Find out more about Papaya Global Puerto Rico ... We now have the ability to manage both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer specifically devoted to handling payments. This offers us with a safe and trusted technique of paying to our 10,000 staff members worldwide.}
the BEST international payroll managment app, conserves me hours of time on a monthly basis, one single control panel for my payroll, EOR and contractors
Staff member Website
Employees have access to an Employee Website where they can see their pay slips, wage and tax declarations and employment documents. The portal is readily available in multiple languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global assists business offer competitive advantages packages to global staff members despite the variety of staff members in the business. The business can establish medical insurance, short-term and long-lasting special needs, vision, dental and maternity leave while getting rid of the requirement to source local advantages suppliers in every country, develop regional accounts and have a minimum number of staff members.
The HR abilities provided by International HR include different functions such as keeping track of getaway time, ensuring compliance, assisting in the procedure of welcoming new staff members and bidding goodbye to leaving ones, offering a protected online platform for saving employees' files, and providing assistance for work permit treatments in case your employees require help in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, workforce diversity, overall work costs dispersed per location, total employment costs per cycle and much more.
Internationally, I have shown management and strategic knowledge in guiding massive populations of over 100,000 workers throughout 170 nations. Presently, I are accountable for managing payroll strategies, as mentioned by Mark. My role includes managing and establishing external partnerships, supporting Business customers, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions company.
As a worldwide business, we are honored to be consisted of on the prestigious Time 100 list of the most influential business worldwide. We focus on supplying payroll and workforce management services to workers in more than 160 countries. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, despite your area. It's a pleasure to meet you and thank you for your important 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 market, I have actually concentrated on payroll and payment services for the past 7 years. The intricacies and challenges of this field have actually always mesmerized me.
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 variety of different roles on the provider side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we'll simply provide everybody another number of uh well among the 30 seconds or two to join we all 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 everyone is um it's nice to to type of like see where everyone comes from and I really do hope it's much sunnier than it is in the UK today certainly not the peak of the sunlight is it it's not no it's it's drizzling here it's very extremely uninspiring and I wish I was elsewhere at this moment in time fine so let's begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a strategic possession uh we'll likewise discuss a recap and that must leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and handling them becomes increasingly more intricate International organizations are seeking to discover Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment perspective lots of organizations maintain separate checking account just for payroll while some have numerous accounts in different countries does it make good sense for companies to maintain different bank accounts in some cases in various countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international companies enhance the episode complex processes of
making payroll payments precisely efficiently firmly and on time during this webinar we'll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one country however when you're doing it globally it's next level and Beyond it becomes intricate for a variety of factors most notably policies compliance data security and banking rules then there are the large numbers they include additional intricacy 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 people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll design there's frequently a frustrating number of different systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or really really standard there's no real consistency structure we're living in an era 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 every 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 businesses state they have Labor force information in real time that's another number that provides me sleep deprived nights and rather honestly the more a service invests in worldwide payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction almost half of international organizations have expressed that they don't have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes improperly communicated hires and terminations in addition to absence management and system configurations and after that when you round it all off and the data is delivered to the wrong place the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they count on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they're making payments to staff members or otherwise that's a great question I constantly toss this back and say what is it what doesn't require to be consisted of ideal 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 amount of time there's payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer's own in-country account so there's complexity anywhere you look right ultimately constructing a knowledge base is definitely vital but everywhere you look with payroll payment they resemble super payments no if however some infants 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 acknowledgment that payroll payments are absolutely fundamental and technology is permitting us to kind of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is absolutely essential that payroll and finance teams work closer together than ever um I'm always amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't work in the payroll occupation would they split the payroll payment from calculation 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 ultimately it's payroll is an end-to-end process it's the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more crucial to add to sort of the level of intricacy there's increasingly more benefits being organ or being provided by companies across the world so once again you're just seeking to include more and more payments to this currently complex landscape so if you sort of got any experience well I'm from your large experience here and I make certain but have you got any experience in kind of genuine obstacles or real tough kind of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would definitely state that the bigger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding information into the next function as it were that's in fact managing the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to develop additional handoffs at the same times that we operate in they just make them more prompt they make them less effective and they don't make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from a cost perspective from an effect point of view on workers it is definitely vital that it's done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental effect on people's wellness and lots of other elements if people aren't paid uh I have actually constantly been amazed entering into this Market type of the last five to ten years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it's from all employees or not. Payroll is an important cycle, and individuals just discover when things fail. However, when things go right, it's viewed as simply a regular task. This is how it's viewed externally too. For that reason, it is essential to ensure that tasks like Wi-Fi Global and other crucial matters are done properly. Using the first Global Payments very first payroll payment solution is a great preliminary action towards supplying a thorough payroll option for workers worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and bank accounts essential for worldwide payroll are essential consider accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of grievances when things do not go as prepared. Eventually, we don't do it for the gratitude.
anyhow we know how how essential 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 simple as possible for everyone that's associated with those procedures and also so think of sorry I'm simply I was just gon na state envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we're speaking about numerous thousands potentially Millions picture getting that many thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting to clean all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that held true um you 'd need days of the week to try to browse them and in fact see what was going on and kind of shot to return to everyone so moving on look why do companies select to primary separate bank accounts there are organizations out there doing exactly this for particular countries and I have actually operated in a service or numerous services doing precisely that I can state it doesn't always feel effective and it does produce more work I understand we're not intentionally doing that we're not developing extra work for any person where we don't need to and anybody that's handling that process 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 standard I think people have got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it's not a requirement so I believe it's simply been the standard and the standard the people have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and numerous other methods um to to type of do it so I think there's a range I believe this is a procedure that needs looking at it needs altering however eventually people are really stuck with what they're familiar
with ideal um modification is a difficult thing all of us do not like change um so I believe it's just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having keeping several savings account however there's a huge quantity of complexity chooses setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it's established with the right user accesses for private individuals so the intricacy is huge but I think the honest response is change um people have not had the ability to change or have not had always the understanding to actually make that change into alternate Solutions other than opening a bank account I think you've hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what could almost be determined to be the next Century or so there is a lot to monitor and this technique does position several challenges um so Johnny could you tell us about those challenges yeah of course so there's a variety right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you are worthy of a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you
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