Payroll and payments run efficiently …Papaya Global For Clients
if they rely on the necessary 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 difficulties business face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and state what is it what does not require to be included right and what does
it need to be thought of 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 have 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 right ultimately developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble very payments no if however some babies 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 acknowledgment that payroll payments are absolutely basic and technology is allowing us to kind of progress with that it also too to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance teams work closer together than ever um I’m always amazed when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to contribute to kind of the level of complexity there’s more and more benefits being organ or being provided by businesses across the world so once again you’re simply looking to include more and more payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real challenges or genuine challenging kind of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups 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 but you know in in my opinion and my experience that doesn’t necessarily need to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in an age of tech and an era that you understand that we are working in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any business has from an expense point of view from an effect perspective on workers it is absolutely crucial 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 greatest damaging result on individuals’s wellness and many other factors if people aren’t paid uh I’ve constantly been surprised entering this Market type 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 actually 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 staff members or not um however eventually payroll is such a crucial cycle all of us find out 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 believe 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 absolutely important that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment option is a great initial step um providing an end-to-end payroll option for your employees internationally again I think is another substantial um process again aligning and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of organizations and decreasing the number of tools platforms and checking account they require for their International 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’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we understand how how essential a role 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 simple as possible for everyone that’s associated with those processes and also so envision sorry I’m simply I was simply gon na state think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to check out them and really see what was going on and sort of shot to return to everybody so moving on appearance why do companies pick to main separate savings account there are businesses out there doing precisely this for particular nations and I have actually operated in a company or many businesses doing precisely that I can state it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we don’t need to and anyone that’s managing 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 amount that we are I believe lots of reasons one is it’s the requirement I believe individuals have got so utilized to we need a brand-new savings account we open an entity and rightly 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 just been the requirement and the standard individuals have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires altering but ultimately people are very stuck with what they recognize
with best um change is a difficult thing all of us don’t like modification um so I believe it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping numerous bank accounts but there’s a big quantity of complexity chooses setting up a checking 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 however I think the sincere answer is change um people haven’t been able to alter or have not had always the understanding to really make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I think it is understanding you understand and there is an element 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 advantages and the possibilities of carrying on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to keep track of and this method does posture several challenges um so Johnny could you tell
Cost Factors to consider and Papaya Global For Clients …
The thorough features of come at an expense,
Recent years have actually seen a dramatic modification to the labor force as the rise of remote work has actually broken down geographical barriers to working with. Businesses can now employ personnel from anywhere worldwide, permitting them to access the very best available skill for any given role. This provides workers more liberty to work from home and increase their earnings without moving to expensive areas or travelling cross countries. A 2022 study found that 87% of staff members who have the opportunity to work remotely take that opportunity. The break out of COVID-19, in conjunction with new enterprise connection software, accelerated the relocate to remote work, consisting of in industries previously hesitant to accept the trend.
insights are valuable to us and and your fellow attendees so first things first though um let’s be familiar with everyone my name is Ian Charles and I have actually operated in payroll for the last 25 years I have actually had roles in all kind of Industries retail and Beauty to Aerospace in all types of organizations startup to matrixed environments around the world I offered management and strategy to populations of more than 100,000 employees on a monthly basis and in over 170 countries today I’m the perel strategist for papaya
Global I work throughout the business male maning and constructing external relationships supporting Enterprise clients and solutions and functioning as a consultant I ‘d like to present our very first Greg um visitor 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 in-house legal group and in fact work extremely carefully with our um HR department also to deal with different legal and HR matters that come up so actually delighted to be here about bambo HR if if you’re not acquainted with us uh at bambo HR we say our mission is to set you as HR specialists complimentary to do great
Although Papaya Global provides combinations with various HR and finance systems, we came across some obstacles during the combination procedure. Customizing the software to align with our existing infrastructure proved to be more complicated than anticipated, leading to delays in the preliminary rollout.
The comprehensive functions provided by Papaya Global come at a cost, which some of our smaller subsidiaries discovered to be excessively expensive. As a global organization, we had to thoroughly weigh the need for sophisticated performance versus budget restrictions.
Support Response Time:
On occasion, our teams experienced issues that required urgent support. However, the response time from Papaya Global’s client support team was not constantly as timely as we would have liked, leading to delays in solving those concerns.
Our execution of involved a phased approach. We began by onboarding a few subsidiaries to check the system’s compatibility with our existing processes. This enabled us to determine and deal with integration obstacles early on. As the software ended up being more ingrained in our operations, we gradually expanded its usage to cover our entire global labor force.
The automated features structured our payroll processes, decreasing the time invested in manual estimations and compliance tracking. Routine training sessions and continuous assistance from Papaya helped our groups end up being competent users of the software, maximizing its potential for our organization.
