Payroll and payments run efficiently …Papaya Global Integrations
if they count 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 requires to be factored into the challenges service face when they’re paying to staff members or otherwise that’s a good question I always throw this back and say 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 country 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 have to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately constructing a knowledge base is absolutely critical but all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 definitely fundamental and technology is allowing us to kind of progress with that it also also to contribute to that payroll and finance need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely crucial that payroll and finance groups work better together than ever um I’m constantly astonished when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from estimation 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 data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of essential to add to kind of the level of intricacy there’s more and more benefits being organ or being used by services throughout the world so again you’re simply wanting to add more and more payments to this currently complex landscape so if you sort 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 challenges or real challenging sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a couple of decades 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 groups doing one part of the task there are teams feeding details into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to create additional handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an age of tech and an age that you understand that we are operating in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any organization has from an expense perspective from an effect perspective on employees it is definitely vital that it’s done correctly and on time so what we indicate 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 destructive result on people’s well-being and many other factors if individuals aren’t paid uh I’ve always been surprised 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 anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done correctly so leveraging the very first International Payments very first payroll payment solution is a fantastic initial step um offering an end-to-end payroll option for your workers worldwide once again I believe is another substantial um process once again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of businesses and lowering the number of tools platforms and bank accounts they require for their Global payroll too could not 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 don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how crucial 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 easy as possible for everybody that’s involved in those processes and also so picture sorry I’m just I was just gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an interesting job trying to clean 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 require days of the week to try to check out them and in fact see what was going on and type of try to get back to everyone so moving on appearance why do companies choose to primary separate bank accounts there are businesses out there doing exactly this for particular countries and I’ve operated in a service or lots of companies doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anyone where we don’t have to and anyone 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 believe many reasons one is it’s the requirement I believe 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 but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a range I believe this is a process that needs taking a look at it requires changing however ultimately individuals are extremely stuck with what they recognize
with right um change is a hard thing we all do not like change um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having preserving numerous bank accounts however there’s a substantial quantity of intricacy opts for establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for private individuals so the complexity is substantial but I think the honest answer is change um people have not been able to alter or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we’ve constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might practically be figured out to be the next Century approximately there is a lot to keep track of and this approach does posture a number of obstacles um so Johnny could you inform
Expense Factors to consider and Papaya Global Integrations …
The thorough features of come at an expense,
Recent years have actually seen a remarkable change to the workforce as the rise of remote work has actually broken down geographical barriers to hiring. Organizations can now employ staff from anywhere worldwide, permitting them to access the best offered talent for any given role. This provides workers more freedom to work from home and increase their income without transferring to expensive locations or commuting long distances. A 2022 survey found that 87% of staff members who have the possibility to work remotely take that opportunity. The break out of COVID-19, in conjunction with new business connection software application, accelerated the transfer to remote work, including in industries previously hesitant to accept the pattern.
insights are valuable to us and and your fellow attendees so first things first though um let’s get to know everybody my name is Ian Charles and I’ve operated in payroll for the last 25 years I’ve had roles in all sort of Industries retail and Appeal to Aerospace in all kinds of services startup to matrixed environments across the globe I provided leadership and method 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
Worldwide I work across the business male maning and developing external relationships supporting Business clients and options and acting as a consultant I want to introduce our 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 stated my name is Greg Piper uh I am the senior business counsil at bambo HR so I lead our in-house legal group and in fact work really carefully with our um HR department also to deal with various legal and HR matters that turn up so actually thrilled to be here about bambo HR if if you’re not familiar with us uh at bambo HR we state our mission is to set you as HR specialists totally free to do great
Although Papaya Global provides combinations with different HR and finance systems, we encountered some obstacles during the combination process. Personalizing the software to align with our existing facilities showed to be more complicated than expected, leading to hold-ups in the preliminary rollout.
The extensive functions used by Papaya Global come at a cost, which some of our smaller sized subsidiaries found to be excessively pricey. As a worldwide company, we needed to carefully weigh the requirement for advanced performance versus spending plan constraints.
Assistance Response Time:
On occasion, our groups experienced problems that needed immediate help. Nevertheless, the response time from Papaya Global’s client support group was not always as timely as we would have liked, causing hold-ups in resolving those issues.
Our implementation of included a phased method. We began by onboarding a couple of subsidiaries to check the system’s compatibility with our existing processes. This permitted us to identify and deal with integration obstacles early on. As the software application ended up being more instilled in our operations, we gradually broadened its use to cover our entire worldwide workforce.
The automated functions streamlined our payroll procedures, minimizing the time invested in manual calculations and compliance tracking. Routine training sessions and continuous support from Papaya helped our teams become proficient users of the software application, maximizing its potential for our organization.
