Find out more about Papaya Global Haiti ... We now have the ability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has gotten a separate Chief Financial Officer particularly committed to handling payments. This provides us with a secure and trusted technique of paying to our 10,000 employees worldwide.}
The advanced international payroll management app enhances my payroll procedure, saving me a significant amount of time each month. With its user-friendly interface, I have access to a single control panel that efficiently manages my payroll, EOR, and contractors.
The Employee Portal supplies staff members with the ability to gain access to and view important documents such as pay slips, wage and tax statements, and work records. This portal is accessible on both desktop and mobile devices and is offered in different languages.
Benefits Administration
Papaya Global assists companies provide competitive benefits bundles to international workers despite the number of workers in the business. The business can establish medical insurance, short-term and long-lasting disability, vision, oral and maternity leave while eliminating the requirement to source regional advantages companies in every country, produce regional accounts and have a minimum variety of workers.
The HR abilities offered by International HR incorporate numerous functions such as monitoring holiday time, ensuring compliance, assisting in the procedure of welcoming brand-new staff members and bidding goodbye to leaving ones, offering a safe and secure online platform for keeping employees' documents, and supplying assistance for work permit treatments in case your employees require help in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, workforce diversity, overall employment costs dispersed per location, total work expenses per cycle and far more.
Internationally, I have actually shown management and strategic competence in assisting massive populations of over 100,000 workers throughout 170 nations. Currently, I am responsible for managing payroll methods, as mentioned by Mark. My role includes managing and establishing external partnerships, supporting Enterprise customers, and offering advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions supplier.
company to make the time 100 list for most influential business worldwide we offer payroll payments and workforce management to all staff member types in over 160 nations I am pleased to say that we also have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning excellent afternoon excellent night depending upon where you remain in the world it's lovely to satisfy you and thank you quite for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I have actually been in the payments market for over ten years and specifically dealing with the payroll and payment sector for over seven years um I was interested by the complexity 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 kind of had a range of different functions on the supplier side and also on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we'll simply provide everybody another number of uh well among the 30 seconds or two 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 just to hear where everybody is um it's nice to to sort of like see where everyone originates from and I actually do hope it's much sunnier than it remains in the UK today certainly 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 want I was elsewhere at this moment in time okay so let's get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we'll likewise discuss a wrap-up and that ought to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and handling them ends up being more and more complex International companies are aiming to find Solutions and brand-new ways to improve procedures specifically from a payroll and cross-border payment standpoint many organizations keep different checking account just for payroll while some have several accounts in different countries does it make sense for companies to preserve different bank accounts in some cases in different countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business improve the episode complex procedures of
making payroll payments properly effectively securely and on time during this webinar we'll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one nation but when you're doing it internationally it's next level and Beyond it ends up being complicated for a variety of factors most importantly policies compliance information security and banking guidelines then there are the large numbers they include additional complexity the global Labor force is currently 3 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 presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll design there's often a frustrating number of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very very basic there's no genuine consistency structure we're living in an era 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 often with pen and paper and that just blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that's another number that gives me sleepless nights and quite frankly the more an organization invests in global payroll the less of an image they see a lack of visibility also extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of international organizations have revealed that they don't have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is delivered to the incorrect place the typical cost 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 globe payroll and payments do not run smoothly if they count on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they're making payments to staff members or otherwise that's an excellent concern I constantly toss this back and say what is it what does not require to be included best and what does
it need to be thought about there's differing Bank details so the length of an eye band a swift an account number routing code per nation there's payment amount of time there's payment abilities 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 consumer's own in-country account so there's complexity wherever you look best ultimately constructing a knowledge base is absolutely critical 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 in 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 enabling us to kind of move on with that it also also to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and financing teams work more detailed together than ever um I'm always astonished when individuals 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 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 but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on wellness and the settlement landscape is becoming significantly intricate. Services are constantly introducing new benefits and payment alternatives, which adds to the overall intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my opinion, this does not need to hold true. In today's technically advanced age, there's no reason for maintaining troublesome procedures. Payroll, the business's biggest expense, must be processed properly and on time. Even small delays can negatively impact employees' well-being and have far-reaching repercussions. Therefore, it's important to focus on precise and prompt payments.
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it's from all employees or not. Payroll is an important cycle, and people only observe when things go wrong. Nevertheless, when things go right, it's viewed as just a routine task. This is how it's viewed externally too. For that reason, it is important to make sure that tasks like Wi-Fi Global and other crucial matters are done correctly. Utilizing the very first International Payments first payroll payment option is an excellent preliminary step towards offering a comprehensive payroll solution for employees worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and savings account essential for worldwide payroll are key consider attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as planned. Ultimately, we don't do it for the appreciation.
anyway we know how how essential 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 everybody that's involved in those processes and also so picture sorry I'm just I was just 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 make certain we're discussing numerous thousands possibly Millions imagine getting that many thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got but it would definitely be a fascinating job attempting to clean all those up for sure oh absolutely I can't picture the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to browse them and in fact see what was going on and type of shot to get back to everyone so moving on look why do companies choose to primary different savings account there are businesses out there doing precisely this for specific countries and I have actually worked in a service or numerous organizations doing exactly that I can say it does not constantly feel efficient and it does produce more work I understand we're not purposely doing that we're not creating additional work for any person where we don't have to and anybody that's managing 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 many factors one is it's the standard I think individuals have got so utilized to we need a new bank 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 believe it's simply been the requirement and the norm the people have adopted 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 numerous other ways um to to type of do it so I believe there's a variety I think this is a procedure that needs looking at it requires altering however ultimately individuals are really stuck with what they recognize
with right um modification is a hard thing we all don't like modification um so I think it's simply kind of moving far from the standard as we've said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having keeping numerous savings account but there's a big amount of complexity chooses establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it's set up with the ideal user accesses for specific people so the intricacy is substantial however I believe the sincere answer is change um people have not been able to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to alter however we've constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century or so there is a lot to keep an eye on and this technique does posture several obstacles um so Johnny might you inform us about those difficulties yeah obviously 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 handle our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this improved capability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your accomplishments.
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