Payroll and payments run smoothly …Papaya Global 2020 Update
if they depend on the required several 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 challenges company face when they’re making payments to employees or otherwise that’s a good question I constantly toss this back and state what is it what does not require to be included ideal and what does
it require to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy wherever you look right ultimately building a knowledge base is definitely vital but everywhere you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link in 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 technology is permitting us to kind of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely vital that payroll and finance groups work better together than ever um I’m always impressed when individuals say I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to add to sort of the level of complexity there’s a growing number of benefits being organ or being provided by businesses throughout the world so once again you’re simply aiming to add more and more payments to this already complicated landscape so if you type 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 genuine challenges or genuine tough sort of pay uses to play to pay people I think yeah I mean over the last well yeah a couple of years I would absolutely say that the bigger a company 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 information into the next function as it were that’s in fact handling the payment side of things but you understand in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to create additional handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and an age that you understand that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from a cost perspective from an impact point of view on employees it is definitely vital that it’s done correctly 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 biggest harmful result on individuals’s well-being and lots of other elements if individuals aren’t paid uh I’ve constantly been amazed entering this Market kind of the last 5 to ten years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this type of webinar has actually been told 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 employees or not um however eventually payroll is such an essential cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box exercise and I believe 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 things is definitely vital that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment service is a fantastic primary step um supplying an end-to-end payroll option for your employees globally once again I believe is another big um procedure once again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of organizations and reducing the number of tools platforms and bank accounts they require for their Global 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems 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
anyway we know how how crucial a role 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 simple as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions picture getting that numerous thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to look through them and actually see what was going on and kind of try to return to everybody so moving on look why do business pick to primary different savings account there are services out there doing exactly this for specific countries and I have actually worked in a business or numerous organizations doing precisely that I can state it does not always feel efficient and it does develop more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we don’t have to and anybody that’s handling that process 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 think people have got so utilized to we need a new bank 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 simply been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I believe this is a process that needs taking a look at it needs changing however eventually individuals are extremely stuck to what they’re familiar
with best um modification is a challenging thing all of us don’t like change um so I think it’s just 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 certainly the advantages of having maintaining several bank accounts however there’s a big amount of complexity goes with setting up a savings account preserving it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for private people so the complexity is substantial but I believe the honest answer is modification um individuals have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we’ve constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century or so there is a lot to track and this technique does present a number of difficulties um so Johnny might you inform
Cost Factors to consider and Papaya Global 2020 Update …
The comprehensive functions of come at an expense,
Over the past few decades, the workforce has actually undergone a significant improvement with the introduction of remote work, which has removed geographical restrictions on hiring. This has actually allowed services to hire skill from all over the world, enabling them to put together the very best possible group for each function. As a result, staff members have actually gotten higher versatility to work from home and increase their earnings without needing to transfer to pricey areas or commute long distances. According to a 2022 survey, 87% of staff members who have the alternative to work from another location pick to do so. The COVID-19 pandemic, integrated with improvements in enterprise connectivity software, has actually further accelerated the shift towards remote work, even in industries that were at first reluctant to adopt the pattern.
insights are valuable to us and and your fellow participants so first things first though um let’s learn more about everybody my name is Ian Charles and I’ve worked in payroll for the last 25 years I’ve had roles in all type of Industries retail and Charm to Aerospace in all kinds of services start-up to matrixed environments across the globe I provided leadership and method to populations of more than 100,000 employees on a monthly basis and in over 170 nations today I’m the perel strategist for papaya
Global I work throughout the business male maning and developing external relationships supporting Enterprise customers and services and serving as an advisor I ‘d like to present our first Greg um guest 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 corporate counsil at bambo HR so I lead our in-house legal group and actually work really closely with our um HR department as well to deal with various legal and HR matters that come up so really excited 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 professionals totally free to do terrific
While Papaya Global deals combinations with various HR and finance systems, the application process was not without difficulties. Integrating the software with our existing infrastructure required additional modification, resulting in some hold-ups in the initial rollout.
Paying FAQs Papaya Global 2020 Update 2024
and some smaller sized subsidiaries within our company found the rates to be on the higher side. As an international company, balancing the need for sophisticated features with spending plan restraints became a fragile exercise.
Customer Assistance Reaction Time:
There were circumstances where our groups dealt with issues that required timely support. However, the reaction time from’s customer assistance group was not constantly as fast as wanted, resulting in occasional delays in issue resolution.
Our execution of included a phased technique. We began by onboarding a few subsidiaries to test the system’s compatibility with our existing processes. This allowed us to recognize and resolve combination challenges early on. As the software application became more instilled in our operations, we gradually expanded its usage to cover our entire international workforce.
