A CFO’s Point of view on Papaya Global What To Do When Someone Leaves…
The platform allows companies to manage their global labor force and abide by regional work guidelines and tax laws. Papaya Global provides a series of services, consisting of payroll management, benefits administration, compliance management, time and attendance tracking, and HR management. The platform is created to streamline the complexities of global payroll and provide real-time exposure and control over payroll operations. The business was founded in 2016 and is headquartered in Tel Aviv, Israel, with offices in New York, London, and Kiev.
In the dynamic landscape of global organization operations, handling payroll across borders can be a complex and difficult job. As the Chief Financial Officer (CFO) of an international business, I comprehend the vital value of efficient and certified payroll management. In our pursuit of excellence, we have welcomed ingenious solutions to streamline our processes, and one such transformative tool is Software.
The Obstacle of Worldwide Payroll:
International growth produces diverse difficulties, and payroll management is no exception. Differing tax regulations, differing employment laws, and numerous currencies make it important for organizations to adopt advanced solutions to make sure precision, compliance, and efficiency in payroll processing.
Software application: A Comprehensive Option:
It is crucial to consider and include post-termination constraints in the employment agreement to make sure enforceability. You need to carefully determine what you are seeking to secure and plainly specify the secret information that falls within its scope. Furthermore, define the duration of the post-termination restriction and be prepared to validate it in relation to copyright. The rules concerning intellectual property vary depending upon the kind of IP and the jurisdiction. For example, in the Netherlands, completion client is most likely to have copyright rights over works produced by workers under their guidance, while in Poland, legal assignment may be needed.
Papaya Global Software has become 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 interface. As the CFO, I have seen firsthand the favorable effect of on our organization’s monetary operations.
Unified International Payroll Processing:
enables our business to process payroll seamlessly throughout several nations. The platform’s unified technique allows for consistent payroll calculations, decreasing errors and ensuring compliance with local guidelines. This has actually considerably reduced the risks related to international payroll processing.
also essential for if in the future someone says misclassification you have your file supported by the requisite files and that the ideal assessment tools to show somebody that you had a thoughtful procedure and so what do you have to include because process it’s the who the what the where and the when who are you dealing with are you dealing with 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 example accounting
I.T crafting the creatives these all lend themselves more to that examination 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 factor is the management and guidance of the uh employee and after that finally when is it a particular job is it a six-month project six years all of this is manageable but it has to be documented and it needs to be completely um examined so we have a tool we call it ic2 we had an ic1 and we have actually improved it this year so that we can roll it out internationally these tools take a questionnaire list for the worker the employee completes 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 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 concerns some think they’re more vital 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 probably help you with that in regards to some of the things you need to reinforce to ensure that you are given that examination 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 underneath it so that if in the future there
Navigating the complexities of worldwide employment laws and tax guidelines can be frustrating. Papaya Global’s automated compliance engine keeps our organization updated with changes in regulations across jurisdictions. This guarantees that our payroll procedures abide by the current requirements, reducing the danger of non-compliance and associated charges.
