Payroll and payments run efficiently …How To Papaya Global Payroll And Fuel
if they count on the essential numerous 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 company face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and state what is it what doesn’t require to be consisted of right and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity any place you look ideal ultimately constructing a knowledge base is absolutely important but all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to kind of progress with that it also also to contribute to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely necessary that payroll and finance groups work closer together than ever um I’m always amazed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more crucial to add to sort of the level of intricacy there’s increasingly more benefits being organ or being provided by businesses across the world so again you’re just looking to include increasingly more payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of real difficulties or genuine challenging kind of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we require to produce extra handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and an era that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from a cost point of view from an effect viewpoint on workers it is definitely vital that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental result on people’s well-being and lots of other elements if people aren’t paid uh I have actually always been astonished coming into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such a crucial cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment solution is an excellent initial step um offering an end-to-end payroll service for your workers globally again I think is another substantial um procedure again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of businesses and decreasing the variety of tools platforms and bank accounts they need for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone rather where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand how how essential a function 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 simple as possible for everyone that’s involved in those procedures and also so envision sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an interesting job trying to clean up all those up for sure oh definitely I can’t imagine 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 actually see what was going on and kind of try to return to everybody so moving on appearance why do companies choose to primary different bank accounts there are services out there doing exactly this for particular countries and I have actually operated in a business or many organizations doing exactly that I can say it does not constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we don’t have to and anyone that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the standard I believe individuals have actually got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires altering but eventually people are really stuck to what they recognize
with best um change is a difficult thing we all do not like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having keeping multiple savings account however there’s a huge amount of complexity opts for establishing a bank account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for specific people so the intricacy is substantial but I think the truthful response is modification um individuals haven’t had the ability to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century approximately there is a lot to track and this method does pose a number of difficulties um so Johnny could you inform
Cost Factors to consider and How To Papaya Global Payroll And Fuel …
The detailed features of come at an expense,
Over the past few decades, the workforce has actually undergone a considerable transformation with the emergence of remote work, which has actually removed geographical constraints on hiring. This has allowed companies to recruit skill from all over the world, permitting them to put together the best possible group for each role. As a result, staff members have actually gotten higher versatility to work from home and increase their incomes without needing to relocate to costly locations or commute cross countries. According to a 2022 survey, 87% of employees who have the option to work from another location select to do so. The COVID-19 pandemic, integrated with improvements in enterprise connectivity software, has actually further accelerated the shift towards remote work, even in industries that were at first hesitant to adopt the trend.
insights are valuable to us and and your fellow participants so first things initially though um let’s learn more about everyone my name is Ian Charles and I’ve operated in payroll for the last 25 years I have actually had roles in all type of Industries retail and Appeal to Aerospace in all kinds of organizations startup to matrixed environments across the globe I offered leadership and technique to populations of more than 100,000 employees on a monthly basis and in over 170 nations today I’m the perel strategist for papaya
Global I work throughout business male maning and constructing external relationships supporting Business clients and solutions and acting as an advisor I ‘d like to present our very first Greg um guest Greg who will kick things off by informing us um who he is and a little 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 in-house legal team and actually work very carefully with our um HR department too to handle various legal and HR matters that turn up so truly thrilled to be here about bambo HR if if you’re not knowledgeable about us uh at bambo HR we say our mission is to set you as HR professionals free to do excellent
Although Papaya Global offers integrations with numerous HR and finance systems, we encountered some obstacles throughout the combination process. Tailoring the software application to align with our existing infrastructure showed to be more complicated than expected, leading to hold-ups in the preliminary rollout.
The substantial functions offered by Papaya Global come at an expense, which some of our smaller sized subsidiaries found to be prohibitively costly. As a global organization, we had to carefully weigh the requirement for innovative functionality against spending plan restraints.
Support Reaction Time:
On occasion, our groups experienced issues that required immediate help. Nevertheless, the action time from Papaya Global’s consumer support team was not always as timely as we would have liked, leading to delays in solving those concerns.
Our implementation of included a phased method. We started by onboarding a few subsidiaries to test the system’s compatibility with our existing processes. This permitted us to recognize and address integration challenges early on. As the software application ended up being more implanted in our operations, we gradually expanded its use to cover our entire international workforce.
The automated functions structured our payroll processes, decreasing the time spent on manual estimations and compliance tracking. Routine training sessions and ongoing support from Papaya helped our teams end up being skilled users of the software application, optimizing its potential for our organization.
