Find out more about Papaya Global Sri Lanka ... 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 obtained a different Chief Financial Officer particularly dedicated to managing payments. This supplies us with a safe and secure and trusted technique of paying to our 10,000 staff members worldwide.}
the very best global payroll managment app, saves me hours of time monthly, one single control panel for my payroll, EOR and contractors
The Staff member Website offers staff members with the capability to gain access to and view important documents such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile phones and is used in various languages.
Benefits Administration
Papaya Global assists companies use competitive advantages packages to international workers despite the number of employees in the company. The business can set up medical insurance, short-term and long-lasting special needs, vision, oral and maternity leave while eliminating the requirement to source local benefits service providers in every country, create local accounts and have a minimum variety of staff members.
The HR abilities supplied by Worldwide HR incorporate different functions such as monitoring trip time, making sure compliance, facilitating the process of welcoming brand-new workers and bidding farewell to departing ones, using a protected online platform for storing employees' documents, and supplying support for work permit treatments in case your staff members require help because area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, labor force variety, total work expenses distributed per location, overall work expenses per cycle and much more.
Globally, I have actually demonstrated leadership and strategic knowledge in guiding large-scale populations of over 100,000 workers across 170 countries. Presently, I am responsible for overseeing payroll methods, as mentioned by Mark. My function includes managing and establishing external collaborations, supporting Enterprise customers, and supplying advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions supplier.
As a worldwide business, we are honored to be included on the prominent Time 100 list of the most prominent business worldwide. We focus on providing payroll and workforce management services to employees in more than 160 nations. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, despite your place. It's a satisfaction to fulfill you and thank you for your important time. As Ian discussed, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments industry, I have focused on payroll and payment solutions for the past 7 years. The intricacies and obstacles of this field have actually constantly mesmerized me.
payroll payments and chose to sort of make a real go at that over the last 5 or 6 years where I've type of had a variety of various functions on the company side and also on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we'll just give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we'll sort of let them do that so it 'd be quite intriguing and I can see it going on already simply to hear where everybody is um it's nice to to kind of like see where everybody originates from and I actually do hope it's much sunnier than it remains 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 extremely really uninspiring and I want I was elsewhere at this moment in time fine so let's start our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we'll also go over a wrap-up which should leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more typical and handling them becomes increasingly more complex Worldwide organizations are seeking to find Solutions and brand-new methods to simplify procedures especially from a payroll and cross-border payment viewpoint lots of companies maintain separate bank account just for payroll while some have numerous accounts in various countries does it make good sense for companies to maintain separate savings account in some cases in different nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies simplify the episode complex processes of
making payroll payments accurately efficiently safely and on time throughout this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one country however when you're doing it internationally it's next level and Beyond it ends up being intricate for a range of factors most notably guidelines compliance data security and banking rules then there are the large numbers they add additional intricacy the worldwide 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 presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll design there's frequently a frustrating number of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or really extremely fundamental there's no real consistency structure we're living in a period of tech however 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 simply 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 businesses say they have Workforce data in real time that's another number that gives me sleepless nights and quite frankly the more an organization spends on worldwide payroll the less of a photo they see an absence of presence likewise reaches payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international organizations have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors badly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they rely on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties business face when they're paying to employees or otherwise that's an excellent question I constantly throw this back and state what is it what does not require to be consisted of best 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 country 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 need to pay from the client's own in-country account so there's intricacy wherever you look ideal eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they are like super payments no if but some children 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 believe there's now a bit more acknowledgment that payroll payments are absolutely basic and innovation is enabling us to sort of move on with that it likewise also to add to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely important that payroll and financing groups work more detailed together than ever um I'm constantly astonished when individuals state I've divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically 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 people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on wellness and the compensation landscape is ending up being progressively detailed. Companies are continually presenting new advantages and payment options, which adds to the overall intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can cause inefficiencies and bottlenecks. In my viewpoint, this doesn't have to hold true. In today's technically innovative period, there's no validation for maintaining cumbersome treatments. Payroll, the company's biggest expense, must be processed properly and on time. Even slight delays can adversely affect staff members' well-being and have far-reaching repercussions. For that reason, it's crucial to prioritize precise and timely payments.
payroll team get um so I'm not exactly sure anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it 'd be excellent to hear your success story and whether that's been from all workers or not um however ultimately payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it's simply a tick box workout and I believe that's how it's seen from the external consider as well um so yeah it's likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment service is an excellent primary step um offering an end-to-end payroll solution for your employees internationally once again I think is another huge um process again lining up and ensuring you have standardization International processes all of those things are definitely essential to success success of companies and minimizing the variety of tools platforms and bank accounts they need for their Global payroll too couldn't agree with you more and on the the front in terms of of the thank yous for getting payroll done I've never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they're suggested to be um I do not think any of us are actually doing that for for the thanks
anyhow we understand how how important 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 simple as possible for everybody that's associated with those processes and likewise so picture sorry I'm just 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 sure we're speaking about numerous thousands potentially Millions envision getting that many thank you notes um I imply it 'd be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating task trying to clean up all those up for sure oh absolutely I can't think of the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to look through them and in fact see what was going on and type of try to get back to everybody so carrying on look why do business choose to primary different savings account there are organizations out there doing exactly this for specific nations and I've worked in an organization or numerous services doing exactly that I can state it doesn't constantly feel efficient and it does create more work I know we're not intentionally doing that we're not developing extra work for anyone where we don't need to and anybody that's dealing with that process I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the amount that we are I think many factors one is it's the standard I believe people have got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it's not a requirement so I believe it's just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that people have actually 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 procedure that needs taking a look at it requires altering but eventually people are really stuck with what they're familiar
with right um modification is a difficult thing we all do not like change um so I think it's simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having maintaining multiple savings account but there's a big amount of intricacy opts for setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it's established with the best user accesses for individual people so the intricacy is big but I think the honest answer is modification um individuals have not been able to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change but we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century or two there is a lot to track and this method does pose several obstacles um so Johnny might you tell us about those challenges yeah naturally so there's a variety 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 International staff members 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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