Payroll and payments run smoothly …Student Loan Repayment Papaya Global
if they count on the needed several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they’re paying to workers or otherwise that’s an excellent concern I always throw this back and state what is it what doesn’t need to be consisted of ideal and what does
it require to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity anywhere you look right eventually developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is enabling us to kind of progress with that it also as well to contribute to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup procedures is definitely imperative that payroll and financing teams work better together than ever um I’m constantly impressed when people say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate 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 typically 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 individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more crucial to add to type of the level of complexity there’s a growing number of advantages being organ or being used by services throughout the world so again you’re just wanting to add a growing number of payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real difficulties or real challenging type of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s actually handling the payment side of things however you understand in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we require to produce additional handoffs while doing sos that we run in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any service has from an expense perspective from an impact perspective on employees it is absolutely critical that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful effect on people’s well-being and numerous other aspects if people aren’t paid uh I’ve always been surprised entering into this Market type of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this kind of webinar has 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 employees or not um but ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment solution is a terrific initial step um offering an end-to-end payroll option for your staff members globally once again I think is another huge um process again aligning and ensuring you have standardization Global processes all of those things are absolutely key to success success of companies and reducing the variety of tools platforms and bank accounts they require for their Global 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 have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I do not think any of us are really doing that for for the thanks
anyhow 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 easy as possible for everybody that’s associated with those processes and likewise so envision sorry I’m just I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions picture getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and in fact see what was going on and kind of shot to get back to everyone so carrying on appearance why do companies pick to primary different savings account there are companies out there doing exactly this for specific countries and I have actually worked in a company or many services doing exactly that I can say it does not constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we do not need to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I believe individuals have got so utilized to we need a brand-new bank account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a range I think this is a procedure that requires looking at it needs changing however eventually individuals are very stuck with what they recognize
with right um modification is a hard 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 certainly the benefits of having maintaining several bank accounts but there’s a substantial amount of intricacy chooses setting up a savings account maintaining it guaranteeing it can send International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is big however I think the truthful answer is modification um individuals haven’t been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century approximately there is a lot to keep an eye on and this technique does posture a number of obstacles um so Johnny could you inform
Expense Factors to consider and Student Loan Repayment Papaya Global …
The thorough features of come at an expense,
Recent years have seen a remarkable modification to the labor force as the increase of remote work has broken down geographical barriers to working with. Companies can now employ personnel from anywhere worldwide, allowing them to access the very best offered talent for any given function. This provides employees more freedom to work from home and increase their earnings without moving to pricey locations or commuting cross countries. A 2022 survey found that 87% of employees who have the possibility to work from another location take that opportunity. The break out of COVID-19, in conjunction with brand-new business connection software, accelerated the transfer to remote work, including in industries previously hesitant to accept the trend.
insights are important to us and and your fellow guests so first things first though um let’s learn more about everyone my name is Ian Charles and I have actually worked in payroll for the last 25 years I’ve had functions in all sort of Industries retail and Beauty to Aerospace in all kinds of companies startup to matrixed environments across the globe I supplied management and strategy to populations of more than 100,000 staff members on a month-to-month basis and in over 170 countries today I’m the perel strategist for papaya
International I work across business male maning and building external relationships supporting Enterprise customers and solutions and functioning as an advisor I wish to present our very first Greg um visitor Greg who will kick things off by informing us um who he is and a 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 internal legal team and in fact work extremely carefully with our um HR department also to handle numerous legal and HR matters that turn up so actually 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 terrific
Although Papaya Global provides combinations with various HR and financing systems, we came across some hurdles during the integration procedure. Tailoring the software application to align with our existing infrastructure showed to be more intricate than prepared for, resulting in hold-ups in the preliminary rollout.
The comprehensive functions provided by Papaya Global come at a cost, which a few of our smaller sized subsidiaries found to be excessively expensive. As a worldwide company, we had to thoroughly weigh the requirement for advanced performance against spending plan restraints.
Support Response Time:
On occasion, our groups experienced issues that required immediate support. However, the reaction time from Papaya Global’s client assistance group was not constantly as prompt as we would have liked, resulting in delays in dealing with those problems.
Our application of involved a phased method. We started by onboarding a couple of subsidiaries to test the system’s compatibility with our existing processes. This allowed us to recognize and resolve integration difficulties early on. As the software ended up being more instilled in our operations, we slowly expanded its usage to cover our entire global workforce.
The automated features streamlined our payroll processes, minimizing the time spent on manual calculations and compliance tracking. Regular training sessions and continuous assistance from Papaya helped our teams end up being competent users of the software application, maximizing its capacity for our organization.
