Payroll and payments run smoothly …Papaya Global Payroll Submission Deadline
if they rely on the required several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company 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 differing Bank details 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 capabilities 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 eventually building a knowledge base is definitely critical but all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to sort of progress with that it likewise also to add to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work better together than ever um I’m constantly surprised when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation 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 process it’s the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more important to contribute to kind of the level of intricacy there’s more and more advantages being organ or being used by businesses across the world so once again you’re just aiming to include increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real challenges or genuine difficult type of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of years I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s really managing the payment side of things but you know in in my viewpoint and my experience that doesn’t always require to be the case you know long gone are the times where we need to develop extra 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 need to be in in a period of tech and a period that you understand that we are operating in today there is no reason why we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an impact viewpoint on staff members 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 biggest damaging effect on individuals’s well-being and many other aspects if individuals aren’t paid uh I have actually constantly been impressed coming into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us hear about it when it fails 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 deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done correctly so leveraging the very first International Payments first payroll payment service is a fantastic first step um offering an end-to-end payroll solution for your employees internationally again I think is another big um process again aligning and guaranteeing you have standardization International procedures all of those things are absolutely key to success success of organizations and decreasing the variety of tools platforms and bank accounts they need for their International payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re implied to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how important 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 everyone that’s associated with those procedures and also so think of sorry I’m just I was just gon na say picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions imagine getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case 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 appearance why do companies choose to primary separate checking account there are services out there doing precisely this for particular nations and I have actually worked in a company or many companies doing exactly that I can state it doesn’t always feel efficient and it does produce more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we do not need to and anybody that’s handling 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 quantity that we are I think many reasons one is it’s the standard I think people have got so used to we require a new checking account we open an entity and appropriately so you require it for payroll purposes 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 actually adopted and continue to do over years and years gone past to add to that people have actually 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 needs looking at it requires altering but ultimately people are extremely stuck with what they’re familiar
with right um modification is a hard thing we all don’t like change um so I think it’s just kind of moving away from the standard as we’ve 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 huge amount of complexity opts for setting up a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for individual people so the complexity is big however I think the truthful response is modification um people haven’t been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to alter however we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could nearly be determined to be the next Century or so there is a lot to keep track of and this technique does present numerous challenges um so Johnny might you tell
Cost Factors to consider and Papaya Global Payroll Submission Deadline …
The extensive functions of come at a cost,
Over the past few years, the workforce has undergone a significant change with the introduction of remote work, which has gotten rid of geographical constraints on hiring. This has actually enabled companies to recruit skill from all over the world, allowing them to put together the very best possible team for each function. As a result, workers have acquired higher flexibility to work from home and increase their profits without having to transfer to pricey locations or commute long distances. According to a 2022 study, 87% of employees who have the alternative to work from another location select to do so. The COVID-19 pandemic, combined with developments in business connectivity software application, has actually further accelerated the shift towards remote work, even in industries that were at first reluctant to adopt the pattern.
insights are important to us and and your fellow guests so first things initially though um let’s learn more about everybody my name is Ian Charles and I’ve operated in payroll for the last 25 years I’ve had functions in all kind of Industries retail and Charm to Aerospace in all types of companies start-up to matrixed environments across the globe I supplied leadership and method 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
Global I work throughout the business male maning and building external relationships supporting Enterprise customers and options and serving as a consultant I want to present 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 business counsil at bambo HR so I lead our internal legal group and really work very carefully with our um HR department too to manage different legal and HR matters that show up so really thrilled to be here about bambo HR if if you’re not knowledgeable about us uh at bambo HR we state our mission is to set you as HR specialists free to do great
Although Papaya Global supplies combinations with different HR and finance systems, we came across some hurdles throughout the integration procedure. Tailoring the software to line up with our existing facilities proved to be more complicated than anticipated, leading to hold-ups in the initial rollout.
The extensive functions used by Papaya Global come at an expense, which a few of our smaller subsidiaries discovered to be prohibitively costly. As an international company, we needed to thoroughly weigh the requirement for sophisticated functionality versus spending plan restrictions.
Assistance Action Time:
On occasion, our teams experienced issues that required immediate help. However, the response time from Papaya Global’s consumer assistance group was not constantly as prompt as we would have liked, resulting in delays in solving those concerns.
Our application of included a phased technique. We started by onboarding a few subsidiaries to test the system’s compatibility with our existing processes. This allowed us to identify and address integration challenges early on. As the software ended up being more ingrained in our operations, we slowly expanded its use to cover our whole international labor force.
The automated functions streamlined our payroll procedures, reducing the time invested in manual computations and compliance tracking. Regular training sessions and continuous assistance from Papaya assisted our groups end up being competent users of the software application, maximizing its capacity for our company.
