Find out more about Papaya Global Chile ... We now have the ability to handle both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has obtained a separate Chief Financial Officer specifically committed to handling payments. This provides us with a secure and reliable technique of making payments to our 10,000 staff members worldwide.}
the BEST worldwide payroll managment app, saves me hours of time every month, one single dashboard for my payroll, EOR and contractors
The Worker Website supplies workers with the capability to gain access to and view important files such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile devices and is used in different languages.
Benefits Administration
Papaya Global assists companies use competitive benefits bundles to global workers no matter the variety of employees in the company. The business can set up medical insurance, short-term and long-term impairment, vision, dental and maternity leave while removing the need to source local advantages providers in every country, produce regional accounts and have a minimum variety of staff members.
The HR abilities provided by Worldwide HR incorporate different functions such as keeping track of vacation time, making sure compliance, helping with the process of inviting new workers and bidding farewell to departing ones, providing a secure online platform for keeping workers' files, and offering support for work permit treatments in case your workers need assistance because location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, workforce diversity, total employment costs distributed per place, total employment expenses per cycle and much more.
environments around the world I supplied leadership and strategy to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll techniques for as Mark said I work throughout business managing and structure external relationships supporting Business clients and solutions along with acting as a consultant for those of you that do not understand who papaya International is papaya is the first payroll and payments
As a worldwide business, we are honored to be consisted of on the prestigious Time 100 list of the most prominent companies worldwide. We specialize in offering payroll and workforce management services to staff members in more than 160 countries. I am delighted to present Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, despite your area. It's a pleasure to fulfill you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments industry, I have focused on payroll and payment options for the past seven years. The intricacies and obstacles of this field have always mesmerized me.
payroll payments and decided to kind of make a genuine go at that over the last 5 or 6 years where I've sort of had a variety of various functions on the company side and also on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we'll simply provide everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we'll sort of let them do that so it 'd be rather fascinating and I can see it going on currently simply to hear where everybody is um it's nice to to type of like see where everybody originates from and I truly do hope it's much sunnier than it remains 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 really extremely uninspiring and I wish I was somewhere else at this moment in time fine so let's get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a tactical property uh we'll likewise discuss a wrap-up and that must leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and managing them ends up being a growing number of intricate Worldwide organizations are wanting to find Solutions and new methods to improve processes specifically from a payroll and cross-border payment standpoint numerous companies keep separate checking account just for payroll while some have multiple accounts in different countries does it make good sense for companies to maintain separate bank accounts sometimes in different countries it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business simplify the episode complex processes of
making payroll payments accurately effectively firmly and on time during this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one nation however when you're doing it internationally it's next level and Beyond it ends up being complicated for a variety of factors most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they include more complexity the global Workforce is currently three and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll model there's typically a frustrating number of different systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely extremely fundamental there's no real consistency framework we're residing in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that's another number that provides me sleep deprived nights and rather frankly the more a business invests in international payroll the less of a photo they see a lack of presence likewise reaches payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of global services have actually revealed 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 because of time reporting bad HCM data information entry errors badly interacted hires and terminations as well as lack management and system configurations and then when you round it all off and the information is delivered to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they count on the required numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they're making payments to employees or otherwise that's a good question I always throw this back and state what is it what does not require to be consisted of right and what does
it require to be thought of there's varying Bank details so the length of an eye band a swift an account number routing code per country there's payment time frames 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 wherever you look best eventually constructing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are absolutely essential and innovation is permitting us to kind of move on with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Savings account Details differing banking requirements and setup processes is absolutely necessary that payroll and finance groups work more detailed together than ever um I'm constantly amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation 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 ultimately 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 3rd parties so with the
The modern-day world puts a high worth on well-being and the settlement landscape is becoming significantly elaborate. Companies are continuously presenting new advantages and payment alternatives, which contributes to the general complexity. Big corporations frequently divide their payroll and payment processing into different teams, which can cause inadequacies and traffic jams. In my opinion, this doesn't need to hold true. In today's highly innovative age, there's no validation for preserving troublesome treatments. Payroll, the company's biggest expenditure, should be processed correctly and on time. Even slight hold-ups can adversely affect staff members' wellness and have far-reaching effects. Therefore, it's important to prioritize accurate and prompt payments.
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it's from all staff members or not. Payroll is an essential cycle, and individuals only discover when things go wrong. Nevertheless, when things go right, it's seen as just a routine job. This is how it's perceived externally as well. Therefore, it is necessary to ensure that jobs like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment solution is a fantastic initial step towards providing an extensive payroll option for employees worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and savings account needed for global payroll are essential factors in attaining company success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things don't go as prepared. Ultimately, we don't do it for the gratitude.
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 easy as possible for everybody that's associated with those processes and likewise so think of sorry I'm simply I was simply gon na state imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I'm sure we're speaking about numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I suggest it 'd be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task trying 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 need days of the week to try to look through them and really see what was going on and type of shot to get back to everyone so moving on appearance why do companies select to primary separate savings account there are businesses out there doing precisely this for specific nations and I've worked in a business or lots of services doing precisely that I can say it doesn't always feel efficient and it does create more work I know we're not deliberately doing that we're not creating extra work for any person where we do not have 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 quantity that we are I think many reasons one is it's the standard I think people have actually 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 variety of markets where it's not a requirement so I believe it's simply been the requirement and the standard the people have embraced and continue to do over years and years passed by to add to that individuals have taken a look 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 process that needs taking a look at it needs changing but ultimately people are extremely stuck with what they're familiar
with right um change is a difficult thing all of us do not 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 obviously the advantages of having preserving several checking account but there's a big amount of intricacy opts for establishing a savings account preserving it ensuring it can send International transfers guaranteeing it's established with the right user accesses for specific individuals so the intricacy is huge however I believe the honest answer is change um people have not been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you've hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we've constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might almost be determined to be the next Century or two there is a lot to monitor and this approach does position several challenges um so Johnny might you tell us about those challenges yeah of course so there's a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments.
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