Finally, Payroll Technology Infrastructure Suitable for the Ambidextrous Enterprise CFO
Ruben Drong| Jan 09, 2023
As we begin a new year, the business world is facing unprecedented volatility. Layoffs, inflation, war, and a looming recession are all sending shockwaves through markets across the globe.
Many big companies are responding by taking a conservative stance. They’re cutting spending and freezing new initiatives – playing defense and hoping to ride out the current instability.
But visionary CFOs are taking a dual approach – playing defense and offense. They control spending and minimize immediate risk, but they also see volatility as an opportunity. They’re re-evaluating longstanding strategies – like M&As in light of the drop in valuations – pivoting towards new openings and executing decisively.
McKinsey calls it “leaning into the volatility” – actively (but responsibly) pursuing business goals while competitors stay on the sidelines. “The best leaders and companies are ambidextrous: prudent about managing the downside while aggressively pursuing the upside,” McKinsey wrote. “These leaders are thinking about the next decade, not the next month.”
These “ambidextrous” CFOs are building their financial technology infrastructure today in order to gain an edge – in new data sources, tighter operations, shorter processes – that will bring benefits for years to come.
Enterprise on Our Mind
Here at Papaya Global, we designed our payroll technology infrastructure and our financial system for payroll payments with the enterprise CFO in mind. And our new technology suite for 2023 – specially developed to increase speed, agility, and control – is particularly geared toward those finance leaders who see both threats and opportunities on the horizon.
This enterprise-grade package of features is based on Papaya’s proprietary knowledge base and our payroll infrastructure. It offers new ways to run smoother, shorter, more accurate, and more flexible global payroll cycles, execute global payroll payments, provide payroll insights, and reconcile payroll into the financial books – for thousands or even tens of thousands of employees.
Ultimately, it will help CFOs maintain fiscal responsibility. It’s the perfect set of tools for enterprises looking for a global partner payments infrastructure that will allow them to survive and thrive in an unstable world, whatever it throws at them next.
Playing Defense: Eliminating Payroll Errors and Building Efficiency
When companies rely on inflexible legacy technologies to process payroll – or, even worse, do it manually – for thousands or tens of thousands of employees across the globe, errors are virtually unavoidable. Sometimes, as much as 10% of the global payroll run could require special attention, causing an enormous drain on time and resources.
Papaya’s new suite of advancements is designed to streamline essential operations and improve accuracy, visibility, and control – all while simplifying compliance, improving accuracy, and reducing the length of the payroll run.
Embedded Global Payroll Payments
Papaya built the first payroll payments execution platform embedded into a global payroll tech, allowing for faster transfers with more precise funding requirements. We deliver every cent you requested to your workforce. If an intermediate bank adds charges, we resolve it, not your employee.
Payments are marked on delivery, so banks know they are receiving salaries, tax payments to authorities, or payments to vendors, reducing time for screenings and solving credit-score issues. We already have all your payroll data on our integrated platform, so we can produce a payroll ledger with the click of a button.
Standardized Payroll Data Feed Data Sync
Papaya’s new data sync capability is agnostic to file type or structure and is all about improving speed and accuracy. Bring data from any source systems (HCM, System-of-Record) map it once, and your HR and payment-related data will flow into the system with ease – allowing for easier management at scale.
Any source data, once mapped, can be loaded through the self-service interface or set to be automatically pulled by the system from a dedicated location (SFTP). Furthermore, the process contains more checkpoints, so you can audit and validate data accuracy at more intervals, dramatically reducing the possibility of error.
Enhanced Compliance Engine
All of the global payroll data processed through the Papaya platform goes through a built-in compliance engine to ensure not only data accuracy but also compliance with the local tax codes and labor laws. The process ends with perfect accuracy and complete compliance in every region.
Our new and enhanced compliance engine is a quantum leap forward in technology. The enhanced compliance engine is faster and covers a wider range of payroll situations – more aligned with the needs of enterprises.
Improved Knowledge Base
Knowledge is power, and our enhanced Knowledge Base – an in-depth resource of essential information about employment across the globe – puts that power in your hands. The updated and expanded resources have the information you need for improving efficiency across your global teams, with more about terminations, benchmarks, equity, and benefits.
The updated information also feeds directly to our enhanced compliance engine to ensure compliance throughout the business process.
Adding Flexibility and Automation for Better Operations
While the trend towards layoffs and spending reductions continues, job reports also point to high rates of job creation. Companies continue to hire and compete for top talent, seizing the opportunity created by the current instability.
Papaya offers new enterprise tools to hire at scale and manage more aspects of the employee/employer relationship – with the unique Papaya touch.
Companies with thousands of employees have many layers of seniority. And when there is more seniority, there is more complexity. That means greater variance in contracts – all of which are essential to the employee experience and require individual attention. One set of interchangeable contract templates simply will not work for companies over a certain size.
We realize that creating and processing contracts – and the employment relationship in general – has a very personal flavor. It needs flexibility – contracts must be adjusted to address different needs and requests from both sides of the relationship. That process often involves a great deal of back-and-forth, often through email, taking time, and exposing both sides to security issues.
Papaya’s new onboarding suite is dynamic, allowing both sides to negotiate in real time directly through the platform, adjusting contract terms and sealing the deal with no need for additional back and forth. The suite creates a more collaborative, manageable, and safer onboarding process.
Mobile App for Employee Engagement
The easier it is for employees to access their payslips, request time off, and check for company announcements, the more engaged they feel. The self-service portal designed especially for employees is now available as a mobile app, accessible from anywhere, so your employees are always in-the-know.
Expanded Workday Integrations
Papaya officially became a Workday Certified Global Payroll partner in 2022, and our integration with the powerful platform continues to deepen as we seamlessly unify data and processes in six additional countries.
With Papaya’s integration with Workday, transferring data is as easy as pie. The information will automatically transfer from Workday to Papaya every day – with no involvement from the Workday user.
Unlock the Strategic Power of Payroll with Papaya
The new enterprise tools suite is part of Papaya’s tool kit for enterprises looking to gain an advantage, especially during the current volatility. Its security, visibility, control, compliance, automation, and personalization features allow finance decision-makers to play both better defense and a more visionary offense.
And, as always with our offering, enterprises can gain all the advantages of Papaya’s advanced technology without ripping and replacing their current network of global payroll partners. Papaya is ICP-agnostic and can integrate a company’s current partners seamlessly, with the quickest go-live time on the market.
Additionally, Papaya already provides the leading business analytics suite on the market, giving CFOs the highest level of visibility and control over global spending and unlocking strategic insights in their payroll data. HCM and ERP integrations are included in the package and we offer a first-of-its-kind native Global Payroll Payments capability embedded into the payroll platform.
Learn more about how Papaya’s end-to-end solution can lead the digital transformation at your company. Schedule a demo today.