Payroll and payments run smoothly …Set Up Papaya Global Payroll
if they depend on the necessary multiple procedures 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 difficulties company face when they’re making payments to employees or otherwise that’s a great question I constantly throw this back and state what is it what does not require to be consisted of best and what does
it require to be considered there’s varying Bank details 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 need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity anywhere you look right eventually building a knowledge base is absolutely important but all over you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to type of progress with that it also also to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and financing groups work better together than ever um I’m always amazed when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to contribute to sort of the level of intricacy there’s more and more benefits being organ or being provided by companies throughout the world so again you’re simply wanting to add more and more payments to this currently intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or genuine difficult kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would certainly say that the bigger a company 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 teams feeding details into the next function as it were that’s actually managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we run 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 era that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single biggest liability that any company has from an expense viewpoint from an effect perspective on workers it is absolutely important that it’s done properly 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 greatest detrimental result on individuals’s well-being and many other aspects if individuals aren’t paid uh I’ve always been amazed entering into this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this kind of webinar has actually been informed thank you for processing my payroll properly 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 eventually payroll is such an essential cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it’s just a tick box exercise 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 important that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment service is a great primary step um supplying an end-to-end payroll solution for your workers worldwide again I think is another big um process again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of organizations and minimizing the variety of tools platforms and bank accounts 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 have actually never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they’re indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand how how important 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 everybody that’s associated with those procedures and likewise so think of sorry I’m simply I was simply gon na state envision the amount 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 possibly Millions picture getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task attempting 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 require days of the week to try to browse them and actually see what was going on and type of try to get back to everyone so moving on look why do companies choose to primary different checking account there are services out there doing exactly this for particular nations and I have actually operated in a service or lots of companies doing precisely that I can say it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing additional work for any person where we do not 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 amount that we are I believe many factors one is it’s the requirement I believe people have got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll purposes 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 adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires altering but ultimately individuals are really stuck with what they’re familiar
with right um change is a difficult thing all of us don’t like modification um so I think it’s just type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having preserving multiple bank accounts however there’s a huge amount of intricacy chooses setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s established with the right user accesses for private people so the complexity is big but I believe the sincere response is change um people have not had the ability to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century or so there is a lot to track and this approach does position numerous obstacles um so Johnny could you inform
Cost Factors to consider and Set Up Papaya Global Payroll …
The comprehensive functions of come at a cost,
Over the past few years, the workforce has undergone a considerable improvement with the introduction of remote work, which has actually gotten rid of geographical restrictions on hiring. This has actually made it possible for businesses to recruit talent from all over the world, permitting them to put together the very best possible team for each role. As a result, staff members have acquired higher versatility to work from home and increase their revenues without needing to relocate 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 pick to do so. The COVID-19 pandemic, combined with advancements in business connectivity software application, has actually even more sped up the shift towards remote work, even in industries that were initially hesitant to embrace the pattern.
insights are important to us and and your fellow attendees so first things initially though um let’s be familiar with everyone my name is Ian Charles and I’ve operated in payroll for the last 25 years I have actually had functions in all sort of Industries retail and Beauty to Aerospace in all kinds of services start-up to matrixed environments around the world I provided leadership and strategy 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
International I work throughout the business guy maning and building external relationships supporting Enterprise clients and options and functioning as an advisor I wish to introduce 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 stated my name is Greg Piper uh I am the senior business counsil at bambo HR so I lead our internal legal group and actually work really carefully with our um HR department too to manage numerous legal and HR matters that turn up so actually thrilled to be here about bambo HR if if you’re not familiar with us uh at bambo HR we say our mission is to set you as HR specialists free to do excellent
Although Papaya Global offers integrations with different HR and finance systems, we experienced some obstacles during the combination procedure. Tailoring the software to line up with our existing infrastructure proved to be more complex than expected, resulting in delays in the initial rollout.
The substantial functions offered by Papaya Global come at an expense, which some of our smaller subsidiaries found to be prohibitively pricey. As a global organization, we had to carefully weigh the need for advanced functionality against spending plan restrictions.
Assistance Response Time:
On occasion, our teams experienced concerns that required immediate support. Nevertheless, the response time from Papaya Global’s customer support team was not always as prompt as we would have liked, leading to hold-ups in dealing with those problems.
Our execution of involved a phased technique. We began by onboarding a few subsidiaries to test the system’s compatibility with our existing procedures. This enabled us to determine and resolve combination obstacles early on. As the software ended up being more instilled in our operations, we gradually broadened its usage to cover our entire global labor force.
The automated features structured our payroll procedures, lowering the time spent on manual calculations and compliance tracking. Regular training sessions and continuous support from Papaya helped our groups become competent users of the software, optimizing its capacity for our company.
