Papaya Global Bacs Payments 2024 – All You Need To Know

Payroll and payments  run smoothly …Papaya Global Bacs Payments

 

if they rely on the needed numerous processes systems and partners it is simply 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 paying to staff members or otherwise that’s an excellent question I always toss this back and say what is it what doesn’t need to be consisted of best and what does

it require to be considered 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy any place you look ideal ultimately constructing a knowledge base is definitely critical but all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 essential and technology is allowing us to sort of move forward with that it also too to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance groups work more detailed together than ever um I’m constantly impressed when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t 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 frequently 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 wherever they are but likewise paying statutory authorities and on statutory third parties so with the

world we live in and well-being being more and more important to add to kind of the level of complexity there’s a growing number of benefits being organ or being provided by companies across the world so once again you’re simply wanting to include increasingly more payments to this currently complex 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 genuine difficulties or genuine tough type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a number of years I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding information into the next function as it were that’s in fact handling 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 know long gone are the times where we need to create additional handoffs while doing sos that we run in they just make them more timely they make them less efficient and they don’t make them what they need to be in in an era of tech and an age 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 rightly as you said payroll is the single greatest liability that any service has from a cost point of view from an impact viewpoint on employees it is absolutely critical 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 detrimental impact on people’s well-being and many other elements if people aren’t paid uh I have actually constantly been surprised entering this Market kind of the last 5 to ten years is how little thanks the

payroll team get um so I’m not sure anybody on this kind 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 workers or not um but ultimately payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it fails however when it goes right it’s simply a tick box workout 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 crucial that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment solution is an excellent initial step um supplying an end-to-end payroll option for your staff members globally again I think is another big um procedure again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of companies and lowering the number of tools platforms and savings account they require for their Worldwide 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 had a hundred thousand of 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 haven’t gone rather where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks

anyhow we understand how how important 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 easy as possible for everyone that’s involved in those processes and also so imagine sorry I’m simply I was just gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting job attempting to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and actually see what was going on and sort of shot to return to everybody so moving on look why do business pick to primary different bank accounts there are companies out there doing exactly this for particular nations and I have actually worked in a company or lots of companies doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we do not have to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I think people have got so used to we require a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to type of do it so I think there’s a variety I believe this is a procedure that requires looking at it requires altering however eventually people are very stuck to what they recognize

with ideal um modification is a hard thing all of us do not like modification um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having maintaining numerous checking account but there’s a huge amount of intricacy chooses establishing a bank account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for individual individuals so the complexity is big but I think the truthful answer is change um individuals have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I believe it is understanding you know and there is a component of resistance to change but we’ve constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to keep track of and this approach does pose several challenges um so Johnny might you inform

 

 

Expense Factors to consider and Papaya Global Bacs Payments …
The extensive functions of come at a cost,

 

Over the past couple of years, the workforce has actually undergone a significant change with the introduction of remote work, which has removed geographical restraints on hiring. This has allowed companies to recruit talent from all over the world, permitting them to put together the very best possible team for each role. As a result, employees have gained greater flexibility to work from home and increase their incomes without having to relocate to pricey areas or commute fars away. According to a 2022 survey, 87% of workers who have the choice to work from another location select to do so. The COVID-19 pandemic, combined with advancements in enterprise connectivity software, has further accelerated the shift towards remote work, even in industries that were initially hesitant to embrace the trend.

insights are valuable to us and and your fellow participants so first things first though um let’s get to know everybody my name is Ian Charles and I’ve worked in payroll for the last 25 years I have actually had functions in all sort of Industries retail and Beauty to Aerospace in all types of organizations startup to matrixed environments across the globe I offered management and technique to populations of more than 100,000 staff members on a regular monthly basis and in over 170 nations today I’m the perel strategist for papaya

Global I work across business guy maning and constructing external relationships supporting Enterprise customers and solutions and serving as a consultant I ‘d like to introduce our very first Greg um visitor Greg who will kick things off by informing 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 in-house legal group and really work very closely with our um HR department also to handle different legal and HR matters that show up so really thrilled to be here about bambo HR if if you’re not familiar with us uh at bambo HR we say our mission is to set you as HR experts complimentary to do fantastic

Execution Barriers:
Although Papaya Global provides integrations with numerous HR and finance systems, we encountered some difficulties during the combination procedure. Personalizing the software application to align with our existing infrastructure proved to be more complicated than anticipated, leading to delays in the preliminary rollout.

Pricing Concerns:
The comprehensive functions offered by Papaya Global come at an expense, which a few of our smaller sized subsidiaries found to be prohibitively expensive. As a worldwide organization, we needed to thoroughly weigh the need for sophisticated performance against spending plan constraints.

