Payroll and payments run smoothly …Papaya Global Departmental Reports
if they count on the essential several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and state what is it what doesn’t need to be included ideal and what does
it need to be thought of there’s varying Bank information 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 customer’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are absolutely basic and technology is allowing us to sort of move forward with that it likewise also to add to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely important that payroll and financing groups work more detailed together than ever um I’m constantly impressed when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from computation 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 process it’s the point of information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to contribute to sort of the level of complexity there’s more and more benefits being organ or being provided by organizations throughout the world so again you’re just wanting to add increasingly more payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or genuine difficult type of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of years I would certainly say 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 info into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to produce extra handoffs in the processes 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 age of tech and an era 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 a cost point of view from an impact perspective on staff members 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 harmful effect on individuals’s wellness and lots of other elements if individuals aren’t paid uh I’ve constantly been astonished entering into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such a crucial cycle all of us find out about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment service is a fantastic primary step um offering an end-to-end payroll service for your workers globally again I think is another substantial um procedure once again lining up and ensuring you have standardization International processes all of those things are absolutely essential to success success of businesses and lowering the variety of tools platforms and checking 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 had a hundred countless them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we know 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 associated with those procedures and likewise so think of sorry I’m just I was just gon na state imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions envision getting that many thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and sort of shot to return to everybody so carrying on appearance why do business select to main separate bank accounts there are companies out there doing exactly this for specific nations and I’ve operated in a business or lots of companies doing exactly that I can say it doesn’t constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we don’t 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 requirement I think individuals have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I think this is a procedure that requires taking a look at it needs changing but ultimately people are extremely stuck with what they’re familiar
with best um change is a hard thing we all don’t like modification um so I believe it’s just type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having keeping several savings account but there’s a huge amount of complexity chooses establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for private people so the intricacy is substantial but I think the truthful answer is modification um people haven’t had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions other than opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change but we’ve always 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 nearly be figured out to be the next Century or two there is a lot to monitor and this technique does posture several obstacles um so Johnny could you inform
Cost Considerations and Papaya Global Departmental Reports …
The comprehensive features of come at an expense,
Recent decades have actually seen a significant modification to the workforce as the rise of remote work has actually broken down geographical barriers to employing. Businesses can now hire personnel from anywhere worldwide, allowing them to access the best available skill for any offered function. This provides workers more freedom to work from home and increase their earnings without relocating to expensive locations or travelling fars away. A 2022 study discovered that 87% of employees who have the opportunity to work from another location take that chance. The outbreak of COVID-19, in conjunction with brand-new business connection software, accelerated the relocate to remote work, consisting of in industries formerly hesitant to accept the pattern.
insights are important to us and and your fellow participants so first things initially though um let’s get to know everyone my name is Ian Charles and I’ve worked in payroll for the last 25 years I have actually had roles in all sort of Industries retail and Charm to Aerospace in all kinds of businesses startup to matrixed environments around the world I provided 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
Worldwide I work throughout the business man maning and developing external relationships supporting Enterprise customers and options and functioning as a consultant I wish 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 said my name is Greg Piper uh I am the senior corporate counsil at bambo HR so I lead our internal legal team and actually work extremely carefully with our um HR department as well to handle various legal and HR matters that turn up so really excited to be here about bambo HR if if you’re not acquainted with us uh at bambo HR we say our objective is to set you as HR specialists totally free to do excellent
Although Papaya Global offers combinations with numerous HR and financing systems, we encountered some difficulties during the integration procedure. Tailoring the software application to line up with our existing facilities showed to be more intricate than anticipated, resulting in delays in the initial rollout.
The comprehensive functions used by Papaya Global come at an expense, which some of our smaller subsidiaries found to be prohibitively expensive. As an international organization, we needed to thoroughly weigh the requirement for advanced functionality versus spending plan constraints.
Assistance Action Time:
On occasion, our groups experienced issues that needed immediate assistance. However, the reaction time from Papaya Global’s consumer support team was not always as timely as we would have liked, leading to delays in dealing with those concerns.
Our application of involved a phased approach. We began by onboarding a few subsidiaries to test the system’s compatibility with our existing processes. This allowed us to determine and attend to combination obstacles early on. As the software became more implanted in our operations, we slowly expanded its use to cover our entire global workforce.
The automated features structured our payroll procedures, reducing the time spent on manual calculations and compliance tracking. Regular training sessions and ongoing support from Papaya assisted our teams end up being proficient users of the software, optimizing its potential for our company.
