Find out more about Papaya Global Austria ... We now have the ability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has actually acquired a different Chief Financial Officer specifically dedicated to managing payments. This supplies us with a safe and secure and trusted technique of paying to our 10,000 employees worldwide.}
The advanced global payroll management app enhances my payroll process, saving me a significant quantity of time monthly. With its easy to use interface, I have access to a single control panel that effectively manages my payroll, EOR, and specialists.
The Employee Website offers employees with the ability to gain access to and view essential documents such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile devices and is provided in numerous languages.
Benefits Administration
Papaya Global assists business offer competitive benefits plans to worldwide employees despite the variety of workers in the business. The business can set up health insurance, short-term and long-term disability, vision, oral and maternity leave while removing the requirement to source regional advantages companies in every country, produce regional accounts and have a minimum variety of workers.
International HR Functionalities
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your workers need work license support.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, labor force diversity, total work expenses distributed per place, total work expenses per cycle and much more.
Internationally, I have actually demonstrated leadership and tactical proficiency in directing large-scale populations of over 100,000 staff members throughout 170 countries. Currently, I are accountable for overseeing payroll methods, as pointed out by Mark. My role includes handling and establishing external partnerships, supporting Enterprise clients, and supplying advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments options service provider.
As a global business, we are honored to be included on the prestigious Time 100 list of the most prominent companies worldwide. We concentrate on providing payroll and labor force management services to employees in more than 160 countries. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, despite your area. It's an enjoyment to meet 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 market, I have focused on payroll and payment options for the past seven years. The intricacies and obstacles of this field have constantly mesmerized me.
payroll payments and decided to type of make a real go at that over the last 5 or six years where I have actually sort of had a variety of different functions on the provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we'll just provide everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we'll sort of let them do that so it 'd be rather intriguing and I can see it going on already just to hear where everybody is um it's nice to to type 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 very really bleak and I wish I was somewhere else at this moment in time alright so let's get started our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business keep separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic property uh we'll likewise go over a wrap-up and that must leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of common and managing them becomes increasingly more intricate Worldwide companies are aiming to discover Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment perspective many organizations preserve different checking account just for payroll while some have several accounts in various countries does it make good sense for business to keep different bank accounts in some cases in various countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies enhance the episode complex procedures of
making payroll payments precisely efficiently firmly and on time throughout this webinar we'll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business accurately forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one country however when you're doing it globally it's next level and Beyond it becomes complicated for a range of factors most importantly policies compliance information security and banking rules then there are the large numbers they include more intricacy the worldwide Workforce is presently three and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the world in the conventional payroll design there's typically an overwhelming variety of different systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or really extremely standard there's no real consistency framework we're living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind each time 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 state they have Labor force data in real time that's another number that offers me sleep deprived nights and quite honestly the more an organization spends on global payroll the less of an image they see a lack of exposure also reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of global services have actually revealed that they don't have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors poorly interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the data is delivered to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they rely on the necessary multiple 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 obstacles company face when they're paying to staff members or otherwise that's a great concern I always toss this back and say what is it what does not need to be consisted of ideal and what does
it need to be thought about there's varying Bank information so the length of an eye band a swift an account number routing code per country there's payment timespan there's payment abilities 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 wherever you look best ultimately building a knowledge base is definitely critical but everywhere you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 absolutely fundamental and innovation is permitting us to kind of progress with that it likewise also to add to that payroll and finance need to work closer together um with differing Savings account Details differing banking requirements and setup processes is definitely important that payroll and financing teams work closer together than ever um I'm constantly astonished when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't work in the payroll occupation would they divide the payroll payment from computation 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 eventually it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high value on well-being and the settlement landscape is becoming progressively intricate. Businesses are continuously presenting brand-new benefits and payment options, which adds to the general complexity. Large corporations often divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my opinion, this does not need to be the case. In today's technologically advanced age, there's no reason for preserving cumbersome procedures. Payroll, the company's most significant expense, should be processed properly and on time. Even small delays can negatively affect workers' wellness and have significant repercussions. For that reason, it's critical to focus on precise and prompt payments.
payroll team get um so I'm not sure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it 'd be excellent to hear your success story and whether that's been from all employees or not um however eventually payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it's just a tick box workout and I think that's how it's seen from the external view as well um so yeah it's also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done correctly so leveraging the first Worldwide Payments first payroll payment option is a terrific primary step um supplying an end-to-end payroll service for your staff members globally again I think is another big um process once again aligning and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of services and lowering the variety of tools platforms and savings account they require for their Worldwide 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've never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven't gone rather where they're meant to be um I don't believe any of us are really doing that for for the thanks
anyway we understand how how crucial a function 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 also so envision sorry I'm just I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I'm sure we're speaking about numerous thousands possibly Millions imagine getting that many thank you notes um I suggest it 'd be interesting to see how many Post-it notes you got but it would definitely be an intriguing task trying to clean up all those up for sure oh absolutely I can't imagine 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 sort of shot to return to everybody so carrying on appearance why do companies choose to main different checking account there are organizations out there doing exactly this for specific countries and I've worked in an organization or lots of businesses doing precisely that I can state it does not constantly feel effective and it does create more work I know we're not deliberately doing that we're not producing additional work for any person where we don't need to and anyone that's managing that process I 'd be interested to hear your ideas Johnny why do you believe 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 actually got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll purposes 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 passed by to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to kind of do it so I think there's a variety I think this is a procedure that requires taking a look at it requires altering but ultimately individuals are extremely stuck to what they recognize
with right um change is a tough thing all of us don't like change um so I believe it's simply kind of moving away from the norm as we've said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having maintaining multiple savings account but there's a huge quantity of complexity goes with setting up a bank account preserving it ensuring it can send International transfers guaranteeing it's established with the right user accesses for individual individuals so the complexity is substantial however I believe the honest response is modification um individuals have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we've always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century or two there is a lot to keep track of and this approach does posture several challenges um so Johnny might you inform us about those obstacles yeah naturally so there's a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements.
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