Nevertheless, paying a workforce can be complicated. It is especially challenging for business who utilize staff across multiple nations, as they should continuously combine various information streams, by hand track local and nationwide labor and regulations, and spend important time and resources to set up local entities in brand-new areas. These business are faced with suboptimal, costly options, like opening a foreign subsidiary or hiring an expert employment organization, which is a regional firm that employs staff members on their behalf and can charge up to 15% of. By 2022, 75% of employers reported trouble recruiting qualified workers, a boost of 21% from 2019. The payroll & HR solutions market was valued at $26.4 billion in 2022 and is projected to reach $50.4 billion by 2030.
uses a service supporting all forms of work. It provides an end-to-end platform, from worker onboarding and continuous management to international payments and. It helps companies with labor law compliance in the jurisdictions in which they operate, offers 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 expert in payroll and workforce management. She co-founded after seeing the technology gap in international.
papaya this webcast has been pre-approved for hrci and Sherm credit please make sure to participate in the complete webcast in order to get your credits if you have any questions throughout the webcast please click on the Q&A tab in your webinar controls and type the there a new tab will open in your browser with the webcast survey please make sure 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 data to guideline accomplishing
360 degree worker compliance where we’ll dive into the necessary aspects of the staff member compliance management model throughout the session we’ll explore real life obstacles genuine local guidelines best practices and the function of Automotion in simplying compliance journey be prepared to emerge in a detailed understanding of how to safeguard your organization and workers while staying certified in an
Ever developing regulatory environment in the everchanging world of organization and financing ensuring compliance with payroll guidelines is not only crucial however also a legal imperative from the minute of employing to the in intri intricacies even sorry of termination every step along the worker journey is Frau with compliance risks that have far-reaching consequences however with a deeper more nuanced understanding of their responsibilities companies can not only navigate the intricate landscape however likewise proactively guarantee this 360 degree compliance the webinar is created to equip you with the knowledge and tools needed to browse the complex Terrain of compliance whether you’re a skilled P specialist a small business owner or someone new to the field what I want to do before we start and I believe it’s actually essential
In our mission to enhance performance and accuracy in handling our global workforce, our multinational corporation turned to, a leading and workforce management software. The shift aimed to simplify the complex task of managing across various nations, currencies, and compliance guidelines.
One of the standout features of is its robust compliance management system. The software application automatically updates itself to abide by ever-evolving tax and labor laws across numerous jurisdictions. This has been vital in ensuring that our processes stay certified in each country of operation.
is to state that the material here is not legal recommendations it is merely for your details please consult your legal group should you have any concerns or issues in relation to anything that we have actually discussed today our secret take key takeaways by the end of the webinar will be an understanding of worker compliance dangers how to hire ly with confidence how to streamline data management and automation so let’s take ourselves a moment to familiarize ourselves with the webinar platform once again as we’ve.
act as your hris or is type of your core employee record um to handle that staff member life cycle throughout their Journey with you as as an employee in addition to a payroll module we need to help you pay those staff members and compensate them and advantages Administration module that permits you to help handle the advantages you provide to your employees so really delighted to be here represent um bamb booy container and speak about this subject um and I think from my perspective I’ll I’ll most likely provide a great deal of a focus on the United States side of things when we talk about sort 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 absolutely thank you Ian hello everyone I’m Gina dorelis I’m the Employment professional manager.
at I handle the work Council in the US APAC EMA and Israel region I likewise act as us Council for I’m certified in New york city and New Jersey um we guarantee compliance onboarding and offboarding of employees with regard to papaya we offer payroll payments and workforce management as a Service work force supplier to workers serving in over.
160 countries okay thank you so both I feel completely underqualified sitting here with you both well I forgot to discuss as we were type of like going through the intro so it’s truly truly good to actually see in the webinar chat where everyone’s actually attending 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 absolutely wonderful whilst we simply await everyone else to kind of like join in there we go Chicago also well um so whil we’re doing that I’m waiting on everybody to sort of join I’ll just run us through the program um today we are going to go over working with Talent brand-new higher Details Management termination compliance and automation wow the chat has got really actually busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from definitely everywhere which is wonderful so uh I’m hoping that we’re really going to have some really terrific commentary and concerns 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 a staff member and their information is How To Papaya Global Payroll And Fuel diverse without fail and an.
Ever developing relationship that begins 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 key phases whilst we’re actually you understand that they’re employed with us so on boarding daily operations settlement and benefits professional development then we get to the offboarding and even advocacy so it even happens after the staff member has actually left your employment throughout the journey companies are accountable for gathering storing safeguarding employee information in compliance with data privacy regulations no matter where it is you’re operating around the globe it frequently involves executing secure information management systems and guaranteeing rigorous adherence to local requirements to protect both the employee and the organization the development of staff member data and management c.