Business that worker workers across several nations typically deal with detailed challenges when it pertains to managing their workforce. One of the biggest hurdles is consolidating various data streams and sticking to varied local and national labor policies, which can be both time-consuming and costly. Furthermore, establishing local entities in brand-new areas can be an expensive and suboptimal alternative, with alternatives such as opening a foreign subsidiary or hiring a professional work organization (PEO) frequently charging up to 15% of the payroll. These difficulties have actually caused a substantial increase in difficulty hiring qualified workers, with 75% of employers reporting this problem in 2022, a 21% boost from 2019. The payroll and HR solutions market, valued at $26.4 billion in 2022, is anticipated to reach $50.4 billion by 2030.
uses a solution supporting all kinds of work. It supplies an end-to-end platform, from staff member onboarding and ongoing management to worldwide payments and. It helps business with labor law compliance in the jurisdictions in which they run, provides management of employment benefits, and guarantees information privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. An entrepreneur with 15 years of experience, she is a leading expert in payroll and workforce management. She co-founded after seeing the technology gap in international.
papaya this webcast has been pre-approved for hrci and Sherm credit please make sure to attend the complete webcast in order to get your credits if you have any questions during the webcast please click 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 certain to finish 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 hi and thank you for joining us today we’re thrilled to have you here as we embark on a journey of data to guideline accomplishing
360 degree employee compliance where we’ll dive into the necessary aspects of the staff member compliance management model throughout the session we’ll check out real life challenges real regional regulations finest practices and the function of Automotion in simplying compliance journey be prepared to emerge in a thorough understanding of how to protect your organization and workers while staying certified in an
Ever developing regulative environment in the everchanging world of service and finance ensuring compliance with payroll policies is not only essential however likewise a legal essential from the minute of hiring to the in intri intricacies even sorry of termination every step along the staff member journey is Frau with compliance threats that have far-reaching effects nevertheless with a deeper more nuanced understanding of their commitments companies can not just browse the complex landscape but likewise proactively ensure this 360 degree compliance the webinar is created to equip you with the knowledge and tools necessary to navigate the complex Terrain of compliance whether you’re a seasoned P specialist a small company owner or somebody new to the field what I would like to do before we begin and I believe it’s really essential
In our quest to enhance effectiveness and precision in handling our global labor force, our international corporation turned to, a leading and workforce management software application. The transition aimed to streamline the complex task of managing throughout various countries, currencies, and compliance guidelines.
Among the standout functions of is its robust compliance management system. The software instantly updates itself to abide by ever-evolving tax and labor laws throughout numerous jurisdictions. This has been invaluable in ensuring that our processes remain certified in each nation of operation.
is to state that the content here is not legal guidance it is simply for your information please consult your legal team must you have any questions or issues in relation to anything that we’ve gone over today our secret take crucial takeaways by the end of the webinar will be an understanding of staff member compliance dangers how to work with ly with confidence how to streamline data management and automation so let’s take ourselves a moment to familiarize ourselves with the webinar platform once again as we have actually.
function as your hris or is kind of your core employee record um to handle that employee life process throughout their Journey with you as as a worker in addition to a payroll module we have to help you pay those employees and compensate them and advantages Administration module that permits you to assist handle the advantages you supply to your workers so really delighted to be here represent um bamb booy container and talk about this topic um and I guess from my point of view I’ll I’ll probably supply a lot of a concentrate on the United States side of things when we talk about kind 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 worldwide yes absolutely thank you Ian hey there everybody I’m Gina dorelis I’m the Work expert manager.
at I manage the employment Council in the United States APAC EMA and Israel region I likewise serve as us Council for I’m licensed 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 workforce management as a Service labor force company to employees serving in over.
160 nations alright thank you so both I feel entirely underqualified sitting here with you both well I forgot to discuss as we were sort of like going through the introduction so it’s truly truly nice to really see in the webinar chat where everyone’s actually going to 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 definitely great whilst we simply wait for everyone else to kind of like join in there we go Chicago also well um so whil we’re doing that I’m waiting on everyone to type of join I’ll just run us through the program um today we are going to discuss hiring Talent new higher Info Management termination compliance and automation wow the chat has got truly actually busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from absolutely all over which is great so uh I’m hoping that we’re actually going to have some truly great commentary and concerns throughout the uh the webinar as well all right 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 worker and their data is Papaya Global Integrations multifaceted without fail and an.
Ever progressing relationship that begins the minute an individual signs up with an organization it continues throughout their employment and Beyond this journey can be divided into k to a number of key phases whilst we’re actually you know that they’re utilized with us so on boarding day-to-day operations settlement and benefits expert development then we get to the offboarding and even advocacy so it even takes place after the staff member has left your work throughout the journey organizations are accountable for collecting storing safeguarding worker information in compliance with information privacy guidelines no matter where it is you’re operating around the world it frequently includes executing safe and secure data management systems and guaranteeing stringent adherence to regional requirements to protect both the worker and the organization the development of employee information and management c.