Payroll and payments run efficiently …Can We Outsource Payroll To Papaya Global
if they rely on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s a good concern I always toss this back and say what is it what doesn’t require to be included right 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 amount of time there’s payment abilities 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 client’s own in-country account so there’s complexity anywhere you look best ultimately constructing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble very payments no if however some children 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 permitting us to type of progress with that it likewise also to add to that payroll and financing need to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance teams work more detailed together than ever um I’m constantly surprised when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from computation 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of essential to contribute to sort of the level of intricacy there’s a growing number of benefits being organ or being used by businesses across the world so once again you’re simply wanting to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure however have you got any experience in kind of genuine obstacles or real challenging type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info 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 doesn’t always require to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we run in they just make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and an era that you know that we are working in today there is no reason we are still making this as challenging as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any company has from a cost viewpoint from an effect viewpoint on workers it is absolutely crucial 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 biggest damaging effect on people’s well-being and many other elements if individuals aren’t paid uh I have actually constantly been astonished entering this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this kind of webinar has been told 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 employees or not um however ultimately payroll is such an important cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this things is definitely important that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a terrific primary step um supplying an end-to-end payroll solution for your employees worldwide once again I think is another substantial um process once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely essential to success success of services and minimizing the variety of tools platforms and savings 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 have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we know how how crucial a function it is and that’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 processes and likewise so imagine sorry I’m simply I was just gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands potentially Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and in fact see what was going on and type of shot to return to everybody so proceeding look why do companies pick to main separate bank accounts there are companies out there doing exactly this for particular nations and I’ve operated in a company or many companies doing exactly that I can say it does not constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we do not have to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the standard I believe individuals have actually got so used to we need a new bank account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have adopted 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 lots of other methods um to to type of do it so I think there’s a variety I think this is a process that requires looking at it requires changing however eventually individuals are extremely stuck to what they’re familiar
with ideal um modification is a challenging thing all of us do not like change um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having maintaining several savings account but there’s a big quantity of complexity opts for establishing a checking account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is substantial but I believe the truthful response is modification um people have not been able to change or have not had always the understanding to actually 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 understanding you know and there is an element of resistance to change but we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does position a number of obstacles um so Johnny could you tell
Cost Considerations and Can We Outsource Payroll To Papaya Global …
The extensive functions of come at a cost,
Over the past few decades, the workforce has actually gone through a significant change with the introduction of remote work, which has actually gotten rid of geographical restrictions on hiring. This has actually made it possible for organizations to recruit skill from all over the world, enabling them to put together the best possible team for each role. As a result, staff members have actually gained greater versatility to work from home and increase their revenues without having to transfer to expensive areas or commute fars away. According to a 2022 survey, 87% of staff members who have the alternative to work remotely choose to do so. The COVID-19 pandemic, integrated with developments in business connectivity software application, has actually further sped up the shift towards remote work, even in industries that were initially reluctant to embrace the pattern.
insights are valuable to us and and your fellow attendees so first things initially though um let’s get to know everyone my name is Ian Charles and I have actually operated in payroll for the last 25 years I have actually had roles in all sort of Industries retail and Beauty to Aerospace in all types of businesses start-up to matrixed environments around the world I offered leadership and method to populations of more than 100,000 employees on a regular monthly basis and in over 170 nations today I’m the perel strategist for papaya
International I work across the business guy maning and developing external relationships supporting Enterprise customers and solutions and serving as a consultant I ‘d like to introduce our very first Greg um guest 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 really carefully with our um HR department also to handle numerous legal and HR matters that show up so actually delighted to be here about bambo HR if if you’re not knowledgeable about us uh at bambo HR we state our objective is to set you as HR specialists free to do terrific
Although Papaya Global supplies integrations with different HR and financing systems, we came across some obstacles throughout the combination process. Personalizing the software application to line up with our existing infrastructure proved to be more intricate than anticipated, leading to hold-ups in the initial rollout.
The comprehensive functions offered by Papaya Global come at an expense, which a few of our smaller sized subsidiaries discovered to be prohibitively expensive. As a worldwide organization, we had to thoroughly weigh the requirement for advanced functionality against budget restraints.
Assistance Action Time:
On occasion, our teams experienced problems that needed immediate support. However, the response time from Papaya Global’s consumer support group was not always as prompt as we would have liked, leading to delays in dealing with those issues.
Our implementation of involved a phased approach. We started by onboarding a couple of subsidiaries to check the system’s compatibility with our existing procedures. This allowed us to recognize and address integration challenges early on. As the software ended up being more instilled in our operations, we gradually broadened its use to cover our entire worldwide labor force.
The automated functions structured our payroll procedures, minimizing the time spent on manual calculations and compliance tracking. Regular training sessions and continuous support from Papaya assisted our groups end up being skilled users of the software, optimizing its capacity for our company.
