Payroll and payments run efficiently …Papaya Global India Office
if they rely on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties organization face when they’re paying to employees or otherwise that’s a good question I always throw this back and say what is it what does not need to be included right and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment abilities so can you pay it from International or do you need 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 eventually developing a knowledge base is definitely crucial however all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to sort of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely crucial that payroll and finance groups work more detailed together than ever um I’m constantly impressed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll profession 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 often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more important to add to sort of the level of complexity there’s more and more advantages being organ or being offered by companies throughout the world so once again you’re just wanting to add more and more payments to this currently complex landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of real obstacles or genuine difficult sort of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of years I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s actually managing the payment side of things however you understand in in my opinion and my experience that does not always require 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 timely they make them less efficient and they don’t make them what they need to be in in an era of tech and an era that you understand that we are working in today there is no reason we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any service has from a cost viewpoint from an effect viewpoint on staff members it is definitely crucial 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 greatest harmful effect on individuals’s well-being and lots of other aspects if people aren’t paid uh I have actually constantly been amazed entering this Market sort of the last 5 to ten years is how little thanks the
payroll group get um so I’m uncertain anyone on this type of webinar has been told 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 employees or not um but ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment option is a terrific first step um offering an end-to-end payroll option for your staff members internationally once again I think is another substantial um process again aligning and guaranteeing you have standardization International procedures all of those things are definitely key to success success of companies and lowering the variety of tools platforms and bank accounts they need 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 five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyway we know 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 easy as possible for everyone that’s associated with those processes and likewise so imagine sorry I’m just I was simply gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an intriguing job attempting to clean up all those up for sure oh absolutely 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 attempt to browse them and really see what was going on and type of try to return to everybody so moving on look why do business select to main separate checking account there are organizations out there doing exactly this for particular nations and I have actually operated in a service or numerous organizations doing exactly that I can say it does not constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we do not have to and any person that’s managing 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 amount that we are I believe lots of reasons one is it’s the requirement I believe people have got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a range I believe this is a process that requires looking at it needs altering however ultimately individuals are extremely stuck to what they recognize
with right um modification is a tough thing we all do not like modification um so I think it’s just kind of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having maintaining several savings account however there’s a big amount of complexity goes with setting up a checking account maintaining it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for specific people so the intricacy is big but I think the sincere answer is change um individuals haven’t had the ability to change or haven’t had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you’ve hit 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 genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could nearly be determined to be the next Century or so there is a lot to keep an eye on and this method does position numerous challenges um so Johnny might you inform
Expense Factors to consider and Papaya Global India Office …
The detailed functions of come at a cost,
Over the past few years, the workforce has actually gone through a significant transformation with the introduction of remote work, which has actually removed geographical constraints on hiring. This has made it possible for companies to hire skill from all over the world, enabling them to assemble the best possible team for each role. As a result, staff members have actually acquired greater versatility to work from home and increase their revenues without having to transfer to pricey locations or commute fars away. According to a 2022 study, 87% of employees who have the alternative to work from another location pick to do so. The COVID-19 pandemic, combined with developments in enterprise connection software, has 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 attendees so first things first though um let’s learn more about everyone my name is Ian Charles and I’ve operated in payroll for the last 25 years I’ve had functions in all kind of Industries retail and Beauty to Aerospace in all types of services 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 across business guy maning and constructing external relationships supporting Business clients and services and serving as an advisor I ‘d like to present our first Greg um visitor 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 corporate counsil at bambo HR so I lead our in-house legal team and really work very closely with our um HR department also to handle different legal and HR matters that show up so really 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 experts totally free to do great
Although Papaya Global provides combinations with different HR and financing systems, we came across some hurdles during the integration process. Tailoring the software to align with our existing facilities proved to be more intricate than prepared for, resulting in delays in the preliminary rollout.
The extensive functions used by Papaya Global come at a cost, which a few of our smaller sized subsidiaries discovered to be excessively expensive. As a worldwide organization, we needed to thoroughly weigh the need for advanced performance against budget plan restraints.
Support Reaction Time:
On occasion, our groups experienced concerns that required urgent support. Nevertheless, the action time from Papaya Global’s client assistance group was not constantly as timely as we would have liked, causing delays in resolving those problems.
Our application of included a phased approach. We began by onboarding a few subsidiaries to test the system’s compatibility with our existing processes. This enabled us to identify and attend to combination difficulties early on. As the software became more implanted in our operations, we gradually expanded its use to cover our entire worldwide labor force.
The automated functions structured our payroll procedures, minimizing the time invested in manual calculations and compliance tracking. Routine training sessions and ongoing support from Papaya helped our teams end up being competent users of the software, optimizing its capacity for our company.
