Find out more about Papaya Global Latvia ... We now have the capability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has obtained a separate Chief Financial Officer specifically committed to managing payments. This supplies us with a protected and trustworthy approach of paying to our 10,000 staff members worldwide.}
the very best worldwide payroll managment app, saves me hours of time monthly, one single control panel for my payroll, EOR and specialists
The Worker Website supplies workers with the ability to access and view important files such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile devices and is offered in numerous languages.
Advantages Administration
Papaya Global assists business use competitive benefits plans to global employees regardless of the variety of workers in the business. The company can set up medical insurance, short-term and long-lasting disability, vision, oral and maternity leave while removing the requirement to source local advantages suppliers in every nation, produce local accounts and have a minimum number of staff members.
The HR capabilities supplied by Global HR include different functions such as monitoring trip time, making sure compliance, helping with the process of inviting new workers and bidding goodbye to leaving ones, using a protected online platform for saving workers' files, and providing assistance for work permit treatments in case your workers need help in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, workforce variety, total employment costs distributed per location, total work expenses per cycle and a lot more.
Globally, I have actually shown management and tactical knowledge in guiding large-scale populations of over 100,000 staff members across 170 nations. Currently, I am responsible for supervising payroll methods, as pointed out by Mark. My role involves handling and developing external collaborations, supporting Enterprise clients, and offering advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments services provider.
As a worldwide business, we are honored to be consisted of on the distinguished Time 100 list of the most influential business worldwide. We concentrate on providing payroll and labor force management services to workers in more than 160 nations. I am delighted to introduce 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 valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have actually focused on payroll and payment services for the past 7 years. The complexities and challenges of this field have always mesmerized me.
payroll payments and decided to sort of make a real go at that over the last 5 or 6 years where I have actually sort of had a variety of various functions on the provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we'll just offer everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we'll sort of let them do that so it 'd be quite fascinating and I can see it going on already just to hear where everybody is um it's nice to to sort of like see where everyone originates from and I really 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 drizzling here it's extremely very uninspiring 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 looking at the obstacle years of handling International payroll why companies preserve different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we'll likewise go over a wrap-up and that needs to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of typical and handling them becomes a growing number of complicated Worldwide companies are seeking to discover Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment perspective numerous organizations preserve separate checking account just for payroll while some have multiple accounts in various countries does it make sense for companies to preserve different savings account often in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business streamline the episode complex processes of
making payroll payments properly efficiently securely and on time during this webinar we'll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one nation however 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 data security and banking guidelines then there are the large numbers they add more complexity the international Workforce is currently 3 and a half billion people by 2030 it's approximated 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 organizations and growing all doing their own thing around the globe in the traditional payroll model there's frequently a frustrating variety of different systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or really really basic there's no genuine consistency structure we're residing in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that's another number that offers me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of an image they see an absence of visibility also extends to payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of international services have actually revealed that they don't have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes improperly interacted hires and terminations along with lack management and system setups and then when you round everything off and the data is shipped to the wrong location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they rely on the essential several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they're making payments to employees or otherwise that's an excellent question I constantly toss this back and state what is it what does not need to be consisted of best and what does
it need to be thought about there's varying Bank details so the length of an eye band a swift an account number routing code per nation 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 anywhere you look best eventually constructing a knowledge base is definitely critical however all over you look with payroll payment they are like incredibly 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 recognition that payroll payments are definitely basic and innovation is allowing us to type of progress with that it also too to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work closer together than ever um I'm always astonished when individuals say I have actually 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 calculation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to contribute to kind of the level of intricacy there's more and more benefits being organ or being used by organizations across the world so again you're simply aiming to include a growing number of payments to this currently complicated landscape so if you sort of got any experience well I'm from your huge experience here and I make sure however have you got any experience in kind of real challenges or genuine difficult type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding info into the next function as it were that's actually handling the payment side of things however you know in in my opinion and my experience that doesn't necessarily require to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason that we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any service has from a cost point of view from an impact viewpoint on employees it is absolutely critical that it's done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive impact on individuals's well-being and many other aspects if people aren't paid uh I've constantly been astonished entering into this Market kind of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and individuals only see when things go wrong. Nevertheless, when things go right, it's viewed as simply a routine job. This is how it's viewed externally too. Therefore, it is essential to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the first International Payments very first payroll payment service is a great preliminary step towards offering an extensive payroll solution for employees worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and savings account required for international payroll are essential consider attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things do not go as planned. Eventually, we don't do it for the gratitude.
anyway we understand how how crucial 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 simple as possible for everyone that's involved in those processes and likewise so imagine sorry I'm just I was just gon na say imagine the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I'm sure we're speaking about hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I indicate 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 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 check out them and in fact see what was going on and kind of shot to return to everyone so carrying on appearance why do business pick to primary different bank accounts there are businesses out there doing precisely this for specific nations and I have actually worked in a service or lots of services doing precisely that I can say it does not always feel effective and it does create more work I understand we're not intentionally doing that we're not creating additional work for any person where we do not have to and anybody that's dealing with that process I 'd be interested to hear your thoughts 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 requirement I believe individuals have actually got so used to we need a new checking account we open an entity and appropriately 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 just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there's a range I think this is a process that requires taking a look at it needs altering however eventually people are really stuck to what they recognize
with ideal um change is a hard thing all of us don't like change um so I think it's just type of moving away from the standard as we've said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having keeping several bank accounts but there's a huge quantity of complexity chooses establishing a bank account preserving it ensuring it can send International transfers guaranteeing it's set up with the best user accesses for specific individuals so the complexity is huge however I believe the truthful answer is modification um people have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we've constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century or so there is a lot to keep an eye on and this technique does present a number of obstacles um so Johnny could you tell us about those obstacles yeah of course so there's a variety right there is so
I 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 actually gained another CFO, and with this enhanced ability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments.
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