However, paying a labor force can be intricate. It is particularly challenging for business who use personnel across numerous countries, as they should continuously combine different information streams, by hand track regional and nationwide labor and guidelines, and invest valuable time and resources to establish regional entities in new locations. These companies are confronted with suboptimal, pricey alternatives, like opening a foreign subsidiary or hiring a professional employment company, which is a regional company that employs staff members on their behalf and can charge up to 15% of. By 2022, 75% of employers reported trouble hiring certified personnel, a boost of 21% from 2019. The payroll & HR solutions market was valued at $26.4 billion in 2022 and is predicted to reach $50.4 billion by 2030.
provides a service supporting all forms of employment. It provides an end-to-end platform, from employee onboarding and continuous management to international payments and. It helps companies with labor law compliance in the jurisdictions in which they operate, provides management of work benefits, and guarantees data 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 global.
papaya this webcast has been pre-approved for hrci and Sherm credit please make sure to go to the total webcast in order to get your credits if you have any questions 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 browser with the webcast study please make certain to finish 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 hi and thank you for joining us today we’re enjoyed have you here as we embark on a journey of data to policy accomplishing
360 degree employee compliance where we’ll dive into the important aspects of the staff member compliance management design throughout the session we’ll check out real life challenges real regional policies best practices and the function of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to secure your organization and staff members while remaining certified in an
Ever progressing regulative environment in the everchanging world of company and finance guaranteeing compliance with payroll policies is not just important but likewise a legal crucial from the moment of employing to the in intri complexities even sorry of termination every step along the worker journey is Frau with compliance dangers that have far-reaching effects nevertheless with a deeper more nuanced understanding of their obligations organizations can not only navigate the detailed landscape however likewise proactively ensure this 360 degree compliance the webinar is developed to equip you with the knowledge and tools essential to browse the complex Terrain of compliance whether you’re a seasoned P specialist a small company owner or someone brand-new to the field what I want to do before we begin and I think it’s actually crucial
In our mission to boost efficiency and accuracy in handling our international workforce, our multinational corporation turned to, a leading and labor force management software application. The shift intended to simplify the complex job of handling throughout various countries, currencies, and compliance policies.
Among the standout functions of is its robust compliance management system. The software instantly updates itself to stick to ever-evolving tax and labor laws throughout several jurisdictions. This has actually been vital in ensuring that our processes remain certified in each nation of operation.
is to state that the material here is illegal advice it is merely for your info please consult your legal team should you have any questions or concerns in relation to anything that we’ve talked about today our key take key takeaways by the end of the webinar will be an understanding of employee compliance risks how to work with ly with confidence how to streamline information management and automation so let’s take ourselves a moment to familiarize ourselves with the webinar platform once again as we’ve.
function as your hris or is kind of your core staff member record um to handle that staff member life cycle throughout their Journey with you as as a worker in addition to a payroll module we need to assist you pay those staff members and compensate them and benefits Administration module that allows you to assist handle the benefits you provide to your workers so really delighted to be here represent um bamb booy container and discuss this topic um and I think from my viewpoint I’ll I’ll probably supply a lot of a focus on the US side of things when we discuss kind of compliance so delighted 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 global yes absolutely thank you Ian hi everybody I’m Gina dorelis I’m the Employment expert manager.
at I manage the work Council in the US APAC EMA and Israel area I likewise serve as us Council for I’m licensed in New York and New Jersey um we ensure compliance onboarding and offboarding of employees with regard to papaya we offer payroll payments and labor force management as a Service labor force supplier to employees serving in over.
160 countries all right thank you so both I feel totally underqualified sitting here with you both well I forgot to mention as we were type of like going through the intro so it’s truly truly nice to actually see in the webinar chat where everyone’s really participating in from today I can see that we have people in Las Vegas and Indiana currently so if you wish to continue inform where you are that would be absolutely great whilst we just wait on everyone else to type of like join in there we go Chicago as well well um so whil we’re doing that I’m waiting for everyone to type of join I’ll simply run us through the agenda um today we are going to talk about working with Talent new greater Details Management termination compliance and automation wow the chat has actually got actually really busy 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 actually going to have some truly terrific commentary and questions throughout the uh the webinar too okay 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 worker and their data is Can We Outsource Payroll To Papaya Global multifaceted without fail and an.
Ever developing relationship that begins the minute a person joins a company it continues throughout their work and Beyond this journey can be divided into k to a number of essential stages whilst we’re in fact you understand that they’re used with us so on boarding daily operations payment and benefits expert development then we get to the offboarding and even advocacy so it even occurs after the employee has left your work throughout the journey organizations are accountable for collecting keeping protecting worker information in compliance with information privacy policies no matter where it is you’re running around the world it often includes implementing secure information management systems and guaranteeing stringent adherence to regional requirements to safeguard both the employee and the company the advancement of employee information and management c.