Find out more about Papaya Global China ... We now have the ability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually gotten a different Chief Financial Officer specifically devoted to managing payments. This offers us with a protected and reliable technique of paying to our 10,000 staff members worldwide.}
the very best worldwide payroll managment app, conserves me hours of time every month, one single dashboard for my payroll, EOR and contractors
The Staff member Website supplies workers with the capability to access and view crucial files such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile phones and is offered in various languages.
Advantages Administration
Papaya Global helps companies offer competitive benefits plans to international workers regardless of the variety of employees in the company. The company can establish health insurance, short-term and long-term impairment, vision, oral and maternity leave while removing the need to source local advantages service providers in every country, produce local accounts and have a minimum number of workers.
The HR capabilities offered by International HR incorporate numerous functions such as keeping track of trip time, ensuring compliance, assisting in the process of inviting brand-new employees and bidding farewell to departing ones, using a safe and secure online platform for keeping workers' documents, and supplying assistance for work permit treatments in case your workers require help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, labor force diversity, overall work costs distributed per area, total employment costs per cycle and much more.
Globally, I have actually demonstrated leadership and strategic competence in directing massive populations of over 100,000 workers across 170 nations. Presently, I am responsible for managing payroll strategies, as discussed by Mark. My function includes managing and establishing external collaborations, supporting Enterprise customers, and providing advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments services service provider.
company to make the time 100 list for the majority of prominent companies worldwide we provide payroll payments and labor force management to all staff member key ins over 160 countries I am pleased to state that we also have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning great afternoon excellent night depending on where you remain in the world it's lovely to meet 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 industry for over 10 years and specifically dealing with the payroll and payment sector for over seven years um I was fascinated by the intricacy 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've type of had a variety of different roles on the supplier side and also on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we'll simply offer everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we'll kind of let them do that so it 'd be rather intriguing and I can see it going on already simply to hear where everybody is um it's nice to to sort of like see where everyone comes from and I truly do hope it's much sunnier than it remains 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 extremely very bleak and I wish I was somewhere else at this moment in time okay so let's get started our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business preserve separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of maintaining different checking account for payroll in different countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time during this webinar we'll walk you through the worldwide 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 simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in adequate in one country but when you're doing it worldwide it's next level and Beyond it becomes complicated for a variety of factors most importantly policies compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the worldwide Workforce is presently three and a half billion people by 2030 it's approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the standard payroll design there's often a frustrating number of different systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or extremely very standard there's no genuine consistency structure we're living in an age 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 typically with pen and paper and that simply blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that's another number that offers me sleepless nights and rather frankly the more a business invests in worldwide payroll the less of an image they see an absence of visibility also reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide services 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 poor HCM information data entry mistakes poorly interacted hires and terminations along with absence management and system setups and then when you round it all off and the information is delivered to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don't run efficiently if they rely on the required multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they're paying to staff members or otherwise that's a great question I constantly throw this back and state what is it what does not need to be consisted of ideal and what does
it need 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 capabilities 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 complexity any place you look ideal eventually constructing a knowledge base is absolutely important but all over you look with payroll payment they are like extremely payments no if however some babies 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 technology is allowing us to type of move on with that it likewise as well to add to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely necessary that payroll and finance teams work more detailed together than ever um I'm always 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 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 frequently 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 people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on wellness and the payment landscape is becoming progressively intricate. Companies are constantly presenting brand-new advantages and payment choices, which contributes to the general complexity. Big corporations typically divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my opinion, this does not need to be the case. In today's highly innovative age, there's no validation for preserving troublesome treatments. Payroll, the company's biggest cost, need to be processed properly and on time. Even minor delays can negatively impact employees' well-being and have far-reaching consequences. For that reason, it's important to prioritize accurate 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 employees or not. Payroll is an essential cycle, and people just discover when things go wrong. Nevertheless, when things go right, it's viewed as simply a regular task. This is how it's perceived externally as well. Therefore, it is necessary to guarantee that jobs like Wi-Fi International and other vital matters are done properly. Using the very first International Payments first payroll payment service is a great preliminary step towards offering a comprehensive payroll service for workers worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and bank accounts necessary for worldwide payroll are crucial consider achieving service success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things do not go as planned. Eventually, we don't do it for the appreciation.
anyway we understand how how crucial a role 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 involved in those processes and also so imagine sorry I'm simply I was simply gon na say picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I'm sure we're speaking about numerous thousands potentially Millions imagine getting that many thank you notes um I mean it 'd be interesting to see how many Post-it notes you got but it would definitely be an interesting 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 type of shot to get back to everybody so proceeding appearance why do business choose to primary different bank accounts there are companies out there doing precisely this for specific nations and I have actually operated in an organization or numerous services doing exactly that I can say it does not constantly feel efficient and it does develop more work I know we're not purposely doing that we're not producing extra work for any person where we do not need to and anybody that's dealing with that procedure I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the quantity that we are I believe many factors one is it's the requirement I think individuals have actually got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it's not a requirement so I think it's just been the standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there's a variety I think this is a procedure that needs looking at it requires altering but eventually people are really stuck to what they recognize
with right um change is a difficult thing all of us do not like modification um so I think it's simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having keeping several savings account but there's a big amount of complexity opts for establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it's set up with the ideal user accesses for specific people so the complexity is big but I believe the sincere answer is modification um individuals haven't had the ability to alter or haven't had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I believe you've struck 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 real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be figured out to be the next Century or two there is a lot to keep track of and this approach does pose several difficulties um so Johnny might you tell us about those obstacles yeah naturally so there's a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements.
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