However, paying a workforce can be complicated. It is especially challenging for companies who use personnel throughout numerous countries, as they must constantly combine different information streams, manually track local and nationwide labor and regulations, and invest valuable time and resources to set up local entities in new areas. These business are confronted with suboptimal, expensive alternatives, like opening a foreign subsidiary or working with a professional work organization, which is a regional firm that works with employees 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 services market was valued at $26.4 billion in 2022 and is forecasted to reach $50.4 billion by 2030.
offers a service supporting all types of work. It offers an end-to-end platform, from employee onboarding and ongoing management to international payments and. It assists business with labor law compliance in the jurisdictions in which they operate, provides management of work benefits, and ensures 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 professional in payroll and workforce management. She co-founded after seeing the technology space in worldwide.
papaya this webcast has been pre-approved for hrci and Sherm credit please make certain to attend the total webcast in order to receive your credits if you have any concerns 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 study 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 hello and thank you for joining us today we’re thrilled to have you here as we embark on a journey of information to guideline attaining
360 degree employee compliance where we’ll dive into the vital elements of the employee compliance management design throughout the session we’ll explore real life challenges genuine regional policies best practices and the function of Automotion in simplying compliance journey be prepared to emerge in a comprehensive understanding of how to protect your organization and workers while staying certified in an
Ever evolving regulatory environment in the everchanging world of business and financing ensuring compliance with payroll policies is not just vital but likewise a legal important from the moment of working with to the in intri complexities even sorry of termination every step along the employee journey is Frau with compliance risks that have significant repercussions nevertheless with a deeper more nuanced understanding of their obligations organizations can not only navigate the elaborate landscape however likewise proactively ensure this 360 degree compliance the webinar is developed to equip you with the knowledge and tools necessary to browse the complex Surface of compliance whether you’re a seasoned P specialist a small company owner or somebody brand-new to the field what I want to do before we begin and I believe it’s truly essential
In our mission to improve performance and precision in handling our global workforce, our multinational corporation turned to, a leading and labor force management software. The transition aimed to simplify the complex job of managing across various nations, currencies, and compliance regulations.
One of the standout functions of is its robust compliance management system. The software instantly updates itself to comply with ever-evolving tax and labor laws throughout multiple jurisdictions. This has actually been important in guaranteeing that our processes remain compliant in each country of operation.
is to state that the content here is not legal guidance it is just for your info please consult your legal team must you have any questions or concerns 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 dangers how to employ ly with confidence how to simplify data management and automation so let’s take ourselves a minute to acquaint 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 handle that employee life process throughout their Journey with you as as a worker in addition to a payroll module we need to assist you pay those workers and compensate them and advantages Administration module that enables you to help handle the benefits you provide to your employees so actually excited to be here represent um bamb booy jar and talk about this subject um and I think 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 sort 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 inform the audience a little bit about papay worldwide yes absolutely thank you Ian hello everybody I’m Gina dorelis I’m the Employment expert manager.
at I handle the employment Council in the US APAC EMA and Israel region I also serve as us Council for I’m accredited in New York and New Jersey um we make sure compliance onboarding and offboarding of employees with regard to papaya we supply payroll payments and labor force management as a Service work force service provider to employees serving in over.
160 countries fine thank you so both I feel entirely underqualified sitting here with you both well I forgot to discuss as we were kind of like going through the intro so it’s truly really good to actually see in the webinar chat where everybody’s really going to from today I can see that we have people in Las Vegas and Indiana already so if you want to carry on inform where you are that would be definitely fantastic whilst we simply wait on everyone else to type of like take part there we go Chicago as well well um so whil we’re doing that I’m awaiting everyone to kind of join I’ll just run us through the program um today we are going to discuss hiring Skill brand-new greater Info Management termination compliance and automation wow the chat has actually got really really busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from definitely everywhere which is wonderful so uh I’m hoping that we’re actually going to have some actually terrific commentary and concerns throughout the uh the webinar too fine so that’s the program then what I want to Now cover is the the compliance and the Personal privacy side of things so the the Journey of an employee and their data is Papaya Global Departmental Reports multifaceted without fail and an.
Ever evolving relationship that begins 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 key phases whilst we’re really you understand that they’re used with us so on boarding daily operations payment and advantages professional development then we get to the offboarding and even advocacy so it even takes place after the worker has left your work throughout the journey organizations are accountable for gathering saving protecting worker information in compliance with data personal privacy guidelines no matter where it is you’re operating all over the world it frequently involves carrying out safe and secure data management systems and making sure rigorous adherence to regional requirements to protect both the employee and the company the advancement of worker data and management c.