Payroll and payments run efficiently …Papaya Global Vs Square Payroll
if they rely on the necessary numerous processes 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 business face when they’re paying to workers or otherwise that’s a good concern I constantly throw this back and say what is it what does not need to be consisted of right and what does
it need to be thought about there’s differing 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 abilities 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 client’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type 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 essential and innovation is enabling us to sort of move on with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely vital that payroll and finance groups work more detailed together than ever um I’m always impressed when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll profession 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 ultimately 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 but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of crucial to add to type of the level of intricacy there’s increasingly more advantages being organ or being used by services across the world so again you’re just looking to include increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your large experience here and I make certain but have you got any experience in kind of real obstacles or genuine tough type of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of years I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s actually managing the payment side of things however you know 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 while doing sos that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and a period that you understand that we are working in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any organization has from an expense viewpoint from an impact point of view on employees it is absolutely important 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 need to be done right it has the greatest destructive impact on people’s well-being and numerous other aspects if people aren’t paid uh I’ve always been astonished coming into this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but eventually payroll is such a crucial cycle we all find out about it when it fails everyone 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 things is absolutely crucial that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment solution is a great first step um supplying an end-to-end payroll option for your staff members globally once again I think is another huge um procedure again lining up and ensuring you have standardization International procedures all of those things are absolutely key to success success of businesses and minimizing the number of tools platforms and bank accounts they need for their Global 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’ve never had a hundred thousand of them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I don’t think any of us are actually doing that for for the thanks
anyhow we know 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 simple as possible for everybody that’s associated with those processes and likewise so imagine sorry I’m just I was simply gon na state envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands potentially Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and kind of try to return to everyone so moving on appearance why do business choose to main separate savings account there are companies out there doing exactly this for particular countries and I’ve worked in a business or many companies doing exactly that I can state it does not constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not developing additional work for anybody where we don’t have to and any person that’s dealing with 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 requirement I think people have got so used to we need a new bank account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I believe this is a procedure that needs taking a look at it needs changing but ultimately individuals are really stuck to what they recognize
with right um modification is a challenging thing all of us do not like change um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having keeping multiple savings account but there’s a big amount of complexity chooses establishing a bank account keeping it ensuring it can send International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is huge but I believe the honest answer is change um individuals have not had the ability to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we’ve always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century approximately there is a lot to monitor and this approach does pose a number of obstacles um so Johnny might you inform
Expense Factors to consider and Papaya Global Vs Square Payroll …
The extensive functions of come at an expense,
Over the past few years, the labor force has actually undergone a substantial improvement with the development of remote work, which has removed geographical constraints on hiring. This has actually made it possible for organizations to hire skill from all over the world, permitting them to assemble the best possible team for each function. As a result, workers have gotten greater versatility to work from home and increase their revenues without needing to transfer to expensive locations or commute long distances. According to a 2022 study, 87% of staff members who have the choice to work from another location select to do so. The COVID-19 pandemic, integrated with advancements in business connectivity software, has further sped up the shift towards remote work, even in industries that were at first reluctant to embrace the pattern.
insights are valuable 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 have actually worked in payroll for the last 25 years I have actually had roles in all type of Industries retail and Beauty to Aerospace in all kinds of services startup to matrixed environments across the globe I supplied leadership and strategy 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 across business man maning and constructing external relationships supporting Business clients and options and serving as an advisor I wish to present 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 group and really work very carefully with our um HR department too to handle different legal and HR matters that come 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 professionals totally free to do excellent
Although Papaya Global offers combinations with various HR and finance systems, we came across some difficulties during the combination process. Personalizing the software application to align with our existing facilities showed to be more intricate than prepared for, resulting in delays in the preliminary rollout.
The extensive functions provided by Papaya Global come at an expense, which a few of our smaller subsidiaries found to be prohibitively pricey. As a worldwide company, we needed to thoroughly weigh the need for innovative performance against budget constraints.
Assistance Action Time:
On occasion, our teams experienced issues that required immediate help. Nevertheless, the action time from Papaya Global’s consumer assistance team was not constantly as prompt as we would have liked, resulting in hold-ups in resolving those issues.
Our execution of involved a phased method. We began by onboarding a couple of subsidiaries to evaluate the system’s compatibility with our existing processes. This permitted us to recognize and attend to integration obstacles early on. As the software ended up being more instilled in our operations, we gradually expanded its usage to cover our whole global labor force.
The automated features streamlined our payroll processes, reducing the time spent on manual computations and compliance tracking. Regular training sessions and continuous assistance from Papaya helped our teams end up being competent users of the software, maximizing its potential for our company.