However, paying a workforce can be complicated. It is especially challenging for companies who utilize personnel throughout several countries, as they should constantly combine various data streams, manually track local and national labor and regulations, and spend important time and resources to set up local entities in new locations. These companies are confronted with suboptimal, pricey choices, like opening a foreign subsidiary or employing a professional work organization, which is a local firm that employs staff members on their behalf and can charge up to 15% of. By 2022, 75% of companies reported trouble hiring certified personnel, an increase 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.
provides a solution supporting all kinds of employment. It provides an end-to-end platform, from employee onboarding and ongoing management to global payments and. It assists companies with labor law compliance in the jurisdictions in which they operate, uses management of work benefits, and makes sure information personal 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 workforce management. She co-founded after seeing the innovation space in international.
papaya this webcast has been pre-approved for hrci and Sherm credit please make sure to participate in the total webcast in order to get your credits if you have any concerns during the webcast please click the Q&A tab in your webinar controls and type the there a new tab will open in your internet browser with the webcast study please make sure to complete it as quickly as the webcast has ended it is now my pleasure to turn it over to Pap and bamboo HR for their discussion hello and thank you for joining us today we’re thrilled to have you here as we start a journey of data to policy achieving
360 degree employee compliance where we’ll dive into the important elements of the worker compliance management design throughout the session we’ll check out real life obstacles real local regulations finest practices and the function of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to safeguard your organization and staff members while remaining certified in an
Ever progressing regulatory environment in the everchanging world of service and finance guaranteeing compliance with payroll regulations is not only essential but likewise a legal essential from the moment of working with to the in intri complexities even sorry of termination every step along the staff member journey is Frau with compliance dangers that have far-reaching consequences nevertheless with a deeper more nuanced understanding of their commitments organizations can not only navigate the intricate landscape however likewise proactively guarantee this 360 degree compliance the webinar is designed to equip you with the knowledge and tools necessary to browse the complex Surface of compliance whether you’re a skilled P expert a small company owner or somebody new to the field what I would like to do before we begin and I believe it’s actually crucial
In our mission to enhance efficiency and accuracy in handling our international labor force, our multinational corporation turned to, a leading and workforce management software application. The transition intended to simplify the complex task of handling across numerous nations, currencies, and compliance regulations.
One of the standout features of is its robust compliance management system. The software application instantly updates itself to adhere to ever-evolving tax and labor laws throughout numerous jurisdictions. This has been indispensable in making sure that our procedures remain certified in each country of operation.
is to state that the content here is not legal advice it is merely for your details please consult your legal team must you have any questions or concerns in relation to anything that we have actually talked about today our secret take key takeaways by the end of the webinar will be an understanding of worker compliance dangers how to employ ly with confidence how to simplify information management and automation so let’s take ourselves a moment to familiarize ourselves with the webinar platform once again as we have actually.
serve as your hris or is kind of your core staff member record um to manage that worker life cycle throughout their Journey with you as as a staff member in addition to a payroll module we have to help you pay those employees and compensate them and advantages Administration module that permits you to assist handle the benefits you supply to your staff members so actually thrilled to be here represent um bamb booy jar and speak about this subject um and I guess from my point of view I’ll I’ll most likely provide a great deal of a concentrate on the US side of things when we speak about type of compliance so pleased to be here thanks for having me Ian fine thanks Greg um Gina over to you would you like to present yourself and tell the audience a bit about papay worldwide yes absolutely thank you Ian hi 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 also work as us Council for I’m accredited in New York and New Jersey um we make sure compliance onboarding and offboarding of workers with regard to papaya we offer payroll payments and workforce management as a Service work force supplier to employees serving in over.
160 nations alright thank you so both I feel entirely underqualified sitting here with you both well I forgot to point out as we were kind of like going through the introduction so it’s really actually good to really see in the webinar chat where everyone’s really attending from today I can see that we have people in Las Vegas and Indiana already so if you want to continue tell where you are that would be definitely wonderful whilst we simply wait on everyone else to sort of like take part there we go Chicago also well um so whil we’re doing that I’m waiting for everyone to sort of join I’ll simply run us through the agenda um today we are going to go over working with Skill new higher Information Management termination compliance and automation wow the chat has got really actually hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from absolutely all over which is wonderful so uh I’m hoping that we’re in fact going to have some really fantastic commentary and concerns throughout the uh the webinar too fine so that’s the agenda then what I wish 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 Student Loan Repayment Papaya Global complex without fail and an.
Ever developing relationship that begins the moment a person joins an organization it continues throughout their employment and Beyond this journey can be divided into k to a number of key stages whilst we’re in fact you know that they’re employed with us so on boarding day-to-day operations compensation and benefits professional advancement then we get to the offboarding and even advocacy so it even takes place after the staff member has left your work throughout the journey companies are responsible for collecting saving protecting worker information in compliance with information personal privacy regulations no matter where it is you’re operating all over the world it often includes carrying out safe information management systems and making sure stringent adherence to regional requirements to safeguard both the employee and the company the advancement of employee data and management c.