day-to-day operations settlement and advantages expert advancement then we get to the offboarding and even advocacy so it even occurs after the staff member has actually left your employment throughout the journey organizations are accountable for collecting keeping safeguarding employee information in compliance with data privacy guidelines no matter where it is you’re operating around the world it typically involves carrying out safe information management systems and guaranteeing stringent adherence to regional requirements to protect both the employee and the organization the advancement of worker data and management c.