Find out more about Papaya Global Mongolia ... We now have the ability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer specifically devoted to managing payments. This provides us with a safe and dependable method of paying to our 10,000 workers worldwide.}
The innovative global payroll management app enhances my payroll process, conserving me a considerable quantity of time each month. With its easy to use interface, I have access to a single dashboard that effectively manages my payroll, EOR, and professionals.
The Employee Portal provides staff members 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 offered in various languages.
Benefits Administration
Papaya Global helps companies offer competitive advantages bundles to global employees regardless of the variety of employees in the business. The business can set up health insurance, short-term and long-lasting special needs, vision, oral and maternity leave while eliminating the need to source regional benefits providers in every nation, develop regional accounts and have a minimum number of employees.
The HR abilities provided by Worldwide HR incorporate different functions such as keeping track of holiday time, guaranteeing compliance, assisting in the process of welcoming new employees and bidding goodbye to leaving ones, providing a secure online platform for saving workers' documents, and offering assistance for work allow procedures in case your employees need help because area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, workforce variety, overall work expenses distributed per area, total work costs per cycle and much more.
Globally, I have actually shown management and tactical competence in guiding massive populations of over 100,000 employees across 170 countries. Currently, I am responsible for managing payroll techniques, as mentioned by Mark. My function involves managing and developing external collaborations, supporting Enterprise clients, and providing advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments options provider.
As a global company, we are honored to be included on the prominent Time 100 list of the most prominent business worldwide. We specialize in offering payroll and labor force management services to employees in more than 160 nations. I am delighted to present Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your location. It's an enjoyment 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 decade of experience in the payments industry, I have focused on payroll and payment options for the past 7 years. The intricacies and challenges of this field have constantly mesmerized me.
payroll payments and chose to type of make a real go at that over the last five or six years where I have actually kind of had a variety of different functions on the company side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we'll simply give everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days so we'll kind of let them do that so it 'd be quite interesting and I can see it going on already just to hear where everybody is um it's nice to to type of like see where everybody originates from and I truly do hope it's much sunnier than it is 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 really bleak and I want I was elsewhere at this moment in time fine so let's get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business maintain separate
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving different bank accounts for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time throughout this webinar we'll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business properly forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one nation however when you're doing it globally it's next level and Beyond it ends up being complicated for a range of reasons most significantly guidelines compliance information security and banking rules then there are the large numbers they add more intricacy the international Labor force is currently three and a half billion people by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll model there's frequently an overwhelming variety of different systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in big quantities and or extremely extremely standard there's no real consistency structure we're living in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that's another number that provides me sleep deprived nights and quite frankly the more a service invests in international payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of international companies have actually expressed that they do not 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 data information entry mistakes inadequately communicated hires and terminations as well as lack management and system setups and then when you round it all off and the information is shipped to the incorrect location the typical cost of a global 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 do not run smoothly if they count on the essential several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they're paying to staff members or otherwise that's an excellent concern I always toss this back and say what is it what does not require to be consisted of ideal and what does
it need to be thought about 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 capabilities 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 consumer's own in-country account so there's intricacy anywhere you look right ultimately constructing a knowledge base is definitely crucial but all over 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 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 definitely essential and innovation is allowing us to kind of progress with that it also also to contribute to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely vital that payroll and finance teams work better together than ever um I'm constantly amazed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation 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 data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to add to type of the level of complexity there's a growing number of benefits being organ or being used by services throughout the world so again you're simply wanting to include increasingly more payments to this currently complex landscape so if you sort of got any experience well I'm from your vast experience here and I make certain but have you got any experience in kind of genuine obstacles or real difficult type of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of decades I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding information into the next function as it were that's really managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we need to produce additional handoffs in the processes that we operate in they just make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and an age that you know that we are working in today there is no reason that we are still making this as challenging as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any business has from an expense viewpoint from an effect viewpoint on staff members it is definitely critical that it's done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest harmful result on people's well-being and lots of other aspects if individuals aren't paid uh I have actually always been amazed entering into this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I'm unsure anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it 'd be terrific to hear your success story and whether that's been from all workers or not um but eventually payroll is such a crucial cycle we all find out about it when it fails everybody jumps up and down when it fails however when it goes right it's just a tick box workout 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 crucial that all of this stuff is done properly so leveraging the first Global Payments first payroll payment solution is a great primary step um supplying an end-to-end payroll solution for your workers globally once again I think is another huge um procedure again lining up and ensuring you have standardization Global procedures all of those things are definitely essential to success success of services and decreasing the variety of tools platforms and bank accounts they require for their Worldwide 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 have actually never ever had a hundred thousand of them within a payroll cycle don't expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven't gone rather where they're indicated to be um I don't think any of us are actually doing that for for the thanks
anyhow we understand 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 simple as possible for everyone that's involved in those procedures and likewise so picture sorry I'm simply I was just gon na state imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we're discussing hundreds of thousands potentially 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 however it would certainly be an intriguing job trying to clean up 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 attempt to browse them and in fact see what was going on and kind of shot to return to everyone so proceeding look why do business choose to primary separate savings account there are businesses out there doing exactly this for specific nations and I've operated in an organization or many companies doing exactly that I can state it does not constantly feel efficient and it does create more work I know we're not intentionally doing that we're not producing extra work for anyone where we don't have to and anyone that's managing that procedure I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the amount that we are I believe lots of reasons one is it's the standard I think individuals have actually got so utilized to we need a 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 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 individuals have looked at things like trust accounts and lots of other methods 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 requires changing however ultimately individuals are very stuck to what they're familiar
with right um change is a difficult thing we all don't like change um so I believe it's just kind of moving far from the norm as we've said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having maintaining several checking account but there's a big amount of complexity opts for establishing a bank account preserving it ensuring it can send International transfers ensuring it's established with the ideal user accesses for private individuals so the complexity is big but I believe the sincere response is change um individuals have not been able to change or haven't had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I think you've struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we've constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century or so there is a lot to track and this technique does position numerous difficulties um so Johnny could you inform us about those challenges yeah obviously so there's a range 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 workers you deserve a corner workplace with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you
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