Find out more about Papaya Global Albania ... We now have the ability to handle both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer particularly devoted to managing payments. This offers us with a safe and reputable technique of making payments to our 10,000 employees worldwide.}
The innovative global payroll management app enhances my payroll process, saving me a significant quantity of time each month. With its easy to use interface, I have access to a single control panel that effectively manages my payroll, EOR, and contractors.
Staff member Portal
Employees have access to an Employee Portal where they can see their pay slips, wage and tax statements and employment files. The portal is offered in numerous languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global assists business use competitive advantages plans to worldwide employees regardless of the number of staff members in the business. The business can establish medical insurance, short-term and long-lasting special needs, vision, oral and maternity leave while getting rid of the need to source regional advantages providers in every country, produce local accounts and have a minimum number of workers.
The HR abilities provided by Global HR incorporate different functions such as keeping track of holiday time, ensuring compliance, assisting in the process of inviting brand-new workers and bidding farewell to leaving ones, offering a protected online platform for saving employees' documents, and providing assistance for work permit treatments in case your staff members require help because area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, workforce diversity, total work expenses dispersed per place, overall work expenses per cycle and much more.
Worldwide, I have shown leadership and strategic competence in directing large-scale populations of over 100,000 employees across 170 nations. Currently, I are accountable for overseeing payroll techniques, as mentioned by Mark. My role includes handling and establishing external collaborations, supporting Business customers, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments services provider.
business to make the time 100 list for many prominent business worldwide we supply payroll payments and workforce management to all staff member enters over 160 nations I am pleased to say that we also have as Mark stated Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning great afternoon good evening depending on where you are in the world it's lovely to satisfy you and thank you quite for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've been in the payments industry for over ten years and particularly dealing with the payroll and payment sector for over 7 years um I was fascinated by the complexity the trouble in all of the above of
payroll payments and decided to type of make a real go at that over the last 5 or six years where I have actually type of had a range of different functions on the provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll just give everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we'll sort of let them do that so it 'd be quite fascinating and I can see it going on already just to hear where everyone is um it's nice to to kind of like see where everybody originates from and I actually do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it's not no it's it's drizzling here it's extremely really dreary and I want I was somewhere else at this moment in time okay so let's begin our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why business preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we'll likewise discuss a recap which must leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and managing them becomes more and more complex Worldwide organizations are looking to find Solutions and new ways to improve processes especially from a payroll and cross-border payment standpoint many companies keep separate savings account just for payroll while some have multiple accounts in different countries does it make good sense for business to maintain different checking account often in various nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies streamline the episode complex procedures of
making payroll payments accurately efficiently securely and on time during this webinar we'll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in enough in one nation however when you're doing it globally it's next level and Beyond it becomes complicated for a range of factors most significantly policies compliance data security and banking rules then there are the sheer numbers they add more intricacy the global Labor force is currently three and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing worldwide in the conventional payroll model there's frequently a frustrating variety of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or very very basic there's no genuine consistency structure we're residing in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind whenever I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that's another number that provides me sleepless nights and rather honestly the more a company invests in worldwide payroll the less of a photo they see a lack of exposure also encompasses payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal almost half of worldwide organizations have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors poorly communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the information is delivered to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don't run efficiently if they rely on the needed several procedures 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 organization face when they're making payments to workers or otherwise that's an excellent concern I constantly toss this back and say what is it what doesn't require to be consisted of right 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 time frames there's payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client's own in-country account so there's complexity wherever you look best eventually building a knowledge base is absolutely important however everywhere you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to type of move on with that it likewise also to add to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and finance groups work better together than ever um I'm constantly amazed when people state I have actually split 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 a market accept that why our payroll and payments so often 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 people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on wellness and the settlement landscape is becoming increasingly intricate. Companies are constantly introducing brand-new advantages and payment choices, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can result in ineffectiveness and bottlenecks. In my viewpoint, this doesn't need to be the case. In today's technically advanced age, there's no reason for preserving cumbersome treatments. Payroll, the company's most significant cost, need to be processed properly and on time. Even minor delays can adversely affect employees' well-being and have far-reaching consequences. Therefore, it's critical to prioritize precise and prompt payments.
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it's from all workers or not. Payroll is an essential cycle, and individuals only observe when things go wrong. However, when things go right, it's viewed as just a regular task. This is how it's perceived externally also. Therefore, it is essential to guarantee that tasks like Wi-Fi Global and other essential matters are done properly. Using the very first Worldwide Payments very first payroll payment solution is a terrific initial action towards offering a comprehensive payroll option for staff members worldwide. Standardization, global processes, and reducing the variety of tools, platforms, and checking account necessary for global payroll are crucial consider achieving service success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things do not go as planned. Ultimately, we do not do it for the appreciation.
anyhow we know how how crucial a function 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 easy as possible for everybody that's involved in those procedures and likewise so picture sorry I'm simply I was simply gon na say think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we're discussing hundreds of thousands possibly Millions think of getting that numerous 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 interesting task 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 actually see what was going on and sort of try to get back to everyone so proceeding look why do business select to primary separate savings account there are services out there doing exactly this for particular nations and I've worked in a business or many services doing precisely that I can say it doesn't constantly feel efficient and it does produce more work I know we're not purposely doing that we're not developing extra work for any person where we don't need to and anyone that's dealing with that process I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the amount that we are I think lots of factors one is it's the requirement I think people have actually got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes but there are a variety of markets where it's not a requirement so I think it's just been the requirement and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to type of do it so I think there's a range I think this is a procedure that needs looking at it needs changing however ultimately people are really stuck with what they recognize
with right um change is a difficult thing we all don't like change um so I think it's just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having preserving several savings account but there's a big amount of complexity chooses setting up a savings account keeping it guaranteeing it can send out International transfers guaranteeing it's established with the best user accesses for individual individuals so the complexity is substantial however I think the honest answer is change um people haven't been able to alter or haven't had always the understanding to really make that change into alternate Solutions other than opening a checking account I believe you've struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we have actually constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century approximately there is a lot to track and this approach does present numerous difficulties um so Johnny might you tell us about those challenges yeah naturally so there's a range right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you should have a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you
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