Find out more about Papaya Global Compliance ... We now have the capability to handle both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually obtained a separate Chief Financial Officer particularly dedicated to handling payments. This provides us with a safe and secure and dependable technique of paying to our 10,000 employees worldwide.}
the very best worldwide payroll managment app, conserves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and specialists
The Staff member Website provides staff members with the ability to gain access to and view essential documents such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile phones and is offered in various languages.
Benefits Administration
Papaya Global helps companies provide competitive benefits bundles to worldwide workers regardless of the variety of workers in the business. The company can establish health insurance, short-term and long-lasting impairment, vision, oral and maternity leave while removing the need to source regional advantages companies in every country, produce local 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 workers' documents and immigration services if your staff members require work license assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, workforce diversity, total work costs dispersed per place, overall employment costs per cycle and a lot more.
Internationally, I have demonstrated management and tactical know-how in assisting large-scale populations of over 100,000 employees throughout 170 nations. Currently, I am responsible for overseeing payroll strategies, as pointed out by Mark. My role includes handling and establishing external collaborations, supporting Business customers, and offering advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments options provider.
As an international company, we are honored to be included on the prominent Time 100 list of the most prominent business worldwide. We specialize in providing payroll and labor force management services to staff members in more than 160 nations. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your area. It's a pleasure to satisfy you and thank you for your important 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 industry, I have concentrated on payroll and payment options for the past 7 years. The intricacies and obstacles of this field have constantly mesmerized me.
payroll payments and chose to sort of make a real go at that over the last five or 6 years where I've type of had a variety of different functions on the company side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we'll simply offer everyone another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we'll type of let them do that so it 'd be rather intriguing and I can see it going on currently simply to hear where everybody is um it's nice to to kind of like see where everyone originates from and I actually 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 raining here it's really extremely uninspiring and I want I was elsewhere 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 difficulty years of handling Worldwide payroll why companies preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we'll likewise go over a wrap-up and that needs to leave his time at the really very 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 International labor forces end up being a growing number of common and handling them ends up being a growing number of complicated Global companies are looking to find Solutions and brand-new ways to streamline procedures particularly from a payroll and cross-border payment standpoint numerous organizations maintain separate bank account just for payroll while some have several accounts in various nations does it make good sense for business to maintain different savings account often in different nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business enhance the episode complex processes of
making payroll payments precisely efficiently securely and on time during this webinar we'll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking 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 property so payroll can be tough in adequate in one nation but when you're doing it internationally it's next level and Beyond it becomes complex for a variety of reasons most importantly policies compliance data security and banking guidelines then there are the sheer numbers they include additional intricacy the global Labor force is presently three and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll design there's frequently an overwhelming variety of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or very extremely fundamental there's no genuine consistency framework we're living in a period 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 typically with pen and paper and that just blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that's another number that gives me sleep deprived nights and rather honestly the more a service invests in worldwide payroll the less of a picture they see a lack of exposure also reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of global companies have expressed that they don't have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes inadequately communicated hires and terminations as well as absence management and system setups and then when you round everything off and the data is delivered to the wrong location the typical cost of an international 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 don't run smoothly if they rely on the needed 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 challenges organization face when they're making payments to workers or otherwise that's a good concern I constantly toss this back and state what is it what doesn't require to be consisted of right and what does
it require to be thought of there's differing Bank information so the length of an eye band a swift an account number routing code per nation 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 have to pay from the customer's own in-country account so there's complexity anywhere you look right ultimately developing a knowledge base is absolutely vital however all over you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to type of move on with that it likewise as well to add to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely important that payroll and financing teams work closer together than ever um I'm constantly amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from computation 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 information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on wellness and the compensation landscape is becoming significantly intricate. Organizations are continuously presenting new advantages and payment options, which adds to the overall complexity. Big corporations typically divide their payroll and payment processing into different teams, which can lead to inefficiencies and traffic jams. In my viewpoint, this does not need to hold true. In today's highly innovative age, there's no justification for keeping troublesome treatments. Payroll, the company's biggest expenditure, must be processed properly and on time. Even small hold-ups can adversely impact staff members' well-being and have far-reaching repercussions. Therefore, it's crucial to focus on precise and prompt payments.
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it's from all workers or not. Payroll is an important cycle, and individuals only see when things fail. However, when things go right, it's seen as just a routine task. This is how it's viewed externally also. Therefore, it is vital to ensure that tasks like Wi-Fi Global and other vital matters are done properly. Using the very first Global Payments first payroll payment option is a terrific initial action towards offering a detailed payroll option for workers worldwide. Standardization, global processes, and minimizing the number of tools, platforms, and savings account necessary for international payroll are essential consider accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things don't go as planned. Eventually, we don't do it for the appreciation.
anyhow we know how how essential a function 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 everybody that's involved in those processes and also so think of sorry I'm just I was just gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I'm sure we're talking about numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I imply it 'd be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying to clean all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that held true um you 'd need 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 everyone so proceeding appearance why do business choose to main separate savings account there are organizations out there doing exactly this for specific nations and I've operated in a service or lots of organizations doing precisely that I can state it does not always feel effective and it does produce more work I understand we're not intentionally doing that we're not developing extra work for anybody where we don't need to and anybody that's handling that process 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 people have actually got so used to we require a brand-new checking account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it's not a requirement so I think it's simply been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other methods um to to kind of do it so I think there's a range I believe this is a procedure that requires taking a look at it requires changing however eventually people are really stuck to what they recognize
with best um change is a tough thing all of us don't like modification um so I think it's simply sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having preserving numerous savings account but there's a big quantity of complexity goes with setting up a bank account maintaining it ensuring it can send International transfers ensuring it's set up with the ideal user accesses for private people so the complexity is huge however I believe the sincere answer is change um people have not been able to alter or haven't had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you've struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century or so there is a lot to keep track of and this technique does present a number of difficulties um so Johnny could you inform us about those difficulties yeah naturally so there's a range right there is so
I just 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 feels like our CFO has acquired another CFO, and with this enhanced capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your accomplishments.
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