A CFO’s Viewpoint on Papaya Global Wallis & Futuna…
Papaya Global’s platform enhances global workforce management for business, making sure compliance with local guidelines and tax laws. Their services encompass payroll processing, benefits administration, compliance oversight, time and attendance tracking, and HR support. The platform centralizes worldwide payroll operations, offering companies with real-time insights and control. Founded in 2016, Papaya Global has actually expanded to Tel Aviv, New York City, London, and Kiev.
In the vibrant landscape of global service operations, handling payroll across borders can be a complex and challenging task. As the Chief Financial Officer (CFO) of a global company, I understand the vital significance of efficient and certified payroll management. In our pursuit of quality, we have embraced ingenious solutions to simplify our processes, and one such transformative tool is Software.
The Difficulty of Global Payroll:
Worldwide growth brings about diverse difficulties, and payroll management is no exception. Differing tax policies, varying work laws, and multiple currencies make it imperative for organizations to adopt advanced solutions to ensure accuracy, compliance, and efficiency in payroll processing.
Software: A Comprehensive Service:
It is vital to consider and include post-termination restrictions in the employment agreement to ensure enforceability. You should thoroughly determine what you are looking for to safeguard and plainly define the confidential information that falls within its scope. Additionally, specify the duration of the post-termination restriction and be prepared to justify it in relation to intellectual property. The guidelines regarding copyright vary depending upon the type of IP and the jurisdiction. For instance, in the Netherlands, the end customer is likely to have copyright rights over works produced by employees under their supervision, while in Poland, contractual project might be essential.
Papaya Global Software has actually 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, user-friendly interface. As the CFO, I have actually experienced firsthand the favorable impact of on our organization’s monetary operations.
Unified International Payroll Processing:
enables our company to procedure payroll effortlessly across several nations. The platform’s unified technique permits consistent payroll computations, minimizing mistakes and guaranteeing compliance with local policies. This has actually considerably alleviated the threats connected with worldwide payroll processing.
also key for if later someone says misclassification you have your file supported by the requisite documents and that the best examination tools to show somebody that you had a thoughtful procedure and so what do you need to consist of because procedure it’s the who the what the where and the when who are you handling are you handling a private or are you dealing with a personal Service Corporation and how are they running what are they doing is it the kind of work that lends itself more to being an independent contractor than a worker so for example accounting
I.T engineering the creatives these all provide themselves more to that assessment of being freelancer you understand also uh where are they doing it can they work from anywhere or do they need to be on site and managed once again another essential factor is the management and supervision of the uh employee and then finally when is it a particular task is it a six-month project 6 years all of this is manageable but it needs to be documented and it has to be thoroughly um investigated so we have a tool we call it ic2 we had an ic1 and we’ve improved it this year so that we can roll it out globally these tools take a survey list for the employee the employee completes and fills these concerns out therefore does the end client or the recipient of the services they both put their details into the tool and after that it does an evaluation waiting the different questions because not every jurisdiction has the same sensation about some of these concerns some believe 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 assist you with that in regards to a few of the important things you need to strengthen 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 underneath it so that if later there
Browsing the intricacies of international employment laws and tax regulations can be overwhelming. Papaya Global’s automated compliance engine keeps our company current with changes in policies across jurisdictions. This ensures that our payroll procedures abide by the current requirements, lessening the risk of non-compliance and associated charges.
network of In-House outside advisors accounting firms and legal companies who help us keep our databases entirely up to date and we likewise get in touch with we require to when we see an uncommon or or especially intricate situations alright thanks Steve I can just see a fast question in the Q a window yes the session will be taped and sent out to guests afterwards um moving back to to the webinar itself Ray company of record is regulated in a different way all over the world and the German law for example it’s classified as employee leasing can you shed any light on a few of the special factors to consider for countries and where the eor model isn’t managed yes Ian staff member leasing or labor leasing as it’s also called which prevails in numerous countries specifically in Europe imposes rigorous regulations on products such as the length of project it also designates employees to collective bargaining agreements that provides rights and advantages however even in the nations that do not have those rigorous regulations for example the UK Canada and the nordics there are guidelines for each nation and each worker is dealt with the same as all the other workers in that country and all those regulations need 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 contract status to protect themselves and the rights of hires what are the advantages and disadvantages of working with contractors and Freelancers versus irreversible employees so obviously the the advantage of contractors versus employees is the the versatility for both the worker and for the company um however I can’t stress enough how important it is to have a constant thorough and a well-documented compliance
Papaya Global Wallis & Futuna and Time Savings:
The software’s automation abilities have actually considerably reduced the time and effort needed for payroll processing. Handbook information entry and repeated jobs have actually been minimized, allowing our financing team to concentrate on strategic initiatives rather than administrative problems. This has led to increased effectiveness and productivity within our monetary operations.
