Payroll and payments run smoothly …Eps Submission Papaya Global
if they count on the needed numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and say what is it what doesn’t need to be consisted of best 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 timespan 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 wherever you look best ultimately constructing a knowledge base is absolutely critical however everywhere you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 absolutely fundamental and innovation 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 differing Bank Account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and financing teams work better together than ever um I’m always surprised when people say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split 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 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more essential to contribute to sort of the level of intricacy there’s increasingly more benefits being organ or being offered by organizations across the world so again you’re simply aiming to include a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine difficulties or real tough sort of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams 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 doesn’t necessarily require to be the case you understand long gone are the times where we need to create additional handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you understand that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single biggest liability that any business has from an expense viewpoint from an effect perspective on employees it is absolutely important 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 have to be done right it has the biggest detrimental effect on individuals’s well-being and lots of other factors if individuals aren’t paid uh I have actually always been amazed coming into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise 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 International Payments first payroll payment option is a terrific initial step um providing an end-to-end payroll solution for your workers internationally once again I believe is another huge um process once again aligning and guaranteeing you have standardization International processes all of those things are absolutely key to success success of businesses and reducing the number of tools platforms and savings account 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 ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone quite where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how essential 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 everyone that’s involved in those procedures and also so envision sorry I’m just I was simply gon na say envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating 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 need days of the week to try to browse them and really see what was going on and kind of try to return to everyone so proceeding look why do companies pick to main different bank accounts there are organizations out there doing exactly this for specific nations and I have actually operated in a business or lots of services doing precisely that I can state it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not creating additional work for anyone where we don’t have to and anybody that’s dealing with 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 quantity that we are I think numerous reasons one is it’s the requirement I think people have actually got so utilized to we need a new checking 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 think it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a range I think this is a process that requires taking a look at it needs changing but eventually individuals are very stuck to what they’re familiar
with right um change is a difficult thing all of us don’t 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 things um I comprehend undoubtedly the benefits of having preserving numerous bank accounts but there’s a substantial quantity of complexity goes with setting up a savings account keeping it guaranteeing it can send out International transfers ensuring it’s set up with the right user accesses for private people so the intricacy is huge however I think the truthful response is modification um people have not been able to alter or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I think it is understanding you understand and there is a component of resistance to change but we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to keep track of and this method does position several difficulties um so Johnny might you inform
Cost Factors to consider and Eps Submission Papaya Global …
The detailed functions of come at an expense,
Over the past few years, the workforce has undergone a considerable transformation with the introduction of remote work, which has actually eliminated geographical constraints on hiring. This has actually allowed organizations to hire talent from all over the world, enabling them to put together the best possible team for each role. As a result, workers have gotten greater versatility to work from home and increase their profits without having to transfer to pricey areas or commute fars away. According to a 2022 survey, 87% of employees who have the choice to work remotely choose to do so. The COVID-19 pandemic, integrated with improvements in enterprise connectivity software, has even more accelerated the shift towards remote work, even in industries that were at first hesitant to embrace the pattern.
insights are valuable to us and and your fellow participants so first things first though um let’s get to know everyone my name is Ian Charles and I have actually operated in payroll for the last 25 years I’ve had functions in all sort of Industries retail and Charm to Aerospace in all kinds of companies start-up to matrixed environments across the globe I provided management and method to populations of more than 100,000 employees on a month-to-month basis and in over 170 countries today I’m the perel strategist for papaya
Global I work throughout business male maning and constructing external relationships supporting Business clients and solutions and acting 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 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 team and in fact work really carefully with our um HR department as well to deal with numerous legal and HR matters that come up so truly delighted 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 complimentary to do excellent
Although Papaya Global offers integrations with numerous HR and financing systems, we experienced some hurdles throughout the integration procedure. Customizing the software to line up with our existing facilities proved to be more intricate than expected, leading to delays in the preliminary rollout.
The extensive features provided by Papaya Global come at a cost, which some of our smaller sized subsidiaries discovered to be prohibitively expensive. As a worldwide organization, we needed to carefully weigh the need for innovative performance against spending plan constraints.
Support Response Time:
On occasion, our teams experienced problems that needed immediate assistance. Nevertheless, the action time from Papaya Global’s consumer assistance group was not always as timely as we would have liked, resulting in hold-ups in resolving those concerns.
Our implementation of involved a phased method. We started by onboarding a few subsidiaries to test the system’s compatibility with our existing processes. This enabled us to identify and deal with integration difficulties early on. As the software application became more ingrained in our operations, we slowly expanded its use to cover our entire worldwide workforce.
