Find out more about Papaya Global Morocco ... 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 actually obtained a different Chief Financial Officer particularly dedicated to handling payments. This offers us with a safe and secure and trusted technique of making payments to our 10,000 workers worldwide.}
The advanced worldwide payroll management app streamlines my payroll process, saving me a significant amount of time every month. With its easy to use interface, I have access to a single dashboard that effectively manages my payroll, EOR, and contractors.
Staff member Website
Workers have access to a Staff member Website where they can view their pay slips, wage and tax declarations and work documents. The website is offered in numerous languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global assists business provide competitive advantages bundles to international workers no matter the variety of workers in the company. The business can set up medical insurance, short-term and long-lasting disability, vision, dental and maternity leave while eliminating the requirement to source local benefits suppliers in every country, create local accounts and have a minimum number of workers.
The HR abilities supplied by Global HR encompass numerous functions such as monitoring getaway time, ensuring compliance, facilitating the procedure of inviting brand-new staff members and bidding goodbye to departing ones, providing a secure online platform for keeping employees' files, and offering assistance for work allow treatments in case your staff members require assistance in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, workforce variety, total work costs distributed per area, total work costs per cycle and far more.
Internationally, I have actually shown leadership and strategic competence in guiding massive populations of over 100,000 employees across 170 nations. Currently, I are accountable for supervising payroll strategies, as discussed by Mark. My function involves handling and developing external collaborations, supporting Enterprise clients, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions provider.
company to make the time 100 list for a lot of prominent business on the planet we provide payroll payments and workforce management to all worker key ins over 160 nations I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning great afternoon excellent night depending on where you are in the world it's lovely to fulfill you and thank you very much for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I've remained in the payments market for over ten years and specifically dealing with the payroll and payment sector for over seven years um I was captivated by the complexity the difficulty in all of the above of
payroll payments and chose to sort of make a genuine go at that over the last five or six years where I have actually sort of had a range of different roles on the company side and also on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we'll simply provide everyone another couple of uh well among the 30 seconds or so 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 intriguing and I can see it going on currently simply to hear where everybody is um it's nice to to type of like see where everyone comes from and I truly 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 raining here it's really extremely dreary and I wish I was somewhere else at this moment in time okay so let's start our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business keep different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we'll likewise go over a recap which needs to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of typical and managing them ends up being more and more complex International organizations are aiming to discover Solutions and brand-new methods to improve procedures especially from a payroll and cross-border payment perspective many organizations preserve separate checking account just for payroll while some have numerous accounts in various countries does it make sense for companies to preserve different bank accounts often in various countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies enhance the episode complex processes of
making payroll payments properly efficiently securely and on time during this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one country but when you're doing it globally it's next level and Beyond it becomes complicated for a variety of reasons most notably policies compliance data security and banking guidelines then there are the large numbers they include additional intricacy the international Labor force is currently 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 consider that there are some 230 million businesses and growing all doing their own thing around the world in the conventional payroll design there's typically a frustrating variety of various systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in large quantities and or really extremely standard there's no real consistency framework we're living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that's another number that gives me sleepless nights and rather honestly the more a business spends on international payroll the less of an image they see an absence of exposure also reaches payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global organizations have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors poorly communicated hires and terminations in addition to absence management and system configurations and after that when you round everything off and the information is delivered to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don't run smoothly if they rely on the required several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles organization face when they're making payments to staff members or otherwise that's a great concern I constantly toss this back and say what is it what doesn't require to be consisted of right and what does
it need to be thought about 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 abilities 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 client's own in-country account so there's complexity any place you look ideal eventually constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type 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 permitting us to sort of move forward with that it likewise as well to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely necessary that payroll and financing teams work better together than ever um I'm always surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it's payroll is an end-to-end process it's the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on wellness and the payment landscape is ending up being increasingly intricate. Businesses are constantly introducing brand-new benefits and payment options, which contributes to the overall complexity. Big corporations typically divide their payroll and payment processing into different teams, which can lead to inefficiencies and bottlenecks. In my opinion, this does not have to be the case. In today's technologically advanced era, there's no reason for maintaining cumbersome treatments. Payroll, the business's most significant cost, should be processed correctly and on time. Even minor hold-ups can negatively affect staff members' wellness and have significant repercussions. Therefore, it's crucial to prioritize precise and prompt payments.
payroll group get um so I'm uncertain anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it 'd be excellent to hear your success story and whether that's been from all workers or not um but eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails however 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 also like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment solution is a great primary step um supplying an end-to-end payroll service for your staff members worldwide again I think is another big um procedure once again aligning and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of businesses and lowering the number of tools platforms and bank accounts they need for their International 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 countless them within a payroll cycle don't anticipate to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven't gone quite where they're implied to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how important 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 easy as possible for everyone that's associated with those processes and likewise so envision sorry I'm simply I was just gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I'm sure we're talking about numerous thousands possibly Millions envision getting that lots of thank you notes um I suggest it 'd be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task attempting to clean up all those up for sure oh absolutely I can't think of the size of my my Outlook inbox if that was the case um you 'd require days of the week to try to check out them and actually see what was going on and type of shot to return to everyone so carrying on appearance why do companies pick to primary different bank accounts there are businesses out there doing exactly this for particular countries and I've operated in a business or lots of services doing precisely that I can say it does not constantly feel effective and it does create more work I know we're not intentionally doing that we're not developing 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 amount that we are I think many reasons one is it's the requirement I think people have got so used to we need a brand-new savings account we open an entity and rightly so you need it for payroll functions however there are a number of markets where it's not a requirement so I think it's just been the requirement and the norm the people have embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there's a variety I believe this is a procedure that needs taking a look at it requires altering however eventually individuals are really stuck to what they recognize
with ideal um change is a tough thing we all do not like change um so I believe it's simply sort of moving far from the standard as we've said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having preserving numerous savings account however there's a substantial amount of complexity goes with setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it's set up with the ideal user accesses for private people so the complexity is huge however I believe the sincere answer is change um individuals have not had the ability to alter or haven't had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century or two there is a lot to keep an eye on and this approach does position a number of difficulties um so Johnny might you tell us about those obstacles yeah obviously so there's a range right there is so
I just recently made a change to our Enterprise 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 acquired another CFO, and with this enhanced ability, I have effectively protected 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 achievements.
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