#VENTURE FORTHE PAYROLL SOFTWARE#
Papaya Global is a New York- and Tel Aviv-based People & Payroll services technology company that enables businesses to pay all of their international workers using a single software platform, across more than 140 countries, and regardless of the employment status of the workers (e.g., direct employees, hired via a third-party Employer of Record (EOR), hired as a contractor). In payroll, for example, the status quo for even established enterprises is to cobble together salary, bonus, and commission data from multiple databases, then email that data to Finance or each country’s outsourced payroll provider. Traditionally, however, this market has lacked such solutions.
Highly manual, labor-intensive processes like we’re talking about here call out for technology solutions. Certainly for as long as the cost saving benefits of hiring quality employees abroad continues. These forces have long been building and we expect they will remain relevant into the years ahead.
#VENTURE FORTHE PAYROLL HOW TO#
Figuring out how to hire and pay these employees is time consuming and expensive. Globalization itself, where growth opportunities often require boots on the ground in new regions.Remote work patterns, where COVID simply accelerated technology-driven changes in employee preferences and employer requirements.Tight local labor markets, pushing companies to look farther and farther afield just to maintain access to quality candidates.Companies large and small face some combination of pressures from three factors: The trends driving increasingly multinational workforces aren’t going away. Either way it is a consequential decision because both paths add costs and complexity. There are generally two routes available for them: develop the needed expertise in-house or pay a third-party payroll provider that covers the region. Every time a company enters a new geography, its HR and Finance departments assume new compliance and operational responsibilities. Yet the request to hire even a single new employee in a new country is not a simple one. An email gets sent and it’s up to HR to make it happen and Finance to get them paid.
Take this scenario familiar to startups and multinational enterprises alike: the VP of Engineering wants to hire a rockstar developer, who will work remotely from their home in, let’s say, Uruguay.
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