Find out more about Papaya Global Moldova ... We now have the capability to handle both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has obtained a different Chief Financial Officer particularly committed to handling payments. This provides us with a safe and dependable approach of paying to our 10,000 workers worldwide.}
The advanced worldwide payroll management app streamlines 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 manages my payroll, EOR, and contractors.
The Worker Website offers workers with the ability to gain access to and view essential documents such as pay slips, wage and tax statements, and work records. This portal is accessible on both desktop and mobile phones and is provided in various languages.
Advantages Administration
Papaya Global helps business offer competitive benefits plans to worldwide employees regardless of the variety of employees in the business. The business can establish health insurance, short-term and long-lasting impairment, vision, oral and maternity leave while getting rid of the need to source regional advantages providers in every nation, create regional accounts and have a minimum variety of staff members.
The HR capabilities provided by Global HR include various functions such as monitoring holiday time, ensuring compliance, assisting in the process of inviting brand-new workers and bidding goodbye to departing ones, offering a protected online platform for saving employees' files, and providing support for work allow procedures in case your employees need assistance because area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, workforce diversity, total employment expenses dispersed per place, overall work expenses per cycle and far more.
environments across the globe I supplied leadership and strategy to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll techniques for as Mark said I work throughout business handling and building external relationships supporting Business customers and solutions in addition to functioning as a consultant for those of you that do not know who papaya Global is papaya is the first payroll and payments
As a worldwide business, we are honored to be included on the prestigious Time 100 list of the most prominent companies worldwide. We specialize in supplying payroll and labor force management services to staff members in more than 160 nations. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your place. It's an enjoyment to meet you and thank you for your valuable time. As Ian discussed, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments industry, I have actually concentrated on payroll and payment solutions for the past seven years. The complexities and obstacles of this field have always mesmerized me.
payroll payments and decided to type of make a real go at that over the last five or 6 years where I've kind of had a variety of different functions on the service provider side and likewise on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we'll just give everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we'll type of let them do that so it 'd be rather fascinating and I can see it going on currently just to hear where everybody is um it's nice to to type 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 sunshine is it it's not no it's it's drizzling here it's really extremely gloomy and I want I was somewhere else at this moment in time okay so let's get started our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies preserve separate
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving different bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and prompt payroll payments is a complex obstacle for organizations running globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to optimize working capital, and discover how improving worldwide payroll payments can change them from a challenging task into a strategic property.
Handling payroll internationally is a difficult job due to different policies, compliance requirements, information security concerns, and banking rules. The large number of employees and services contributes to the complexity, with an estimated 3.5 billion people in the worldwide workforce, 500 countless whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual procedures, data silos, and a lack of combination, causing disparities and ineffectiveness. Regardless of living in an age of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar objectives to provide insights and solutions to streamline and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that's another number that gives me sleep deprived nights and rather frankly the more a service spends on global payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide services have revealed that they don't have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors improperly communicated hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is delivered to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they count on the needed numerous procedures 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 staff members or otherwise that's an excellent question I constantly toss this back and say what is it what does not need to be included ideal and what does
it need to be thought of there's differing 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 need to pay from an in-country account do you have to pay from the customer's own in-country account so there's intricacy any place you look ideal ultimately developing a knowledge base is definitely vital but everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 enabling us to kind of progress with that it also also to add to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely imperative that payroll and financing groups work more detailed together than ever um I'm always amazed when individuals say I've split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession 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 ultimately 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 but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to contribute to type of the level of complexity there's more and more benefits being organ or being offered by companies across the world so again you're just seeking to include a growing number of payments to this already complex landscape so if you kind of got any experience well I'm from your vast experience here and I make certain however have you got any experience in kind of real challenges or genuine difficult kind of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a number of decades I would definitely say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding info into the next function as it were that's actually managing the payment side of things but you understand in in my viewpoint and my experience that doesn't always require to be the case you understand long gone are the times where we require to develop extra handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an era that you understand that we are working in today there is no reason that we are still making this as tough as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any company has from an expense perspective from an impact viewpoint on employees it is absolutely critical that it's done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest damaging impact on individuals's well-being and many other factors if individuals aren't paid uh I have actually always been amazed coming into this Market type of the last five to 10 years is how little thanks the
payroll team get um so I'm unsure anybody on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it 'd be fantastic to hear your success story and whether that's been from all staff members or not um but eventually payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it's just a tick box workout 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 important that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a terrific primary step um providing an end-to-end payroll service for your staff members internationally once again I think is another huge um procedure again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of businesses and lowering the number of tools platforms and bank accounts they need for their Global 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've never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten 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 do not believe any of us are really doing that for for the thanks
anyhow 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 associated with those processes and also so imagine sorry I'm simply I was just gon na say imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we're speaking about hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I suggest it 'd be interesting to see how many 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 imagine the size of my my Outlook inbox if that was the case um you 'd require days of the week to try to browse them and really see what was going on and kind of try to get back to everybody so moving on look why do companies select to primary different checking account there are services out there doing precisely this for particular nations and I've operated in an organization or many businesses doing exactly that I can say it does not constantly feel effective and it does develop more work I understand we're not deliberately doing that we're not producing additional work for anybody where we do not have to and anybody that's managing 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 believe many factors one is it's the standard I think people have got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it's not a requirement so I think it's simply been the standard and the standard the people have embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there's a range I believe this is a procedure that requires looking at it requires altering however ultimately individuals are very stuck to what they recognize
with best um modification is a hard thing all of us don't like modification um so I think it's simply kind of moving far from the standard as we've said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having keeping multiple bank accounts but there's a big amount of intricacy chooses setting up a checking account keeping it ensuring it can send International transfers ensuring it's set up with the ideal user accesses for specific individuals so the intricacy is huge however I believe the truthful response is modification um individuals haven't had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter however we've always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century or so there is a lot to monitor and this technique does pose several challenges um so Johnny might you inform us about those obstacles yeah obviously so there's a range right there is so
I 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 gained another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements.
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