Find out more about Papaya Global Cameroon ... We now have the ability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer particularly dedicated to managing payments. This provides us with a secure and dependable approach of making payments to our 10,000 workers worldwide.}
the BEST worldwide payroll managment app, saves me hours of time monthly, one single dashboard for my payroll, EOR and contractors
The Worker Portal supplies employees with the capability to access and view crucial documents such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile phones and is used in numerous languages.
Benefits Administration
Papaya Global assists companies provide competitive benefits bundles to international employees despite the number of workers in the company. The company can establish medical insurance, short-term and long-lasting disability, vision, oral and maternity leave while eliminating the requirement to source local benefits companies in every nation, create local accounts and have a minimum variety of employees.
The HR abilities offered by Global HR include various functions such as keeping an eye on vacation time, making sure compliance, facilitating the procedure of welcoming brand-new workers and bidding goodbye to departing ones, using a secure online platform for saving employees' files, and offering support for work allow procedures in case your workers require support in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, workforce diversity, total employment expenses dispersed per place, overall employment expenses per cycle and far more.
environments around the world I supplied leadership and technique to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll strategies for as Mark said I work throughout business handling and structure external relationships supporting Enterprise customers and solutions along with functioning as an advisor for those of you that do not understand who papaya Worldwide is papaya is the very first payroll and payments
company to make the time 100 list for most influential companies on the planet we provide payroll payments and workforce management to all worker enters over 160 countries I am pleased to say that we also have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning good afternoon good night depending upon where you remain in the world it's lovely to fulfill you and thank you quite for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I've been in the payments industry for over 10 years and specifically working on the payroll and payment sector for over seven years um I was fascinated by the intricacy the problem in all of the above of
payroll payments and chose to kind of make a real go at that over the last 5 or 6 years where I have actually sort of had a variety of various functions on the provider side and likewise 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 everybody okay thanks Johnny uh we'll simply provide everyone another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we'll type of let them do that so it 'd be rather interesting and I can see it going on currently simply to hear where everyone 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 certainly not the peak of the sunshine is it it's not no it's it's drizzling here it's really very gloomy and I want I was somewhere else at this moment in time fine so let's begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we'll also discuss a wrap-up which must leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more common and managing them ends up being more and more complicated International organizations are aiming to find Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment perspective numerous organizations preserve different bank account just for payroll while some have several accounts in different nations does it make sense for companies to preserve separate checking account sometimes in different 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 helping multinational business enhance the episode complex processes of
making payroll payments accurately efficiently securely and on time throughout this webinar we'll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one country however when you're doing it internationally it's next level and Beyond it ends up being complex for a variety of reasons most significantly regulations compliance data security and banking rules then there are the sheer numbers they add more intricacy the international Workforce is currently three and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 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 standard payroll model there's frequently an overwhelming number of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely very fundamental there's no real consistency structure we're living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every 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 services say they have Workforce information in real time that's another number that provides me sleep deprived nights and rather honestly the more a business spends on global payroll the less of a picture they see a lack of exposure also extends to payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of international services have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is delivered to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don't run efficiently if they count on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties company face when they're paying to employees or otherwise that's a good concern I constantly toss 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 details 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 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 consumer's own in-country account so there's complexity anywhere you look ideal eventually developing a knowledge base is absolutely vital however all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to type of progress with that it also too to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and finance teams work better together than ever um I'm constantly impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't operate in the payroll occupation 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 frequently split and cut up um ultimately it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on wellness and the settlement landscape is becoming progressively detailed. Organizations are constantly introducing brand-new advantages and payment alternatives, which adds to the total complexity. Big corporations often divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my viewpoint, this does not need to hold true. In today's highly innovative age, there's no reason for preserving troublesome treatments. Payroll, the company's most significant cost, should be processed properly and on time. Even slight hold-ups can adversely affect staff members' well-being and have far-reaching 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 throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it's from all workers or not. Payroll is a crucial cycle, and people just discover when things fail. Nevertheless, when things go right, it's seen as just a routine job. This is how it's perceived externally too. Therefore, it is vital to make sure that tasks like Wi-Fi Global and other crucial matters are done properly. Using the first International Payments very first payroll payment option is a fantastic preliminary action towards providing a comprehensive payroll option for staff members worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and bank accounts needed for global payroll are key consider achieving company success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things don't go as planned. Eventually, we do not do it for the gratitude.
anyway we understand 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 everyone that's involved in those procedures and likewise so envision sorry I'm simply I was simply gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we're talking about hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I mean it 'd be interesting to see the number of Post-it notes you got but it would definitely 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 was the case um you 'd require days of the week to try to look through them and really see what was going on and kind of try to return to everybody so carrying on look why do companies pick to primary different checking account there are businesses out there doing precisely this for particular countries and I have actually worked in a company or numerous businesses doing exactly that I can state it doesn't always feel effective and it does develop more work I understand we're not deliberately doing that we're not creating extra work for anybody where we do not need to and any person 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 quantity that we are I think many reasons one is it's the standard I believe people have got so used to we need a new savings account we open an entity and appropriately so you need 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 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 numerous other ways um to to type of do it so I think there's a range I think this is a procedure that needs taking a look at it needs altering but ultimately people are very stuck with what they recognize
with ideal um change is a difficult thing we all don't like modification um so I think it's just type of moving away from the norm as we've said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having keeping numerous checking account however there's a big amount of complexity goes with establishing a savings account maintaining it guaranteeing it can send International transfers ensuring it's set up with the ideal user accesses for specific individuals so the complexity is substantial however I believe the honest response is modification um people haven't been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we've always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or two there is a lot to keep an eye on and this technique does present numerous challenges um so Johnny could you tell us about those difficulties yeah obviously so there's a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this improved capability, I have effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your achievements.
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