The automated features structured our payroll processes, lowering the time invested in manual estimations and compliance tracking. Routine training sessions and continuous support from Papaya helped our teams end up being competent users of the software, maximizing its potential for our company.
Nevertheless, paying a workforce can be complicated. It is especially challenging for companies who employ personnel throughout numerous nations, as they should continuously consolidate various information streams, manually track regional and national labor and guidelines, and spend valuable time and resources to set up regional entities in new areas. These business are confronted with suboptimal, expensive choices, like opening a foreign subsidiary or employing a professional work organization, which is a regional firm that employs employees on their behalf and can charge up to 15% of. By 2022, 75% of companies reported difficulty recruiting certified personnel, a boost of 21% from 2019. The payroll & HR solutions market was valued at $26.4 billion in 2022 and is predicted to reach $50.4 billion by 2030.
provides a solution supporting all forms of work. It supplies an end-to-end platform, from worker onboarding and ongoing management to global payments and. It helps business with labor law compliance in the jurisdictions in which they run, offers management of employment benefits, and ensures data 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 expert in payroll and workforce management. She co-founded after seeing the innovation gap in international.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please be sure to participate in the complete webcast in order to receive your credits if you have any concerns 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 internet browser with the webcast study please be sure 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 presentation hey there and thank you for joining us today we’re enjoyed have you here as we embark on a journey of information to regulation achieving
360 degree employee compliance where we’ll dive into the important elements of the employee compliance management design throughout the session we’ll explore real world difficulties genuine local regulations best practices and the function of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to safeguard your organization and employees while staying certified in an
Ever evolving regulatory environment in the everchanging world of company and financing ensuring compliance with payroll policies is not only essential but also a legal necessary from the moment of employing to the in intri complexities even sorry of termination every step along the staff member journey is Frau with compliance dangers that have significant effects nevertheless with a deeper more nuanced understanding of their commitments companies can not just browse the complex landscape however also proactively guarantee this 360 degree compliance the webinar is developed to equip you with the knowledge and tools essential to browse the complex Terrain of compliance whether you’re a seasoned P specialist a small company owner or someone new to the field what I wish to do before we start and I think it’s really crucial
In our quest to boost efficiency and accuracy in managing our global workforce, our international corporation turned to, a leading and workforce management software application. The transition aimed to simplify the complex job of managing throughout various nations, currencies, and compliance guidelines.
Among the standout features of is its robust compliance management system. The software application automatically updates itself to abide by ever-evolving tax and labor laws throughout several jurisdictions. This has actually been indispensable in guaranteeing that our processes stay compliant in each nation of operation.
is to state that the material here is illegal suggestions it is simply for your information please consult your legal team ought to you have any concerns or issues in relation to anything that we have actually discussed 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 streamline information management and automation so let’s take ourselves a moment to familiarize ourselves with the webinar platform once again as we’ve.
act as your hris or is kind of your core employee record um to manage that employee life process throughout their Journey with you as as a worker in addition to a payroll module we need to assist you pay those workers and compensate them and benefits Administration module that permits you to assist handle the benefits you offer to your employees so actually delighted to be here represent um bamb booy container and speak about this subject um and I guess from my perspective I’ll I’ll probably provide a lot of a concentrate on the United States side of things when we discuss kind 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 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 region I likewise serve 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 workforce management as a Service work force service provider 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 type of like going through the introduction so it’s truly truly great to in fact see in the webinar chat where everyone’s really attending from today I can see that we have individuals in Las Vegas and Indiana currently so if you want to continue inform where you are that would be definitely fantastic whilst we just wait for everyone else to kind of like take part there we go Chicago also well um so whil we’re doing that I’m waiting for everyone to type of join I’ll just run us through the program um today we are going to talk about hiring Talent brand-new higher Details Management termination compliance and automation wow the chat has actually got truly actually busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from definitely everywhere which is wonderful so uh I’m hoping that we’re in fact going to have some truly great commentary and concerns throughout the uh the webinar too all right so that’s the agenda 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 data is Eps Submission Papaya Global complex without fail and an.
Ever progressing relationship that starts the minute a person signs up with an organization it continues throughout their work and Beyond this journey can be divided into k to several key phases whilst we’re really you understand that they’re used with us so on boarding daily operations compensation and benefits 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 companies are accountable for gathering saving protecting employee information in compliance with data personal privacy regulations no matter where it is you’re running all over the world it frequently involves executing secure data management systems and guaranteeing rigorous adherence to regional requirements to protect both the worker and the organization the development of worker information and management c.