The automated features structured our payroll procedures, reducing the time invested in manual calculations and compliance tracking. Regular training sessions and ongoing support from Papaya helped our teams become skilled users of the software, optimizing its potential for our company.
However, paying a labor force can be complex. It is especially challenging for business who use staff throughout numerous countries, as they must constantly consolidate different data streams, by hand track local and national labor and policies, and invest valuable time and resources to set up local entities in brand-new areas. These business are confronted with suboptimal, pricey alternatives, like opening a foreign subsidiary or working with a professional employment company, which is a local company that works with employees on their behalf and can charge up to 15% of. By 2022, 75% of companies reported problem recruiting qualified personnel, a boost of 21% from 2019. The payroll & HR services market was valued at $26.4 billion in 2022 and is projected to reach $50.4 billion by 2030.
offers an option supporting all kinds of work. It offers an end-to-end platform, from employee onboarding and continuous management to worldwide payments and. It helps business with labor law compliance in the jurisdictions in which they run, offers management of employment advantages, and ensures 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 professional in payroll and workforce 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 go to the total webcast in order to get your credits if you have any questions throughout the webcast please click on the Q&A tab in your webinar controls and type the there a new tab will open in your browser with the webcast study please make certain to complete 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 hey there and thank you for joining us today we’re enjoyed have you here as we start a journey of data to policy accomplishing
360 degree worker compliance where we’ll dive into the essential elements of the staff member compliance management model throughout the session we’ll check out real world difficulties real local guidelines finest practices and the role of Automotion in simplying compliance journey be prepared to emerge in a detailed understanding of how to secure your company and staff members while remaining compliant in an
Ever evolving regulative environment in the everchanging world of business and financing ensuring compliance with payroll guidelines is not only vital but also a legal crucial from the minute of employing 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 obligations organizations can not only navigate the intricate landscape but likewise proactively guarantee this 360 degree compliance the webinar is designed to equip you with the understanding and tools necessary to browse the complex Surface of compliance whether you’re a seasoned P specialist a small company owner or somebody brand-new to the field what I would like to do before we begin and I think it’s truly important
In our mission to improve performance and accuracy in managing our global labor force, our international corporation turned to, a leading and workforce management software. The transition intended to streamline the complex job of managing across various countries, currencies, and compliance policies.
Among the standout functions of is its robust compliance management system. The software application immediately updates itself to follow ever-evolving tax and labor laws across several jurisdictions. This has actually been indispensable in making sure that our procedures stay compliant in each nation of operation.
is to state that the content here is not legal guidance it is just for your details please consult your legal group must you have any concerns or issues in relation to anything that we have actually talked about today our secret take essential takeaways by the end of the webinar will be an understanding of staff member compliance risks how to hire ly with confidence how to simplify information 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 staff member record um to manage that worker life process throughout their Journey with you as as a worker in addition to a payroll module we have to help you pay those workers and compensate them and advantages Administration module that allows you to help manage the benefits you offer to your workers so actually excited to be here represent um bamb booy container and speak about this topic um and I guess from my perspective I’ll I’ll most likely offer a great deal of a focus on the US side of things when we talk 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 present 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 expert manager.
at I handle the employment Council in the US APAC EMA and Israel region I also work as us Council for I’m certified in New york city and New Jersey um we guarantee compliance onboarding and offboarding of employees with regard to papaya we offer payroll payments and labor force management as a Service work force supplier to employees 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 sort of like going through the introduction so it’s really actually good to actually see in the webinar chat where everyone’s really attending from today I can see that we have individuals in Las Vegas and Indiana already so if you want to continue inform where you are that would be definitely fantastic whilst we simply await everybody else to sort of like participate in there we go Chicago as well well um so whil we’re doing that I’m waiting for everyone to kind of join I’ll simply run us through the program um today we are going to discuss working with Skill new higher Details Management termination compliance and automation wow the chat has actually got truly really hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from definitely all over which is great so uh I’m hoping that we’re really going to have some really great commentary and questions throughout the uh the webinar too all right 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 an employee and their information is Papaya Global 2020 Update diverse without fail and an.
Ever developing relationship that starts the moment a person joins an organization it continues throughout their employment and Beyond this journey can be divided into k to a number of crucial phases whilst we’re in fact you understand that they’re utilized with us so on boarding daily operations payment and benefits professional development then we get to the offboarding and even advocacy so it even happens after the employee has actually left your employment throughout the journey companies are accountable for gathering storing safeguarding employee information in compliance with data privacy regulations no matter where it is you’re operating around the world it often involves executing safe and secure information management systems and ensuring stringent adherence to local requirements to protect both the worker and the organization the development of employee data and management c.