Payroll and payments run efficiently …Growing Businesses Love Papaya Global
if they depend on the required multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they’re making payments to staff members or otherwise that’s a good concern I constantly throw this back and say what is it what does not require to be included ideal and what does
it need to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is definitely critical however all over you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is permitting us to sort of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely essential that payroll and finance groups work closer together than ever um I’m always amazed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of essential to add to type of the level of complexity there’s a growing number of benefits being organ or being used by services across the world so once again you’re simply aiming to add more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real obstacles or real challenging type of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would definitely say that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding info into the next function as it were that’s in fact managing the payment side of things however you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to produce extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an era that you know that we are operating in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from an expense point of view from an impact point of view on employees it is definitely critical that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging effect on individuals’s well-being and lots of other aspects if people aren’t paid uh I’ve constantly been amazed entering into this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment service is an excellent primary step um offering an end-to-end payroll service for your staff members internationally again I think is another big um process once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of companies and decreasing the number of tools platforms and checking account they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand how how essential a role it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everyone that’s involved in those processes and also so envision sorry I’m just I was just gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and kind of try to get back to everyone so moving on appearance why do companies choose to primary different bank accounts there are companies out there doing exactly this for specific nations and I’ve worked in an organization or lots of businesses doing exactly that I can state it does not always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we don’t have to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the requirement I believe people have actually got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that needs looking at it requires changing but eventually people are very stuck with what they’re familiar
with best um modification is a difficult thing we all do not like change um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having keeping numerous checking account but there’s a big amount of complexity goes with setting up a checking account keeping it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for specific people so the complexity is huge but I believe the honest response is change um people haven’t been able to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change but we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or so there is a lot to keep an eye on and this method does position numerous challenges um so Johnny might you tell
Expense Considerations and Growing Businesses Love Papaya Global …
The thorough functions of come at an expense,
Over the past couple of years, the workforce has gone through a substantial change with the introduction of remote work, which has actually eliminated geographical constraints on hiring. This has allowed organizations to recruit talent from all over the world, allowing them to put together the best possible team for each role. As a result, workers have actually gained higher versatility to work from home and increase their revenues without needing to move to costly locations or commute long distances. According to a 2022 survey, 87% of workers who have the alternative to work from another location pick to do so. The COVID-19 pandemic, integrated with advancements in enterprise connectivity software, has even more accelerated the shift towards remote work, even in industries that were at first reluctant to embrace the trend.
insights are valuable to us and and your fellow attendees so first things first though um let’s be familiar with everybody my name is Ian Charles and I’ve worked in payroll for the last 25 years I’ve had functions in all sort of Industries retail and Appeal to Aerospace in all types of companies startup to matrixed environments across the globe I provided management and strategy to populations of more than 100,000 workers on a monthly basis and in over 170 nations today I’m the perel strategist for papaya
Worldwide I work throughout the business guy maning and constructing external relationships supporting Enterprise customers and options and acting as an advisor I wish to introduce our first Greg um guest Greg who will kick things off by telling us um who he is and a little bit more about bamboo HR Greg over to you thanks Ian yeah as Ian said 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 very closely with our um HR department as well to handle numerous legal and HR matters that turn up so truly delighted to be here about bambo HR if if you’re not acquainted with us uh at bambo HR we say our objective is to set you as HR specialists totally free to do excellent
Although Papaya Global provides integrations with various HR and finance systems, we encountered some difficulties throughout the integration procedure. Customizing the software application to align with our existing infrastructure proved to be more complicated than expected, resulting in delays in the preliminary rollout.
The substantial features used by Papaya Global come at an expense, which a few of our smaller sized subsidiaries discovered to be prohibitively expensive. As an international company, we needed to thoroughly weigh the need for advanced performance versus budget restrictions.
Assistance Response Time:
On occasion, our groups experienced problems that needed immediate support. Nevertheless, the action time from Papaya Global’s consumer support team was not always as timely as we would have liked, resulting in hold-ups in dealing with those problems.
Our implementation of included a phased approach. We began by onboarding a few subsidiaries to test the system’s compatibility with our existing processes. This permitted us to recognize and deal with combination obstacles early on. As the software became more instilled in our operations, we gradually expanded its usage to cover our whole global workforce.
The automated features structured our payroll procedures, decreasing the time spent on manual computations and compliance tracking. Routine training sessions and ongoing assistance from Papaya helped our groups end up being competent users of the software application, optimizing its capacity for our company.
