Find out more about Papaya Global Eswatini ... We now have the capability to manage both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer specifically dedicated to handling payments. This offers us with a secure and reliable approach of making payments to our 10,000 workers worldwide.}
The innovative international payroll management app enhances my payroll procedure, conserving me a significant amount of time monthly. With its user-friendly interface, I have access to a single dashboard that effectively manages my payroll, EOR, and professionals.
The Worker Portal supplies workers with the capability to access and view crucial files such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile devices and is used in various languages.
Benefits Administration
Papaya Global assists business use competitive advantages packages to international employees no matter the variety of employees in the business. The business can set up health insurance, short-term and long-term special needs, vision, dental and maternity leave while eliminating the need to source regional advantages companies in every nation, create local accounts and have a minimum variety of employees.
The HR abilities supplied by International HR incorporate numerous functions such as monitoring holiday time, ensuring compliance, facilitating the process of inviting new employees and bidding farewell to leaving ones, using a protected online platform for storing workers' documents, and supplying assistance for work permit procedures in case your employees need help in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, labor force diversity, total employment expenses distributed per location, total employment expenses per cycle and much more.
Worldwide, I have demonstrated leadership and tactical knowledge in directing large-scale populations of over 100,000 employees throughout 170 nations. Currently, I are accountable for overseeing payroll strategies, as discussed by Mark. My role involves managing and establishing external collaborations, supporting Business clients, and providing advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments options service provider.
As a worldwide company, we are honored to be included on the prestigious Time 100 list of the most prominent business worldwide. We specialize in supplying payroll and labor force management services to employees in more than 160 countries. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, despite your location. It's an enjoyment to meet you and thank you for your valuable time. As Ian discussed, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments market, I have focused on payroll and payment services for the past 7 years. The complexities and difficulties of this field have constantly captivated me.
payroll payments and chose to sort of make a genuine go at that over the last five or 6 years where I have actually kind of had a range of various roles on the provider side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we'll just offer everyone another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we'll kind of let them do that so it 'd be rather interesting and I can see it going on already just to hear where everybody is um it's nice to to type of like see where everyone comes from and I actually 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 drizzling here it's extremely very bleak and I wish I was elsewhere at this moment in time alright so let's start our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical possession uh we'll likewise go over a wrap-up which needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more typical and managing them becomes a growing number of complicated Worldwide organizations are wanting to discover Solutions and new ways to simplify processes specifically from a payroll and cross-border payment perspective lots of companies preserve different checking account just for payroll while some have several accounts in different countries does it make sense for companies to preserve separate savings account in some cases in various countries it does however just for payroll is there a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies improve the episode complex processes of
making payroll payments accurately effectively firmly and on time throughout this webinar we'll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in adequate in one nation but when you're doing it globally it's next level and Beyond it becomes complicated for a variety of reasons most significantly guidelines compliance data security and banking rules then there are the sheer numbers they add additional complexity the global Workforce is currently three and a half billion individuals 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 factor in that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll model there's frequently a frustrating number of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or very extremely basic there's no genuine consistency structure 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 frequently with pen and paper and that just blows my mind each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that's another number that gives me sleep deprived nights and rather frankly the more a company spends on international payroll the less of a photo they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide businesses have revealed that they don't have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors inadequately communicated hires and terminations along with absence management and system configurations and after that when you round all of it off and the information is delivered to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they rely on the needed several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they're paying to employees or otherwise that's a great question I constantly throw this back and say what is it what does not require to be consisted of right and what does
it need to be considered there's varying 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 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 customer's own in-country account so there's complexity anywhere you look right ultimately building a knowledge base is definitely important but everywhere you look with payroll payment they are like extremely 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 think there's now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to kind of move on with that it likewise also to add to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely essential that payroll and financing groups work more detailed together than ever um I'm constantly surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often 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 any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on well-being and the payment landscape is ending up being progressively elaborate. Organizations are constantly presenting brand-new advantages and payment options, which contributes to the total intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can lead to inadequacies and traffic jams. In my opinion, this doesn't need to hold true. In today's technically innovative era, there's no reason for keeping cumbersome procedures. Payroll, the company's most significant cost, should be processed correctly and on time. Even minor hold-ups can negatively affect workers' well-being and have far-reaching repercussions. Therefore, it's important to prioritize precise and prompt payments.
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it's from all workers or not. Payroll is a crucial cycle, and people just see when things go wrong. Nevertheless, when things go right, it's viewed as just a routine job. This is how it's perceived externally too. For that reason, it is important to ensure that jobs like Wi-Fi Global and other crucial matters are done properly. Utilizing the very first Global Payments very first payroll payment solution is a fantastic preliminary step towards offering a detailed payroll service for employees worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and bank accounts needed for international payroll are essential consider attaining organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things do not go as prepared. Ultimately, we don't do it for the appreciation.
anyway we know how how crucial a role 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 easy as possible for everyone that's involved in those procedures and also so think of sorry I'm just I was simply gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I'm sure we're discussing hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got however it would absolutely be an interesting 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 held true um you 'd need days of the week to try to check out them and really see what was going on and type of shot to get back to everyone so carrying on look why do companies select to main separate savings account there are companies out there doing exactly this for specific nations and I have actually operated in a company or lots of services doing exactly that I can state it does not constantly feel effective and it does produce more work I know we're not intentionally doing that we're not developing extra work for any person where we don't have to and anyone that's managing that process I 'd be interested to hear your thoughts 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 got so used to we need a brand-new checking account we open an entity and appropriately 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 standard individuals have adopted 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 numerous other methods um to to kind of do it so I think there's a variety I think this is a process that requires taking a look at it needs changing however eventually individuals are very stuck with what they're familiar
with right um change is a hard thing all of us do not like change um so I believe it's simply kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having keeping numerous savings account however there's a big quantity of complexity chooses establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it's set up with the right user accesses for individual individuals so the complexity is huge however I believe the honest answer is modification um people haven't had the ability to change or have not had always the understanding to really make that change into alternate Solutions besides opening a bank account I believe you have actually hit 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 understand what could nearly be figured out to be the next Century or two there is a lot to monitor and this approach does position a number of obstacles um so Johnny might you inform us about those challenges yeah naturally so there's a range 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 tasks on one platform. It feels like our CFO has gotten another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments.
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