Papaya Global Update 25.03 2024 – All You Need To Know

Payroll and payments  run efficiently …Papaya Global Update 25.03

 

if they count on the required numerous procedures 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 challenges company face when they’re making payments to employees or otherwise that’s an excellent question I constantly toss this back and state what is it what does not require to be included best and what does

it need 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 timespan 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 intricacy any place you look right ultimately building a knowledge base is definitely important but all over you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to kind of move forward with that it also as well to add to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and finance groups work more detailed together than ever um I’m always astonished when people say I’ve split payroll and payment um if you walk 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the

The modern-day world places a high worth on wellness and the settlement landscape is ending up being significantly detailed. Services are continuously presenting brand-new benefits and payment options, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can result in ineffectiveness and bottlenecks. In my opinion, this does not have to hold true. In today’s technically innovative period, there’s no reason for maintaining cumbersome treatments. Payroll, the company’s most significant cost, should be processed correctly and on time. Even minor delays can adversely affect employees’ wellness and have significant repercussions. Therefore, it’s critical to focus on precise and prompt payments.

payroll team get um so I’m unsure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle all of us 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 workout and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely essential that all of this things is done correctly so leveraging the first Global Payments very first payroll payment option is a terrific primary step um providing an end-to-end payroll option for your staff members globally again I think is another big um process again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of organizations and lowering the number of tools platforms and checking account they need for their International payroll too could not 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 do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re suggested to be um I do not think any of us are really doing that for for the thanks

anyway we know how how essential 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 involved in those processes and also so imagine sorry I’m simply I was just gon na say envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be a fascinating task attempting to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and sort of shot to get back to everyone so proceeding look why do business select to main different checking account there are companies out there doing exactly this for specific nations and I have actually worked in a service or many companies doing precisely that I can state it doesn’t constantly feel efficient and it does produce more work I know we’re not intentionally doing that we’re not developing extra work for anybody where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe 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 believe individuals have actually 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 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 contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I believe this is a process that needs looking at it requires changing but eventually individuals are very stuck to what they’re familiar

with ideal um modification is a difficult thing all of us don’t like change um so I think it’s just sort 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 comprehend certainly the benefits of having maintaining multiple bank accounts but there’s a huge amount of complexity opts for establishing a bank account preserving it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for specific individuals so the complexity is huge but I think the honest answer is modification um people have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we’ve constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or two there is a lot to track and this approach does pose a number of difficulties um so Johnny might you inform

 

 

Cost Factors to consider and Papaya Global Update 25.03 …
The thorough functions of come at a cost,

 

Over the past few years, the workforce has actually gone through a significant improvement with the emergence of remote work, which has removed geographical restrictions on hiring. This has actually enabled companies to hire skill from all over the world, allowing them to assemble the best possible group for each role. As a result, workers have acquired higher versatility to work from home and increase their incomes without having to transfer to expensive areas or commute long distances. According to a 2022 study, 87% of employees who have the choice to work remotely select to do so. The COVID-19 pandemic, combined with developments in enterprise connectivity software application, has even more accelerated the shift towards remote work, even in industries that were at first hesitant to adopt the trend.

insights are important to us and and your fellow guests so first things first though um let’s get to know everyone my name is Ian Charles and I’ve worked in payroll for the last 25 years I have actually had functions in all sort of Industries retail and Charm to Aerospace in all types of organizations startup to matrixed environments across the globe I supplied leadership and strategy to populations of more than 100,000 employees on a monthly basis and in over 170 nations today I’m the perel strategist for papaya

International I work across business guy maning and developing external relationships supporting Business customers and solutions and serving as a consultant 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 business counsil at bambo HR so I lead our in-house legal team and really work very carefully with our um HR department also to manage different legal and HR matters that show up so actually delighted to be here about bambo HR if if you’re not acquainted with us uh at bambo HR we say our mission is to set you as HR professionals totally free to do great

Application Obstacles:
Although Papaya Global provides integrations with different HR and financing systems, we came across some difficulties during the integration process. Tailoring the software application to align with our existing facilities proved to be more complicated than expected, leading to hold-ups in the initial rollout.

Pricing Issues:
The substantial features provided by Papaya Global come at a cost, which a few of our smaller sized subsidiaries found to be prohibitively costly. As an international company, we had to thoroughly weigh the need for innovative functionality against spending plan constraints.

Support Response Time:
On occasion, our groups experienced concerns that needed immediate help. However, the action time from Papaya Global’s consumer support group was not constantly as timely as we would have liked, causing hold-ups in solving those concerns.

Our execution of included a phased approach. We began by onboarding a couple of subsidiaries to test the system’s compatibility with our existing procedures. This allowed us to identify and resolve combination obstacles early on. As the software application ended up being more instilled in our operations, we slowly expanded its usage to cover our entire international labor force.

The automated features structured our payroll processes, minimizing the time invested in manual computations and compliance tracking. Regular training sessions and ongoing assistance from Papaya helped our teams become competent users of the software application, optimizing its potential for our company.

