A CFO’s Point of view on Papaya Global Clocking Systems…
The platform allows companies to manage their global labor force and comply with local work regulations and tax laws. Papaya Global uses a variety of services, including payroll management, benefits administration, compliance management, time and participation tracking, and HR management. The platform is designed to simplify the intricacies of worldwide payroll and offer real-time presence and control over payroll operations. The company was founded in 2016 and is headquartered in Tel Aviv, Israel, with workplaces in New York, London, and Kiev.
https://www.youtube.com/watch?v=Bd5tXoxHSD4&pp=ygUOcGFwYXlhIGdsb2JhbCA%3D
In the vibrant landscape of worldwide company operations, managing payroll across borders can be a complex and tough task. As the Chief Financial Officer (CFO) of a worldwide business, I comprehend the vital importance of efficient and compliant payroll management. In our pursuit of quality, we have embraced ingenious services to streamline our procedures, and one such transformative tool is Software application.
The Obstacle of Global Payroll:
Global expansion causes varied obstacles, and payroll management is no exception. Differing tax regulations, differing work laws, and numerous currencies make it essential for companies to adopt advanced services to ensure precision, compliance, and effectiveness in payroll processing.
Software application: A Comprehensive Solution:
staff members so it’s truly basic to make sure that you have actually considered from the beginning any post-termination restrictions that you wish to put into the agreement of employment that they’re enforceable so that implies you need to actually think of what it is you’re looking to safeguard and why clearly Define what’s consisted of within the scope of that secret information and address the duration of limitation post-determination that you wish to use and be really able to to justify that in relation to intellectual property the position actually depends on the type of intellectual property you’re wanting to safeguard and likewise the jurisdiction so for instance from a copyright viewpoint in the Netherlands the end client is most likely to have the um intellectual property rights in a copyright that the workers produced who’s been under their supervision and control immediately nevertheless in someplace like Poland for instance that automatic right may not exist which task would need to flow through the chain uh contractually so it truly depends upon the jurisdiction and the type of IP alright thank you Elizabeth Steve was staying on the subject of agreements Miss classified misclassifying workers
Papaya Global Software has actually become a game-changer in the world of international payroll management. Its cloud-based platform incorporates payroll, labor force management, and employee benefits into a single, user-friendly user interface. As the CFO, I have actually experienced firsthand the favorable effect of on our company’s monetary operations.
Unified Global Payroll Processing:
allows our business to procedure payroll flawlessly across numerous nations. The platform’s unified technique allows for constant payroll estimations, decreasing errors and ensuring compliance with local policies. This has actually substantially alleviated the risks related to worldwide payroll processing.
likewise essential for if later somebody states misclassification you have your file supported by the requisite files and that the ideal examination tools to show someone that you had a thoughtful process 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 dealing with are you dealing with a specific or are you dealing with an individual Service Corporation and how are they running what are they doing is it the kind of work that provides itself more to being an independent contractor than a worker so for instance accounting
I.T engineering 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 essential element is the management and guidance of the uh worker and after that lastly when is it a particular project is it a six-month job six years all of this is manageable however it has to be documented and it has 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 globally these tools take a survey list for the employee the employee fills out and fills these concerns out therefore does the end customer or the recipient of the services they both put their info into the tool and after that it does an examination waiting the different questions because not every jurisdiction has the exact same feeling about some of these questions some think they’re more vital than others and it comes out with a red yellow or green red you’re probably a staff member yellow you’re on the cusp we can probably help you with that in regards to some of the things you require to boost to make certain that you are given that assessment of uh independent contractor or green where you were examined as an as a independent contractor once that evaluation is done all the requisite files are beneath it so that if later on there
Automated Compliance:
Navigating the complexities of international work laws and tax regulations can be overwhelming. Papaya Global’s automated compliance engine keeps our organization current with changes in policies throughout jurisdictions. This guarantees that our payroll procedures abide by the latest requirements, minimizing the threat of non-compliance and associated penalties.
