Find out more about Papaya Global Slovakia ... We now have the capability to manage both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has acquired a different Chief Financial Officer specifically committed to managing payments. This supplies us with a secure and trusted technique of making payments to our 10,000 staff members worldwide.}
The innovative worldwide payroll management app enhances my payroll process, saving me a considerable amount of time each month. With its easy to use user interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and contractors.
Worker Portal
Staff members have access to a Staff member Portal where they can view 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 companies use competitive benefits plans to global staff members regardless of the number of staff members in the business. The company can set up medical insurance, short-term and long-term disability, vision, dental and maternity leave while getting rid of the requirement to source local benefits suppliers in every country, create local accounts and have a minimum variety of employees.
The HR capabilities provided by Worldwide HR incorporate various functions such as keeping track of getaway time, guaranteeing compliance, helping with the process of inviting brand-new workers and bidding goodbye to departing ones, providing a safe online platform for storing workers' files, and offering assistance for work permit treatments in case your workers require help in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, labor force diversity, total employment expenses distributed per location, total work expenses per cycle and far more.
Internationally, I have actually shown leadership and strategic proficiency in guiding massive populations of over 100,000 workers across 170 countries. Presently, I are accountable for supervising payroll strategies, as discussed by Mark. My function involves handling and establishing external collaborations, supporting Business customers, and offering 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 included on the prominent Time 100 list of the most prominent business worldwide. We focus on supplying payroll and labor force management services to staff members in more than 160 countries. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your place. It's a pleasure to satisfy you and thank you for your important time. As Ian discussed, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have concentrated on payroll and payment options for the past seven years. The complexities and difficulties of this field have actually always captivated me.
payroll payments and chose to kind of make a genuine go at that over the last 5 or 6 years where I've kind of had a range of different roles on the company side and also on the vendor side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we'll just offer everyone another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we'll type of let them do that so it 'd be rather fascinating and I can see it going on currently just to hear where everybody is um it's nice to to sort of like see where everyone comes from and I truly 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 raining here it's really very gloomy and I want I was somewhere else at this moment in time alright so let's start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we'll likewise go over a recap which ought to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of typical and managing them ends up being increasingly more intricate International organizations are looking to find Solutions and brand-new ways to simplify procedures particularly from a payroll and cross-border payment viewpoint lots of organizations keep different bank account just for payroll while some have numerous accounts in various nations does it make sense for business to maintain different savings account often in various nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies simplify the episode complex procedures of
Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for companies operating worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, discover how business anticipate payroll costs to enhance working capital, and find how streamlining worldwide payroll payments can transform them from a difficult job into a strategic possession.
Managing payroll globally is a complicated task due to numerous policies, compliance requirements, information security issues, and banking rules. The sheer number of workers and organizations adds to the complexity, with an approximated 3.5 billion people in the worldwide workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently result in manual procedures, data silos, and an absence of combination, leading to inconsistencies and inefficiencies. Regardless of residing in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and options to streamline and enhance worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that's another number that provides me sleepless nights and rather frankly the more a service spends on international payroll the less of an image they see an absence of visibility likewise reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of global services have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes inadequately interacted hires and terminations as well as absence management and system setups and after that when you round it all off and the information is delivered to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they rely on the required multiple processes 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 challenges company face when they're making payments to workers or otherwise that's an excellent question I always throw this back and say what is it what doesn't need to be consisted of best and what does
it need to be considered there's varying Bank details 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 intricacy wherever you look best ultimately developing a knowledge base is definitely important however everywhere you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to sort of move on with that it also too to contribute to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely necessary that payroll and financing teams work more detailed together than ever um I'm always astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on well-being and the payment landscape is ending up being significantly intricate. Businesses are continuously introducing brand-new advantages and payment choices, which contributes to the total intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can result in inadequacies and bottlenecks. In my viewpoint, this doesn't need to hold true. In today's highly innovative age, there's no validation for preserving troublesome treatments. Payroll, the business's biggest expense, need to be processed properly and on time. Even minor delays can negatively affect staff members' well-being and have significant effects. For that reason, it's crucial to focus on accurate and prompt payments.
The payroll team may not have actually been thanked for properly processing payroll during 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 essential cycle, and people only notice when things fail. Nevertheless, when things go right, it's seen as simply a regular task. This is how it's perceived externally as well. Therefore, it is important to guarantee that jobs like Wi-Fi Global and other crucial matters are done properly. Utilizing the first Worldwide Payments very first payroll payment solution is an excellent preliminary action towards offering an extensive payroll solution for workers worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and checking account required for international payroll are crucial factors in accomplishing organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things do not go as planned. Ultimately, we don't do it for the thankfulness.
anyhow we understand 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 easy as possible for everyone that's associated with those processes and likewise so envision sorry I'm simply I was just gon na state imagine the amount 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 think of getting that numerous 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 certainly be an intriguing task attempting to clean all those up for sure oh absolutely I can't think of the size of my my Outlook inbox if that was the case um you 'd require days of the week to try to look through them and in fact see what was going on and type of shot to get back to everyone so proceeding appearance why do business choose to primary separate bank accounts there are businesses out there doing exactly this for particular countries and I have actually operated in a service or lots of companies doing exactly that I can state it doesn't constantly feel efficient and it does produce more work I understand we're not deliberately doing that we're not developing additional work for any person where we do not have to and any person 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 believe many factors one is it's the requirement I believe people have got so utilized to we need a new savings account we open an entity and appropriately so you need 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 norm the people have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there's a range I believe this is a procedure that requires looking at it requires changing however eventually people are really stuck with what they're familiar
with ideal um modification is a hard thing we all do not like change um so I think it's just type 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 obviously the advantages of having maintaining several savings account however there's a huge quantity of intricacy chooses setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it's established with the ideal user accesses for specific individuals so the complexity is substantial however I believe the truthful response is change um individuals have not had the ability to change or haven't had always the understanding to truly 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 knowledge you know and there is an aspect of resistance to alter but 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 know what could nearly be figured out to be the next Century or so there is a lot to keep track of and this method does pose several difficulties um so Johnny could you tell us about those difficulties yeah of course so there's a range right there is so
I just did you switched our Enterprise 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 deserve a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you
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