Companies that worker workers throughout multiple nations frequently face detailed obstacles when it pertains to handling their workforce. Among the greatest hurdles is combining numerous information streams and sticking to diverse regional and nationwide labor regulations, which can be both lengthy and costly. Additionally, establishing local entities in brand-new regions can be an expensive and suboptimal alternative, with options such as opening a foreign subsidiary or hiring a professional work company (PEO) frequently charging up to 15% of the payroll. These obstacles have led to a significant boost in difficulty recruiting qualified workers, with 75% of employers reporting this concern in 2022, a 21% boost from 2019. The payroll and HR solutions market, valued at $26.4 billion in 2022, is expected to reach $50.4 billion by 2030.

provides a service supporting all kinds of work. It provides an end-to-end platform, from staff member onboarding and ongoing management to global payments and. It helps business with labor law compliance in the jurisdictions in which they run, provides management of work advantages, and guarantees information personal privacy in compliance with GDPR.

Eynat Guez |
Eynat is the CEO of. An entrepreneur with 15 years of experience, she is a leading professional in payroll and workforce 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 make certain to attend the complete webcast in order to get your credits if you have any questions during the webcast please click on the Q&A tab in your webinar controls and type the there a brand-new tab will open in your internet browser with the webcast study please make sure to complete 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 hey there and thank you for joining us today we’re enjoyed have you here as we start a journey of information to policy attaining

360 degree worker compliance where we’ll dive into the essential aspects of the worker compliance management model throughout the session we’ll explore real life difficulties real regional guidelines best practices and the role of Automotion in simplying compliance journey be prepared to emerge in a comprehensive understanding of how to protect your organization and workers while staying compliant in an

Ever evolving regulatory environment in the everchanging world of service and finance ensuring compliance with payroll policies is not just important however also a legal essential from the minute of employing to the in intri intricacies even sorry of termination every step along the employee journey is Frau with compliance threats that have significant effects however with a much deeper more nuanced understanding of their responsibilities companies can not only navigate the detailed landscape but likewise proactively guarantee this 360 degree compliance the webinar is developed to equip you with the understanding and tools necessary to browse the complex Surface of compliance whether you’re an experienced P expert a small company owner or someone new to the field what I want to do before we begin and I believe it’s truly essential

In our mission to improve effectiveness and accuracy in managing our worldwide labor force, our international corporation turned to, a leading and workforce management software application. The transition aimed to streamline the complex job of managing throughout various countries, currencies, and compliance regulations.

The Excellent:

Compliance Management:
Among the standout functions of is its robust compliance management system. The software application automatically updates itself to stick to ever-evolving tax and labor laws across numerous jurisdictions. This has actually been invaluable in making sure that our procedures stay compliant in each nation of operation.

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

work as your hris or is sort of your core worker record um to manage that employee life process throughout their Journey with you as as a staff member in addition to a payroll module we have to assist you pay those staff members and compensate them and advantages Administration module that permits you to help manage the benefits you provide to your staff members so truly 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 probably supply a great deal of a focus on the US side of things when we discuss kind of compliance so pleased to be here thanks for having me Ian fine thanks Greg um Gina over to you would you like to introduce yourself and inform the audience a bit about papay global yes definitely thank you Ian hi everyone I’m Gina dorelis I’m the Employment specialist manager.

at I manage the employment Council in the US APAC EMA and Israel area I also serve as us Council for I’m certified in New york city and New Jersey um we guarantee compliance onboarding and offboarding of employees with regard to papaya we provide payroll payments and labor force management as a Service labor force provider to workers serving in over.

160 countries okay thank you so both I feel entirely underqualified sitting here with you both well I forgot to mention as we were kind of like going through the intro so it’s really truly great to actually see in the webinar chat where everybody’s really attending from today I can see that we have individuals in Las Vegas and Indiana already so if you wish to carry on tell where you are that would be absolutely great whilst we just wait on everybody else to sort of like take part there we go Chicago also well um so whil we’re doing that I’m awaiting everybody to kind of join I’ll simply run us through the agenda um today we are going to talk about hiring Talent brand-new higher Info Management termination compliance and automation wow the chat has got really truly hectic so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from definitely all over which is fantastic so uh I’m hoping that we’re in fact going to have some actually terrific commentary and concerns throughout the uh the webinar also all right 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 data is Papaya Global Update 25.03 complex without fail and an.

Ever evolving relationship that begins the moment 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 essential stages whilst we’re actually you understand that they’re employed with us so on boarding daily operations compensation and benefits expert advancement then we get to the offboarding and even advocacy so it even occurs after the worker has left your employment throughout the journey organizations are responsible for collecting storing safeguarding employee information in compliance with information personal privacy guidelines no matter where it is you’re operating all over the world it often includes executing safe information management systems and making sure stringent adherence to local requirements to protect both the worker and the company the advancement of worker data and management c.