Find out more about Papaya Global Offices ... We now have the capability to handle both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has acquired a different Chief Financial Officer particularly committed to managing payments. This provides us with a safe and reliable technique of paying to our 10,000 workers worldwide.}
The innovative international payroll management app improves my payroll process, saving me a considerable amount of time every month. With its easy to use interface, I have access to a single control panel that effectively manages my payroll, EOR, and contractors.
Worker Website
Employees have access to an Employee Website where they can view their pay slips, wage and tax statements and work documents. The website is available in several languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global assists business provide competitive benefits packages to worldwide staff members regardless of the variety of employees in the business. The company can set up health insurance, short-term and long-term special needs, vision, dental and maternity leave while getting rid of the requirement to source local benefits companies in every nation, produce local accounts and have a minimum variety of workers.
The HR abilities offered by International HR incorporate various functions such as monitoring getaway time, guaranteeing compliance, facilitating the procedure of welcoming new workers and bidding farewell to departing ones, offering a safe and secure online platform for keeping employees' files, and offering support for work allow procedures in case your staff members need assistance because location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, labor force diversity, total work costs distributed per area, overall employment expenses per cycle and a lot more.
Internationally, I have actually demonstrated management and tactical knowledge in guiding massive populations of over 100,000 staff members across 170 nations. Presently, I are accountable for managing payroll methods, as discussed by Mark. My role involves managing and developing external collaborations, supporting Business customers, and providing advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions service provider.
As a global business, we are honored to be consisted of on the prominent Time 100 list of the most prominent companies worldwide. We concentrate on supplying payroll and labor force management services to workers in more than 160 countries. I am delighted to present Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your location. It's a pleasure to satisfy you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have focused on payroll and payment services for the past seven years. The complexities and challenges of this field have actually constantly mesmerized me.
payroll payments and chose to type of make a real go at that over the last 5 or 6 years where I have actually kind of had a variety of various functions on the provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll simply give everyone another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we'll sort of let them do that so it 'd be quite intriguing and I can see it going on already simply to hear where everyone 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 certainly not the peak of the sunshine is it it's not no it's it's raining here it's very extremely bleak and I wish I was somewhere else at this moment in time alright so let's begin our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business keep separate
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time during this webinar we'll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs 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 adequate in one country but when you're doing it worldwide it's next level and Beyond it becomes complex for a variety of reasons most importantly policies compliance information security and banking guidelines then there are the large numbers they add further complexity the global Labor force is currently 3 and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll model there's often a frustrating variety of various systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or extremely very standard there's no genuine consistency framework we're living 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 frequently with pen and paper and that 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 say they have Workforce data in real time that's another number that offers me sleepless nights and quite frankly the more a service spends on worldwide payroll the less of a photo they see a lack of exposure also extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of global organizations have expressed that they don't have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes badly interacted hires and terminations as well as absence management and system setups and after that when you round all of it off and the data is shipped to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don't run efficiently if they rely on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties company face when they're paying to workers or otherwise that's a great question I always throw this back and say what is it what does not need to be consisted of best and what does
it require to be thought of there's varying Bank details so the length of an eye band a swift an account number routing code per country there's payment time frames 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 client's own in-country account so there's intricacy anywhere you look right eventually constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to sort of move forward with that it also too to add to that payroll and finance need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely essential that payroll and finance teams work more detailed together than ever um I'm always amazed when individuals say I've divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry 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 people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on wellness and the payment landscape is ending up being significantly complex. Organizations are continuously presenting new advantages and payment alternatives, which contributes to the general intricacy. Large corporations often divide their payroll and payment processing into separate groups, which can result in inadequacies and traffic jams. In my opinion, this doesn't have to hold true. In today's technologically innovative period, there's no justification for keeping cumbersome treatments. Payroll, the company's greatest expense, must be processed properly and on time. Even slight delays can adversely affect employees' well-being and have significant repercussions. Therefore, it's crucial to focus on precise and timely payments.
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and people just see when things fail. Nevertheless, when things go right, it's viewed as simply a routine task. This is how it's perceived externally as well. For that reason, it is important to ensure that jobs like Wi-Fi Worldwide and other important matters are done correctly. Using the very first Worldwide Payments very first payroll payment option is a fantastic preliminary action towards offering a detailed payroll option for employees worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and savings account required for global payroll are crucial factors in accomplishing company success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things do not go as planned. Eventually, we do not do it for the thankfulness.
anyway we know how how crucial 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 processes and also so imagine sorry I'm simply I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we're talking about numerous thousands possibly Millions imagine getting that lots of 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 task trying to clean all those up for sure oh definitely I can't picture 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 kind of try to return to everybody so moving on look why do business choose to main different checking account there are companies out there doing precisely this for specific countries and I have actually operated in a company or lots of companies doing precisely that I can say it doesn't always feel effective and it does create more work I understand we're not deliberately doing that we're not producing extra work for any person where we do not have to and any person that's managing that procedure 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 think lots of reasons one is it's the requirement I believe people have actually got so utilized to we require a new bank account we open an entity and appropriately 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 individuals have actually adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there's a range I believe this is a process that needs looking at it needs altering but ultimately individuals are really stuck to what they recognize
with best um change is a challenging thing we all don't like change um so I believe it's simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having maintaining several savings account but there's a huge quantity of intricacy goes with setting up a savings account keeping it ensuring it can send International transfers guaranteeing it's set up with the right user accesses for specific individuals so the intricacy is huge however I believe the sincere response is modification um people have not had the ability to change or have not had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to keep an eye on and this technique does present a number of difficulties 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 modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your achievements.
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