Payroll and payments run efficiently …How Does Papaya Global Payroll Work
if they count on the necessary numerous 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 obstacles business face when they’re paying to employees or otherwise that’s an excellent question I constantly throw this back and say what is it what does not need to be consisted of ideal and what does
it need to be thought of 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 abilities 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 customer’s own in-country account so there’s complexity anywhere you look best ultimately developing a knowledge base is definitely important but all over you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 fundamental and innovation is enabling us to type of move on with that it likewise too to add to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely vital that payroll and financing teams work more detailed together than ever um I’m always amazed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market 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 information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to contribute to sort of the level of complexity there’s a growing number of advantages being organ or being offered by organizations across the world so once again you’re just wanting to add increasingly more payments to this currently complicated landscape so if you kind of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine difficulties or real challenging type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to create extra handoffs in the processes 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 era of tech and an age that you understand that we are operating in today there is no reason we are still making this as hard as it requires to be concurred and rightly as you said payroll is the single most significant liability that any service has from an expense viewpoint from an effect viewpoint on workers it is definitely important that it’s done properly and on time so what we indicate 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 harmful result on people’s well-being and numerous other aspects if people aren’t paid uh I’ve constantly been astonished coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this type of webinar has been told 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 eventually payroll is such a crucial cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think 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 things is done properly so leveraging the first International Payments first payroll payment service is an excellent first step um offering an end-to-end payroll solution for your employees internationally again I think is another big um procedure once again lining up and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of companies and reducing the number of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyhow we understand how how important 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 simple as possible for everyone that’s involved in those processes and also so think of sorry I’m simply I was just gon na state picture 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 potentially Millions envision getting that many thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean up all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and actually see what was going on and type of try to get back to everybody so carrying on look why do business choose to primary separate checking account there are services out there doing precisely this for particular nations and I have actually operated in an organization or numerous businesses doing exactly that I can say it doesn’t always feel efficient and it does produce more work I know we’re not intentionally doing that we’re not creating extra work for any person where we do not have to and anybody that’s handling that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the requirement I think people have got so used to we require a new bank account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I think this is a process that needs looking at it requires altering however ultimately individuals are really stuck to what they recognize
with right um change is a tough thing all of us don’t like change um so I believe it’s just sort of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having preserving multiple checking account but there’s a substantial amount of intricacy opts for setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the intricacy is huge but I believe the honest response is modification um individuals have not been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I think 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 excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be figured out to be the next Century or so there is a lot to track and this technique does posture several difficulties um so Johnny might you tell
Cost Considerations and How Does Papaya Global Payroll Work …
The comprehensive features of come at an expense,
Over the past few years, the workforce has actually gone through a considerable transformation with the development of remote work, which has removed geographical restrictions on hiring. This has made it possible for organizations to recruit talent from all over the world, permitting them to put together the very best possible group for each role. As a result, employees have actually gotten greater flexibility to work from home and increase their profits without having to move to pricey areas or commute cross countries. According to a 2022 study, 87% of staff members who have the choice to work remotely select to do so. The COVID-19 pandemic, integrated with improvements in business connectivity software application, has actually further sped up the shift towards remote work, even in industries that were at first hesitant to adopt the pattern.
insights are valuable to us and and your fellow attendees so first things initially though um let’s get to know everybody my name is Ian Charles and I have actually 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 businesses start-up to matrixed environments across the globe I supplied management and method to populations of more than 100,000 staff members on a regular monthly basis and in over 170 countries today I’m the perel strategist for papaya
Global I work throughout business male maning and developing external relationships supporting Enterprise customers and options and acting as a consultant I wish to introduce our first Greg um visitor 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 corporate counsil at bambo HR so I lead our internal legal group and actually work very closely with our um HR department also to handle various legal and HR matters that turn up so truly excited to be here about bambo HR if if you’re not acquainted with us uh at bambo HR we state our objective is to set you as HR professionals totally free to do excellent
Although Papaya Global provides integrations with numerous HR and financing systems, we encountered some difficulties throughout the combination procedure. Tailoring the software application to line up with our existing facilities proved to be more complex than expected, resulting in delays in the initial rollout.
The extensive functions provided by Papaya Global come at an expense, which a few of our smaller subsidiaries discovered to be excessively costly. As a worldwide organization, we had to thoroughly weigh the requirement for innovative performance versus budget constraints.
Assistance Reaction Time:
On occasion, our teams experienced issues that required immediate support. Nevertheless, the action time from Papaya Global’s customer assistance team was not always as timely as we would have liked, causing hold-ups in solving those issues.
Our application of involved a phased approach. We started by onboarding a couple of subsidiaries to check the system’s compatibility with our existing procedures. This permitted us to recognize and resolve integration challenges early on. As the software application became more ingrained in our operations, we slowly expanded its use to cover our entire international labor force.
The automated features streamlined our payroll procedures, decreasing the time invested in manual computations and compliance tracking. Regular training sessions and ongoing support from Papaya assisted our teams end up being skilled users of the software application, maximizing its potential for our organization.
