Find out more about Papaya Global 50 Custom Report ... We now have the capability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has obtained a separate Chief Financial Officer particularly dedicated to managing payments. This offers us with a protected and trustworthy approach of paying to our 10,000 workers worldwide.}
The innovative worldwide payroll management app enhances my payroll process, conserving me a significant amount of time monthly. With its user-friendly user interface, I have access to a single control panel that effectively manages my payroll, EOR, and specialists.
The Worker Website supplies employees with the ability to access and view important documents such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile devices and is offered in numerous languages.
Benefits Administration
Papaya Global assists business offer competitive advantages plans to global employees no matter the number of workers in the business. The company can establish medical insurance, short-term and long-term impairment, vision, dental and maternity leave while eliminating the need to source regional benefits service providers in every nation, develop local accounts and have a minimum number of workers.
The HR capabilities provided by International HR incorporate different functions such as keeping track of vacation time, making sure compliance, facilitating the process of inviting brand-new staff members and bidding goodbye to leaving ones, offering a safe and secure online platform for saving workers' files, and supplying support for work allow procedures in case your staff members need assistance in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, labor force diversity, overall employment costs distributed per place, overall work expenses per cycle and much more.
environments across the globe I supplied leadership and method to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll techniques for as Mark said I work across business handling and building external relationships supporting Business clients and options along with functioning as a consultant for those of you that don't understand who papaya Worldwide is papaya is the first payroll and payments
As an international company, we are honored to be consisted of on the prestigious Time 100 list of the most influential business worldwide. We concentrate on supplying payroll and labor force management services to staff members in more than 160 nations. I am delighted to present Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your location. It's an enjoyment to fulfill you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have actually concentrated on payroll and payment services for the past seven years. The complexities and difficulties of this field have actually always captivated me.
payroll payments and decided to sort of make a genuine go at that over the last 5 or 6 years where I've sort of had a variety of various roles on the service provider side and also on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll just provide everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we'll type of let them do that so it 'd be rather interesting and I can see it going on currently just to hear where everybody is um it's nice to to sort of like see where everybody comes from and I actually do hope it's much sunnier than it is in the UK today definitely not the peak of the sunshine is it it's not no it's it's raining here it's really really dreary and I wish I was elsewhere at this moment in time okay so let's start our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we'll also review a recap and that needs to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more common and handling them ends up being a growing number of complicated International companies are looking to find Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment standpoint lots of companies maintain separate savings account just for payroll while some have numerous accounts in various countries does it make sense for business to maintain different bank accounts often in various countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting international companies improve the episode complex procedures of
making payroll payments accurately effectively securely and on time throughout this webinar we'll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one nation but when you're doing it globally it's next level and Beyond it ends up being intricate for a variety of reasons most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they add additional intricacy the international Workforce is currently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll design there's typically an overwhelming variety of different systems resulting in lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or really really basic there's no real consistency structure we're residing in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that's another number that provides me sleep deprived nights and quite frankly the more a business invests in global payroll the less of a picture they see an absence of visibility also encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of international services have expressed that they don't have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes badly interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is shipped to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don't run smoothly if they count on the necessary several 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 difficulties business face when they're paying to workers or otherwise that's a good question I constantly toss this back and say what is it what does not require to be consisted of ideal and what does
it require to be considered there's differing 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 abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer's own in-country account so there's complexity anywhere you look right ultimately building a knowledge base is absolutely important however all over you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are definitely basic and innovation is permitting us to kind of progress with that it likewise too to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance teams work better together than ever um I'm always astonished when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry 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 data 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 world places a high value on well-being and the settlement landscape is becoming progressively complex. Services are constantly introducing brand-new advantages and payment alternatives, which contributes to the overall intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can cause ineffectiveness and bottlenecks. In my opinion, this does not need to be the case. In today's technologically sophisticated era, there's no validation for preserving cumbersome procedures. Payroll, the company's greatest cost, should be processed correctly and on time. Even slight delays can adversely impact employees' wellness and have far-reaching effects. For that reason, it's vital to prioritize precise and prompt payments.
payroll group get um so I'm not exactly sure anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it 'd be fantastic to hear your success story and whether that's been from all employees or not um but eventually payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it fails however when it goes right it's simply a tick box workout and I believe that's how it's seen from the external view as well um so yeah it's likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment solution is a terrific primary step um supplying an end-to-end payroll solution for your employees worldwide again I believe is another big um procedure again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of companies and minimizing the variety of tools platforms and bank accounts they require for their Global payroll too couldn't 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 thousand of them within a payroll cycle don't anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they're implied to be um I don't think any of us are really doing that for for the thanks
anyhow we know how how crucial a role it is and that'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 simple as possible for everybody that's associated with those processes and likewise so envision sorry I'm simply I was just gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I'm sure we're speaking about hundreds of thousands potentially Millions picture getting that lots of thank you notes um I imply it 'd be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task attempting to clean up all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that held true um you 'd require days of the week to try to look through them and in fact see what was going on and type of try to get back to everyone so carrying on appearance why do business select to primary separate bank accounts there are businesses out there doing exactly this for particular nations and I've operated in an organization or many services doing precisely that I can state it does not constantly feel effective and it does develop more work I understand we're not intentionally doing that we're not producing additional work for anyone where we do not have to and anyone that's handling 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 many reasons one is it's the standard I think people have got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it's not a requirement so I believe it's simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there's a variety I think this is a procedure that needs looking at it requires changing but eventually individuals are very stuck to what they recognize
with best um modification is a hard thing all of us do not like modification um so I believe it's simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having preserving multiple checking account however there's a substantial quantity of intricacy goes with setting up a bank account preserving it ensuring it can send out International transfers ensuring it's set up with the right user accesses for specific people so the intricacy is huge however I believe the truthful response is change um individuals haven't had the ability to change or haven't had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to change but we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century or two there is a lot to track and this approach does present a number of difficulties um so Johnny might you tell us about those difficulties yeah obviously so there's a variety right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you deserve a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you
Papaya Global Bangalore Office Location