Assistance Reaction Time:
On occasion, our teams experienced problems that required urgent help. However, the response time from Papaya Global’s client support group was not always as prompt as we would have liked, leading to hold-ups in dealing with those issues.

Our implementation of involved a phased technique. We began by onboarding a couple of subsidiaries to check the system’s compatibility with our existing processes. This allowed us to determine and address combination difficulties early on. As the software became more instilled in our operations, we gradually expanded its use to cover our entire global workforce.

The automated features structured our payroll processes, decreasing the time invested in manual computations and compliance tracking. Regular training sessions and ongoing assistance from Papaya assisted our groups end up being proficient users of the software, maximizing its potential for our organization.

However, paying a labor force can be complicated. It is especially challenging for companies who utilize personnel throughout numerous nations, as they must continuously consolidate different data streams, by hand track local and nationwide labor and regulations, and spend important time and resources to set up local entities in new areas. These companies are confronted with suboptimal, pricey options, like opening a foreign subsidiary or employing an expert employment organization, which is a local company that works with employees on their behalf and can charge up to 15% of. By 2022, 75% of employers reported difficulty hiring qualified personnel, a boost of 21% from 2019. The payroll & HR solutions market was valued at $26.4 billion in 2022 and is projected to reach $50.4 billion by 2030.

provides a solution supporting all kinds of work. It provides 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, offers management of work benefits, and guarantees 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 professional in payroll and workforce management. She co-founded after seeing the technology gap in worldwide.

papaya this webcast has actually been pre-approved for hrci and Sherm credit please make certain 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 new tab will open in your internet browser with the webcast survey please make sure to finish 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 enjoyed have you here as we embark on a journey of information to policy achieving

360 degree worker compliance where we’ll dive into the necessary aspects of the worker compliance management design throughout the session we’ll explore real world difficulties genuine regional policies best practices and the function of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to protect your company and employees while remaining certified in an

Ever progressing regulative environment in the everchanging world of company and financing making sure compliance with payroll policies is not just crucial but also a legal necessary from the moment of employing to the in intri intricacies even sorry of termination every step along the worker journey is Frau with compliance dangers that have far-reaching effects however with a much deeper more nuanced understanding of their responsibilities companies can not just navigate the intricate landscape but likewise proactively ensure this 360 degree compliance the webinar is developed to equip you with the understanding and tools essential to browse the complex Surface of compliance whether you’re an experienced P professional a small company owner or someone brand-new to the field what I want to do before we begin and I think it’s truly important

In our quest to boost efficiency and precision in managing our global labor force, our multinational corporation turned to, a leading and workforce management software. The transition aimed to simplify the complex job of handling across different nations, currencies, and compliance regulations.

The Excellent:

Compliance Management:
One of the standout functions of is its robust compliance management system. The software immediately updates itself to stick to ever-evolving tax and labor laws throughout several jurisdictions. This has been invaluable in making sure that our procedures remain compliant in each country of operation.

is to state that the content here is not legal suggestions it is just for your info please consult your legal team needs to you have any concerns or concerns in relation to anything that we have actually gone over today our secret take crucial takeaways by the end of the webinar will be an understanding of worker compliance dangers how to employ ly with self-confidence how to simplify information 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 sort of your core employee record um to handle that employee life cycle 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 advantages Administration module that allows you to assist handle the benefits you supply to your workers so actually delighted to be here represent um bamb booy jar and talk about this subject um and I guess from my viewpoint I’ll I’ll probably provide a lot of a focus on the US side of things when we speak about sort 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 professional manager.

at I handle the work Council in the US APAC EMA and Israel area I also function as us Council for I’m certified 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 workers serving in over.

160 countries all right thank you so both I feel totally 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 really nice to actually see in the webinar chat where everybody’s actually attending 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 fantastic whilst we simply wait for everybody 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 go over working with Talent new higher 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 all over which is great so uh I’m hoping that we’re actually going to have some truly excellent commentary and concerns throughout the uh the webinar too fine so that’s the program then what I ‘d like to Now cover is the the compliance and the Personal privacy side of things so the the Journey of a worker and their data is Papaya Global Bacs Payments multifaceted without fail and an.

Ever developing relationship that starts the minute a person joins a company it continues throughout their employment and Beyond this journey can be divided into k to a number of key phases whilst we’re in fact you know that they’re used with us so on boarding everyday operations settlement and benefits professional development then we get to the offboarding and even advocacy so it even occurs after the employee has actually left your work throughout the journey organizations are accountable for gathering storing protecting employee data in compliance with data privacy guidelines no matter where it is you’re running around the world it typically includes carrying out protected data management systems and guaranteeing strict adherence to local requirements to secure both the worker and the organization the development of worker information and management c.