in one because each state has its own policies Californians are some of the most strict an example is pay slips on a payslip in California the best info needs to be on the payslip in the ideal format and in the right position if you remain in breach of of policies for payslips the fines are issued per payslip so that’s each employee each pay slip will sustain a great thanks Ray thank you Elizabeth a lot to worry to think of and we’re only two questions in and 10 minutes or so employing in one country is hard enough however when employing in a you understand on a global level it’s a completely different story you require to ensure that you’re up to date with present along with pending regional labor laws Steve um how do you make certain 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 key things we carry out in primarily you need to have the right team so we work with a group of global professionals in Employment Practices um that ex that group of specialists includes legal representatives it consists of payroll specialists it consists of HR specialists and these are individuals that not only understand the laws in these in these countries and areas however they also understand the languages they understand the local practices they know the cultures and it’s important to have that right team and truly have the group on the ground uh working 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 crucial for decision-making. The platform’s reporting capabilities empower me to make educated strategic decisions based upon real-time insights into our global payroll data.
application and its scope and the way that it applies to employment law in practice can be tested through the judicial system by way of case law examples of that would be the gotten rights directive otherwise known as the 2p regulations in the UK the working time policies which has had numerous strands of that legislation tested especially around vacation pay and naturally as Kathy’s going to come on to discuss later on work status which there’s been numerous precedence set for many years so I believe it’s actually that continuous development of the employment law landscape that you really need to navigate when when operating in Europe alright thank you Elizabeth Ray what about you from your individual experience while moving across the pond as mentioned each country has various policies however the United States is basically 50 countries
Scalability for Service Development:
One of the standout functions of Papaya Global is its scalability. As our company continues to grow and broaden into brand-new markets, the software application perfectly accommodates changes in our labor force and payroll requirements. This scalability makes sure that our payroll facilities can adapt to the developing needs of our worldwide company.
Worldwide Chief legal officer we have actually got Elizabeth Beal who is our chief legal officer for Amia and we have actually got Ray Gander who is our senior vice president of customer service and I would say separately and jointly these three individuals have Decades of experience in in employment law and global Work Practices so thank you it’s a satisfaction to be with everyone here today sounds 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 Services at papaya Worldwide tell us about yourself thank you Elin Ian hey there my name is Elite I’ve been with the business for around 4 and a half years as head of Partnerships I have established Papaya’s network of in-country Partners in over 160 areas on a personal aspect and related to our subject today I’ve had the chance to relocate and operate in three different nations it is the business’s responsibility to guarantee my protection while living in a foreign country compliance with local laws and policies is crucial for me or anyone else as an expat or as a local so today we have actually welcomed our trusted Partners individuals 2.0 to show the value of local
expertise when business Go Worldwide thank you and delight 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’ve been thinking of we’ll go over the truths a business needs to consider when opening a new entity and broadening into brand-new countries along with keeping things going we’ll cover aspects such as local policies factors to consider when hiring compliance key challenges payments and what not to do it is among the most crucial things remembering what not to do um operating on a worldwide level is not for the faint-hearted the bigger a business grows the more they need to comprehend and handle understanding what to do in each brand-new circumstance as it increases is important on many levels understanding local regulations and regional laws as well as service practices assists alleviate Associated and worldwide expansion papaya through our regional specialists can browse prospective risks such as intellectual property defense data privacy security concerns making sure the company’s operations remain certified and safe tax Social Security returns and remittances differ by nation
In conclusion, Papaya Global Software application has actually proven to be a vital possession in our mission for effective and certified international payroll management. As the CFO of a worldwide business, I am confident in recommending Papaya Global to companies looking for to improve their payroll procedures, enhance compliance, and accomplish higher performance in managing their worldwide labor force. The software’s innovative functions and dedication to excellence line up with our tactical goals, making it an essential part of our monetary operations.
