Papaya Global Review: Managing Payroll Processing for a Global Workforce
Remote work is becoming the new normal as a result of the current coronavirus pandemic. However, for companies, hiring an overseas workforce comes with several unique challenges.
For instance, many jurisdictions consider people working during fixed working hours employees. For this reason, businesses need to think about how hiring global talents can potentially affect the way they
Pay their remote workforce.
If you are considering taking your business remote, you need a global payroll system that helps your company manage payroll processing for a global, remote workforce.
Papaya Global is a powerful global payroll service provider that gives you the tools and resources you need to effectively hire and manage remote workers. In this post, we’ll take a look at how Papaya Global helps startups, SMBs, and enterprises build and manage a remote workforce.
Overview Of Papaya Global
Founded in 2016, Papaya Global has established itself as a top payroll service provider and is an ideal solution for startups, SMBs, and enterprises looking to build a remote workforce.
Papaya Global is a payroll platform that helps companies hire, onboard, manage, and pay people in over 100 countries. It enables businesses to eliminate payroll processing errors and ensure compliance with local employment laws.
In addition to this, it offers business intelligence and analytics solutions that help companies make better business decisions and improve data quality while reducing costs, increasing revenue, and growing their bottom line.
Streamlining The Hiring Process
There are several different factors that affect payroll calculations.
Managers need to report employee work times and expenses, and departments within organizations need to report on benefits and commissions and verify employee information. On top of this, payroll also needs to stay on top of the taxes and rates that need to be paid.
These factors, among others, make it difficult to manage global payroll processing and can expose companies to compliance violations and processing errors.
Compliance is also a major challenge that comes with hiring an overseas workforce and has a crucial role in payroll processing, with payroll regulations and laws that constantly change and which payroll needs to be on top of.
Papaya Global gives you the flexibility to hire people from all over the world and better manage contract workers. This helps you steer clear of misclassification and ensure proper payment. Using the platform, you will be able to employ the best available workforce for your company and easily manage your global payroll on the cloud through a centralized dashboard.
With Papaya Global, you don’t have to worry about maintaining spreadsheets or risking compliance violations or accidental payroll errors. In addition to this, the platform provides payroll, benefits, and workforce management services through in-country partners.
Onboarding New Workers
Onboarding remote workers can be a challenging task for many companies. You need a standardized way to collect information and documents while ensuring that all information is up to date. Many times, documents that miss information go unnoticed which can pose problems later.
Streamlining the onboarding process makes it significantly easier for new hires to navigate company culture while arming them with the tools and knowledge they need to succeed in their new job.
Papaya Global offers a cloud-based SaaS system that integrates with your existing tech stack. It enables you to automate the process of collecting necessary documentation from employees. This way, you can rest assured that you always have access to accurate and updated data of your entire remote workforce. All employee information is automatically updated and synced, and employers are quickly notified when documents require attention.
Another way Papaya Global helps companies onboard new workers is by ensuring standardization for worker forms, invoice templates, documents, and reports, based on the specific needs of each country.
Employer Of Record (EoR) To Ensure Compliance
Your EoR (also referred to as the professional employer organization or PEO) is the ‘proxy employer of record’ for your staff which enables you to employ new workers without the need to set up legal entities in their country of residence. An EoR handles your company’s payrolls, payroll compliance, taxes, HR support services, benefits administration, and related tasks, regardless of the physical location of the worker.
Put simply, an EoR makes it easier for companies to hire global talent and helps them expand quickly without payroll conflicts. You are able to pay remote workers in their own currency and payments are made in compliance with their governing tax and HR laws.
Papaya Global gives you access to its curated global in-country partners which serve as EoRs for foreign companies, tasked with offering local expertise to help you meet compliance requirements.
Payroll management includes sensitive, identifiable personal information. Papaya Global is GDPR compliant and ISO 2007/10 certified so you don’t have to worry about compliance with regulations and standards. Your data is shared only with authorized users through Papaya’s platform, not over e-mail.
It also tracks payments through a single dashboard to ensure error-free processing. In addition to this, you have access to a dedicated account manager to help your company navigate new ventures and expand into new markets.
Easy Cross-Border Payments
Different countries have different tax and labor regulations that are modified year after year. In addition, governments have raised the liability on businesses to comply with strict regulations. With the passage of the GDPR data regulation in Europe and other countries moving towards strict data policies, data security also plays an important role in payroll with it involving personally identifiable information.
All these changes related to cross-border payments makes it a very complex task to manage remote payroll as your company enters new markets. You must stay in the know about the latest payroll and employment law developments taking the necessary steps to ensure compliance with these policies and regulations.
Papaya Global supports integration with popular HRIS, ERP, time and attendance management, and expense management systems while ensuring full legal compliance. These include Workday, Namely, Microsoft Dynamic, SAP, Expensify, Netsuite, and Concur.
It helps you localize your payment processes which means that you’ll be able to pay your remote workers on time, in their local currency, and deliver payslips in their native language using its secure worker portal.
With Papaya Global, you don’t have to worry about managing spreadsheets for remote workers in different countries. You’ll be able to quickly view all worker reports from a single location and easily track your company’s workforce spending.
Hiring overseas or managing a global workforce isn’t easy. However, Papaya Global can help you regain control while ensuring transparency. It gives you access to its local partners and a clear and consolidated overview of your global EORs, payrolls, fixed pricing, and contractors.
Plans And Pricing
Papaya Global is a cloud-based payroll system that integrates with the existing technologies used in your organization.
Here’s a look at Papaya Global’s pricing plans:
- Payroll plan costs $20 – $100 per employee per month. Papaya Global runs and manages your organization’s entire payroll process. This is ideal for startups and growing businesses.
- Global EoR plan costs $770 – $1000 per employee per month. You get access to Papaya Global’s in-country partners that serve as EoRs. The EoRs handle payroll processing, workforce management, benefits, and compliance for you. This is perfect for SMBs and enterprises.
- Contractor Management & IC Compliance plan costs $50 – $100 per employee per month. You can choose to outsource certain services to a domestic or foreign contractor. This is great for businesses experiences rapid employment growth or looking for ways to reduce labor costs.
Managing payroll processing while remaining fully compliant poses unique challenges to companies taking a more decentralized approach towards building their workforce.
General payroll service providers are not built to meet the requirements of global remote working; with Papaya Global, companies can streamline the hiring, onboarding and payment processes and better manage global payroll processing.
The platform helps companies onboard new workers by automating various processes and ensuring standardization. It also provides EoRs for companies not wishing to open a local entity ensuring compliance with the remote workers’ countries law.