Payroll and payments run smoothly …Papaya Global Payroll India
if they count on the needed multiple 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 obstacles service face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and say what is it what does not need to be consisted of right and what does
it require 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 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 customer’s own in-country account so there’s intricacy anywhere you look ideal ultimately constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like extremely payments no if however some infants 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 think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to type of move forward with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely imperative that payroll and financing teams work better together than ever um I’m constantly impressed when people say I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate 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 procedure it’s the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of important to add to type of the level of intricacy there’s a growing number of advantages being organ or being provided by companies across the world so once again you’re just looking to add more and more payments to this already complex landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real obstacles or real difficult type of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of decades I would certainly state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really handling the payment side of things but you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to develop extra handoffs in the processes 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 an age of tech and an era that you know that we are operating in today there is no reason why we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any company has from a cost viewpoint from an impact viewpoint on staff members it is absolutely crucial that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive impact on individuals’s wellness and numerous other factors if people aren’t paid uh I’ve constantly been amazed coming into this Market type 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 kind of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um but ultimately payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box workout 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 definitely essential that all of this stuff is done properly so leveraging the first International Payments first payroll payment service is a great initial step um offering an end-to-end payroll solution for your workers worldwide once again I believe is another substantial um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of businesses and minimizing the number of tools platforms and checking account they need for their International 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 have actually never ever had a hundred thousand of 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 have not gone quite where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand 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 easy as possible for everybody that’s associated with those processes and also so think of sorry I’m just I was just gon na state picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many 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 was the case um you ‘d need days of the week to attempt to look through them and in fact see what was going on and type of shot to return to everybody so carrying on appearance why do companies pick to primary different savings account there are businesses out there doing exactly this for specific countries and I’ve worked in a business or lots of companies doing precisely that I can say it does not constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we do not need to and anyone that’s handling that procedure 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 believe many factors one is it’s the requirement I think people have actually got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals 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 ways um to to type of do it so I think there’s a variety I think this is a process that needs looking at it requires changing but ultimately individuals are really stuck to what they recognize
with right um modification is a difficult thing we all don’t like modification um so I believe it’s just kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having preserving several bank accounts but there’s a substantial quantity of complexity chooses establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it’s set up with the best user accesses for specific people so the complexity is big but I think the sincere answer is modification um individuals have not been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to keep track of and this method does present several challenges um so Johnny could you tell
Cost Factors to consider and Papaya Global Payroll India …
The thorough functions of come at an expense,
Over the past few decades, the labor force has undergone a significant transformation with the development of remote work, which has removed geographical constraints on hiring. This has allowed companies to recruit talent from all over the world, allowing them to assemble the best possible group for each function. As a result, staff members have gotten higher flexibility to work from home and increase their incomes without needing to move to expensive areas or commute fars away. According to a 2022 survey, 87% of workers who have the option to work remotely pick to do so. The COVID-19 pandemic, combined with developments in enterprise connection software, has even more accelerated the shift towards remote work, even in industries that were initially reluctant to adopt the trend.
insights are important to us and and your fellow attendees so first things initially though um let’s get to know everybody my name is Ian Charles and I have actually worked in payroll for the last 25 years I’ve had roles in all type of Industries retail and Appeal to Aerospace in all kinds of businesses start-up to matrixed environments around the world I offered management and method to populations of more than 100,000 staff members on a month-to-month basis and in over 170 countries today I’m the perel strategist for papaya
Worldwide I work throughout the business guy maning and developing external relationships supporting Enterprise customers and solutions and acting as a consultant I wish to introduce our very 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 business counsil at bambo HR so I lead our internal legal team and really work really closely with our um HR department also to deal with numerous legal and HR matters that turn up so truly delighted to be here about bambo HR if if you’re not knowledgeable about us uh at bambo HR we state our objective is to set you as HR specialists totally free to do excellent
While Papaya Global deals combinations with numerous HR and finance systems, the application process was not without challenges. Incorporating the software application with our existing infrastructure needed extra personalization, leading to some delays in the initial rollout.
Paying FAQs Papaya Global Payroll India 2024
and some smaller sized subsidiaries within our organization found the pricing to be on the higher side. As a worldwide company, stabilizing the need for sophisticated functions with budget plan constraints became a fragile exercise.
Client Support Action Time:
There were instances where our groups faced problems that required timely assistance. However, the action time from’s customer assistance team was not always as quick as preferred, causing periodic hold-ups in problem resolution.
Our execution of included a phased approach. We started by onboarding a few subsidiaries to check the system’s compatibility with our existing processes. This permitted us to recognize and address combination challenges early on. As the software application ended up being more ingrained in our operations, we gradually expanded its usage to cover our entire global workforce.