network of In-House outside advisors accounting firms and legal companies who help us keep our databases completely approximately date and we likewise contact we need to when we see an uncommon or or particularly complicated circumstances alright thanks Steve I can simply see a fast concern in the Q a window yes the session will be taped and sent to guests afterwards um moving back to to the webinar itself Ray company of record is managed in a different way 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 staff member leasing or labor leasing as it’s also called which is prevalent in several nations especially in Europe enforces strict regulations on products such as the length of project it also designates employees to collective bargaining arrangements that gives them rights and benefits however even in the countries that don’t have those stringent regulations for example the UK Canada and the nordics there are guidelines for each nation and each employee is dealt with the same as all the other workers in that nation and all those guidelines require to be complied with all right thank you Ray um Kathy moving I would say to yourself what do business require to factor in when determining agreement status to protect themselves and the rights of hires what are the pros and cons of working with professionals and Freelancers versus long-term employees so clearly the the benefit of professionals versus employees is the the versatility for both the employee and for the employer um however I can’t stress enough how essential it is to have a constant extensive and a well-documented compliance
Papaya Global What To Do When Someone Leaves and Time Savings:
The software’s automation capabilities have actually considerably decreased the time and effort needed for payroll processing. Handbook information entry and repetitive jobs have been reduced, permitting our financing team to concentrate on strategic efforts rather than administrative concerns. This has actually led to 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 right format and in the ideal position if you’re in breach of of guidelines for payslips the fines are issued per payslip so that’s each staff member each pay slip will sustain a fine thanks Ray thank you Elizabeth a lot to worry to think about and we’re just two concerns in and 10 minutes or so working with in one country is challenging enough but 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 present along with pending local labor laws Steve um how do you make certain and guarantee 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 most importantly you need to have the right group so we employ a team of global experts in Work Practices um that ex that group of experts consists of legal representatives it includes payroll experts it includes HR experts and these are people that not just understand the laws in these in these nations and regions however they likewise know the languages they know the local practices they understand the cultures and it’s important to have that best team and genuinely have the group on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global offers detailed real-time analytics and reporting tools. As a CFO, having access to accurate and timely financial information is essential for decision-making. The platform’s reporting capabilities empower me to make informed tactical choices based upon real-time insights into our worldwide payroll information.
The practical application and degree of the application to employment law can be evaluated through the legal system using case law examples. For instance, the gotten rights directive, also referred to as the 2p guidelines in the UK, and the working time guidelines have actually undergone different legal interpretations, particularly regarding holiday pay. In addition, the principle of work status has actually seen numerous legal precedents over the
Scalability for Business Development:
Among the standout functions of Papaya Global is its scalability. As our company continues to grow and broaden into new markets, the software application flawlessly accommodates modifications in our labor force and payroll requirements. This scalability guarantees that our payroll facilities can adjust to the developing needs of our international company.
Worldwide Chief legal officer we have actually got Elizabeth Beal who is our primary legal officer for Amia and we have actually got Ray Glimpse who is our senior vice president of customer service and I would state individually and collectively these 3 people have Years of experience in in employment law and global Work Practices so thank you it’s an enjoyment to be with everyone here today sounds like we have actually got the right people with us today and in in addition to to those well we likewise have one of our own Stars erase share head of Global Services at papaya International tell us about yourself thank you Elin Ian hi my name is Elite I’ve been with the company for around 4 and a half years as head of Collaborations 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’ve had the opportunity to move and work in 3 different countries it is the business’s duty to guarantee my defense while residing in a foreign country compliance with regional laws and regulations is vital 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 significance of local
know-how when business Go International thank you and delight in alright thank you as I said let’s move on to the pact agenda today’s webinar is an opportunity to ask the panel the concerns you’ve been thinking of we’ll go over the realities a business needs to consider when opening a new entity and expanding into brand-new nations along with keeping things going we’ll cover aspects such as regional guidelines factors to consider when working with compliance crucial difficulties payments and what not to do it is among the most important things remembering what not to do um operating on an international level is not for the faint-hearted the larger a business grows the more they require to understand and manage understanding what to do in each brand-new scenario as it increases is necessary on numerous levels understanding regional policies and local laws along with company practices helps mitigate Associated and international expansion papaya through our local professionals can browse prospective dangers such as copyright defense data personal privacy security issues making sure the company’s operations stay compliant and safe tax Social Security returns and remittances vary by nation
In conclusion, Papaya Global Software application has shown to be an indispensable possession in our quest for effective and certified global payroll management. As the CFO of a global business, I am positive in recommending Papaya Global to organizations looking for to improve their payroll processes, boost compliance, and accomplish greater effectiveness in handling their worldwide workforce. The software’s innovative features and dedication to excellence align with our strategic objectives, making it an essential part of our monetary operations.