Nevertheless, paying a labor force can be intricate. It is particularly challenging for companies who employ personnel throughout several nations, as they need to continuously consolidate different data streams, manually track local and nationwide labor and regulations, and invest valuable time and resources to set up regional entities in brand-new areas. These companies are faced with suboptimal, costly options, like opening a foreign subsidiary or hiring a professional work organization, which is a local company that works with staff members on their behalf and can charge up to 15% of. By 2022, 75% of companies reported trouble hiring certified workers, an increase of 21% from 2019. The payroll & HR services market was valued at $26.4 billion in 2022 and is predicted to reach $50.4 billion by 2030.
offers a solution supporting all kinds of work. It offers an end-to-end platform, from employee onboarding and ongoing management to international payments and. It helps companies with labor law compliance in the jurisdictions in which they run, offers management of work benefits, and makes sure information personal privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. An entrepreneur with 15 years of experience, she is a leading specialist in payroll and labor force management. She co-founded after seeing the technology gap in international.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please be sure to go to the complete webcast in order to get your credits if you have any concerns during the webcast please click the Q&A tab in your webinar controls and type the there a brand-new tab will open in your web browser with the webcast survey 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 discussion hello and thank you for joining us today we’re thrilled to have you here as we embark on a journey of data to regulation achieving
360 degree staff member compliance where we’ll dive into the important elements of the staff member compliance management model throughout the session we’ll check out real world challenges genuine local policies finest practices and the role of Automotion in simplying compliance journey be prepared to emerge in a thorough understanding of how to safeguard your organization and employees while staying compliant in an
Ever progressing regulative environment in the everchanging world of organization and finance ensuring compliance with payroll guidelines is not just crucial but likewise a legal necessary 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 threats that have far-reaching consequences nevertheless with a deeper more nuanced understanding of their commitments organizations can not only navigate the intricate landscape however also proactively guarantee this 360 degree compliance the webinar is created to equip you with the understanding and tools required to browse the complex Terrain of compliance whether you’re an experienced P professional a small business owner or someone brand-new to the field what I would like to do before we start and I believe it’s actually crucial
In our mission to boost performance and precision in handling our worldwide workforce, our multinational corporation turned to, a leading and labor force management software application. The transition intended to streamline the complex job of managing across different countries, currencies, and compliance regulations.
Among the standout functions of is its robust compliance management system. The software application instantly updates itself to adhere to ever-evolving tax and labor laws throughout multiple jurisdictions. This has actually been important in ensuring that our procedures remain certified in each country of operation.
is to state that the content here is not legal recommendations it is merely for your details please consult your legal team must you have any questions or issues in relation to anything that we have actually gone over today our key take crucial takeaways by the end of the webinar will be an understanding of staff member compliance risks how to employ ly with self-confidence how to simplify data management and automation so let’s take ourselves a moment to acquaint ourselves with the webinar platform once again as we’ve.
work as your hris or is type of your core employee record um to manage that worker life cycle throughout their Journey with you as as an employee in addition to a payroll module we need to help you pay those employees and compensate them and benefits Administration module that allows you to assist handle the advantages you supply to your workers so actually thrilled to be here represent um bamb booy container and speak about this topic um and I guess from my perspective I’ll I’ll probably supply a lot of a concentrate on the US side of things when we talk about sort of compliance so happy to be here thanks for having me Ian alright thanks Greg um Gina over to you would you like to introduce yourself and tell the audience a bit about papay global yes absolutely thank you Ian hey there everybody I’m Gina dorelis I’m the Employment professional supervisor.
at I handle the work Council in the United States APAC EMA and Israel region I likewise work as us Council for I’m licensed in New york city and New Jersey um we guarantee compliance onboarding and offboarding of workers with regard to papaya we offer payroll payments and labor force management as a Service labor force company to employees serving in over.
160 nations okay thank you so both I feel totally underqualified sitting here with you both well I forgot to discuss as we were kind of like going through the introduction so it’s truly really good to actually 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 wish to continue inform where you are that would be definitely great whilst we simply wait on everyone else to type of like participate in there we go Chicago also well um so whil we’re doing that I’m waiting on everybody to type of join I’ll simply run us through the agenda um today we are going to go over hiring Skill brand-new greater Details Management termination compliance and automation wow the chat has actually got really truly hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from definitely all over which is wonderful so uh I’m hoping that we’re in fact going to have some truly excellent commentary and concerns throughout the uh the webinar also all right so that’s the program then what I ‘d like to Now cover is the the compliance and the Privacy side of things so the the Journey of a worker and their data is Papaya Global Vs Square Payroll diverse without fail and an.
Ever developing relationship that starts the minute an individual signs up with a company it continues throughout their work and Beyond this journey can be divided into k to several crucial stages whilst we’re actually you know that they’re used with us so on boarding daily operations settlement and advantages professional advancement then we get to the offboarding and even advocacy so it even occurs after the worker has actually left your work throughout the journey organizations are responsible for collecting storing safeguarding employee data in compliance with data privacy guidelines no matter where it is you’re operating worldwide it typically includes executing protected information management systems and guaranteeing strict adherence to regional requirements to safeguard both the worker and the organization the advancement of worker data and management c.