Find out more about Papaya Global Denmark ... We now have the capability to handle both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has gotten a different Chief Financial Officer particularly devoted to managing payments. This supplies us with a safe and trustworthy technique of paying to our 10,000 workers worldwide.}
The cutting-edge worldwide payroll management app improves my payroll procedure, conserving me a significant quantity of time each month. With its user-friendly interface, I have access to a single dashboard that efficiently manages my payroll, EOR, and specialists.
The Employee Website offers employees with the capability to gain access to and view crucial documents such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile devices and is offered in numerous languages.
Advantages Administration
Papaya Global helps business offer competitive benefits plans to international employees no matter the variety of staff members in the company. The company can establish health insurance, short-term and long-term impairment, vision, dental and maternity leave while removing the requirement to source regional advantages providers in every country, produce regional accounts and have a minimum variety of staff members.
The HR abilities supplied by Global HR incorporate different functions such as keeping an eye on trip time, guaranteeing compliance, assisting in the process of welcoming brand-new workers and bidding goodbye to leaving ones, offering a secure online platform for saving workers' files, and providing support for work permit treatments in case your employees need assistance because location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce costs, labor force diversity, total work expenses dispersed per place, total work costs per cycle and far more.
Worldwide, I have actually shown leadership and strategic proficiency in assisting large-scale populations of over 100,000 staff members throughout 170 countries. Presently, I am responsible for supervising payroll methods, as pointed out by Mark. My role involves managing and establishing external partnerships, supporting Enterprise clients, and offering advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments services provider.
business to make the time 100 list for many influential business in the world we provide payroll payments and workforce management to all worker key ins over 160 countries I am pleased to state that we also have as Mark said Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning great afternoon good evening depending on where you are in the world it's beautiful to fulfill 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 have actually remained in the payments market for over 10 years and specifically working on the payroll and payment sector for over seven years um I was interested by the intricacy the problem in all of the above of
payroll payments and chose to type of make a real go at that over the last 5 or 6 years where I've type of had a range of different functions on the provider side and also on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll just give everyone another couple of uh well among the 30 seconds or two to join we all work back to back these days so we'll type of let them do that so it 'd be rather fascinating and I can see it going on already simply to hear where everyone is um it's nice to to type of like see where everyone originates from and I really do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it's not no it's it's drizzling here it's very extremely uninspiring and I want I was somewhere else at this moment in time fine so let's start our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies keep different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we'll also review a wrap-up which should leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and handling them ends up being increasingly more complicated International organizations are wanting to find Solutions and brand-new methods to enhance procedures specifically from a payroll and cross-border payment perspective lots of companies keep separate savings account just for payroll while some have multiple accounts in different countries does it make good sense for business to preserve different bank accounts sometimes in different countries it does but just for payroll is there a better way what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international companies simplify the episode complex procedures of
making payroll payments precisely effectively securely and on time during this webinar we'll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one country however when you're doing it internationally it's next level and Beyond it becomes intricate for a variety of factors most notably guidelines compliance information security and banking rules then there are the sheer numbers they add further intricacy the worldwide Workforce is presently 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 presently 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 globe in the standard payroll design there's often a frustrating number of various systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or extremely extremely basic there's no genuine consistency framework we're residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that's another number that gives me sleep deprived nights and quite honestly the more a service spends on international payroll the less of a photo they see a lack of presence also encompasses payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of international services have expressed that they don't 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 in addition to absence management and system configurations and after that when you round all of it off and the information is shipped to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they depend on the needed several 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 difficulties organization face when they're paying to workers or otherwise that's a great concern I always toss this back and state what is it what does not require to be included best and what does
it need to be considered there's differing Bank details so the length of an eye band a swift an account number routing code per country there's payment amount of time there's payment abilities 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 client's own in-country account so there's intricacy any place you look best ultimately developing a knowledge base is absolutely critical however all over you look with payroll payment they resemble incredibly payments no if but some babies 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 think there's now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to type of progress with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely important that payroll and finance teams work closer together than ever um I'm constantly impressed when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation 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 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 but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being more and more crucial to contribute to sort of the level of complexity there's more and more benefits being organ or being offered by companies throughout the world so once again you're simply aiming to add more and more payments to this already complicated landscape so if you sort of got any experience well I'm from your large experience here and I make certain however have you got any experience in kind of real challenges or real challenging sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would absolutely state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding info into the next function as it were that's actually handling the payment side of things but you understand in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to produce additional handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason we are still making this as hard as it requires to be agreed and rightly as you said payroll is the single biggest liability that any business has from an expense viewpoint from an impact perspective on workers it is definitely vital that it's done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful impact on individuals's wellness and many other elements if individuals aren't paid uh I've constantly been surprised entering this Market sort of the last five to 10 years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it's from all employees or not. Payroll is an important cycle, and individuals just notice when things go wrong. However, when things go right, it's viewed as just a routine task. This is how it's perceived externally also. For that reason, it is essential to ensure that tasks like Wi-Fi Global and other important matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment solution is a fantastic initial step towards providing a thorough payroll service for workers worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and bank accounts needed for worldwide payroll are essential consider accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don't go as prepared. Eventually, we don't do it for the thankfulness.
anyhow we understand how how important 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 involved in those procedures and also so think of sorry I'm simply I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I'm sure we're discussing numerous thousands possibly Millions picture getting that numerous thank you notes um I mean it 'd be interesting to see how many Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh absolutely I can't think of the size of my my Outlook inbox if that was the case um you 'd need days of the week to try to browse them and in fact see what was going on and sort of shot to get back to everyone so carrying on appearance why do business choose to main separate savings account there are businesses out there doing exactly this for particular nations and I've operated in an organization or lots of businesses doing exactly that I can state it does not constantly feel efficient and it does develop more work I understand we're not intentionally doing that we're not producing extra work for anyone where we don't have to and anybody that's handling that procedure 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 lots of factors one is it's the standard I believe people have actually got so used to we need a new savings account we open an entity and appropriately so you need 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 standard and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there's a variety I think this is a process that needs taking a look at it requires altering but ultimately individuals are very stuck to what they recognize
with right um modification is a difficult thing we all don't like modification um so I think it's simply sort of moving away from the standard as we've said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having keeping multiple savings account but there's a big amount of intricacy goes with setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it's established with the right user accesses for individual people so the complexity is big but I think the honest response is change um people haven't had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we've constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or so there is a lot to keep an eye on and this approach does pose several obstacles um so Johnny might you tell us about those challenges yeah obviously so there's a range right there is so
I 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 seems like our CFO has actually acquired another CFO, and with this improved ability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements.
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