Enterprise Times met with Eynat Guez, Co-founder, CEO of Papaya Global at SuiteWorld 2024 in Las Vegas. Papaya Global aims to disrupt the very traditional world of payroll – and help connect the many fragmented dots between finance, HR, and payroll.
The company is a global workforce management platform that manages various types of workers, including payroll, monitoring, and services. Guez discussed the impact of technology on business and global workforce management, including payroll, monitoring, and services. She emphasises the importance of data integration, the challenges of managing data quality and compliance with regulations across jurisdictions. Eynat provided her top four tips for global enterprises looking to implement a payroll solution within their organsation.
1. Build a robust database
Focus on building a robust database and data structure first, especially for the top countries you operate in. Ensure the data is consistent and well-organised. Guez suggests businesses need to ensure the data structure and the formatting is consistent across different countries and departments within the organisation.
Furthermore, the importance of avoiding siloed or fragmented data that is held in different formats by various teams. Businesses need to capture all the necessary data points required for accurate payroll processing, such as employee information, attendance, expenses, etc. Avoid gaps or missing data that can disrupt the payroll calculations.
The goal is to create a centralised, well-structured database that serves as a reliable foundation for the payroll platform. This helps streamline the implementation process and ensures the platform can adapt to changing business needs over time.
2. Develop the data structure early
Implement the network and data structures early in the process before expanding to other countries. This helps create a unified platform that can adapt to different country requirements.
The key idea is to establish a solid, scalable data foundation for the payroll platform, starting with the core markets before expanding to additional countries. This lays the groundwork for a more efficient and adaptable implementation.
3. Prioritise the integration between payroll and payments
Prioritise the integration between payroll and payment systems to ensure timely and accurate payroll processing. Strong support for payments and payroll backups is crucial.
Ensure that payroll calculations and payments are processed accurately and on time is crucial for employee satisfaction and compliance. Integrating the payroll system with the payment system helps streamline this process and reduce the risk of errors or delays.
4. Regulatory changes across jurisdictions
Payroll and workforce management are subject to a wide range of regulations, which can vary significantly across different countries and regions. These regulations can include labour laws, tax requirements, social security contributions, and other statutory obligations that must be adhered to.
Guez advised enterprises to develop a technical approach to quickly adapt to regulatory changes across different jurisdictions. This allows the platform to remain compliant without lengthy manual updates.
