Find out more about Papaya Global Revenue 2022 ... We now have the capability to manage both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually acquired a different Chief Financial Officer specifically dedicated to managing payments. This offers us with a protected and reliable method of paying to our 10,000 staff members worldwide.}
the very best worldwide payroll managment app, conserves me hours of time each month, one single dashboard for my payroll, EOR and specialists
The Worker Website provides staff members with the ability to gain access to and view important files such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile phones and is offered in different languages.
Benefits Administration
Papaya Global helps business use competitive advantages packages to international employees despite the variety of staff members in the business. The business can set up medical insurance, short-term and long-term impairment, vision, dental and maternity leave while eliminating the need to source regional benefits service providers in every country, produce regional accounts and have a minimum number of employees.
Worldwide HR Performances
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and immigration services if your employees need work authorization help.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, workforce diversity, overall employment costs distributed per location, total work costs per cycle and much more.
Internationally, I have shown management and tactical proficiency in assisting large-scale populations of over 100,000 workers throughout 170 nations. Presently, I am responsible for overseeing payroll methods, as discussed by Mark. My function involves managing and establishing external collaborations, supporting Enterprise clients, and providing advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments options service provider.
business to make the time 100 list for the majority of prominent companies in the world we supply payroll payments and labor force management to all worker types in 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 introduce yourself naturally thank you good morning great afternoon great evening depending upon where you are in the world it's beautiful to satisfy 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 industry for over 10 years and particularly working on the payroll and payment sector for over seven years um I was captivated by the intricacy the difficulty in all of the above of
payroll payments and chose to sort of make a real go at that over the last five or six years where I've kind of had a range of different roles on the supplier side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll simply give everybody another number of uh well among the 30 seconds approximately to join we all work back to back these days so we'll sort of let them do that so it 'd be quite interesting and I can see it going on currently simply to hear where everyone is um it's nice to to kind of like see where everyone originates 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 drizzling here it's really very dreary and I wish I was somewhere else at this moment in time okay so let's get started our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies preserve different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we'll likewise review a wrap-up and that should leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and handling them becomes more and more complex Worldwide companies are wanting to find Solutions and new ways to enhance processes particularly from a payroll and cross-border payment perspective many organizations preserve different savings account just for payroll while some have multiple accounts in different nations does it make sense for business to keep different bank accounts in some cases in different nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies streamline the episode complex procedures of
making payroll payments precisely efficiently firmly and on time during this webinar we'll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in sufficient in one nation but when you're doing it worldwide it's next level and Beyond it becomes complex for a range of reasons most significantly guidelines compliance data security and banking rules then there are the large numbers they add additional 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 more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the standard payroll design there's typically a frustrating variety of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or really extremely fundamental there's no real consistency framework we're residing in an era of tech but 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 every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that's another number that offers me sleepless nights and quite honestly the more a service invests in global payroll the less of a picture they see a lack of visibility also encompasses payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international services have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes improperly interacted hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the information is shipped to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don't run smoothly if they depend on the essential several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they're paying to workers or otherwise that's a good concern I constantly toss this back and say what is it what doesn't need to be included ideal and what does
it require to be considered there's varying 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 have to pay from an in-country account do you need to pay from the consumer's own in-country account so there's intricacy anywhere you look best eventually building a knowledge base is absolutely crucial 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 sort of link in between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to sort of move forward with that it also also to contribute to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely vital that payroll and finance teams work more detailed together than ever um I'm always surprised when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate 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 eventually it's payroll is an end-to-end process it's the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high worth on well-being and the compensation landscape is ending up being increasingly complex. Organizations are continuously presenting brand-new advantages and payment choices, which adds to the general complexity. Big corporations often divide their payroll and payment processing into separate groups, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not have to be the case. In today's technologically sophisticated era, there's no justification for maintaining cumbersome treatments. Payroll, the business's greatest expense, need to be processed properly and on time. Even small delays can negatively affect staff members' wellness and have significant repercussions. Therefore, it's important to prioritize accurate and prompt payments.
payroll group get um so I'm not exactly sure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it 'd be great to hear your success story and whether that's been from all staff members or not um but eventually payroll is such a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it's simply a tick box workout 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 absolutely vital that all of this things is done correctly so leveraging the very first International Payments very first payroll payment option is a great first step um offering an end-to-end payroll service for your employees globally again I believe is another huge um process again aligning and guaranteeing you have standardization International processes all of those things are absolutely crucial to success success of organizations and reducing the number of tools platforms and checking account they need for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven't gone rather where they're indicated to be um I don't believe any of us are in fact doing that for for the thanks
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 easy as possible for everyone that's involved in those processes and also so imagine sorry I'm simply I was just gon na say think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we're talking about numerous thousands possibly Millions picture getting that many thank you notes um I mean it 'd be interesting to see how many Post-it notes you got however it would certainly be an intriguing task attempting to clean up 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 attempt to check out them and actually see what was going on and sort of try to get back to everybody so carrying on look why do business pick to primary different checking account there are companies out there doing precisely this for particular nations and I have actually worked in a company or lots of organizations doing exactly that I can say it does not constantly feel effective and it does create more work I know we're not purposely doing that we're not producing extra work for anyone where we do not need to and anyone that's managing 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 lots of reasons one is it's the requirement I believe people have actually got so used to we require a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it's not a requirement so I think it's simply been the standard and the norm individuals have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other methods um to to sort of do it so I believe there's a variety I think this is a process that requires taking a look at it needs changing but ultimately individuals are very stuck with what they recognize
with right um modification is a challenging thing all of us do not like modification 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 lot of track of things um I understand certainly the benefits of having maintaining several checking account but there's a big amount of intricacy opts for setting up a savings account preserving it ensuring it can send out International transfers ensuring it's set up with the best user accesses for private individuals so the complexity is substantial but I think the truthful answer is modification um people have not been able to change or haven't had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I think you've hit the nail on the head I believe it is understanding you know and there is an element of resistance to change but we have actually constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century or so there is a lot to monitor and this technique does present a number of difficulties um so Johnny might you inform us about those obstacles yeah of course so there's a variety right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you should have a corner workplace with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you
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