Find out more about Papaya Global Iraq ... We now have the capability to handle both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has gotten a different Chief Financial Officer specifically devoted to handling payments. This provides us with a safe and secure and trustworthy technique of paying to our 10,000 employees worldwide.}
The cutting-edge international payroll management app enhances my payroll procedure, conserving me a significant amount of time each month. With its easy to use user interface, I have access to a single control panel that effectively manages my payroll, EOR, and contractors.
Worker Portal
Workers have access to an Employee Website where they can view their pay slips, wage and tax statements and work documents. The website is offered in several languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global helps business provide competitive benefits plans to global workers regardless of the number of workers in the company. The company can establish medical insurance, short-term and long-term special needs, vision, dental and maternity leave while removing the requirement to source regional advantages companies in every country, create regional accounts and have a minimum variety of employees.
The HR abilities offered by Worldwide HR encompass various functions such as monitoring trip time, making sure compliance, facilitating the process of inviting brand-new employees and bidding farewell to departing ones, providing a secure online platform for saving workers' files, and providing assistance for work permit treatments in case your workers need help in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, workforce diversity, overall employment expenses dispersed per area, total work expenses per cycle and much more.
Worldwide, I have actually demonstrated management and strategic knowledge in directing massive populations of over 100,000 staff members across 170 countries. Presently, I are accountable for overseeing payroll methods, as mentioned by Mark. My function includes handling and establishing external collaborations, supporting Business clients, and supplying advisory services. In addition, 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 consisted of on the prominent Time 100 list of the most prominent business worldwide. We focus on supplying payroll and workforce management services to workers in more than 160 nations. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, despite your location. It's a satisfaction to fulfill you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments market, I have actually concentrated on payroll and payment options for the past seven years. The intricacies and obstacles of this field have actually constantly mesmerized me.
payroll payments and chose to type of make a genuine go at that over the last five or 6 years where I have actually sort of had a variety of various functions on the provider side and also on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll just give everyone another number of uh well one of the 30 seconds or two 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 currently just to hear where everyone is um it's nice to to type of like see where everyone originates from and I really 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 extremely really gloomy and I wish 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 looking at the obstacle years of handling Worldwide payroll why business maintain different
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is especially helpful for international companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time throughout this webinar we'll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one nation however when you're doing it internationally it's next level and Beyond it ends up being intricate for a range of reasons most notably guidelines compliance information security and banking guidelines then there are the large numbers they include additional complexity the worldwide Workforce is currently three and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll design there's typically an overwhelming number of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or really really standard there's no genuine consistency framework we're residing in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that's another number that offers me sleep deprived nights and rather honestly the more a service invests in global payroll the less of a picture they see a lack of presence also extends to payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal almost half of international businesses have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes badly communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the information is delivered to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they count on the essential several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they're paying to employees or otherwise that's a great concern I always throw this back and state what is it what doesn't require to be included ideal 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 client's own in-country account so there's intricacy anywhere you look right eventually constructing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort 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 absolutely essential and technology is permitting us to kind of progress with that it likewise as well to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely vital that payroll and finance groups work more detailed together than ever um I'm always amazed when people say I've split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide 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 eventually 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 likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on wellness and the payment landscape is ending up being significantly detailed. Businesses are continually presenting new benefits and payment alternatives, which contributes to the total intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this does not need to hold true. In today's technically sophisticated age, there's no justification for maintaining troublesome treatments. Payroll, the company's most significant expenditure, must be processed properly and on time. Even small hold-ups can adversely impact workers' wellness and have significant effects. For that reason, it's important to prioritize precise and timely payments.
payroll team get um so I'm uncertain anyone on this kind of webinar has actually 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 employees or not um but eventually payroll is such an essential cycle we all find out about it when it fails everybody jumps up and down when it fails but when it goes right it's just a tick box exercise and I think 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 stuff is absolutely crucial that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment solution is an excellent initial step um offering an end-to-end payroll option for your staff members internationally once again I believe is another substantial um procedure once again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of organizations and decreasing the variety of tools platforms and checking account they need 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've never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven't gone rather where they're indicated to be um I don't think any of us are in fact doing that for for the thanks
anyway we know 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 involved in those processes and also so envision sorry I'm simply I was just gon na say picture 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 speaking about hundreds of thousands potentially Millions envision getting that many thank you keeps in mind um I imply it 'd be interesting to see the number of Post-it notes you got but it would certainly be an interesting task attempting to clean 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 look through them and in fact see what was going on and type of shot to get back to everybody so moving on look why do business choose to main separate savings account there are companies out there doing exactly this for specific countries and I've worked in a service or many companies doing precisely that I can state it doesn't constantly feel efficient and it does develop more work I understand we're not intentionally doing that we're not creating extra work for anyone where we do not have to and anybody 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 amount that we are I believe lots of factors one is it's the standard I believe people have actually got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it's not a requirement so I believe it's just been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there's a range I think this is a procedure that needs looking at it needs altering but ultimately individuals are really stuck with what they're familiar
with right um change is a difficult thing all of us 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 great deal of track of stuff um I understand certainly the benefits of having maintaining several savings account but there's a substantial amount of complexity chooses establishing a bank account preserving it ensuring it can send out International transfers ensuring it's established with the right user accesses for specific people so the intricacy is substantial but I think the honest response is change um individuals have not had the ability to change or haven't had always the understanding to truly make that change into alternate Solutions besides opening a checking account I think you've struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we've always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could practically be determined to be the next Century or two there is a lot to monitor and this method does present a number of difficulties um so Johnny might you inform us about those difficulties yeah obviously so there's a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements.
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