I find time and time again the employees often misclassified unwittingly they do not understand the conditions of employment or contract and are told by the customer why it’s most advantageous mainly to the customer why you need to be used or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and health care privileges of the employee can be impacted and numerous times it can be years before this all falls out and by that time it’s far too late years have actually passed they have not contributed to pensions And so on so it’s a big effect that they never ever knew they were walking into you could not agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy business are getting insurance coverage versus misclassification however generally premiums are only covering the cost of legal fees whilst the typical claim assessed against companies equates to to 40 or half of the base salary of worker exists any point in getting insurance coverage 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 in many cases I haven’t seen it at least so uh the the other location that I do think 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 protection on the basis of the truth that you were not in compliance with laws um in the UK
Cost Factors to consider and Papaya Global What To Do When Someone Leaves …
The thorough features of come at a cost,
Recent decades have actually seen a remarkable change to the workforce as the increase of remote work has broken down geographical barriers to hiring. Services can now employ staff from anywhere worldwide, enabling them to access the very best readily available skill for any provided function. This provides employees more flexibility to work from home and increase their earnings without relocating to costly areas or commuting cross countries. A 2022 survey found that 87% of employees who have the possibility to work remotely take that chance. The outbreak of COVID-19, in conjunction with new business connectivity software application, sped up the relocate to remote work, consisting of in industries formerly reluctant to embrace the pattern.
insights are valuable to us and and your fellow participants so first things initially though um let’s learn more about everybody my name is Ian Charles and I have actually worked in payroll for the last 25 years I have actually had functions in all kind of Industries retail and Charm to Aerospace in all kinds of organizations start-up to matrixed environments across the globe I provided management and method to populations of more than 100,000 workers 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 solutions and functioning as an advisor I ‘d like to present 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 business counsil at bambo HR so I lead our in-house legal team and really work very closely with our um HR department also to deal with numerous legal and HR matters that turn up so truly excited to be here about bambo HR if if you’re not acquainted with us uh at bambo HR we state our mission is to set you as HR specialists totally free to do fantastic
Although Papaya Global provides integrations with various HR and finance systems, we encountered some difficulties during the combination process. Personalizing the software application to align with our existing infrastructure showed to be more complex than expected, leading to delays in the preliminary rollout.
The extensive functions provided by Papaya Global come at an expense, which a few of our smaller subsidiaries discovered to be prohibitively costly. As an international company, we had to thoroughly weigh the need for advanced performance against spending plan constraints.
Assistance Reaction Time:
On occasion, our teams experienced problems that needed immediate help. However, the response time from Papaya Global’s customer assistance group was not constantly as prompt as we would have liked, causing delays in dealing with those issues.
Our implementation of included a phased method. We started by onboarding a couple of subsidiaries to check the system’s compatibility with our existing processes. This enabled us to recognize and attend to integration difficulties early on. As the software became more ingrained in our operations, we slowly expanded its usage to cover our entire worldwide workforce.
The automated functions streamlined our payroll procedures, reducing the time invested in manual estimations and compliance tracking. Regular training sessions and continuous assistance from Papaya assisted our teams become skilled users of the software application, maximizing its potential for our organization.
Companies that staff member workers across several countries often deal with detailed challenges when it comes to handling their workforce. Among the greatest obstacles is combining various information streams and adhering to diverse regional and nationwide labor guidelines, which can be both time-consuming and costly. Additionally, setting up regional entities in brand-new regions can be a costly and suboptimal choice, with options such as opening a foreign subsidiary or employing a professional work organization (PEO) often charging up to 15% of the payroll. These difficulties have resulted in a substantial increase in difficulty hiring qualified workers, with 75% of employers 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.
uses a service supporting all forms of employment. It provides 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 work benefits, and makes sure data privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. An entrepreneur with 15 years of experience, she is a leading specialist in payroll and labor force management. She co-founded after seeing the technology gap in international.
