Papaya Global Forum 2024 – All You Need To Know

Payroll and payments  run efficiently …Papaya Global Forum

 

if they rely on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re paying to workers or otherwise that’s a great question I always toss this back and state what is it what does not require to be included right and what does

it require to be thought about 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 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 complexity any place you look ideal eventually building a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to kind of progress with that it likewise as well to add to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely vital that payroll and financing groups work better together than ever um I’m constantly astonished when individuals say I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 people anywhere they are but also paying statutory authorities and on statutory third parties so with the

world we live in and well-being being increasingly more crucial to add to type of the level of intricacy there’s increasingly more benefits being organ or being used by companies throughout the world so once again you’re just looking to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of real difficulties or real challenging type of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding information 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 necessarily require to be the case you understand long gone are the times where we require to create extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single greatest liability that any service has from an expense perspective from an effect viewpoint on staff members it is definitely important that it’s done properly 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 greatest damaging effect on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I’ve always been surprised coming into this Market kind of the last 5 to 10 years is how little thanks the

payroll group get um so I’m uncertain anyone on this kind of webinar has actually 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 staff members or not um but eventually payroll is such an important cycle we all hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout and I believe 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 stuff is absolutely essential that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is a great initial step um providing an end-to-end payroll service for your staff members worldwide once again I think is another substantial um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of companies and minimizing the number of tools platforms and checking account they require for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re indicated to be um I do not think any of us are really doing that for for the thanks

anyway we understand how how crucial a function 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 everyone that’s associated with those processes and likewise so think of sorry I’m simply I was simply gon na say picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re discussing numerous 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 job trying to clean 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 check out them and really see what was going on and type of try to get back to everybody so moving on appearance why do companies pick to primary separate savings account there are organizations out there doing exactly this for specific nations and I have actually operated in an organization or many services doing precisely that I can state it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not creating additional work for anybody where we do not have to and anybody that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I think many factors one is it’s the requirement I think people have got so utilized to we need a new savings account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a process that needs taking a look at it requires altering however ultimately individuals are really stuck to what they recognize

with ideal um modification is a hard thing all of us do not like change um so I believe it’s simply kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having maintaining numerous savings account but there’s a big amount of intricacy chooses setting up a bank account keeping it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for private individuals so the intricacy is big but I believe the truthful response is change um people have not been able to change or have not had always the understanding to really make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or so there is a lot to keep track of and this method does posture several difficulties um so Johnny could you inform

 

 

Expense Factors to consider and Papaya Global Forum …
The extensive functions of come at an expense,

 

Current years have actually seen a dramatic modification to the labor force 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 very best available talent for any provided role. This provides employees more flexibility to work from home and increase their income without relocating to pricey locations or travelling cross countries. A 2022 survey discovered that 87% of workers who have the possibility to work remotely take that chance. The outbreak of COVID-19, in conjunction with new business connection software application, sped up the transfer to remote work, including in industries formerly reluctant to welcome the pattern.

insights are valuable to us and and your fellow attendees so first things initially though um let’s be familiar with everybody my name is Ian Charles and I’ve operated in payroll for the last 25 years I have actually had functions in all kind of Industries retail and Beauty to Aerospace in all types of businesses start-up to matrixed environments around the world I supplied management and method to populations of more than 100,000 employees on a regular monthly basis and in over 170 countries today I’m the perel strategist for papaya

Worldwide I work across the business male maning and constructing external relationships supporting Business customers and options and serving as a consultant I want to introduce our very 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 stated my name is Greg Piper uh I am the senior business counsil at bambo HR so I lead our internal legal group and really work extremely closely with our um HR department also to manage various legal and HR matters that turn up so really thrilled to be here about bambo HR if if you’re not familiar with us uh at bambo HR we state our objective is to set you as HR professionals complimentary to do terrific

Application Obstacles:
Although Papaya Global provides combinations with numerous HR and financing systems, we experienced some hurdles during the integration process. Tailoring the software application to align with our existing infrastructure showed to be more complicated than anticipated, leading to hold-ups in the initial rollout.

Prices Issues:
The substantial functions used by Papaya Global come at an expense, which a few of our smaller sized subsidiaries found to be prohibitively pricey. As a worldwide company, we needed to carefully weigh the requirement for advanced performance versus budget constraints.

Assistance Action Time:
On occasion, our teams experienced concerns that needed immediate help. Nevertheless, the action time from Papaya Global’s customer assistance team was not constantly as prompt as we would have liked, resulting in hold-ups in resolving those issues.

Our implementation of involved a phased method. We began by onboarding a couple of subsidiaries to check the system’s compatibility with our existing procedures. This allowed us to identify and deal with combination challenges early on. As the software ended up being more implanted in our operations, we slowly broadened its usage to cover our whole global labor force.

