Find out more about Papaya Global Bangladesh ... We now have the capability to handle both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has acquired a different Chief Financial Officer specifically devoted to handling payments. This supplies us with a protected and reliable method of making payments to our 10,000 staff members worldwide.}
The innovative international payroll management app streamlines my payroll procedure, saving me a significant amount of time each month. With its user-friendly interface, I have access to a single control panel that effectively manages my payroll, EOR, and professionals.
Worker Portal
Employees have access to a Worker Website where they can view their pay slips, wage and tax statements and work documents. The portal is offered in numerous languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global helps companies offer competitive advantages bundles to international employees no matter the variety of employees in the company. The business can establish medical insurance, short-term and long-lasting disability, vision, dental and maternity leave while eliminating the requirement to source regional benefits companies in every nation, create regional accounts and have a minimum number of staff members.
The HR abilities provided by Global HR include different functions such as keeping track of getaway time, ensuring compliance, facilitating the process of welcoming new workers and bidding farewell to leaving ones, using a secure online platform for storing workers' documents, and offering support for work allow procedures in case your staff members require support in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, labor force variety, overall work costs distributed per area, overall employment costs per cycle and a lot more.
environments around the world I provided leadership and strategy to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll methods for as Mark said I work across the business managing and structure external relationships supporting Enterprise customers and options as well as serving as an advisor for those of you that don't know who papaya Worldwide is papaya is the very first payroll and payments
business to make the time 100 list for the majority of influential business in the world we offer payroll payments and workforce management to all staff member key ins over 160 nations I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning excellent afternoon good night depending on where you are in the world it's beautiful to satisfy you and thank you very much for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've remained in the payments market for over ten years and specifically dealing with the payroll and payment sector for over seven years um I was amazed by the complexity the problem in all of the above of
payroll payments and chose to type of make a genuine go at that over the last 5 or six years where I have actually kind of had a variety of various functions on the service provider side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we'll simply offer everybody 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 rather intriguing and I can see it going on currently just to hear where everybody is um it's nice to to kind of like see where everybody originates from and I really do hope it's much sunnier than it is in the UK today certainly not the peak of the sunlight is it it's not no it's it's drizzling here it's very really dreary and I wish I was somewhere else at this moment in time all right so let's get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business maintain separate
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic possession for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively safely and on time throughout this webinar we'll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in sufficient in one nation however when you're doing it worldwide it's next level and Beyond it becomes complex for a range of factors most notably regulations compliance information security and banking guidelines then there are the large numbers they include more intricacy the international Labor force is currently 3 and a half billion people by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll design there's often a frustrating number of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or extremely extremely basic there's no genuine consistency structure we're residing in an age of tech but 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 which just blows my mind every time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that's another number that gives me sleepless nights and quite frankly the more an organization invests in global payroll the less of an image they see a lack of visibility likewise extends to payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the deal almost half of international companies have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes inadequately interacted hires and terminations along with lack management and system setups and then when you round it all 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 when payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they rely on the needed numerous processes 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 challenges service face when they're making payments to workers or otherwise that's a great question I constantly throw this back and state what is it what doesn't need 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 country there's payment timespan 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 customer's own in-country account so there's complexity any place you look best ultimately developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 permitting us to kind of move forward 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 definitely important that payroll and finance teams work closer together than ever um I'm always amazed when people say I've divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high worth on wellness and the settlement landscape is becoming significantly elaborate. Organizations are constantly presenting new benefits and payment choices, which adds to the total intricacy. Big corporations often divide their payroll and payment processing into different groups, which can lead to inefficiencies and traffic jams. In my viewpoint, this doesn't need to be the case. In today's highly innovative age, there's no validation for preserving cumbersome procedures. Payroll, the business's greatest expense, should be processed properly and on time. Even slight hold-ups can adversely affect workers' well-being and have significant repercussions. For that reason, it's crucial to prioritize precise and timely payments.
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and people just observe when things fail. Nevertheless, when things go right, it's viewed as simply a routine task. This is how it's perceived externally as well. Therefore, it is important to make sure that jobs like Wi-Fi Global and other vital matters are done properly. Using the first Worldwide Payments very first payroll payment service is a great preliminary action towards supplying a comprehensive payroll option for employees worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and checking account essential for worldwide payroll are essential factors in attaining service success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things do not go as prepared. Eventually, we do not do it for the thankfulness.
anyway we know 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 simple as possible for everyone that's associated with those processes and also so think of sorry I'm simply I was simply gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we're discussing numerous thousands possibly Millions think of getting that many thank you keeps in mind um I indicate it 'd be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job trying to clean all those up for sure oh absolutely I can't picture the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to browse them and in fact see what was going on and kind of try to get back to everyone so proceeding appearance why do business choose to primary different bank accounts there are services out there doing exactly this for specific nations and I have actually operated in a business or many businesses doing precisely that I can say it doesn't constantly feel efficient and it does create more work I know we're not intentionally doing that we're not creating additional work for anybody 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 numerous reasons one is it's the requirement I think individuals have got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it's not a requirement so I believe it's simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to type of do it so I believe there's a range I think this is a process that requires taking a look at it needs changing however eventually individuals are really stuck to what they're familiar
with ideal um change is a difficult thing we all don't like change um so I think it's just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having keeping several bank accounts but there's a substantial amount of complexity chooses setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it's established with the best user accesses for private individuals so the intricacy is huge but I think the sincere answer is modification um people have not been able to change or have not had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is a component of resistance to change but we've always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century or so there is a lot to keep track of and this method does pose several difficulties um so Johnny could you inform us about those challenges yeah of course so there's a range right there is so
I simply did you switched our Enterprise 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 Worldwide employees you deserve a corner workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you
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