Business that employee workers across numerous nations frequently deal with elaborate difficulties when it comes to managing their labor force. One of the most significant obstacles is consolidating different data streams and adhering to varied local and national labor policies, which can be both time-consuming and pricey. Moreover, establishing local entities in new areas can be an expensive and suboptimal option, with options such as opening a foreign subsidiary or hiring a professional employment company (PEO) often charging up to 15% of the payroll. These difficulties have actually led to a significant boost in difficulty hiring qualified workers, with 75% of companies reporting this concern in 2022, a 21% increase from 2019. The payroll and HR solutions market, valued at $26.4 billion in 2022, is anticipated to reach $50.4 billion by 2030.
offers an option supporting all forms of employment. It provides an end-to-end platform, from worker onboarding and continuous management to worldwide payments and. It helps business with labor law compliance in the jurisdictions in which they operate, offers management of work benefits, and ensures data personal privacy in compliance with GDPR.
Eynat Guez |
Eynat is the CEO of. An entrepreneur with 15 years of experience, she is a leading expert in payroll and labor force management. She co-founded after seeing the innovation space in international.
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 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 quickly as the webcast has actually ended it is now my pleasure to turn it over to Pap and bamboo HR for their discussion hey there and thank you for joining us today we’re enjoyed have you here as we start a journey of data to regulation accomplishing
360 degree worker compliance where we’ll dive into the essential aspects of the staff member compliance management model throughout the session we’ll check out real life obstacles real regional policies 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 staff members while remaining certified in an
Ever developing regulatory environment in the everchanging world of business and financing guaranteeing compliance with payroll guidelines is not only essential however also a legal necessary from the moment of working with to the in intri intricacies even sorry of termination every step along the staff member journey is Frau with compliance threats that have far-reaching consequences however with a much deeper more nuanced understanding of their responsibilities companies can not just navigate the detailed landscape however likewise proactively ensure this 360 degree compliance the webinar is developed to equip you with the knowledge and tools required to navigate the complex Terrain of compliance whether you’re an experienced P expert a small company owner or somebody brand-new to the field what I want to do before we begin and I believe it’s really essential
In our mission to boost efficiency and accuracy in managing our international workforce, our international corporation turned to, a leading and labor force management software application. The transition intended to streamline the complex task of handling across different countries, currencies, and compliance policies.
One of the standout functions of is its robust compliance management system. The software immediately updates itself to follow ever-evolving tax and labor laws across numerous jurisdictions. This has actually been vital in making sure that our processes remain compliant in each nation of operation.
is to state that the material here is not legal advice it is simply for your info please consult your legal group must you have any questions or issues in relation to anything that we’ve talked about today our secret take crucial takeaways by the end of the webinar will be an understanding of employee compliance threats how to work with 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’ve.
act as your hris or is sort of your core staff member record um to handle that worker life cycle throughout their Journey with you as as a worker in addition to a payroll module we need to help you pay those workers and compensate them and advantages Administration module that enables you to assist manage the benefits you supply to your employees so truly excited to be here represent um bamb booy container and talk about this subject um and I guess from my viewpoint I’ll I’ll probably supply a great deal of a concentrate on the United States side of things when we speak about kind of compliance so delighted 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 bit about papay global yes definitely thank you Ian hey there everyone I’m Gina dorelis I’m the Work expert manager.
at I handle the work Council in the US APAC EMA and Israel area I also act as us Council for I’m licensed in New york city and New Jersey um we ensure compliance onboarding and offboarding of workers with regard to papaya we provide payroll payments and workforce management as a Service work force company to workers serving in over.
160 countries fine thank you so both I feel completely underqualified sitting here with you both well I forgot to mention as we were kind of like going through the intro so it’s actually actually nice to really see in the webinar chat where everyone’s actually going to from today I can see that we have people in Las Vegas and Indiana already so if you wish to carry on tell where you are that would be absolutely fantastic whilst we simply await everybody else to type of like participate there we go Chicago too well um so whil we’re doing that I’m awaiting everyone to sort of join I’ll just run us through the agenda um today we are going to go over employing Talent new greater Details Management termination compliance and automation wow the chat has got really actually hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re originating from absolutely all over which is fantastic so uh I’m hoping that we’re in fact going to have some truly fantastic commentary and questions throughout the uh the webinar as well all right so that’s the program then what I want 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 Papaya Global India Office multifaceted without fail and an.
Ever evolving relationship that starts the moment an individual joins an organization it continues throughout their employment and Beyond this journey can be divided into k to numerous essential stages whilst we’re actually you know that they’re employed with us so on boarding everyday operations settlement and advantages professional advancement then we get to the offboarding and even advocacy so it even occurs after the staff member has left your employment throughout the journey companies are accountable for gathering keeping protecting employee data in compliance with data personal privacy guidelines no matter where it is you’re operating worldwide it frequently involves executing safe and secure information management systems and making sure stringent adherence to regional requirements to secure both the staff member and the company the development of employee information and management c.