However, paying a workforce can be intricate. It is particularly challenging for business who employ staff throughout multiple nations, as they should continuously consolidate different data streams, by hand track local and national labor and policies, and spend valuable time and resources to establish local entities in brand-new locations. These companies are confronted with suboptimal, expensive alternatives, like opening a foreign subsidiary or employing an expert employment company, which is a local company that hires staff members on their behalf and can charge up to 15% of. By 2022, 75% of employers reported trouble hiring qualified personnel, an increase of 21% from 2019. The payroll & HR solutions market was valued at $26.4 billion in 2022 and is forecasted to reach $50.4 billion by 2030.
provides a solution supporting all forms of work. It supplies an end-to-end platform, from employee onboarding and ongoing management to global payments and. It helps companies with labor law compliance in the jurisdictions in which they operate, provides management of employment advantages, and guarantees information privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. A business owner with 15 years of experience, she is a leading professional in payroll and labor force management. She co-founded after seeing the technology space in worldwide.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please make certain to attend the total webcast in order to receive your credits if you have any concerns during 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 make certain to complete 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 thrilled to have you here as we embark on a journey of information to guideline achieving
360 degree employee compliance where we’ll dive into the necessary aspects of the employee compliance management design throughout the session we’ll explore real world obstacles real local regulations best practices and the role of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to protect your company and staff members while remaining certified in an
Ever developing regulative environment in the everchanging world of business and financing making sure compliance with payroll policies is not just essential however likewise a legal necessary from the moment of employing to the in intri complexities even sorry of termination every step along the staff member journey is Frau with compliance threats that have far-reaching effects nevertheless with a much deeper more nuanced understanding of their responsibilities organizations can not only browse the complex landscape however also proactively guarantee this 360 degree compliance the webinar is created to equip you with the knowledge and tools required to browse the complex Terrain of compliance whether you’re an experienced P professional a small company owner or somebody new to the field what I want to do before we start and I think it’s really essential
In our mission to boost efficiency and accuracy in handling our global workforce, our international corporation turned to, a leading and labor force management software application. The transition aimed to simplify the complex task of managing throughout various countries, currencies, and compliance policies.
Among the standout functions of is its robust compliance management system. The software instantly updates itself to adhere to ever-evolving tax and labor laws across multiple jurisdictions. This has actually been invaluable in ensuring that our processes stay certified in each country of operation.
is to state that the content here is illegal suggestions it is just for your info please consult your legal group needs to you have any questions or concerns in relation to anything that we’ve talked about today our secret take key takeaways by the end of the webinar will be an understanding of worker compliance dangers how to work with ly with confidence how to streamline information management and automation so let’s take ourselves a moment to acquaint ourselves with the webinar platform once again as we have actually.
act as your hris or is type of your core staff member record um to manage that staff member life process throughout their Journey with you as as a worker in addition to a payroll module we need to help you pay those employees and compensate them and benefits Administration module that allows you to assist handle the benefits you supply to your staff members so really thrilled to be here represent um bamb booy jar and speak about this topic um and I think from my perspective I’ll I’ll probably offer a great deal of a focus on the United States side of things when we speak about kind of compliance so happy to be here thanks for having me Ian alright thanks Greg um Gina over to you would you like to introduce yourself and inform the audience a little bit about papay international yes definitely thank you Ian hi everyone I’m Gina dorelis I’m the Employment specialist manager.
at I manage the work Council in the United States APAC EMA and Israel area I likewise function as us Council for I’m certified in New York and New Jersey um we ensure compliance onboarding and offboarding of employees with regard to papaya we provide payroll payments and labor force management as a Service labor force service provider to workers serving in over.
160 nations okay thank you so both I feel totally underqualified sitting here with you both well I forgot to mention as we were sort of like going through the intro so it’s really truly nice to actually see in the webinar chat where everyone’s in fact participating in from today I can see that we have people in Las Vegas and Indiana already so if you want to carry on inform where you are that would be absolutely wonderful whilst we just await everyone else to type of like participate 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 go over employing Skill new higher Information Management termination compliance and automation wow the chat has got truly really hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from definitely all over which is wonderful so uh I’m hoping that we’re in fact going to have some really terrific commentary and questions throughout the uh the webinar also alright so that’s the agenda then what I want to Now cover is the the compliance and the Privacy side of things so the the Journey of an employee and their data is Growing Businesses Love Papaya Global multifaceted without fail and an.
Ever evolving relationship that starts the minute a person signs up with a company it continues throughout their employment and Beyond this journey can be divided into k to a number of crucial phases whilst we’re in fact you understand that they’re employed with us so on boarding daily operations settlement and advantages professional development then we get to the offboarding and even advocacy so it even takes place after the employee has actually left your employment throughout the journey organizations are responsible for collecting saving protecting employee information in compliance with information personal privacy regulations no matter where it is you’re running around the globe it typically includes executing protected data management systems and making sure strict adherence to regional requirements to protect both the staff member and the company the advancement of worker data and management c.