openly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly revealed settlements there’s likewise substantial legal expenses there exists’s other charges there’s other costs behind that as well so the overall expense can be extremely considerable in the tens of countless dollars or more and and those amounts are growing uh the reason that business are getting it so incorrect is really just the guidelines are complicated and they’re altering all the time believe ir-35 in the UK which has actually been an ongoing advancement for numerous years now and and still a great deal of unpredictability among companies on what it truly means and how you deal with it most companies are merely not aware of the rules and and act as if the the guidelines are the same all over which they’re not so so encourage you to to be really proactive as you’re engaging uh workers from a category viewpoint fine thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what impacts can this have on the worker Papaya Global Wallis & Futuna specifically when it pertains to their own tax liabilities social security and advantages for instance jury and clearly the employees the other side of the coin
I find time and time again the employees frequently misclassified unconsciously they do not understand the conditions of employment or agreement and are told by the customer why it’s optimum primarily to the client why you need to be employed or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s 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 walking into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy business are taking out insurance coverage versus misclassification however normally premiums are only covering the expense of legal charges whilst the average claim assessed against employers corresponds to to 40 or half of the base pay 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 fine print it is not covering the taxes charge and interest in most cases I have not seen it a minimum of so uh the the other area that I do believe if you managed to get the coverage 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
Cost Factors to consider and Papaya Global Wallis & Futuna …
The detailed features of come at a cost,
Recent years have actually seen a dramatic change to the labor force as the increase of remote work has actually broken down geographical barriers to employing. Companies can now hire personnel from anywhere worldwide, allowing them to access the best readily available talent for any given function. This offers employees more freedom to work from home and increase their income without relocating to expensive areas or travelling long distances. A 2022 survey found that 87% of workers who have the possibility to work remotely take that chance. The outbreak of COVID-19, in conjunction with brand-new enterprise connection software, sped up the transfer to remote work, including in industries formerly reluctant to embrace the pattern.
insights are valuable to us and and your fellow participants so first things first though um let’s get to know everyone my name is Ian Charles and I have actually operated in payroll for the last 25 years I have actually had functions in all type of Industries retail and Charm to Aerospace in all kinds of services start-up to matrixed environments across the globe I supplied management and method to populations of more than 100,000 workers on a regular monthly basis and in over 170 countries today I’m the perel strategist for papaya
Worldwide I work throughout the business male maning and developing external relationships supporting Enterprise clients and options and acting as a consultant I want to present our very first Greg um visitor Greg who will kick things off by informing us um who he is and a little 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 in fact work really carefully with our um HR department also to deal with various legal and HR matters that turn up so truly thrilled to be here about bambo HR if if you’re not familiar with us uh at bambo HR we state our objective is to set you as HR specialists complimentary to do fantastic
Although Papaya Global offers integrations with various HR and financing systems, we came across some obstacles during the integration process. Tailoring the software application to align with our existing infrastructure proved to be more complex than anticipated, resulting in hold-ups in the preliminary rollout.
The comprehensive features provided by Papaya Global come at a cost, which some of our smaller sized subsidiaries found to be excessively costly. As a global company, we had to carefully weigh the need for sophisticated functionality versus budget plan restraints.
Support Action Time:
On occasion, our teams experienced concerns that needed urgent assistance. However, the reaction time from Papaya Global’s consumer assistance team was not always as timely as we would have liked, leading to hold-ups in dealing with those problems.
Our implementation of included a phased method. We started by onboarding a couple of subsidiaries to test the system’s compatibility with our existing processes. This allowed us to determine and attend to combination difficulties early on. As the software application became more implanted in our operations, we gradually broadened its usage to cover our entire global labor force.
The automated features streamlined our payroll processes, minimizing the time invested in manual estimations and compliance tracking. Routine training sessions and continuous support from Papaya helped our teams end up being skilled users of the software application, optimizing its capacity for our organization.
