Payroll and payments run smoothly …Papaya Global 40M Series Partners 45M
if they depend on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges business face when they’re paying to workers or otherwise that’s an excellent question I constantly throw this back and say what is it what does not need to be included right and what does
it require to be considered there’s differing 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 abilities 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 client’s own in-country account so there’s intricacy anywhere you look ideal ultimately building a knowledge base is definitely important however all over you look with payroll payment they resemble super 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 technology is allowing us to type of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely vital that payroll and financing teams work better together than ever um I’m always surprised when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more crucial to contribute to kind of the level of complexity there’s a growing number of benefits being organ or being offered by services across the world so again you’re just aiming to include a growing number of payments to this currently intricate landscape so if you type of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of real difficulties or genuine tough sort of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason that we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any business has from a cost perspective from an effect perspective on staff members it is definitely 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 need to be done right it has the biggest detrimental effect on people’s well-being and many other factors if people aren’t paid uh I’ve constantly been astonished entering into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an essential cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment service is a fantastic first step um supplying an end-to-end payroll solution for your staff members worldwide again I think is another big um process once again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of businesses and lowering the number of tools platforms and bank accounts they require for their Global payroll too couldn’t 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 five or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I don’t believe any of us are actually 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 simple as possible for everyone that’s associated with those processes and also so imagine sorry I’m just I was just gon na state think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we’re speaking about hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would definitely be an intriguing task attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and really see what was going on and type of shot to get back to everyone so carrying on look why do companies select to primary different bank accounts there are services out there doing precisely this for particular countries and I have actually operated in a company or numerous organizations doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not purposely doing that we’re not creating additional work for any person where we do not need to and anybody 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 quantity that we are I believe lots of factors one is it’s the standard I believe individuals have got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm the people have actually adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I think this is a procedure that requires looking at it needs altering however eventually individuals are extremely stuck to what they’re familiar
with best um modification is a hard thing all of us don’t like modification um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having preserving several checking account but there’s a huge amount of complexity opts for establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is big but I think the sincere response is modification um individuals have not been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we’ve always done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what could practically be identified to be the next Century or two there is a lot to keep track of and this approach does posture a number of difficulties um so Johnny could you inform
Cost Considerations and Papaya Global 40M Series Partners 45M …
The thorough functions of come at a cost,
Current years have seen a remarkable modification to the workforce as the increase of remote work has broken down geographical barriers to working with. Services can now work with personnel from anywhere worldwide, enabling them to access the very best readily available skill for any offered role. This offers employees more freedom to work from home and increase their income without transferring to expensive areas or commuting long distances. A 2022 study found that 87% of staff members who have the possibility to work remotely take that chance. The break out of COVID-19, in conjunction with brand-new business connectivity software application, sped up the transfer to remote work, including in industries formerly hesitant to accept the trend.
insights are valuable to us and and your fellow attendees so first things initially though um let’s learn more about everybody my name is Ian Charles and I have actually worked in payroll for the last 25 years I’ve had functions in all kind of Industries retail and Beauty to Aerospace in all types of companies startup to matrixed environments around the world I offered leadership and technique to populations of more than 100,000 workers on a month-to-month basis and in over 170 countries today I’m the perel strategist for papaya
International I work across the business male maning and developing external relationships supporting Business customers and solutions and serving as a consultant I ‘d like to introduce our 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 corporate counsil at bambo HR so I lead our internal legal group and actually work very closely with our um HR department too to deal with various legal and HR matters that turn up so really delighted 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 complimentary to do fantastic
Although Papaya Global provides combinations with different HR and finance systems, we came across some hurdles during the combination procedure. Customizing the software to line up with our existing facilities showed to be more complex than prepared for, leading to hold-ups in the initial rollout.
The extensive features used by Papaya Global come at a cost, which some of our smaller subsidiaries discovered to be excessively expensive. As a global organization, we needed to carefully weigh the need for sophisticated functionality against budget plan constraints.
Assistance Response Time:
On occasion, our groups experienced problems that needed immediate support. Nevertheless, the response time from Papaya Global’s client assistance team was not always as prompt as we would have liked, leading to delays in fixing those issues.
Our application of included a phased method. We started by onboarding a few subsidiaries to check the system’s compatibility with our existing processes. This allowed us to identify and deal with combination obstacles early on. As the software application became more implanted in our operations, we slowly expanded its usage to cover our whole international workforce.
The automated features structured our payroll processes, reducing the time invested in manual computations and compliance tracking. Routine training sessions and continuous assistance from Papaya helped our groups become competent users of the software application, optimizing its capacity for our organization.