The automated functions streamlined our payroll processes, reducing the time spent on manual calculations and compliance tracking. Routine training sessions and ongoing assistance from Papaya assisted our teams end up being skilled users of the software, maximizing its capacity for our organization.
However, paying a workforce can be complex. It is particularly challenging for companies who employ personnel across numerous nations, as they should continuously combine different information streams, manually track regional and nationwide labor and guidelines, and invest important time and resources to establish regional entities in brand-new locations. These business are confronted with suboptimal, costly choices, like opening a foreign subsidiary or hiring an expert employment company, which is a regional company that employs staff members on their behalf and can charge up to 15% of. By 2022, 75% of employers reported difficulty recruiting qualified personnel, an increase 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.
provides a service supporting all forms of employment. It provides an end-to-end platform, from worker onboarding and continuous management to global payments and. It helps business with labor law compliance in the jurisdictions in which they operate, provides management of work benefits, and makes sure information 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 labor force management. She co-founded after seeing the innovation gap in global.
papaya this webcast has actually been pre-approved for hrci and Sherm credit please be sure to participate in 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 brand-new tab will open in your web browser with the webcast survey please be sure to finish it as soon 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 thrilled to have you here as we embark on a journey of information to guideline achieving
360 degree staff member compliance where we’ll dive into the essential elements of the worker compliance management model throughout the session we’ll check out real world difficulties genuine local policies best practices and the role of Automotion in simplying compliance journey be prepared to emerge in a thorough understanding of how to protect your organization and employees while staying certified in an
Ever evolving regulatory environment in the everchanging world of business and finance ensuring compliance with payroll policies is not just crucial however also a legal essential from the moment of hiring to the in intri intricacies even sorry of termination every step along the worker journey is Frau with compliance dangers that have significant effects nevertheless with a deeper more nuanced understanding of their responsibilities organizations can not just browse the elaborate landscape but likewise proactively guarantee this 360 degree compliance the webinar is designed to equip you with the understanding and tools needed to navigate the complex Surface of compliance whether you’re a seasoned P professional a small company owner or somebody brand-new to the field what I want to do before we start and I believe it’s really essential
In our quest to enhance efficiency and accuracy in managing our worldwide labor force, our multinational corporation turned to, a leading and labor force management software application. The shift aimed to simplify the complex job of managing throughout various nations, currencies, and compliance regulations.
One of the standout features of is its robust compliance management system. The software automatically updates itself to adhere to ever-evolving tax and labor laws across multiple jurisdictions. This has been invaluable in ensuring that our processes stay compliant in each nation of operation.
is to state that the content here is not legal guidance it is just for your info please consult your legal team should you have any questions 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 dangers how to employ ly with self-confidence how to streamline information management and automation so let’s take ourselves a minute to familiarize ourselves with the webinar platform once again as we’ve.
work as your hris or is kind of your core worker record um to handle that staff member life cycle throughout their Journey with you as as a staff member in addition to a payroll module we need to assist you pay those staff members and compensate them and benefits Administration module that permits you to assist handle the benefits you offer to your employees so actually excited to be here represent um bamb booy container and discuss this subject um and I think from my viewpoint I’ll I’ll probably provide a great deal of a concentrate on the US side of things when we speak 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 little bit about papay worldwide yes definitely thank you Ian hello everyone I’m Gina dorelis I’m the Employment expert manager.
at I handle the employment Council in the United States APAC EMA and Israel area I also function as us Council for I’m certified 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 work force provider to workers serving in over.
160 nations alright thank you so both I feel entirely 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 really nice to actually see in the webinar chat where everybody’s really going to 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 absolutely wonderful whilst we just await everyone else to type of like take part there we go Chicago also well um so whil we’re doing that I’m waiting on everybody to sort of join I’ll just run us through the program um today we are going to talk about hiring Skill brand-new greater Information Management termination compliance and automation wow the chat has actually got really truly busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from absolutely all over which is great so uh I’m hoping that we’re in fact going to have some actually fantastic commentary and concerns throughout the uh the webinar as well 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 staff member and their data is Papaya Global Payroll India multifaceted 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 a number of crucial phases whilst we’re in fact you understand that they’re used with us so on boarding everyday operations compensation and benefits professional advancement then we get to the offboarding and even advocacy so it even takes place after the worker has left your employment throughout the journey companies are responsible for collecting keeping protecting worker information in compliance with information personal privacy policies no matter where it is you’re running all over the world it frequently includes executing secure data management systems and ensuring strict adherence to regional requirements to protect both the staff member and the organization the advancement of employee information and management c.