Find out more about Papaya Global Ltd ... We now have the ability to handle both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer particularly devoted to handling payments. This offers us with a protected and dependable approach of paying to our 10,000 employees worldwide.}
the very best international payroll managment app, conserves me hours of time monthly, one single control panel for my payroll, EOR and specialists
Worker Website
Employees have access to a Staff member Website where they can view their pay slips, wage and tax statements and work files. The portal is available in multiple languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global helps companies use competitive benefits bundles to worldwide employees no matter the number of employees in the business. The business can set up medical insurance, short-term and long-term special needs, vision, oral and maternity leave while eliminating the requirement to source local benefits service providers in every country, produce regional accounts and have a minimum number of employees.
The HR capabilities provided by Worldwide HR include numerous functions such as keeping track of holiday time, guaranteeing compliance, assisting in the procedure of inviting brand-new staff members and bidding farewell to departing ones, providing a safe online platform for keeping employees' files, and providing support for work permit procedures in case your workers need support in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, labor force diversity, overall work expenses dispersed per area, overall employment costs per cycle and far more.
environments across the globe I offered leadership and technique to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll strategies for as Mark said I work across the business managing and structure external relationships supporting Business clients and options along with functioning as a consultant for those of you that do not understand who papaya Worldwide is papaya is the very first payroll and payments
As a global business, we are honored to be included on the prestigious Time 100 list of the most prominent companies worldwide. We concentrate on offering payroll and labor force management services to workers 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 meet you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments market, I have 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 kind of make a genuine go at that over the last five or six years where I have actually sort of had a range of various functions on the company side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we'll just offer everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we'll type of let them do that so it 'd be quite interesting 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 everyone comes from and I actually 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 drizzling here it's extremely very bleak and I wish I was somewhere else at this moment in time all right so let's get going our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business maintain separate
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping different savings account for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time throughout this webinar we'll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in sufficient in one nation however when you're doing it globally it's next level and Beyond it becomes complex for a range of reasons most importantly regulations compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the global Labor force is presently three and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll model there's typically a frustrating variety of various systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely extremely basic there's no real consistency framework we're residing in an age 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 often with pen and paper which simply blows my mind whenever I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that's another number that provides me sleepless nights and rather honestly the more a business spends on worldwide payroll the less of a picture they see a lack of visibility likewise reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction almost half of global services have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors inadequately interacted hires and terminations as well as absence management and system configurations and after that when you round all of it off and the data is delivered to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don't run smoothly if they count on the required numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they're making payments to staff members or otherwise that's a great concern I always toss this back and say what is it what doesn't need to be consisted of ideal 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 country there's payment timespan there's payment capabilities 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 customer's own in-country account so there's complexity anywhere you look ideal ultimately building a knowledge base is absolutely crucial but all over you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to type of move forward with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work more detailed together than ever um I'm constantly astonished when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying individuals 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 wellness and the compensation landscape is ending up being significantly elaborate. Organizations are continuously presenting brand-new advantages and payment choices, which contributes to the overall intricacy. Big corporations often divide their payroll and payment processing into different groups, which can cause inefficiencies and bottlenecks. In my viewpoint, this does not need to be the case. In today's highly sophisticated era, there's no justification for maintaining troublesome procedures. Payroll, the business's most significant expenditure, should be processed correctly and on time. Even minor delays can adversely affect staff members' well-being and have significant effects. Therefore, it's crucial to focus on precise and timely payments.
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it's from all workers or not. Payroll is a crucial cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it's viewed as just a routine task. This is how it's viewed externally also. Therefore, it is essential to ensure that jobs like Wi-Fi Global and other important matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment solution is a great preliminary step towards offering a thorough payroll option for employees worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and checking account needed for international payroll are crucial factors in achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things do not go as prepared. Ultimately, we don't do it for the thankfulness.
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 everybody that's involved in those processes and also so envision sorry I'm simply I was just gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I'm sure we're talking about numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got however it would certainly be an interesting job attempting to clean up all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to look through them and actually see what was going on and sort of shot to return to everyone so proceeding appearance why do companies select to primary different savings account there are organizations out there doing precisely this for specific countries and I have actually operated in a company or many organizations doing exactly that I can state it does not always feel effective and it does develop more work I know we're not purposely doing that we're not creating extra work for any person where we don't have to and anybody that's dealing with that procedure 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 think lots of factors one is it's the requirement I think individuals have got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it's not a requirement so I believe it's simply been the requirement and the norm individuals have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other ways um to to type of do it so I believe there's a range I believe this is a procedure that requires taking a look at it needs changing however ultimately individuals are extremely stuck to what they're familiar
with ideal um change is a challenging thing all of us don't like modification um so I believe it's simply type of moving away from the standard as we've said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having maintaining numerous bank accounts but there's a substantial amount of intricacy chooses establishing a bank account preserving it ensuring it can send International transfers ensuring it's established with the best user accesses for private individuals so the complexity is huge but I think the sincere response is modification um individuals have not been able to alter or have not had necessarily the knowledge to truly 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 know and there is an aspect of resistance to alter however we've constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep an eye on and this method does pose numerous difficulties um so Johnny could you tell us about those difficulties yeah naturally so there's a variety right there is so
I just recently made a modification 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 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 commendable. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments.
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