network of In-House outside consultants accounting firms and legal firms who help us keep our databases completely up to date and we also get in touch with we need to when we see an unusual or or particularly complex circumstances all right thanks Steve I can just see a fast concern in the Q a window yes the session will be tape-recorded and sent to guests afterwards um moving back to to the webinar itself Ray employer of record is regulated in a different way around the world and the German law for instance it’s classified as employee leasing can you shed any light on a few of the special factors to consider for nations 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 a number of nations particularly in Europe enforces strict guidelines on products such as the length of project it likewise assigns employees to collective bargaining agreements that gives them rights and benefits but even in the nations that don’t have those rigorous guidelines for instance the UK Canada and the nordics there are guidelines for each country and each worker is treated the same as all the other employees in that nation and all those guidelines require to be abided by alright thank you Ray um Kathy moving I would state to yourself what do business need to consider when determining contract status to protect themselves and the rights of hires what are the advantages and disadvantages of employing contractors and Freelancers versus long-term employees so certainly the the advantage of professionals versus staff members is the the versatility for both the worker and for the employer um however I can’t worry enough how essential it is to have a constant thorough and a well-documented compliance
Performance
Papaya Global Clocking Systems and Time Cost Savings:
The software’s automation capabilities have considerably decreased the time and effort needed for payroll processing. Handbook information entry and recurring tasks have actually been reduced, allowing our financing team to concentrate on strategic efforts rather than administrative concerns. This has actually resulted in increased efficiency and performance within our financial operations.
in one considering that each state has its own policies Californians are a few of the most rigorous an example is pay slips on a payslip in California the right details needs to be on the payslip in the right format and in the ideal position if you remain in breach of of policies for payslips the fines are provided per payslip so that’s each employee each pay slip will sustain a great thanks Ray thank you Elizabeth a lot to stress to consider and we’re only 2 questions in and 10 minutes or so employing in one nation is challenging enough however when working with in a you know on a worldwide level it’s an entirely various story you require to make sure that you depend on date with present in addition to pending local labor laws Steve um how do you ensure and guarantee that individuals 2.0 group is on top of an ever-changing landscape which your customers are fully supported and I’ll organize this into 3 essential things we perform in most importantly you require to have the right team so we hire a team of global specialists in Work Practices um that ex that team of specialists consists of legal representatives it consists of payroll professionals it includes HR professionals and these are people that not just know the laws in these in these countries and areas but they also understand the languages they know the regional practices they know the cultures and it is essential to have that ideal group and really have the team on the ground uh dealing with cl
Real-time Analytics and Reporting:
Papaya Global provides detailed real-time analytics and reporting tools. As a CFO, having access to precise and prompt monetary information is crucial for decision-making. The platform’s reporting capabilities empower me to make educated tactical decisions based on real-time insights into our international payroll data.
application and its scope and the way that it applies to employment law in practice can be checked 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 guidelines which has actually had various hairs of that legislation tested especially around holiday pay and obviously as Kathy’s going to come on to speak about later employment status which there’s been numerous precedence set throughout the years so I believe it’s truly that constant advancement of the work law landscape that you truly need to browse when when working in Europe okay thank you Elizabeth Ray what about you from your individual experience while moving across the pond as mentioned each nation has various policies however the United States is essentially 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 perfectly accommodates modifications in our workforce and payroll requirements. This scalability ensures that our payroll infrastructure can adjust to the progressing requirements of our international organization.
Worldwide Chief legal officer we have actually got Elizabeth Beal who is our primary legal officer for Amia and we have actually got Ray Look who is our senior vice president of client services and I would state separately and jointly these three individuals have Decades of experience in in work law and international Employment Practices so thank you it’s a satisfaction 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 also have among our own Stars erase share head of Global Provider at papaya Global inform us about yourself thank you Elin Ian hey there my name is Elite I have actually 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 places on an individual element and related to our subject today I’ve had the chance to relocate and work in three various nations it is the company’s responsibility to guarantee my security while living in a foreign nation compliance with local laws and policies is important for me or anyone else as an expat or as a regional so today we have actually invited our relied on Partners individuals 2.0 to demonstrate the importance of regional
proficiency when business Go Global thank you and enjoy alright thank you as I stated let’s proceed to the pact agenda today’s webinar is a chance to ask the panel the concerns you’ve been considering we’ll go over the facts a business needs to think about when opening a new entity and expanding into brand-new nations along with keeping things going we’ll cover elements such as local policies factors to consider when hiring compliance essential obstacles payments and what not to do it’s one of the most crucial things remembering what not to do um operating on a global level is not for the faint-hearted the larger a company grows the more they require to understand and manage knowing what to do in each brand-new situation as it rises is essential on numerous levels comprehending local policies and regional laws along with service practices assists reduce Associated and international growth papaya through our regional specialists can navigate possible dangers such as copyright protection information privacy security problems making sure the business’s operations remain certified and secure tax Social Security returns and remittances vary by nation
In conclusion, Papaya Global Software has proven to be an invaluable asset in our mission for efficient and compliant international payroll management. As the CFO of a worldwide company, I am positive in recommending Papaya Global to organizations looking for to streamline their payroll processes, enhance compliance, and achieve higher performance in managing their global labor force. The software’s innovative functions and commitment to quality line up with our strategic objectives, making it an important part of our financial operations.