Business that employee workers throughout multiple nations frequently face elaborate difficulties when it pertains to handling their workforce. One of the most significant hurdles is combining various information streams and adhering to diverse local and nationwide labor policies, which can be both lengthy and expensive. Additionally, setting up local entities in brand-new regions can be a costly and suboptimal option, with options such as opening a foreign subsidiary or hiring a professional employment company (PEO) typically charging up to 15% of the payroll. These challenges have led to a significant boost in trouble hiring qualified personnel, with 75% of companies reporting this problem in 2022, a 21% increase from 2019. The payroll and HR options market, valued at $26.4 billion in 2022, is expected to reach $50.4 billion by 2030.
uses an option supporting all kinds of employment. It supplies an end-to-end platform, from employee onboarding and ongoing management to global payments and. It helps business with labor law compliance in the jurisdictions in which they operate, uses management of employment advantages, and guarantees data privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. A business owner with 15 years of experience, she is a leading specialist in payroll and labor force management. She co-founded after seeing the technology space in global.
papaya this webcast has been pre-approved for hrci and Sherm credit please make sure to attend the total webcast in order to receive your credits if you have any questions 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 study please make certain to finish it as quickly as the webcast has ended it is now my pleasure to turn it over to Pap and bamboo HR for their presentation hi and thank you for joining us today we’re thrilled to have you here as we start a journey of information to policy accomplishing
360 degree staff member compliance where we’ll dive into the essential aspects of the worker compliance management model throughout the session we’ll check out real world challenges real regional guidelines finest practices and the role of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to safeguard your organization and staff members while staying compliant in an
Ever progressing regulatory environment in the everchanging world of company and finance guaranteeing compliance with payroll guidelines is not just vital however likewise a legal crucial from the moment of hiring to the in intri intricacies even sorry of termination every step along the staff member journey is Frau with compliance risks that have significant effects nevertheless with a deeper more nuanced understanding of their commitments organizations can not just navigate the detailed landscape however also proactively ensure this 360 degree compliance the webinar is developed to equip you with the knowledge and tools necessary to browse the complex Terrain of compliance whether you’re a skilled P specialist a small business owner or somebody new to the field what I want to do before we begin and I believe it’s actually essential
In our mission to improve performance and precision in managing our worldwide workforce, our international corporation turned to, a leading and labor force management software. The shift intended to streamline the complex task of handling across numerous nations, currencies, and compliance policies.
Among the standout functions of is its robust compliance management system. The software application automatically updates itself to stick to ever-evolving tax and labor laws throughout several jurisdictions. This has been important in guaranteeing that our procedures remain certified in each country of operation.
is to state that the material here is not legal recommendations it is just for your information please consult your legal team ought to you have any concerns or concerns in relation to anything that we have actually gone over today our key take key takeaways by the end of the webinar will be an understanding of employee compliance threats how to employ ly with self-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 have actually.
serve as your hris or is sort of your core staff member record um to handle that worker life cycle throughout their Journey with you as as an employee in addition to a payroll module we need to assist you pay those employees and compensate them and advantages Administration module that allows you to help handle the benefits you provide to your staff members so truly delighted to be here represent um bamb booy container 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 focus on the US side of things when we discuss kind of compliance so pleased to be here thanks for having me Ian alright thanks Greg um Gina over to you would you like to present yourself and inform the audience a little bit about papay global yes definitely thank you Ian hello everybody I’m Gina dorelis I’m the Employment specialist supervisor.
at I manage the work Council in the United States APAC EMA and Israel area I also serve as us Council for I’m accredited in New York and New Jersey um we ensure compliance onboarding and offboarding of employees with regard to papaya we offer payroll payments and labor force management as a Service work force company to workers serving in over.
160 nations fine thank you so both I feel totally underqualified sitting here with you both well I forgot to mention as we were kind of like going through the intro so it’s actually truly nice to really 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 tell where you are that would be absolutely great whilst we simply wait for everyone else to type of like participate in there we go Chicago as well well um so whil we’re doing that I’m awaiting everybody to type of join I’ll simply run us through the program um today we are going to discuss hiring Talent brand-new greater Info Management termination compliance and automation wow the chat has actually got actually truly busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from absolutely everywhere which is wonderful so uh I’m hoping that we’re actually going to have some truly excellent commentary and concerns throughout the uh the webinar too okay 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 an employee and their data is Papaya Global For Clients multifaceted without fail and an.
Ever progressing 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 actually you understand that they’re employed with us so on boarding day-to-day operations compensation and advantages professional advancement then we get to the offboarding and even advocacy so it even occurs after the staff member has actually left your employment throughout the journey organizations are accountable for gathering keeping securing staff member information in compliance with information personal privacy regulations no matter where it is you’re running around the world it often includes carrying out protected information management systems and guaranteeing strict adherence to regional requirements to safeguard both the worker and the company the development of staff member information and management c.