A few days ago, we saw Ryan Hoover, founder of product hunt and investor was tweeting about the need for a “Gusto for distributed teams”.
Papaya Global loves Gusto! The platform they built for managing payroll and workers in the US is efficient and easy to use. That’s why we know that we have what companies need when it comes to managing a remote workforce.
Who’s building Gusto for distributed companies?
I’ve seen many of the unique challenges distributed teams face managing payroll, benefits, taxes, local laws, etc.
I’m at firstname.lastname@example.org ☀️
— Ryan Hoover (@rrhoover) March 23, 2019
When we started Papaya 2 years ago our vision was to revolutionize how global teams are managed. We realized that there is a large gap between companies’ abilities to manage their US workforce and what is required to properly manage a global workforce.
Currently, 40% of US companies’ workforce is spread internationally, but due to a myriad of difficulties, global workforce retention is in fact 50% lower than stateside. It’s easy to see why when managing a remote employee takes 3 times longer than managing one based locally.
So, why is it so complicated and time consuming? Global workforce management requires the handling of employee and company in accordance with local regulations. That means payroll, contract obligations, and labor laws must all be considered and calculated within a very specific time frame while working to ensure that workers are paid on time.
Not only is ongoing management complicated, but constantly changing labor laws and language differences add another layer of complexity. Having a team in place that can understand a pension fund in the US (401k), a superannuation in Australia, and an insurance plan in Israel is not easy. Then you add trying to overcome local data sources, payment intricacies and benefits management, and you realize why global employee management is so time consuming and prone to errors.
Until recently, the only way to manage remote teams was by working with multiple payroll providers spread around the world or by using a broker to manage the process, which is expensive.
In keeping with our vision to hire everywhere and manage global growth, we created Papaya’s true SaaS platform that is responsive to the ever-growing needs of a dynamic workforce. Our global HRIS system manages all types of workers (Payroll, PEO, Contractors*) in a seamless, easy and compliant manner.
We are happy to report that we are currently supporting the rapid growth of exciting companies like: Rubrik, Checkmarx, Yubico, Kong, MakerDao, Robinhood, Scoot and more….
@Rrhoover, let’s chat! We can’t wait to give you a demo.
*Explanations of our global services:
Payroll – This service is provided when a company is interested in direct employment and has a local entity. A local payroll supplier will run and manage the following payroll processing services for the company’s local entity: payroll employee calculation, benefits management, 3rd party payments (IRS, national insurance, pension scheme, etc.), annual company and employee financial reports, tax filing assistance and more.
PEO – A professional employment service is provided when a company is not interested in directly hiring local employees or does not have a local entity for direct employment. Suppliers providing this international employment service will hire the company’s employees and become their employer of record for tax and insurance purposes, thus outsourcing the client’s employee management tasks, such as: benefits, payroll and workers’ compensation.
Contractors – This service is provided when a company is seeking to hand over control of services, business processes or manpower, to another party. It refers to both domestic and foreign contracting, including offshoring. Motives for outsourcing can be underqualification, rapid employment growth within the company or need for reduced labor costs.