However, paying a labor force can be complicated. It is especially challenging for business who utilize staff throughout several countries, as they need to constantly combine various information streams, by hand track regional and national labor and policies, and invest important time and resources to establish regional entities in new areas. These companies are faced with suboptimal, costly options, like opening a foreign subsidiary or employing a professional employment company, which is a local company that employs workers on their behalf and can charge up to 15% of. By 2022, 75% of employers reported trouble recruiting certified workers, an increase of 21% from 2019. The payroll & HR options market was valued at $26.4 billion in 2022 and is projected to reach $50.4 billion by 2030.
offers a solution supporting all forms of employment. It offers an end-to-end platform, from employee onboarding and ongoing management to global payments and. It assists companies with labor law compliance in the jurisdictions in which they run, provides management of employment advantages, and guarantees data privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. A business owner 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 worldwide.
papaya this webcast has been pre-approved for hrci and Sherm credit please be sure to attend the complete webcast in order to receive 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 study please make sure to finish 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 hi and thank you for joining us today we’re thrilled to have you here as we start a journey of information to policy achieving
360 degree worker compliance where we’ll dive into the important elements of the employee compliance management model throughout the session we’ll check out real world obstacles genuine regional guidelines best practices and the function of Automotion in simplying compliance journey be prepared to emerge in a detailed understanding of how to secure your company and employees while staying certified in an
Ever evolving regulatory environment in the everchanging world of company and finance guaranteeing compliance with payroll regulations is not just crucial but also a legal vital from the minute of working with to the in intri intricacies even sorry of termination every step along the employee journey is Frau with compliance risks that have far-reaching repercussions nevertheless with a deeper more nuanced understanding of their obligations companies can not only navigate the intricate landscape however likewise proactively ensure this 360 degree compliance the webinar is designed to equip you with the knowledge and tools needed to navigate the complex Terrain of compliance whether you’re a seasoned P specialist a small company owner or someone new to the field what I would like to do before we start and I think it’s actually important
In our quest to improve performance and accuracy in handling our global workforce, our international corporation turned to, a leading and workforce management software. The transition aimed to simplify the complex job of managing across numerous nations, currencies, and compliance guidelines.
One of 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 been vital in making sure that our processes remain compliant in each nation of operation.
is to state that the content here is not legal suggestions it is simply for your information please consult your legal group ought to you have any concerns or concerns in relation to anything that we’ve talked about today our key take key takeaways by the end of the webinar will be an understanding of staff member compliance threats how to hire ly with self-confidence how to streamline data management and automation so let’s take ourselves a minute to familiarize ourselves with the webinar platform once again as we have actually.
serve as your hris or is sort of your core employee record um to manage that staff member life process throughout their Journey with you as as a staff member in addition to a payroll module we need to assist you pay those workers and compensate them and benefits Administration module that enables you to assist handle the benefits you supply to your employees so actually thrilled to be here represent um bamb booy jar and speak about this topic um and I think from my point of view I’ll I’ll most likely supply a great deal of a concentrate on the US side of things when we discuss 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 absolutely thank you Ian hi everyone I’m Gina dorelis I’m the Work expert supervisor.
at I manage the employment Council in the US APAC EMA and Israel region I likewise act as us Council for I’m accredited in New york city and New Jersey um we guarantee compliance onboarding and offboarding of workers with regard to papaya we provide payroll payments and workforce management as a Service labor force supplier to employees serving in over.
160 nations alright thank you so both I feel totally underqualified sitting here with you both well I forgot to discuss as we were type of like going through the introduction so it’s actually actually great to in fact 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 already so if you want to continue tell where you are that would be absolutely wonderful whilst we simply wait for everybody else to sort of like take part there we go Chicago too well um so whil we’re doing that I’m awaiting everyone to type of join I’ll just run us through the agenda um today we are going to talk about employing Skill brand-new greater Info Management termination compliance and automation wow the chat has got actually truly hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from absolutely everywhere which is great so uh I’m hoping that we’re actually going to have some really excellent commentary and concerns 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 staff member and their information is Set Up Papaya Global Payroll diverse without fail and an.
Ever evolving relationship that begins the minute an individual signs up with an organization it continues throughout their employment and Beyond this journey can be divided into k to numerous key stages whilst we’re in fact you understand that they’re utilized with us so on boarding day-to-day operations compensation and benefits professional advancement then we get to the offboarding and even advocacy so it even occurs after the worker has left your work throughout the journey companies are responsible for gathering keeping safeguarding worker data in compliance with information privacy regulations no matter where it is you’re running around the world it often involves executing safe information management systems and ensuring strict adherence to regional requirements to secure both the employee and the organization the advancement of employee data and management c.