openly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly announced settlements there’s also considerable legal costs there exists’s other charges there’s other expenses behind that too so the total cost can be very substantial in the tens of millions of dollars or more and and those amounts are growing uh the reason companies are getting it so wrong is truly simply the guidelines are intricate and they’re altering all the time think ir-35 in the UK which has actually been a continuous advancement for numerous years now and and still a lot of uncertainty amongst companies on what it really implies and how you handle it most companies are just not knowledgeable about the guidelines and and act as if the the guidelines are the same everywhere which they’re not so so encourage you to to be very proactive as you’re engaging uh employees from a category point of view all right thank you Stephen and moving back to yourself Ray it’s not only the business that suffers in the long run what results can this have on the worker Papaya Global Clocking Systems specifically when it pertains to their own tax liabilities social security and benefits for instance jury and clearly the workers the opposite of the coin
I find time and time again the employees typically misclassified unconsciously they don’t comprehend the conditions of work or agreement and are informed by the client why it’s optimum generally to the customer why you must be employed or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be affected and a number of 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 effect that they never knew they were strolling into you couldn’t agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy business are getting insurance against misclassification however generally premiums are just covering the cost of legal costs whilst the average claim evaluated against companies relates to to 40 or 50 percent of the base salary of employee is there any point in securing insurance coverage and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes charge and interest in many cases I have not seen it at least so uh the the other location that I do believe if you managed to get the coverage 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 truth that you were not in compliance with laws um in the UK
Cost Factors to consider and Papaya Global Clocking Systems …
The comprehensive functions of come at an expense,
Over the past few years, the labor force has actually gone through a significant change with the emergence of remote work, which has removed geographical restrictions on hiring. This has actually made it possible for businesses to hire talent from all over the world, permitting them to put together the best possible group for each function. As a result, staff members have actually gotten greater versatility to work from home and increase their incomes without needing to move to costly locations or commute long distances. According to a 2022 study, 87% of staff members who have the choice to work from another location choose to do so. The COVID-19 pandemic, combined with advancements in business connection software, has actually further sped up the shift towards remote work, even in industries that were initially reluctant to adopt the pattern.
insights are important to us and and your fellow attendees so first things first though um let’s get to know everybody my name is Ian Charles and I’ve worked in payroll for the last 25 years I have actually had functions in all sort of Industries retail and Beauty to Aerospace in all kinds of companies startup to matrixed environments around the world I offered management and strategy to populations of more than 100,000 employees on a month-to-month basis and in over 170 countries today I’m the perel strategist for papaya
International I work throughout business guy maning and building external relationships supporting Enterprise clients and solutions and acting as a consultant I wish to present our 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 stated my name is Greg Piper uh I am the senior business counsil at bambo HR so I lead our internal legal team and really work really carefully with our um HR department also to handle different legal and HR matters that come up so truly thrilled 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 complimentary to do great
integration Difficulties:
While Papaya Global deals combinations with different HR and finance systems, the execution procedure was not without challenges. Integrating the software application with our existing infrastructure required extra customization, causing some delays in the initial rollout.
Paying FAQs Papaya Global Clocking Systems 2024
and some smaller subsidiaries within our organization found the rates to be on the greater side. As a worldwide business, balancing the need for advanced functions with budget restraints became a delicate workout.
Customer Assistance Action Time:
There were instances where our groups dealt with concerns that required prompt assistance. Nevertheless, the reaction time from’s client support team was not constantly as quick as desired, leading to periodic hold-ups in concern resolution.
Our application of involved a phased technique. We started by onboarding a couple of subsidiaries to check the system’s compatibility with our existing procedures. This enabled us to determine and attend to integration difficulties early on. As the software became more instilled in our operations, we slowly broadened its use to cover our entire global workforce.
The automated features streamlined our payroll processes, reducing the time invested in manual estimations and compliance tracking. Routine training sessions and continuous support from Papaya helped our teams end up being proficient users of the software, optimizing its capacity for our company.
