Find out more about Papaya Global Iran ... 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 devoted to handling payments. This provides us with a safe and secure and reputable approach of making payments to our 10,000 employees worldwide.}
the BEST international payroll managment app, saves me hours of time monthly, one single control panel for my payroll, EOR and contractors
The Staff member Website supplies employees with the ability to gain access to and view essential documents such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile devices and is offered in various languages.
Benefits Administration
Papaya Global helps companies offer competitive benefits bundles to global staff members regardless of the number of employees in the company. The business can set up medical insurance, short-term and long-term impairment, vision, oral and maternity leave while getting rid of the requirement to source regional advantages service providers in every country, produce local accounts and have a minimum number of employees.
Global HR Functionalities
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and migration services if your workers need work license support.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, workforce diversity, overall work costs dispersed per place, overall employment costs per cycle and much more.
Internationally, I have actually shown leadership and tactical know-how in assisting massive populations of over 100,000 workers throughout 170 countries. Presently, I am responsible for managing payroll strategies, as pointed out by Mark. My function involves managing and establishing external collaborations, supporting Enterprise customers, and offering advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments options provider.
business to make the time 100 list for a lot of influential business on the planet we provide payroll payments and labor force management to all employee key ins over 160 nations I am pleased to state that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning good afternoon great evening depending on where you are in the world it's beautiful to satisfy you and thank you quite for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I have actually remained in the payments market for over ten years and particularly working on the payroll and payment sector for over seven years um I was fascinated by the complexity the problem in all of the above of
payroll payments and chose to sort of make a real go at that over the last 5 or six years where I've type of had a variety of different roles on the service provider side and likewise on the vendor side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll simply give everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we'll kind of let them do that so it 'd be quite intriguing and I can see it going on already just to hear where everyone is um it's nice to to kind of like see where everyone originates from and I actually do hope it's much sunnier than it is 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 really extremely bleak and I want I was elsewhere at this moment in time okay so let's get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why business keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we'll likewise go over a recap and that must leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more typical and managing them becomes increasingly more complicated Worldwide organizations are aiming to discover Solutions and new methods to enhance procedures particularly from a payroll and cross-border payment viewpoint lots of companies keep different bank account just for payroll while some have multiple accounts in various nations does it make sense for business to preserve different checking account in some cases in different nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as 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 bank account how business accurately forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in sufficient in one country however when you're doing it internationally it's next level and Beyond it ends up being complicated for a range of factors most notably policies compliance information security and banking guidelines then there are the large numbers they add additional intricacy the international Workforce is presently 3 and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion individuals 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 worldwide in the conventional payroll model there's frequently a frustrating variety of various systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or very very basic there's no genuine consistency framework we're living 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 often with pen and paper and that just blows my mind every time I I believe
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 provides me sleepless nights and rather frankly the more a company invests in global payroll the less of an image they see a lack of presence likewise extends to payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of international organizations have revealed 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 because of time reporting poor HCM data data entry errors poorly 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 wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don't run smoothly if they depend on the necessary multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they're making payments to workers or otherwise that's a great question I constantly toss this back and say what is it what doesn't need to be included best and what does
it require to be considered there's varying Bank information 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 have to pay from an in-country account do you have to pay from the client's own in-country account so there's complexity anywhere you look best ultimately developing a knowledge base is absolutely critical however all over you look with payroll payment they are like super payments no if however some children 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 acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to kind of move forward with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely crucial that payroll and finance teams work closer together than ever um I'm always astonished when people say I've 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 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 typically 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 wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on well-being and the payment landscape is ending up being progressively complex. Organizations are constantly presenting new advantages and payment options, which adds to the total intricacy. Big corporations often divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my viewpoint, this doesn't have to be the case. In today's highly innovative age, there's no reason for preserving troublesome procedures. Payroll, the business's greatest expense, need to be processed properly and on time. Even small delays can adversely impact staff members' wellness and have significant effects. For that reason, it's important to prioritize accurate and timely payments.
payroll team get um so I'm unsure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it 'd be fantastic to hear your success story and whether that's been from all workers or not um however eventually payroll is such an essential cycle we all hear about it when it fails everybody jumps up and down when it goes wrong but when it goes right it's simply a tick box exercise and I believe that's how it's seen from the external consider as well um so yeah it's also like why WI-Fi Global why all of this things is absolutely essential that all of this things is done correctly so leveraging the first International Payments first payroll payment service is a fantastic initial step um supplying an end-to-end payroll service for your workers globally again I believe is another big um process once again lining up and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of services and reducing the variety of tools platforms and checking account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they're implied to be um I do not think any of us are actually doing that for for the thanks
anyway we know 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 simple as possible for everyone that's involved in those processes and likewise so imagine 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 make sure we're discussing hundreds of thousands possibly Millions envision getting that lots of thank you keeps in mind um I suggest it 'd be interesting to see the number of Post-it notes you got however it would absolutely be an interesting 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 was the case um you 'd require days of the week to attempt to browse them and actually see what was going on and sort of shot to return to everyone so carrying on look why do business select to main different bank accounts there are services out there doing exactly this for specific countries and I have actually operated in a company or many companies doing exactly that I can say it doesn't constantly feel effective and it does develop more work I know we're not intentionally doing that we're not producing additional work for any person where we do not have to and any person that's managing that process I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the quantity that we are I believe numerous factors one is it's the requirement I think people have actually got so utilized to we require a brand-new savings 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 think it's simply been the requirement and the standard individuals have adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I think there's a range I believe this is a procedure that requires looking at it requires altering but eventually individuals are really stuck with what they recognize
with ideal um modification is a tough thing we all don't like change um so I think it's just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having keeping numerous bank accounts however there's a huge amount of complexity goes with setting up a checking account preserving it guaranteeing it can send International transfers ensuring it's set up with the ideal user accesses for individual individuals so the intricacy is big however I think the sincere response is modification um individuals have not been able to alter or haven't had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you've hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we've always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or so there is a lot to track and this technique does posture a number of challenges um so Johnny could you tell us about those obstacles yeah of course so there's a variety right there is so
I just did you changed our Business 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 deserve a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you
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