Find out more about Papaya Global South Korea ... We now have the capability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer specifically committed to managing payments. This offers us with a safe and secure and trustworthy approach of making payments to our 10,000 staff members worldwide.}
the very best global payroll managment app, conserves me hours of time each month, one single control panel for my payroll, EOR and specialists
The Employee Portal supplies staff members with the ability to access and view crucial documents such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile devices and is offered in numerous languages.
Benefits Administration
Papaya Global assists companies offer competitive benefits bundles to global workers despite the number of employees in the business. The business can establish health insurance, short-term and long-lasting special needs, vision, dental and maternity leave while eliminating the requirement to source regional advantages companies in every nation, create regional accounts and have a minimum number of staff members.
The HR capabilities provided by Global HR incorporate numerous functions such as keeping track of getaway time, making sure compliance, helping with the process of welcoming new workers and bidding goodbye to leaving ones, using a protected online platform for keeping employees' files, and providing support for work permit treatments in case your employees require assistance because location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, labor force diversity, overall work costs dispersed per area, total employment expenses per cycle and far more.
Worldwide, I have actually shown leadership and strategic competence in directing large-scale populations of over 100,000 workers across 170 nations. Presently, I am responsible for overseeing payroll techniques, as discussed by Mark. My function includes managing and establishing external collaborations, supporting Enterprise clients, and offering 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 a lot of influential companies in the world we supply payroll payments and workforce management to all staff member key ins over 160 countries I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning excellent afternoon good night depending on where you remain in the world it's charming to meet you and thank you quite for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I have actually been in the payments industry for over 10 years and specifically working on the payroll and payment sector for over seven years um I was fascinated by the intricacy the problem in all of the above of
payroll payments and chose to sort of make a genuine go at that over the last 5 or six years where I've kind of had a range of various roles on the supplier side and likewise on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everyone fine 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 nowadays 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 sort of like see where everyone originates from and I really do hope it's much sunnier than it is in the UK today definitely not the peak of the sunshine is it it's not no it's it's raining here it's extremely very gloomy and I want I was elsewhere at this moment in time all right 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 companies keep different
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is especially beneficial for worldwide companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time throughout this webinar we'll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business accurately forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one country but when you're doing it globally it's next level and Beyond it ends up being complex for a variety of reasons most importantly policies compliance data security and banking rules then there are the sheer numbers they include additional intricacy the worldwide Labor force is presently three and a half billion people by 2030 it's approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the conventional payroll model there's often a frustrating variety of different systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or extremely very standard there's no genuine consistency structure we're residing in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that's another number that gives me sleepless nights and rather honestly the more a service spends on global payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of global businesses have actually expressed that they don't have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes poorly interacted hires and terminations along with absence management and system configurations and then when you round everything off and the data is shipped to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they rely on the needed several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they're paying to employees or otherwise that's a great question I constantly throw this back and say what is it what does not require to be consisted of ideal and what does
it need to be thought about there's varying 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 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 intricacy any place you look right ultimately constructing a knowledge base is definitely important however everywhere you look with payroll payment they are like very payments no if but 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 recognition that payroll payments are definitely basic and technology is allowing us to type of progress with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is absolutely important that payroll and finance groups work closer together than ever um I'm constantly impressed when individuals state I've split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split 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 data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on wellness and the payment landscape is ending up being significantly detailed. Organizations are continuously introducing brand-new advantages and payment choices, which adds to the overall complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to inadequacies and traffic jams. In my viewpoint, this doesn't have to be the case. In today's highly innovative age, there's no justification for maintaining troublesome treatments. Payroll, the business's greatest expense, must be processed correctly and on time. Even slight hold-ups can adversely impact staff members' wellness and have significant repercussions. Therefore, it's crucial to prioritize precise and timely payments.
payroll group get um so I'm not sure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it 'd be terrific to hear your success story and whether that's been from all workers or not um but ultimately payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it's just a tick box exercise and I believe that's how it's seen from the external view as well um so yeah it's likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the very first Global Payments first payroll payment option is an excellent first step um supplying an end-to-end payroll option for your workers internationally once again I believe is another huge um process once again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of companies and reducing the variety of tools platforms and bank accounts they require for their Global payroll too couldn't agree with you more and on the the front in regards to of the thank yous for getting payroll done I've never had a hundred countless 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 problems where things have not gone quite where they're suggested to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how essential 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 involved in those processes and also so imagine sorry I'm simply I was just gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I'm sure we're discussing hundreds of thousands potentially Millions picture getting that lots of thank you notes um I mean it 'd be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating task attempting to clean up all those up for sure oh definitely 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 appearance why do business pick to main different bank accounts there are organizations out there doing exactly this for particular nations and I've worked in a service or numerous organizations doing exactly that I can say it does not constantly feel efficient and it does produce more work I know we're not deliberately doing that we're not creating additional work for anybody where we don't have 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 quantity that we are I believe numerous factors one is it's the requirement I think people have actually got so used to we need a brand-new bank account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it's not a requirement so I believe it's just been the standard and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there's a variety I believe this is a process that needs taking a look at it requires altering but eventually people are really stuck to what they're familiar
with ideal um change is a tough thing all of us don't like modification um so I believe it's simply kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having maintaining numerous bank accounts but there's a huge quantity of complexity chooses setting up a checking account keeping it ensuring it can send International transfers ensuring it's set up with the best user accesses for specific individuals so the intricacy is substantial however I think the truthful response is change um people haven't had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you've hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to keep an eye on and this method does present a number of challenges um so Johnny could you inform us about those obstacles yeah of course so there's a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is closer, considering your accomplishments.
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