Business that worker workers across numerous countries often face complex challenges when it pertains to managing their workforce. One of the most significant obstacles is combining numerous information streams and adhering to varied regional and nationwide labor guidelines, which can be both time-consuming and pricey. Moreover, setting up local entities in brand-new regions can be a costly and suboptimal choice, with alternatives such as opening a foreign subsidiary or working with an expert employment organization (PEO) often charging up to 15% of the payroll. These challenges have caused a substantial increase in difficulty hiring certified workers, with 75% of employers reporting this concern in 2022, a 21% boost from 2019. The payroll and HR options market, valued at $26.4 billion in 2022, is expected to reach $50.4 billion by 2030.
provides an option supporting all kinds of employment. It offers an end-to-end platform, from staff member onboarding and ongoing management to worldwide payments and. It assists companies with labor law compliance in the jurisdictions in which they operate, provides management of employment benefits, and guarantees data 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 expert in payroll and labor force 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 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 brand-new tab will open in your web browser with the webcast survey please be sure to complete it as quickly as the webcast has actually ended it is now my pleasure to turn it over to Pap and bamboo HR for their presentation hello and thank you for joining us today we’re enjoyed have you here as we embark on a journey of data to policy achieving
360 degree worker compliance where we’ll dive into the vital elements of the employee compliance management design throughout the session we’ll check out real life difficulties real regional policies finest practices and the role 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 compliant in an
Ever evolving regulatory environment in the everchanging world of business and finance guaranteeing compliance with payroll guidelines is not just crucial however also a legal imperative from the minute of working with to the in intri complexities even sorry of termination every step along the worker journey is Frau with compliance risks that have far-reaching effects nevertheless with a much deeper more nuanced understanding of their responsibilities companies can not only browse the intricate landscape however also proactively guarantee this 360 degree compliance the webinar is created to equip you with the knowledge and tools essential to navigate the complex Terrain of compliance whether you’re a skilled P specialist a small company owner or someone new to the field what I wish to do before we start and I think it’s really crucial
In our quest to improve efficiency and precision in managing our worldwide workforce, our multinational corporation turned to, a leading and workforce management software application. The shift intended to simplify the complex task of handling throughout various countries, currencies, and compliance guidelines.
One of the standout features of is its robust compliance management system. The software instantly updates itself to stick to ever-evolving tax and labor laws across several jurisdictions. This has been important in ensuring that our processes remain compliant in each nation of operation.
is to state that the material here is illegal suggestions it is just for your information please consult your legal group should you have any questions or concerns in relation to anything that we’ve discussed today our secret take crucial takeaways by the end of the webinar will be an understanding of employee compliance risks how to work with ly with self-confidence how to simplify data management and automation so let’s take ourselves a minute to familiarize ourselves with the webinar platform once again as we’ve.
work as your hris or is type of your core staff member record um to manage that worker life process throughout their Journey with you as as a worker in addition to a payroll module we have to assist you pay those workers and compensate them and benefits Administration module that enables you to help manage the benefits you provide to your workers so truly thrilled to be here represent um bamb booy container and discuss this topic um and I think from my point of view I’ll I’ll most likely supply a great deal of a focus on the US side of things when we talk about type of compliance so happy to be here thanks for having me Ian fine thanks Greg um Gina over to you would you like to introduce yourself and tell the audience a bit about papay international yes definitely thank you Ian hello everyone I’m Gina dorelis I’m the Employment specialist supervisor.
at I manage the work Council in the US APAC EMA and Israel area I also function as us Council for I’m accredited in New york city and New Jersey um we ensure compliance onboarding and offboarding of employees with regard to papaya we offer payroll payments and workforce management as a Service work force supplier to employees serving in over.
160 nations all right thank you so both I feel completely underqualified sitting here with you both well I forgot to mention as we were type of like going through the introduction so it’s truly actually nice to actually see in the webinar chat where everybody’s in fact attending from today I can see that we have people in Las Vegas and Indiana currently so if you want to continue inform where you are that would be definitely great whilst we just await everybody else to kind of like participate in there we go Chicago as well well um so whil we’re doing that I’m waiting for everyone to sort of join I’ll just run us through the agenda um today we are going to go over working with Talent new higher Information Management termination compliance and automation wow the chat has actually got truly really hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from definitely everywhere which is great so uh I’m hoping that we’re actually going to have some truly fantastic commentary and questions throughout the uh the webinar as well okay so that’s the program then what I ‘d like to Now cover is the the compliance and the Privacy side of things so the the Journey of an employee and their data is How Does Papaya Global Payroll Work diverse without fail and an.
Ever developing 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 numerous essential phases whilst we’re in fact you understand that they’re employed with us so on boarding everyday operations payment and advantages professional development then we get to the offboarding and even advocacy so it even occurs after the employee has left your employment throughout the journey companies are accountable for gathering storing protecting employee data in compliance with information privacy policies no matter where it is you’re operating all over the world it typically includes executing protected information management systems and guaranteeing strict adherence to local requirements to secure both the staff member and the company the evolution of worker data and management c.