Find out more about Papaya Global Laos ... We now have the capability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has obtained a separate Chief Financial Officer particularly dedicated to handling payments. This supplies us with a safe and trustworthy approach of making payments to our 10,000 workers worldwide.}
The innovative worldwide payroll management app improves my payroll process, conserving me a considerable quantity of time every month. With its user-friendly user interface, I have access to a single control panel that effectively handles my payroll, EOR, and contractors.
The Staff member Website provides employees with the ability to gain access to and view important files 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 numerous languages.
Benefits Administration
Papaya Global helps business use competitive benefits packages to global employees no matter the number of workers in the business. The business can set up health insurance, short-term and long-term impairment, vision, dental and maternity leave while eliminating the requirement to source local benefits suppliers in every nation, produce regional accounts and have a minimum variety of employees.
The HR abilities provided by International HR include numerous functions such as monitoring vacation time, making sure compliance, helping with the procedure of welcoming new employees and bidding farewell to departing ones, offering a secure online platform for keeping employees' files, and providing support for work permit procedures in case your employees require help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, workforce diversity, total employment expenses dispersed per area, overall employment costs per cycle and far more.
Globally, I have actually shown leadership and tactical expertise in guiding massive populations of over 100,000 staff members across 170 nations. Presently, I am responsible for supervising payroll techniques, as pointed out by Mark. My role includes managing and developing 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 service provider.
company to make the time 100 list for many prominent business in the world we offer payroll payments and labor force management to all staff member types in over 160 countries I am pleased to say that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning excellent afternoon excellent evening depending on where you remain in the world it's lovely to fulfill you and thank you very much 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 working on the payroll and payment sector for over 7 years um I was amazed by the intricacy the trouble in all of the above of
payroll payments and decided to kind of make a genuine go at that over the last 5 or six years where I've kind of had a range of different roles on the company side and also on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll simply provide everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we'll type of let them do that so it 'd be rather intriguing and I can see it going on already simply to hear where everyone is um it's nice to to kind of like see where everyone originates from and I truly do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it's not no it's it's raining here it's extremely very uninspiring and I wish I was somewhere else 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 obstacle years of managing International payroll why companies keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we'll likewise discuss a wrap-up which ought to leave his time at the very 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 Global labor forces end up being a growing number of common and handling them ends up being more and more complex Worldwide companies are looking to find Solutions and new ways to improve processes specifically from a payroll and cross-border payment perspective many organizations keep separate bank account just for payroll while some have several accounts in different countries does it make good sense for business to maintain different bank accounts often in different countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies enhance the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex obstacle for services running globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, learn how business forecast payroll costs to optimize working capital, and discover how improving worldwide payroll payments can change them from a troublesome task into a strategic possession.
Handling payroll worldwide is a difficult job due to different policies, compliance requirements, information security issues, and banking rules. The sheer number of workers and organizations adds to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems typically result in manual procedures, information silos, and an absence of integration, resulting in disparities and inefficiencies. Regardless of living in an age of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to offer insights and options to simplify and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that's another number that provides me sleepless nights and rather honestly the more a business invests in worldwide payroll the less of an image they see an absence of presence also extends to payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of global businesses have expressed that they don't have the level of standardization they need 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 interacted hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the information is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don't run efficiently if they depend on the essential several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they're paying to employees or otherwise that's an excellent concern I always toss this back and state what is it what doesn't need to be included ideal and what does
it need to be considered there's differing 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 need to pay from an in-country account do you have to pay from the consumer's own in-country account so there's complexity wherever you look ideal eventually developing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to type of move on with that it also too to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and finance groups work more detailed together than ever um I'm constantly amazed when individuals say I've divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market 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 information 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 modern-day world positions a high worth on well-being and the settlement landscape is ending up being increasingly elaborate. Businesses are continually presenting new advantages and payment choices, which contributes to the overall complexity. Large corporations often divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my opinion, this does not have to be the case. In today's highly innovative period, there's no justification for maintaining cumbersome treatments. Payroll, the business's most significant expense, must be processed correctly and on time. Even minor delays can adversely impact workers' well-being and have far-reaching consequences. For that reason, it's important to prioritize accurate and prompt payments.
payroll team get um so I'm not exactly sure anyone on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it 'd be great to hear your success story and whether that's been from all staff members or not um however ultimately payroll is such an important cycle all of us hear about 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 exercise and I think that's how it's seen from the external deem well um so yeah it's likewise like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the very first International Payments very first payroll payment solution is a great first step um supplying an end-to-end payroll option for your employees internationally again I believe is another substantial um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of services and minimizing the variety of tools platforms and checking account they require for their Worldwide payroll too could not agree with you more and on the the front in regards to 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 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they're implied to be um I do not think any of us are really doing that for for the thanks
anyhow we understand how how essential 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 everybody that's associated with those procedures and also so imagine sorry I'm simply I was just gon na state envision the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I'm sure we're discussing hundreds of thousands potentially Millions picture getting that numerous 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 definitely 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 require days of the week to attempt to look through them and in fact see what was going on and sort of try to return to everybody so carrying on look why do business select to main different savings account there are organizations out there doing exactly this for specific countries and I have actually operated in a business or many services doing precisely that I can state it does not always feel efficient and it does produce more work I understand we're not purposely doing that we're not developing additional work for anybody where we do not have to and anybody that's dealing with that process 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 many factors one is it's the standard I think individuals have actually got so used to we require a new savings 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 think it's simply been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there's a range I believe this is a process that needs taking a look at it requires changing but ultimately individuals are extremely stuck with what they're familiar
with ideal um modification is a difficult thing all of us don't like change um so I believe it's just kind of moving away 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 preserving numerous savings account but there's a big quantity of complexity chooses establishing a checking account keeping it ensuring it can send International transfers ensuring it's established with the right user accesses for specific individuals so the intricacy is substantial but I think the truthful response is modification um people have not had the ability to change or haven't had necessarily the knowledge to actually 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 understanding you know and there is an element of resistance to alter but we've always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or two there is a lot to track and this method does position several obstacles um so Johnny might you tell us about those obstacles yeah of course so there's a variety right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you deserve a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you
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