Business that staff member workers throughout numerous nations typically deal with intricate challenges when it pertains to handling their labor force. Among the biggest obstacles is consolidating different data streams and adhering to varied local and national labor regulations, which can be both time-consuming and costly. Additionally, setting up regional entities in new regions can be an expensive and suboptimal option, with alternatives such as opening a foreign subsidiary or employing a professional work organization (PEO) often charging up to 15% of the payroll. These difficulties have actually caused a significant increase in trouble hiring certified personnel, with 75% of employers reporting this issue in 2022, a 21% increase from 2019. The payroll and HR services market, valued at $26.4 billion in 2022, is anticipated to reach $50.4 billion by 2030.
offers a service supporting all kinds of employment. It supplies an end-to-end platform, from worker onboarding and ongoing management to global payments and. It assists companies with labor law compliance in the jurisdictions in which they operate, offers management of employment benefits, 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 expert in payroll and labor force management. She co-founded after seeing the technology space in global.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please be sure to attend 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 internet browser with the webcast study please make certain 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 hi and thank you for joining us today we’re enjoyed have you here as we embark on a journey of information to regulation achieving
360 degree employee compliance where we’ll dive into the essential elements of the worker compliance management design throughout the session we’ll check out real life obstacles genuine regional policies best practices and the role of Automotion in simplying compliance journey be prepared to emerge in a thorough understanding of how to secure your organization and staff members while remaining compliant in an
Ever evolving regulatory environment in the everchanging world of company and finance ensuring compliance with payroll regulations is not just essential but also a legal imperative from the moment of hiring to the in intri complexities even sorry of termination every step along the worker journey is Frau with compliance threats that have significant repercussions nevertheless with a deeper more nuanced understanding of their obligations organizations can not only navigate the intricate landscape however likewise proactively ensure this 360 degree compliance the webinar is designed to equip you with the knowledge and tools needed to navigate the complex Terrain of compliance whether you’re a seasoned P expert a small company owner or somebody new to the field what I wish to do before we start and I believe it’s really crucial
In our quest to boost efficiency and accuracy in handling our global labor force, our international 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.
The Great:
Compliance Management:
One of the standout features of is its robust compliance management system. The software immediately updates itself to comply with ever-evolving tax and labor laws across multiple jurisdictions. This has been indispensable in guaranteeing that our procedures remain certified in each nation of operation.
is to state that the content here is illegal advice it is simply for your information please consult your legal group should you have any concerns or concerns in relation to anything that we’ve gone over today our secret take crucial takeaways by the end of the webinar will be an understanding of employee compliance dangers how to employ ly with 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 sort of your core employee record um to manage that worker life process throughout their Journey with you as as a worker in addition to a payroll module we have to help you pay those staff members and compensate them and advantages Administration module that allows you to help handle the benefits you offer to your staff members so really thrilled to be here represent um bamb booy jar and talk about this topic um and I think from my point of view I’ll I’ll probably provide a great deal of a focus on the United States side of things when we speak about type of compliance so happy to be here thanks for having me Ian okay thanks Greg um Gina over to you would you like to present yourself and tell the audience a little bit about papay international yes definitely thank you Ian hello everyone I’m Gina dorelis I’m the Work specialist manager.
at I manage the work Council in the United States APAC EMA and Israel area I also function as us Council for I’m accredited in New york city and New Jersey um we ensure compliance onboarding and offboarding of employees with regard to papaya we offer payroll payments and labor force management as a Service work force company to employees serving in over.
160 countries alright thank you so both I feel totally underqualified sitting here with you both well I forgot to point out as we were kind of like going through the intro so it’s really really nice to in fact see in the webinar chat where everyone’s actually participating in 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 definitely great whilst we just wait for everyone else to type of like take part there we go Chicago too well um so whil we’re doing that I’m awaiting everyone to type of join I’ll simply run us through the program um today we are going to talk about employing Skill new greater Information 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 originating from absolutely everywhere which is fantastic so uh I’m hoping that we’re actually going to have some truly terrific commentary and concerns throughout the uh the webinar as well all right so that’s the agenda then what I wish 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 Clocking Systems complex without fail and an.
Ever developing relationship that begins the moment an individual signs up with a company it continues throughout their employment and Beyond this journey can be divided into k to a number of key phases whilst we’re in fact you know that they’re utilized with us so on boarding day-to-day operations payment and benefits professional advancement then we get to the offboarding and even advocacy so it even occurs after the staff member has actually left your work throughout the journey organizations are accountable for gathering keeping securing employee data in compliance with information privacy regulations no matter where it is you’re operating around the world it typically involves executing secure information management systems and guaranteeing strict adherence to regional requirements to secure both the staff member and the company the development of employee data and management c.