Nevertheless, paying a labor force can be intricate. It is particularly challenging for companies who employ staff across multiple countries, as they need to constantly combine different data streams, manually track regional and nationwide labor and policies, and invest valuable time and resources to establish local entities in new locations. These companies are faced with suboptimal, costly alternatives, like opening a foreign subsidiary or employing an expert employment organization, which is a regional firm that works with workers on their behalf and can charge up to 15% of. By 2022, 75% of employers reported problem recruiting qualified workers, a boost of 21% from 2019. The payroll & HR options market was valued at $26.4 billion in 2022 and is predicted to reach $50.4 billion by 2030.
uses an option supporting all types of employment. It offers an end-to-end platform, from worker onboarding and ongoing management to global payments and. It assists companies with labor law compliance in the jurisdictions in which they run, provides management of work benefits, and makes sure 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 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 be sure to go to the total webcast in order to receive 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 soon 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 thrilled to have you here as we start a journey of data to regulation accomplishing
360 degree staff member compliance where we’ll dive into the essential aspects of the employee compliance management design throughout the session we’ll check out real world difficulties genuine 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 workers while staying certified in an
Ever evolving regulative environment in the everchanging world of company and financing guaranteeing compliance with payroll regulations is not just vital however also a legal vital from the moment of working with to the in intri intricacies even sorry of termination every step along the worker journey is Frau with compliance risks that have far-reaching consequences nevertheless with a much deeper more nuanced understanding of their obligations companies can not just navigate the detailed landscape but likewise proactively ensure this 360 degree compliance the webinar is developed to equip you with the knowledge and tools essential to navigate the complex Surface of compliance whether you’re an experienced P expert a small business owner or somebody brand-new to the field what I want to do before we begin and I believe it’s actually essential
In our mission to improve efficiency and accuracy in managing our worldwide labor force, our multinational corporation turned to, a leading and workforce management software. The transition aimed to streamline the complex job of handling across different nations, currencies, and compliance guidelines.
Among the standout functions of is its robust compliance management system. The software application immediately updates itself to adhere to ever-evolving tax and labor laws across several jurisdictions. This has been indispensable in guaranteeing that our processes remain compliant 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 ought to you have any concerns or issues in relation to anything that we’ve talked about today our secret take essential 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 streamline data management and automation so let’s take ourselves a minute to acquaint ourselves with the webinar platform once again as we’ve.
act as your hris or is sort of your core staff member record um to manage that staff member life cycle throughout their Journey with you as as an employee in addition to a payroll module we need to help you pay those workers and compensate them and benefits Administration module that enables you to help handle the advantages you provide to your staff members so truly 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 offer a lot of a concentrate on the United States side of things when we talk about sort of compliance so happy to be here thanks for having me Ian all right thanks Greg um Gina over to you would you like to present yourself and tell the audience a little bit about papay international yes definitely thank you Ian hey there everybody I’m Gina dorelis I’m the Work expert manager.
at I manage the employment Council in the US APAC EMA and Israel region I likewise serve 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 supply payroll payments and labor force management as a Service labor force company to workers serving in over.
160 nations fine thank you so both I feel completely underqualified sitting here with you both well I forgot to discuss as we were sort of like going through the intro so it’s really actually great to in fact see in the webinar chat where everyone’s in fact going to from today I can see that we have people in Las Vegas and Indiana already so if you want to continue inform where you are that would be absolutely wonderful whilst we simply await everyone else to sort of like participate there we go Chicago also well um so whil we’re doing that I’m waiting on everybody to kind of join I’ll simply run us through the program um today we are going to talk about employing Skill brand-new higher Info Management termination compliance and automation wow the chat has got actually truly hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from definitely all over which is fantastic so uh I’m hoping that we’re in fact going to have some truly great commentary and concerns throughout the uh the webinar as well okay so that’s the program then what I want to Now cover is the the compliance and the Privacy side of things so the the Journey of an employee and their data is Papaya Global Payroll Submission Deadline diverse without fail and an.
Ever developing relationship that starts the minute an individual joins a company it continues throughout their employment and Beyond this journey can be divided into k to several key stages whilst we’re really you understand that they’re utilized with us so on boarding everyday operations compensation and benefits expert advancement then we get to the offboarding and even advocacy so it even happens after the employee has left your work throughout the journey companies are accountable for collecting storing protecting worker data in compliance with data personal privacy policies no matter where it is you’re operating worldwide it frequently includes implementing secure information management systems and ensuring rigorous adherence to local requirements to safeguard both the employee and the company the advancement of worker data and management c.