Find out more about Papaya Global Swot Analysis ... We now have the capability to handle both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer specifically committed to handling payments. This offers us with a safe and secure and reliable approach of making payments to our 10,000 staff members worldwide.}
the very best global payroll managment app, conserves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and professionals
The Staff member Portal provides staff members with the capability to gain access to and view crucial files such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile devices and is offered in various languages.
Benefits Administration
Papaya Global helps business provide competitive benefits plans to global employees despite the number of employees in the company. The company can establish health insurance, short-term and long-term disability, vision, oral and maternity leave while eliminating the need to source local advantages service providers in every nation, produce local accounts and have a minimum variety of workers.
The HR capabilities offered by International HR encompass numerous functions such as keeping track of holiday time, ensuring compliance, facilitating the process of welcoming brand-new employees and bidding farewell to departing ones, providing a safe online platform for saving employees' files, and supplying support for work allow procedures in case your employees require support in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, workforce variety, overall work costs dispersed per location, total employment expenses per cycle and much more.
Globally, I have actually demonstrated leadership and tactical expertise in assisting large-scale populations of over 100,000 staff members throughout 170 countries. Currently, I am responsible for supervising payroll techniques, as discussed by Mark. My function involves managing and developing external collaborations, supporting Business customers, and providing advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments services provider.
As an international business, we are honored to be included on the prestigious Time 100 list of the most influential companies worldwide. We specialize in providing payroll and workforce management services to employees in more than 160 nations. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your area. It's a satisfaction to satisfy you and thank you for your valuable time. As Ian mentioned, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments industry, I have focused on payroll and payment services for the past seven years. The intricacies and obstacles of this field have actually always mesmerized me.
payroll payments and decided to type of make a real go at that over the last 5 or 6 years where I've type of had a range of various functions on the provider side and likewise on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we'll just offer everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we'll type of let them do that so it 'd be quite interesting and I can see it going on already just to hear where everyone is um it's nice to to sort of like see where everyone comes from and I really do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it's not no it's it's drizzling here it's very extremely bleak and I want I was somewhere else at this moment in time fine so let's begin our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business keep separate
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a tactical asset for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively safely and on time throughout this webinar we'll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in enough in one nation however when you're doing it internationally it's next level and Beyond it becomes intricate for a range of factors most notably policies compliance information security and banking rules then there are the large numbers they include additional intricacy the international Workforce is presently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll design there's often a frustrating number of various systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or extremely very standard there's no real consistency framework we're living in an age 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 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 just 11 of services state they have Labor force information in real time that's another number that provides me sleepless nights and rather frankly the more a service invests in international payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the deal nearly half of international companies have expressed that they don't have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is delivered to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they depend on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they're making payments to staff members or otherwise that's a great concern I always throw this back and state what is it what does not need to be included best and what does
it need to be thought of 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 capabilities 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 ultimately constructing a knowledge base is absolutely critical however all over you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort 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 definitely essential and technology is enabling us to type of progress with that it also too to add to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely crucial that payroll and financing teams work closer together than ever um I'm always impressed when people state I've split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't work in the payroll occupation would they divide the payroll payment from estimation 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 ultimately it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on well-being and the compensation landscape is becoming increasingly detailed. Businesses are continually presenting brand-new advantages and payment choices, which adds to the overall intricacy. Large corporations typically divide their payroll and payment processing into separate teams, which can result in inadequacies and traffic jams. In my opinion, this doesn't need to hold true. In today's highly advanced age, there's no reason for keeping troublesome procedures. Payroll, the company's most significant expenditure, need to be processed properly and on time. Even slight hold-ups can adversely affect workers' well-being and have far-reaching effects. Therefore, it's vital to focus on accurate and timely payments.
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it's from all employees or not. Payroll is an essential cycle, and individuals just observe when things go wrong. Nevertheless, when things go right, it's viewed as just a routine task. This is how it's viewed externally as well. For that reason, it is important to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Using the very first Worldwide Payments first payroll payment service is a terrific preliminary step towards supplying a comprehensive payroll solution for employees worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and bank accounts needed for global payroll are key factors in attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things do not go as planned. Eventually, we do not do it for the appreciation.
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 envision sorry I'm just I was just gon na say picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I'm sure we're speaking about hundreds of thousands possibly Millions envision 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 absolutely be an intriguing task trying to clean up all those up for sure oh absolutely I can't picture 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 everyone so proceeding look why do business choose to main separate bank accounts there are services out there doing precisely this for specific nations and I've operated in a service or lots of businesses doing exactly that I can say it does not always feel efficient and it does develop more work I know we're not deliberately doing that we're not developing additional work for anybody where we do not need to and any person that's handling that procedure 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 think many reasons one is it's the standard I believe individuals have actually got so utilized to we require 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 requirement and the standard individuals have adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to type of do it so I believe there's a variety I think this is a process that needs taking a look at it requires changing however eventually people are very stuck with what they're familiar
with best um change is a difficult thing we all do not like modification um so I think it's simply kind of moving far from the standard as we've said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having keeping numerous savings account but there's a big amount of complexity opts for setting up a bank account preserving it guaranteeing it can send out International transfers ensuring it's established with the right user accesses for individual individuals so the complexity is substantial but I believe 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 believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to change however we've constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or two there is a lot to monitor and this method does posture a number of challenges um so Johnny might you tell us about those obstacles yeah of course so there's a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you
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