Papaya Global Frequently Asked Questions 2024 – All You Need To Know

Payroll and payments  run efficiently …Papaya Global Frequently Asked Questions

 

if they depend on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t require to be included 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 nation there’s payment amount of time there’s payment capabilities 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 ideal ultimately constructing a knowledge base is definitely critical however all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link 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 innovation is allowing us to sort of move on with that it also as well to contribute to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely essential that payroll and finance teams work better together than ever um I’m constantly astonished when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the

The modern-day world puts a high worth on well-being and the compensation landscape is ending up being significantly complex. Services are continuously presenting new benefits and payment alternatives, which adds to the general intricacy. Big corporations frequently divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my viewpoint, this does not need to hold true. In today’s technologically sophisticated age, there’s no reason for maintaining cumbersome procedures. Payroll, the business’s greatest expense, should be processed correctly and on time. Even slight delays can adversely impact workers’ well-being and have far-reaching repercussions. Therefore, it’s important to focus on accurate and timely payments.

payroll team get um so I’m not sure anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle we all find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment service is a fantastic primary step um supplying an end-to-end payroll solution for your workers globally again I believe is another big um process again lining up and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of services and minimizing the variety of tools platforms and bank accounts they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I don’t think any of us are in fact doing that for for the thanks

anyhow we know how how essential a role 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 procedures and likewise so think of sorry I’m just I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting to clean all those up for sure oh absolutely 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 try to browse them and really see what was going on and type of shot to get back to everyone so carrying on look why do companies pick to primary different savings account there are services out there doing exactly this for particular countries and I have actually operated in a company or numerous businesses doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anybody where we don’t have to and anyone that’s handling 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 amount that we are I believe numerous reasons one is it’s the requirement I believe individuals have actually got so used to we need a brand-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 standard and the standard individuals have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a variety I think this is a procedure that needs looking at it needs altering but ultimately people are really stuck with what they’re familiar

with ideal um change is a difficult thing all of us do not like modification um so I believe it’s just type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having keeping numerous savings account but there’s a big amount of intricacy opts for establishing a savings account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for private people so the complexity is big however I believe the sincere answer is modification um people have not had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to monitor and this technique does position a number of challenges um so Johnny might you tell

 

 

Expense Considerations and Papaya Global Frequently Asked Questions …
The extensive functions of come at an expense,

 

Over the past couple of years, the labor force has gone through a substantial transformation with the development of remote work, which has removed geographical constraints 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, staff members have gained greater versatility to work from home and increase their revenues without having to relocate to expensive areas or commute cross countries. According to a 2022 study, 87% of employees who have the alternative to work from another location select to do so. The COVID-19 pandemic, integrated with advancements in business connection software, has actually further sped up the shift towards remote work, even in industries that were at first hesitant to embrace the trend.

insights are important 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 worked in payroll for the last 25 years I have actually had roles in all kind of Industries retail and Charm to Aerospace in all types of services start-up to matrixed environments across the globe I offered management and technique to populations of more than 100,000 staff members on a regular monthly basis and in over 170 nations today I’m the perel strategist for papaya

Worldwide I work throughout the business guy maning and building external relationships supporting Business customers and options and functioning as a consultant I want to introduce our first Greg um guest Greg who will kick things off by informing us um who he is and a little 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 group and actually work very closely with our um HR department too to handle different 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 state our mission is to set you as HR experts totally free to do great

Application Challenges:
Although Papaya Global offers integrations with numerous HR and finance systems, we experienced some hurdles throughout the integration procedure. Personalizing the software application to line up with our existing facilities showed to be more complicated than anticipated, resulting in hold-ups in the initial rollout.

Pricing Concerns:
The extensive functions provided by Papaya Global come at a cost, which a few of our smaller sized subsidiaries found to be excessively costly. As a worldwide organization, we had to thoroughly weigh the requirement for advanced functionality versus spending plan constraints.

Support Action Time:
On occasion, our teams experienced issues that required immediate help. However, the response time from Papaya Global’s client support team was not always as timely as we would have liked, resulting in hold-ups in solving those problems.

Our execution of included a phased method. We started by onboarding a couple of subsidiaries to evaluate the system’s compatibility with our existing procedures. This permitted us to determine and attend to integration challenges early on. As the software application became more ingrained in our operations, we gradually expanded its use to cover our entire international labor force.

The automated features streamlined our payroll procedures, minimizing the time spent on manual computations and compliance tracking. Routine training sessions and ongoing assistance from Papaya helped our teams end up being proficient users of the software application, maximizing its potential for our organization.