papaya this webcast has been pre-approved for hrci and Sherm credit please make sure to go to the total webcast in order to get your credits if you have any questions during 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 study please be sure to finish it as soon as the webcast has actually ended it is now my pleasure to turn it over to Pap and bamboo HR for their discussion hi and thank you for joining us today we’re thrilled to have you here as we start a journey of data to policy accomplishing
360 degree employee compliance where we’ll dive into the vital aspects of the employee compliance management model throughout the session we’ll explore real world obstacles real regional regulations best practices and the function of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to protect your company and workers while staying certified in an
Ever evolving regulative environment in the everchanging world of company and finance ensuring compliance with payroll regulations is not only important but also a legal imperative from the moment of employing 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 nevertheless with a deeper more nuanced understanding of their obligations companies can not only navigate the complex landscape however also proactively ensure this 360 degree compliance the webinar is developed to equip you with the knowledge and tools required to browse the complex Surface of compliance whether you’re a skilled P expert a small company owner or somebody new to the field what I want to do before we begin and I believe it’s really essential
In our mission to enhance performance and precision in managing our international workforce, our multinational corporation turned to, a leading and labor force management software application. The shift aimed to simplify the complex job of managing across various countries, currencies, and compliance policies.
One of the standout functions of is its robust compliance management system. The software application automatically updates itself to adhere to ever-evolving tax and labor laws throughout several jurisdictions. This has actually been vital in guaranteeing that our procedures stay compliant in each country of operation.
is to state that the content here is illegal suggestions it is merely for your details please consult your legal team needs to you have any concerns or concerns in relation to anything that we have actually talked about today our secret take key takeaways by the end of the webinar will be an understanding of employee compliance threats how to hire ly with confidence how to simplify information management and automation so let’s take ourselves a minute to familiarize ourselves with the webinar platform once again as we’ve.
act as your hris or is type of your core staff member record um to handle that employee life cycle throughout their Journey with you as as a staff member in addition to a payroll module we need to help you pay those workers and compensate them and advantages Administration module that allows you to help handle the benefits you provide to your staff members so really delighted to be here represent um bamb booy container and speak about this subject um and I guess from my point of view I’ll I’ll most likely supply a lot of a concentrate on the US side of things when we speak about type of compliance so delighted to be here thanks for having me Ian fine thanks Greg um Gina over to you would you like to present yourself and inform the audience a little bit about papay worldwide yes absolutely thank you Ian hi everyone I’m Gina dorelis I’m the Employment specialist manager.
at I handle the work Council in the United States APAC EMA and Israel area I likewise work as us Council for I’m licensed in New York and New Jersey um we guarantee compliance onboarding and offboarding of employees with regard to papaya we supply payroll payments and workforce management as a Service work force company 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 point out as we were kind of like going through the introduction so it’s actually truly nice to actually see in the webinar chat where everyone’s really going to from today I can see that we have individuals in Las Vegas and Indiana already so if you want to continue tell where you are that would be absolutely fantastic whilst we just wait on everyone else to kind of like participate in there we go Chicago too well um so whil we’re doing that I’m waiting for everyone to sort of join I’ll just run us through the agenda um today we are going to talk about hiring Skill brand-new higher Details Management termination compliance and automation wow the chat has actually got really truly busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from definitely all over which is great so uh I’m hoping that we’re in fact going to have some really terrific commentary and concerns throughout the uh the webinar too alright so that’s the agenda then what I wish to Now cover is the the compliance and the Privacy side of things so the the Journey of an employee and their data is Papaya Global What To Do When Someone Leaves multifaceted without fail and an.
Ever progressing 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 several crucial stages whilst we’re really you understand that they’re used with us so on boarding everyday operations compensation and benefits professional development then we get to the offboarding and even advocacy so it even occurs after the staff member has left your work throughout the journey organizations are accountable for collecting storing safeguarding worker data in compliance with information personal privacy regulations no matter where it is you’re operating around the world it often involves executing safe and secure data management systems and ensuring rigorous adherence to local requirements to secure both the employee and the organization the development of worker data and management c.