The automated functions structured our payroll procedures, reducing the time spent on manual computations and compliance tracking. Routine training sessions and continuous assistance from Papaya assisted our groups end up being competent users of the software application, optimizing its potential for our organization.

Nevertheless, paying a workforce can be complex. It is especially challenging for companies who employ staff across several countries, as they must constantly consolidate various information streams, manually track regional and nationwide labor and policies, and invest valuable time and resources to establish regional entities in brand-new locations. These companies are confronted with suboptimal, expensive alternatives, like opening a foreign subsidiary or hiring a professional employment organization, which is a local company that employs workers on their behalf and can charge up to 15% of. By 2022, 75% of companies reported trouble hiring 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.

offers an option supporting all forms of employment. It supplies an end-to-end platform, from employee onboarding and ongoing management to global payments and. It helps companies with labor law compliance in the jurisdictions in which they operate, provides management of employment benefits, and makes sure 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 technology space in global.

papaya this webcast has actually 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 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 sure to complete 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 presentation hello and thank you for joining us today we’re enjoyed have you here as we start a journey of information to regulation attaining

360 degree worker compliance where we’ll dive into the vital elements of the worker compliance management design throughout the session we’ll check out real life difficulties genuine regional guidelines best practices and the function of Automotion in simplying compliance journey be prepared to emerge in a comprehensive understanding of how to protect your organization and staff members while remaining certified in an

Ever progressing regulative environment in the everchanging world of service and finance ensuring compliance with payroll guidelines is not just essential but also a legal vital from the moment of working with to the in intri complexities even sorry of termination every step along the worker journey is Frau with compliance threats that have significant repercussions nevertheless with a deeper more nuanced understanding of their commitments organizations can not only browse the elaborate landscape however also proactively guarantee this 360 degree compliance the webinar is created to equip you with the knowledge and tools necessary to browse the complex Terrain of compliance whether you’re a seasoned P specialist a small business owner or someone new to the field what I want to do before we start and I believe it’s actually essential

In our mission to improve performance and accuracy in handling our international workforce, our international corporation turned to, a leading and workforce management software application. The transition intended to streamline the complex task of handling across numerous nations, currencies, and compliance guidelines.

The Good:

Compliance Management:
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 across numerous jurisdictions. This has actually been invaluable in making sure that our processes stay certified in each country of operation.

is to state that the content here is illegal recommendations it is merely for your information please consult your legal team should you have any questions or concerns in relation to anything that we’ve gone over today our secret take key takeaways by the end of the webinar will be an understanding of employee compliance risks how to hire ly with self-confidence how to streamline information management and automation so let’s take ourselves a moment to acquaint ourselves with the webinar platform once again as we’ve.

function as your hris or is sort of your core staff member record um to manage that employee life cycle throughout their Journey with you as as a worker in addition to a payroll module we have to help you pay those staff members and compensate them and advantages Administration module that permits you to assist manage the benefits you supply to your workers so actually excited to be here represent um bamb booy container and discuss this subject um and I guess from my point of view I’ll I’ll probably offer a lot of a concentrate on the United States side of things when we discuss kind of compliance so delighted to be here thanks for having me Ian okay thanks Greg um Gina over to you would you like to present yourself and tell the audience a bit about papay international yes absolutely thank you Ian hello everybody I’m Gina dorelis I’m the Work professional supervisor.

at I handle the employment Council in the US APAC EMA and Israel region I likewise work as us Council for I’m certified in New york city 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 work force provider to workers serving in over.

160 countries fine thank you so both I feel totally underqualified sitting here with you both well I forgot to point out as we were kind of like going through the introduction so it’s actually really nice to in fact see in the webinar chat where everybody’s actually attending from today I can see that we have people in Las Vegas and Indiana already so if you want to continue tell where you are that would be definitely great whilst we simply wait for everybody else to sort of like take part there we go Chicago as well well um so whil we’re doing that I’m waiting on everyone to kind of join I’ll just run us through the agenda um today we are going to discuss hiring Skill brand-new higher Details 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 coming from absolutely everywhere which is wonderful so uh I’m hoping that we’re really going to have some really excellent commentary and questions throughout the uh the webinar too okay 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 a worker and their information is Papaya Global Forum complex without fail and an.

Ever progressing relationship that begins the moment a person joins a company it continues throughout their work and Beyond this journey can be divided into k to a number of key phases whilst we’re actually you understand that they’re employed with us so on boarding daily operations payment and benefits professional advancement then we get to the offboarding and even advocacy so it even takes place after the staff member has left your employment throughout the journey companies are responsible for collecting storing protecting employee data in compliance with information privacy policies no matter where it is you’re operating all over the world it frequently includes carrying out safe and secure data management systems and guaranteeing stringent adherence to regional requirements to secure both the worker and the organization the evolution of worker information and management c.