Find out more about Papaya Global Peru ... 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 actually obtained a different Chief Financial Officer particularly committed to managing payments. This offers us with a protected and reliable method of paying to our 10,000 staff members worldwide.}
The cutting-edge international payroll management app improves my payroll procedure, conserving me a considerable amount of time every month. With its user-friendly user interface, I have access to a single dashboard that effectively handles my payroll, EOR, and professionals.
Staff member Website
Staff members have access to a Worker Website where they can see their pay slips, wage and tax statements and employment files. The portal is readily available in several languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global assists business use competitive benefits packages to worldwide employees despite the number of staff members in the business. The company can set up health insurance, short-term and long-lasting special needs, vision, oral and maternity leave while getting rid of the need to source local benefits companies in every country, develop regional accounts and have a minimum variety of employees.
Global HR Functionalities
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your employees require work license assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, workforce variety, total employment costs distributed per area, total employment costs per cycle and much more.
environments around the world I supplied management and strategy to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll methods for as Mark said I work across business managing and structure external relationships supporting Enterprise customers and services in addition to serving as a consultant for those of you that don't know who papaya International is papaya is the first payroll and payments
company to make the time 100 list for the majority of influential companies worldwide we offer payroll payments and workforce management to all worker types in over 160 countries I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning excellent afternoon excellent evening depending upon where you remain in the world it's beautiful to meet 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 been in the payments market for over 10 years and specifically dealing with the payroll and payment sector for over 7 years um I was captivated by the complexity the difficulty in all of the above of
payroll payments and decided to kind of make a real go at that over the last five or six years where I have actually kind of had a range of different functions on the company side and also on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we'll simply provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we'll sort of let them do that so it 'd be rather intriguing and I can see it going on already simply to hear where everybody is um it's nice to to sort of like see where everyone originates from and I really do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it's not no it's it's raining here it's very really dreary and I want I was somewhere else at this moment in time fine so let's begin our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we'll likewise go over a wrap-up and that needs to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and managing them becomes more and more complicated International companies are wanting to discover Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment standpoint lots of organizations preserve separate checking account just for payroll while some have multiple accounts in different countries does it make sense for companies to keep different checking account often in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international business enhance the episode complex processes of
making payroll payments precisely effectively securely and on time during this webinar we'll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one country but when you're doing it worldwide it's next level and Beyond it ends up being complex for a variety of reasons most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they add more complexity the global Labor force is presently 3 and a half billion people by 2030 it's approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 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 globe in the standard payroll model there's frequently a frustrating number of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or really really fundamental there's no genuine consistency structure we're residing in an age of tech but 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 believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that's another number that provides me sleep deprived nights and quite frankly the more an organization invests in international payroll the less of a picture they see an absence of presence likewise extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of global businesses have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors improperly interacted hires and terminations along with lack management and system configurations and then when you round all of it off and the information is shipped to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they're paying to workers or otherwise that's an excellent question I always throw this back and state what is it what doesn't require to be consisted of best and what does
it need to be considered there's differing Bank information so the length of an eye band a swift an account number routing code per nation there's payment time frames 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 complexity any place you look ideal eventually building a knowledge base is definitely critical however all over you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are definitely basic and innovation is permitting us to sort of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely essential that payroll and finance teams work better together than ever um I'm constantly impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work 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 frequently 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 positions a high value on well-being and the compensation landscape is ending up being progressively elaborate. Organizations are continuously introducing new benefits and payment choices, which contributes to the general complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my viewpoint, this does not have to hold true. In today's technologically advanced period, there's no justification for maintaining cumbersome procedures. Payroll, the company's biggest expenditure, must be processed correctly and on time. Even minor hold-ups can adversely impact employees' well-being and have significant effects. For that reason, it's important to focus on accurate and timely payments.
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it's from all employees or not. Payroll is a crucial cycle, and people only observe when things go wrong. However, when things go right, it's seen as simply a routine job. This is how it's viewed externally too. Therefore, it is essential to ensure that tasks like Wi-Fi Global and other essential matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment solution is a fantastic preliminary step towards offering a thorough payroll solution for employees worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and bank accounts required for worldwide payroll are essential factors in accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things don't go as planned. Ultimately, we don't do it for the thankfulness.
anyhow we understand how how crucial 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 everyone that's involved in those procedures and also so think of sorry I'm simply I was simply gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I'm sure we're discussing numerous thousands possibly Millions envision getting that numerous thank you notes um I imply it 'd be interesting to see how many Post-it notes you got but it would definitely be an interesting job attempting 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 really see what was going on and type of try to get back to everybody so moving on appearance why do companies choose to primary different bank accounts there are organizations out there doing precisely this for particular nations and I've operated in a company or numerous organizations doing precisely that I can state it doesn't constantly feel effective and it does create more work I know we're not intentionally doing that we're not developing additional work for any person where we do not need to and anyone that's dealing with 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 quantity that we are I think many reasons one is it's the standard I think people have actually got so used to we require a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a variety 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 passed by to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I think there's a variety I believe this is a process that requires taking a look at it needs altering but eventually people are really stuck to what they recognize
with right um modification is a difficult thing we all don't like change um so I believe it's just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having keeping multiple checking account but there's a huge quantity of complexity opts for establishing a checking account preserving it guaranteeing it can send International transfers ensuring it's established with the right user accesses for specific people so the complexity is big however I believe the honest response is change um individuals have not had the ability to change or haven't had always the understanding to really make that change into alternate Solutions aside from opening a checking account I think you've struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century or two there is a lot to monitor and this technique does pose several difficulties um so Johnny could you inform us about those difficulties yeah of course so there's a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gained 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 utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments.
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