Find out more about Papaya Global Hk Ltd ... We now have the ability 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 committed to handling payments. This offers us with a safe and trustworthy method of paying to our 10,000 employees worldwide.}
The innovative international payroll management app streamlines my payroll procedure, conserving me a substantial amount of time each month. With its user-friendly user interface, I have access to a single control panel that efficiently manages my payroll, EOR, and specialists.
Worker Portal
Staff members have access to a Staff member Portal where they can view their pay slips, wage and tax statements and work documents. The website is readily available in several languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global assists business use competitive benefits plans to international workers no matter the number of workers in the business. The business can establish medical insurance, short-term and long-lasting impairment, vision, oral and maternity leave while eliminating the requirement to source regional benefits suppliers in every nation, develop local accounts and have a minimum variety of employees.
The HR abilities supplied by International HR incorporate numerous functions such as keeping track of holiday time, guaranteeing compliance, helping with the procedure of welcoming brand-new staff members and bidding farewell to leaving ones, providing a safe online platform for storing workers' files, and supplying support for work permit treatments in case your workers require assistance in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, workforce diversity, overall work costs dispersed per place, overall work expenses per cycle and much more.
Internationally, I have actually shown management and strategic competence in directing large-scale populations of over 100,000 workers across 170 nations. Currently, I am responsible for supervising payroll strategies, as mentioned by Mark. My role includes managing and establishing external collaborations, supporting Enterprise customers, and supplying advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments options supplier.
As a worldwide business, we are honored to be included on the prestigious Time 100 list of the most prominent companies worldwide. We specialize in providing payroll and labor force management services to staff members in more than 160 countries. I am delighted to present Johnny Nash, as discussed by Mark. Now, I'll let Johnny present himself. Good day to all, regardless of your location. It's a satisfaction to satisfy you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments market, I have actually focused on payroll and payment options for the past 7 years. The intricacies and challenges of this field have actually always captivated me.
payroll payments and chose to sort of make a real go at that over the last five or 6 years where I have actually type of had a range of various functions on the provider side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we'll just give everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we'll kind 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 everybody originates from and I actually do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it's not no it's it's drizzling here it's very extremely dreary and I wish I was elsewhere at this moment in time fine so let's start our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we'll likewise go over a recap which should leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more typical and handling them ends up being increasingly more complicated International companies are wanting to find Solutions and new methods to streamline processes especially from a payroll and cross-border payment perspective many organizations preserve different bank account just for payroll while some have multiple accounts in different countries does it make good sense for companies to maintain separate checking account sometimes in different nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies enhance the episode complex procedures of
Making sure precise, effective, and prompt payroll payments is a complex challenge for services operating globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, discover how companies anticipate payroll costs to enhance working capital, and find how enhancing global payroll payments can transform them from a challenging task into a strategic possession.
Handling payroll globally is a challenging job due to numerous policies, compliance requirements, data security concerns, and banking rules. The large variety of staff members and companies contributes to the intricacy, with an estimated 3.5 billion people in the international workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently lead to manual procedures, data silos, and a lack of combination, leading to inconsistencies and ineffectiveness. In spite of living in a period of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to offer insights and options to streamline and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that's another number that gives me sleepless nights and quite honestly the more a business invests in worldwide payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global organizations have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations along with lack management and system setups and after that when you round everything off and the data is delivered to the wrong location the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don't run smoothly if they rely on the necessary numerous 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 paying to staff members or otherwise that's a great concern I constantly throw this back and state what is it what doesn't need to be included right and what does
it require to be thought of there's varying Bank details so the length of an eye band a swift an account number routing code per nation there's payment time frames there's payment capabilities 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 client's own in-country account so there's intricacy any place you look ideal ultimately constructing a knowledge base is definitely crucial but all over you look with payroll payment they are like super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 enabling us to sort of move forward with that it likewise too to add to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely essential that payroll and financing groups work closer 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 anybody what is payroll who does not work 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 eventually it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on well-being and the payment landscape is becoming progressively complex. Companies are constantly presenting brand-new advantages and payment options, which adds to the total intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can cause inefficiencies and bottlenecks. In my viewpoint, this does not need to be the case. In today's highly innovative period, there's no reason for preserving cumbersome treatments. Payroll, the company's biggest expenditure, need to be processed properly and on time. Even small hold-ups can adversely affect workers' well-being and have significant effects. Therefore, it's vital to prioritize precise and timely payments.
payroll team get um so I'm unsure anyone on this type of webinar has been told thank you for processing my payroll correctly if you have it 'd be terrific to hear your success story and whether that's been from all workers or not um but ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it's just a tick box workout and I believe that's how it's seen from the external consider as well um so yeah it's likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the first Global Payments first payroll payment solution is a fantastic primary step um supplying an end-to-end payroll service for your employees globally once again I believe is another substantial um process once again aligning and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of services and decreasing the variety of tools platforms and savings account they require for their International payroll too couldn't agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don't anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven't gone rather where they're suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we understand how how important 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 easy as possible for everyone that's associated with those procedures and likewise so imagine sorry I'm simply I was simply gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we're discussing numerous thousands possibly Millions imagine getting that numerous thank you notes um I suggest it 'd be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean up all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that held true um you 'd require days of the week to try to browse them and actually see what was going on and kind of shot to return to everybody so proceeding look why do companies select to main separate bank accounts there are organizations out there doing precisely this for particular countries and I have actually operated in a business or many businesses doing precisely that I can say it does not always feel efficient and it does develop more work I understand we're not intentionally doing that we're not developing additional work for any person where we don't need to and any person 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 think lots of reasons one is it's the requirement I believe individuals have got so utilized to we need a brand-new savings 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 believe it's just been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to type of do it so I think there's a range I believe this is a procedure that needs looking at it requires altering but ultimately individuals are really stuck to what they're familiar
with best um modification is a challenging thing all of us don't like change um so I think it's simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having keeping multiple checking account but there's a huge quantity of intricacy opts for setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it's established with the right user accesses for private individuals so the intricacy is big however I believe the honest answer is change um individuals haven't had the ability to alter or haven't had always the understanding to really make that change into alternate Solutions other than opening a bank account I believe you've struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we've constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to track and this technique does position several difficulties um so Johnny might you tell us about those difficulties yeah obviously so there's a variety right there is so
I just recently made a change 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 gotten another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements.
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