Find out more about Papaya Global North Korea ... We now have the ability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has actually obtained a separate Chief Financial Officer specifically devoted to handling payments. This offers us with a protected and reliable approach of making payments to our 10,000 employees worldwide.}
The cutting-edge worldwide payroll management app improves my payroll process, saving me a significant quantity of time each month. With its easy to use interface, I have access to a single control panel that effectively manages my payroll, EOR, and specialists.
The Staff member Website provides workers with the ability to gain access to and view essential documents 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 helps business offer competitive advantages bundles to worldwide staff members despite the variety of employees in the company. The company can establish medical insurance, short-term and long-term special needs, vision, dental and maternity leave while getting rid of the requirement to source regional advantages suppliers in every country, develop local accounts and have a minimum variety of employees.
The HR capabilities offered by Global HR include numerous functions such as keeping an eye on holiday time, guaranteeing compliance, helping with the procedure of welcoming new employees and bidding farewell to leaving ones, offering a safe online platform for keeping workers' files, and offering support for work permit treatments in case your workers need help because area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, labor force diversity, overall employment costs dispersed per area, overall work costs per cycle and a lot more.
Worldwide, I have actually shown leadership and strategic proficiency in assisting massive populations of over 100,000 staff members throughout 170 countries. Presently, I am responsible for overseeing payroll techniques, as mentioned by Mark. My function includes managing and establishing external partnerships, supporting Business clients, and offering advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments services supplier.
company to make the time 100 list for a lot of prominent companies worldwide we provide payroll payments and workforce management to all employee enters over 160 nations I am pleased to state that we also have as Mark said Johnny Nash with us today Johnny would you like to present yourself naturally thank you good morning good afternoon good night depending on where you remain in the world it's beautiful to fulfill you and thank you very much for your time as Ian said 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 working on the payroll and payment sector for over 7 years um I was amazed by the intricacy the difficulty in all of the above of
payroll payments and chose to type of make a real go at that over the last five or six years where I have actually type of had a range of different roles on the supplier side and likewise on the vendor side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we'll just 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 type of let them do that so it 'd be rather interesting 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 everybody originates 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 extremely very gloomy and I want I was somewhere else at this moment in time okay so let's begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies maintain separate
Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is especially helpful for worldwide companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in various 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 ending up being a strategic asset for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently securely and on time throughout this webinar we'll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in sufficient in one country however when you're doing it globally it's next level and Beyond it ends up being complex for a range of reasons most notably policies compliance information security and banking rules then there are the sheer numbers they add more complexity the global Labor force is currently 3 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 currently 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 world in the conventional payroll model there's typically an overwhelming number of different systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or really very basic there's no real consistency structure we're residing in an age of tech however payroll has 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 just blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that's another number that provides me sleep deprived nights and quite honestly the more an organization spends on international payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of international organizations have actually expressed that they do not 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 poor HCM information data entry mistakes badly interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the information is shipped to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don't run efficiently if they count on the required several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they're paying to employees or otherwise that's an excellent concern I constantly throw this back and say what is it what does not require to be consisted of best and what does
it require 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 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 anywhere you look best eventually building a knowledge base is definitely important however all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you take a 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 absolutely essential and innovation is allowing us to type of move forward with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely vital that payroll and finance groups work closer 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 anybody what is payroll who doesn't 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 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 individuals any place they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the settlement landscape is ending up being progressively complex. Organizations are continually presenting new benefits and payment alternatives, which adds to the general intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can result in ineffectiveness and traffic jams. In my opinion, this does not need to hold true. In today's highly sophisticated era, there's no validation for preserving cumbersome treatments. Payroll, the business's biggest expense, should be processed properly and on time. Even slight delays can adversely affect employees' wellness and have significant repercussions. Therefore, it's important to focus on accurate and timely payments.
The payroll team might not have been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it's from all workers or not. Payroll is an essential cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it's seen as simply a routine task. This is how it's perceived externally as well. For that reason, it is essential to make sure that jobs like Wi-Fi Worldwide and other important matters are done properly. Using the first International Payments first payroll payment service is a fantastic initial action towards providing a thorough payroll solution for staff members worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and checking account needed for international payroll are key consider accomplishing company success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as prepared. Eventually, we do not do it for the gratitude.
anyhow we know how how important a role 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 everybody that's involved in those processes and likewise so picture sorry I'm simply I was just gon na state picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we're talking about hundreds of thousands potentially Millions envision getting that lots of thank you keeps in mind um I mean it 'd be interesting to see the number of Post-it notes you got however it would definitely be an interesting job trying to clean all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that was the case um you 'd need days of the week to try to check out them and really see what was going on and sort of try to return to everyone so proceeding appearance why do companies select to primary separate savings account there are organizations out there doing precisely this for particular countries and I have actually operated in an organization or lots of services 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 extra work for anyone where we don't need to and anyone that's managing that process I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the amount that we are I believe numerous factors one is it's the standard I believe people have got so used to we require a brand-new bank account we open an entity and rightly 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 standard the people have adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there's a range I think this is a process that requires looking at it needs altering however eventually people are extremely stuck with what they recognize
with ideal um modification is a tough thing we all do not like change um so I think it's just sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having maintaining several savings account but there's a huge amount of intricacy opts for establishing a bank account maintaining it ensuring it can send International transfers ensuring it's set up with the ideal user accesses for private individuals so the intricacy is substantial however I think the sincere response is change um individuals have not been able to change or haven't had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you've hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we've constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be identified to be the next Century or so there is a lot to keep track of and this method does posture several obstacles um so Johnny might you tell us about those difficulties yeah of course so there's a variety right there is so
I just 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 gotten another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements.
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