Find out more about Papaya Global Estonia ... We now have the capability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer specifically dedicated to handling payments. This offers us with a safe and trustworthy approach of making payments to our 10,000 employees worldwide.}
the very best global payroll managment app, saves me hours of time every month, one single control panel for my payroll, EOR and specialists
Worker Website
Employees have access to a Staff member Website where they can see their pay slips, wage and tax declarations and employment documents. The website is offered in numerous languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global assists companies provide competitive advantages bundles to international employees regardless of the number of staff members in the business. The business can set up medical insurance, short-term and long-term special needs, vision, oral and maternity leave while getting rid of the requirement to source local benefits companies in every nation, develop regional accounts and have a minimum variety of employees.
The HR capabilities supplied by Global HR include various functions such as monitoring vacation time, guaranteeing compliance, assisting in the process of inviting brand-new staff members and bidding farewell to departing ones, using a safe and secure online platform for saving employees' files, and supplying assistance for work permit procedures in case your workers need help in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, labor force variety, total work costs distributed per area, overall work costs per cycle and much more.
environments across the globe I offered management and strategy to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll techniques for as Mark stated I work across business managing and building external relationships supporting Business customers and solutions as well as functioning as an advisor for those of you that do not understand who papaya International is papaya is the very first payroll and payments
business to make the time 100 list for many influential companies on the planet we offer payroll payments and labor force management to all employee types in over 160 countries I am pleased to say that we also have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself naturally thank you good morning excellent afternoon excellent night depending upon where you remain in the world it's lovely 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've remained in the payments market for over ten years and particularly working on the payroll and payment sector for over 7 years um I was captivated by the intricacy the problem in all of the above of
payroll payments and decided to kind of make a real go at that over the last 5 or 6 years where I've type of had a variety of various 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 quite for your time everybody alright thanks Johnny uh we'll just give everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we'll kind 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 sort of like see where everyone comes from and I really do hope it's much sunnier than it is 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 really very dreary and I want I was elsewhere at this moment in time fine so let's get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business keep separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic property uh we'll likewise discuss a recap and that must leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and handling them becomes a growing number of intricate Global companies are seeking to discover Solutions and new methods to simplify processes especially from a payroll and cross-border payment standpoint numerous organizations preserve different bank account just for payroll while some have numerous accounts in various countries does it make sense for companies to preserve separate savings account sometimes in different countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business simplify the episode complex procedures of
making payroll payments properly effectively safely and on time during this webinar we'll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one country but when you're doing it internationally it's next level and Beyond it becomes complicated for a range of reasons most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they add further intricacy the global Labor force is currently 3 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 presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll design there's frequently an overwhelming variety of different systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or very extremely standard there's no genuine consistency structure we're living in an era of tech however payroll has been slow 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 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 state they have Labor force data in real time that's another number that offers me sleep deprived nights and quite honestly the more a business invests in worldwide payroll the less of an image they see a lack of visibility likewise encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of international organizations have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes improperly interacted hires and terminations in addition to absence management and system setups and then when you round all of it off and the information is delivered to the wrong location the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don't run smoothly if they rely on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles organization face when they're paying to workers or otherwise that's a great concern I always throw this back and state what is it what doesn't need to be consisted of best and what does
it need to be thought of there's differing Bank details so the length of an eye band a swift an account number routing code per country there's payment timespan 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 ideal eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are absolutely basic and technology is permitting us to kind of move forward with that it also also to add to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance teams work better together than ever um I'm constantly impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't operate in the payroll profession 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 ultimately 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 third parties so with the
The modern world places a high value on wellness and the settlement landscape is becoming increasingly intricate. Businesses are constantly presenting brand-new benefits and payment alternatives, which contributes to the general complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can cause inefficiencies and bottlenecks. In my viewpoint, this doesn't need to hold true. In today's technically advanced period, there's no validation for maintaining troublesome treatments. Payroll, the business's greatest expenditure, must be processed correctly and on time. Even minor delays can negatively impact staff members' wellness and have far-reaching consequences. For that reason, it's critical to prioritize precise and prompt payments.
The payroll team may not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it's from all staff members or not. Payroll is an essential cycle, and people just observe when things fail. Nevertheless, when things go right, it's viewed as simply a routine task. This is how it's viewed externally too. Therefore, it is vital to guarantee that jobs like Wi-Fi International and other important matters are done correctly. Utilizing the very first Global Payments first payroll payment service is an excellent preliminary action towards supplying an extensive payroll solution for workers worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and bank accounts required for worldwide payroll are essential consider accomplishing organization success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things do not go as prepared. Eventually, we do not do it for the appreciation.
anyway 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 everyone that's associated with those procedures and likewise so imagine sorry I'm simply I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we're talking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I suggest it 'd be interesting to see how many Post-it notes you got but it would certainly be an interesting job attempting to clean up all those up for sure oh absolutely I can't think of the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to browse them and in fact see what was going on and type of try to get back to everyone so carrying on look why do companies select to main different savings account there are services out there doing precisely this for specific countries and I have actually worked in an organization or lots of organizations doing exactly that I can state it does not always feel efficient and it does develop more work I understand we're not intentionally doing that we're not producing additional work for anybody where we do not need to and any person that's handling that procedure I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the quantity that we are I believe lots of factors one is it's the requirement I believe people have got so used to we require a new bank 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 just been the standard and the standard the people have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there's a variety I believe this is a procedure that requires taking a look at it requires changing however eventually individuals are really stuck to what they're familiar
with best um modification is a challenging thing all of us do not like change 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 undoubtedly the benefits of having maintaining several checking account but there's a substantial quantity of complexity goes with setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it's established with the best user accesses for private people so the intricacy is substantial but I think the truthful answer is modification um individuals haven't had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we've constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be identified to be the next Century or two there is a lot to keep track of and this method does present a number of difficulties um so Johnny might you tell us about those obstacles yeah of course so there's a variety right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you
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