Business that employee workers across several countries typically face elaborate obstacles when it concerns handling their labor force. Among the most significant difficulties is combining various data streams and adhering to diverse regional and nationwide labor policies, which can be both time-consuming and costly. Additionally, setting up regional entities in new areas can be a pricey and suboptimal choice, with alternatives such as opening a foreign subsidiary or working with an expert employment organization (PEO) frequently charging up to 15% of the payroll. These difficulties have actually resulted in a considerable increase in problem hiring certified personnel, with 75% of companies reporting this issue 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 a solution supporting all types of work. It provides an end-to-end platform, from employee onboarding and continuous management to international payments and. It helps business with labor law compliance in the jurisdictions in which they run, uses management of work benefits, and makes sure 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 professional in payroll and labor force management. She co-founded after seeing the technology gap in global.

papaya this webcast has been pre-approved for hrci and Sherm credit please make certain to attend the complete webcast in order to receive your credits if you have any concerns 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 web 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 discussion hello and thank you for joining us today we’re thrilled to have you here as we embark on a journey of data to guideline accomplishing

360 degree staff member compliance where we’ll dive into the necessary aspects of the worker compliance management model throughout the session we’ll check out real world challenges genuine local guidelines finest practices and the function of Automotion in simplying compliance journey be prepared to emerge in an extensive understanding of how to secure your organization and employees while remaining certified in an

Ever evolving regulatory environment in the everchanging world of business and finance guaranteeing compliance with payroll regulations is not just essential however also a legal essential from the minute of hiring to the in intri complexities even sorry of termination every step along the staff member journey is Frau with compliance dangers that have significant consequences nevertheless with a deeper more nuanced understanding of their obligations companies can not only browse the complex landscape but also proactively guarantee 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 a skilled P professional a small company owner or someone brand-new to the field what I wish to do before we start and I believe it’s truly crucial

In our quest to improve performance and accuracy in managing our worldwide labor force, our international corporation turned to, a leading and labor force management software application. The transition intended to simplify the complex job of managing throughout different countries, currencies, and compliance guidelines.

The Good:

Compliance Management:
Among the standout features of is its robust compliance management system. The software application automatically updates itself to adhere to ever-evolving tax and labor laws across numerous jurisdictions. This has been important in guaranteeing that our procedures remain compliant in each country of operation.

is to state that the material here is not legal advice it is just for your details please consult your legal team needs to you have any concerns or concerns in relation to anything that we have actually gone over today our secret take essential 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 information management and automation so let’s take ourselves a moment to familiarize ourselves with the webinar platform once again as we’ve.

serve as your hris or is kind 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 employees and compensate them and advantages Administration module that enables you to help manage the advantages you provide to your employees so actually excited to be here represent um bamb booy container and speak about this topic um and I guess from my perspective I’ll I’ll most likely offer a great deal of a concentrate on the US side of things when we speak about type 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 international yes definitely thank you Ian hi everyone I’m Gina dorelis I’m the Employment expert supervisor.

at I handle the work Council in the US APAC EMA and Israel region 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 offer payroll payments and workforce management as a Service labor force supplier to workers serving in over.

160 nations all right thank you so both I feel entirely underqualified sitting here with you both well I forgot to discuss as we were kind of like going through the introduction so it’s truly truly nice to actually see in the webinar chat where everyone’s in fact going to from today I can see that we have people in Las Vegas and Indiana already so if you wish to carry on inform where you are that would be absolutely fantastic whilst we just wait on everyone else to sort of like join in there we go Chicago too well um so whil we’re doing that I’m awaiting everybody to kind of join I’ll just run us through the agenda um today we are going to go over employing Skill new higher Details Management termination compliance and automation wow the chat has got really truly busy so we got Dallas Austin San Antonio Toronto San Francisco Richmond um you’re coming from definitely all over which is wonderful so uh I’m hoping that we’re really going to have some truly great commentary and questions throughout the uh the webinar as well alright so that’s the agenda then what I wish 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 Frequently Asked Questions diverse without fail and an.

Ever evolving relationship that starts the moment an individual joins a company it continues throughout their employment and Beyond this journey can be divided into k to numerous essential phases whilst we’re really you understand that they’re used with us so on boarding daily operations settlement and advantages professional advancement then we get to the offboarding and even advocacy so it even happens after the worker has left your work throughout the journey organizations are accountable for collecting keeping protecting employee information in compliance with data privacy policies no matter where it is you’re running all over the world it frequently involves implementing protected data management systems and ensuring stringent adherence to local requirements to protect both the staff member and the organization the development of employee information and management c.