However, paying a workforce can be intricate. It is especially challenging for business who utilize personnel across several nations, as they need to continuously combine various data streams, manually track local and nationwide labor and policies, and invest valuable time and resources to set up local entities in brand-new locations. These companies are faced with suboptimal, costly alternatives, like opening a foreign subsidiary or working with an expert work company, which is a regional company that hires employees on their behalf and can charge up to 15% of. By 2022, 75% of companies reported difficulty hiring qualified workers, a boost of 21% from 2019. The payroll & HR options market was valued at $26.4 billion in 2022 and is forecasted to reach $50.4 billion by 2030.
offers an option supporting all forms of employment. It provides an end-to-end platform, from staff member onboarding and ongoing management to global payments and. It assists companies with labor law compliance in the jurisdictions in which they run, 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 expert in payroll and labor force management. She co-founded after seeing the innovation gap in international.
papaya this webcast has actually 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 on the Q&A tab in your webinar controls and type the there a brand-new tab will open in your internet browser with the webcast study please make certain 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 discussion hello and thank you for joining us today we’re enjoyed have you here as we start a journey of information to regulation achieving
360 degree employee compliance where we’ll dive into the vital elements of the staff member compliance management model throughout the session we’ll check out real life challenges genuine regional guidelines finest practices and the role of Automotion in simplying compliance journey be prepared to emerge in a detailed understanding of how to protect your organization and workers while staying compliant in an
Ever evolving regulatory environment in the everchanging world of company and financing making sure compliance with payroll policies is not just crucial however also a legal essential from the minute of employing to the in intri complexities even sorry of termination every step along the worker journey is Frau with compliance risks that have far-reaching repercussions however with a much deeper more nuanced understanding of their commitments organizations can not only browse the complex landscape however likewise proactively ensure this 360 degree compliance the webinar is developed to equip you with the knowledge and tools necessary to navigate the complex Terrain of compliance whether you’re a skilled P professional a small company owner or somebody new to the field what I would like to do before we start and I think it’s truly essential
In our mission to boost efficiency and precision in handling our global labor force, our multinational corporation turned to, a leading and workforce management software application. The transition intended to simplify the complex task of managing across different nations, currencies, and compliance guidelines.
Among the standout functions of is its robust compliance management system. The software automatically updates itself to adhere to ever-evolving tax and labor laws across multiple jurisdictions. This has been vital in making sure that our procedures remain certified in each nation of operation.
is to state that the material here is not legal guidance it is simply for your info please consult your legal group should you have any concerns or issues in relation to anything that we’ve talked about today our secret take crucial takeaways by the end of the webinar will be an understanding of employee compliance threats how to hire ly with confidence how to streamline data management and automation so let’s take ourselves a minute to familiarize ourselves with the webinar platform once again as we’ve.
function as your hris or is kind of your core employee record um to handle that worker life process throughout their Journey with you as as an employee in addition to a payroll module we need to help you pay those employees and compensate them and advantages Administration module that allows you to assist manage the advantages you offer to your employees so really delighted to be here represent um bamb booy jar and speak about this topic um and I guess from my perspective I’ll I’ll probably supply a great deal of a concentrate 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 little bit about papay global yes definitely thank you Ian hello everybody I’m Gina dorelis I’m the Employment professional manager.
at I handle the employment Council in the United States APAC EMA and Israel region I also act 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 supply payroll payments and labor force management as a Service work force company to workers serving in over.
160 nations okay thank you so both I feel completely underqualified sitting here with you both well I forgot to mention as we were kind of like going through the intro so it’s really truly good to in fact see in the webinar chat where everyone’s actually going to from today I can see that we have individuals in Las Vegas and Indiana currently so if you want to carry on inform where you are that would be definitely fantastic whilst we just wait on everyone else to sort of like participate there we go Chicago also well um so whil we’re doing that I’m awaiting everyone to sort of join I’ll simply run us through the agenda um today we are going to discuss working with Skill new greater Information Management termination compliance and automation wow the chat has actually got actually really hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from absolutely everywhere which is great so uh I’m hoping that we’re in fact going to have some really great commentary and concerns throughout the uh the webinar too alright so that’s the agenda then what I wish to Now cover is the the compliance and the Personal privacy side of things so the the Journey of a staff member and their data is Papaya Global 40M Series Partners 45M diverse without fail and an.
Ever developing relationship that starts the moment an individual joins an organization it continues throughout their work and Beyond this journey can be divided into k to a number of crucial stages whilst we’re really you know that they’re employed with us so on boarding day-to-day operations compensation and benefits expert advancement then we get to the offboarding and even advocacy so it even takes place after the employee has actually left your work throughout the journey organizations are accountable for collecting storing securing worker data in compliance with data personal privacy policies no matter where it is you’re operating worldwide it often involves implementing protected data management systems and guaranteeing stringent adherence to regional requirements to safeguard both the employee and the company the advancement of employee data and management c.