However, paying a workforce can be complicated. It is especially challenging for business who utilize staff throughout several nations, as they need to constantly combine various data streams, manually track local and nationwide labor and regulations, and invest important time and resources to establish regional entities in new locations. These companies are faced with suboptimal, expensive alternatives, like opening a foreign subsidiary or hiring an expert work company, which is a regional firm that employs staff members on their behalf and can charge up to 15% of. By 2022, 75% of companies reported problem recruiting 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 a service supporting all forms of work. It supplies an end-to-end platform, from employee onboarding and ongoing management to global payments and. It helps business with labor law compliance in the jurisdictions in which they run, provides management of work benefits, and guarantees data 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 labor force management. She co-founded after seeing the technology space in international.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please be sure to participate in the complete webcast in order to receive your credits if you have any concerns throughout the webcast please click on the Q&A tab in your webinar controls and type the there a brand-new tab will open in your web browser with the webcast study please be 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 hey there and thank you for joining us today we’re enjoyed have you here as we embark on a journey of information to guideline attaining
360 degree worker compliance where we’ll dive into the necessary elements of the employee compliance management model throughout the session we’ll explore real life challenges real regional regulations finest practices and the function of Automotion in simplying compliance journey be prepared to emerge in a detailed understanding of how to safeguard your organization and staff members while remaining certified in an
Ever developing regulative environment in the everchanging world of service and financing ensuring compliance with payroll guidelines is not only vital however likewise a legal essential from the moment of employing to the in intri complexities even sorry of termination every step along the worker journey is Frau with compliance threats that have significant consequences however with a deeper more nuanced understanding of their obligations companies can not only browse the detailed landscape however likewise proactively ensure this 360 degree compliance the webinar is developed to equip you with the knowledge and tools needed to navigate the complex Terrain of compliance whether you’re a skilled P professional a small company owner or someone brand-new to the field what I wish to do before we begin and I think it’s truly important
In our mission to enhance effectiveness and precision in managing our global labor force, our international corporation turned to, a leading and labor force management software. The shift aimed to simplify the complex task of handling across various countries, currencies, and compliance policies.
Among the standout features of is its robust compliance management system. The software immediately updates itself to stick to ever-evolving tax and labor laws throughout several jurisdictions. This has actually been important in making sure that our procedures stay certified in each country of operation.
is to state that the material here is illegal suggestions it is simply for your info please consult your legal group must you have any questions or issues in relation to anything that we’ve gone over today our key take essential takeaways by the end of the webinar will be an understanding of staff member compliance threats how to employ ly with self-confidence how to streamline information management and automation so let’s take ourselves a moment to familiarize ourselves with the webinar platform once again as we’ve.
function as your hris or is type of your core staff member record um to manage that staff member life cycle throughout their Journey with you as as a worker in addition to a payroll module we have to help you pay those employees and compensate them and benefits Administration module that allows you to help handle the benefits you provide to your workers so really excited to be here represent um bamb booy jar and speak about this topic um and I guess from my point of view I’ll I’ll probably supply a lot of a concentrate on the United States side of things when we speak about sort of compliance so pleased to be here thanks for having me Ian okay thanks Greg um Gina over to you would you like to introduce yourself and tell the audience a bit about papay global yes absolutely thank you Ian hello everyone I’m Gina dorelis I’m the Employment professional supervisor.
at I handle the employment Council in the United States APAC EMA and Israel area 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 employees with regard to papaya we provide payroll payments and labor force management as a Service labor force supplier to employees serving in over.
160 countries 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 truly really good to actually 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 already so if you wish to continue tell where you are that would be definitely wonderful whilst we just await everyone else to type of like participate in there we go Chicago too well um so whil we’re doing that I’m waiting on everyone to kind of join I’ll just run us through the agenda um today we are going to talk about employing Talent new greater Information Management termination compliance and automation wow the chat has got really really hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from absolutely everywhere which is fantastic so uh I’m hoping that we’re really going to have some really fantastic commentary and questions throughout the uh the webinar too alright so that’s the agenda then what I want to Now cover is the the compliance and the Personal privacy side of things so the the Journey of a staff member and their data is Papaya Global Wallis & Futuna 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 numerous crucial stages whilst we’re really you know that they’re employed with us so on boarding everyday operations compensation and advantages professional advancement then we get to the offboarding and even advocacy so it even takes place after the staff member has actually left your work throughout the journey companies are accountable for gathering keeping protecting staff member data in compliance with data personal privacy policies no matter where it is you’re operating around the globe it frequently involves carrying out secure information management systems and guaranteeing strict adherence to regional requirements to protect both the staff member and the company the development of employee information and management c.