Find out more about Papaya Global Taiwan ... We now have the capability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has actually obtained a separate Chief Financial Officer specifically devoted to managing payments. This supplies us with a safe and secure and reliable technique of paying to our 10,000 workers worldwide.}
The cutting-edge international payroll management app enhances my payroll process, conserving me a significant quantity of time every month. With its user-friendly user interface, I have access to a single control panel that effectively manages my payroll, EOR, and specialists.
The Worker Website supplies staff members with the capability to access and view essential files such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile devices and is used in various languages.
Benefits Administration
Papaya Global assists business offer competitive benefits packages to global staff members despite the variety of employees in the company. The company can establish medical insurance, short-term and long-term disability, vision, oral and maternity leave while removing the need to source regional advantages suppliers in every nation, produce local accounts and have a minimum number of employees.
Worldwide HR Functionalities
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your staff members require work authorization support.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, workforce diversity, overall employment costs distributed per location, total work costs per cycle and much more.
environments around the world I provided management and technique to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll methods for as Mark said I work throughout business handling and building external relationships supporting Business customers and services as well as functioning as an advisor for those of you that do not know who papaya Global is papaya is the very first payroll and payments
As an international business, we are honored to be consisted of on the distinguished Time 100 list of the most prominent business worldwide. We specialize in supplying payroll and labor force 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 introduce himself. Good day to all, despite your area. It's a pleasure to satisfy you and thank you for your important time. As Ian mentioned, 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 challenges of this field have actually constantly mesmerized 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 various roles on the service provider side and likewise on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we'll just provide everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we'll kind of let them do that so it 'd be quite fascinating and I can see it going on already simply to hear where everyone is um it's nice to to sort of like see where everyone originates from and I truly 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 really extremely uninspiring and I want I was elsewhere at this moment in time alright so let's get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical possession uh we'll likewise review a wrap-up and that ought to leave his time at the really really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more common and handling them ends up being a growing number of complex Global organizations are seeking to find Solutions and new methods to streamline procedures particularly from a payroll and cross-border payment standpoint lots of companies keep separate bank account just for payroll while some have numerous accounts in various countries does it make sense for companies to maintain separate savings account often in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business improve the episode complex procedures of
making payroll payments precisely efficiently safely and on time during this webinar we'll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one country however when you're doing it internationally it's next level and Beyond it becomes intricate for a range of reasons most significantly policies compliance information security and banking guidelines then there are the large numbers they include further intricacy the global Labor force is currently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll model there's often a frustrating number of different systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or very really standard there's no genuine consistency structure 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 often with pen and paper and that just 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 Workforce information in real time that's another number that offers me sleep deprived nights and rather frankly the more a service spends on global payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction almost half of international organizations have expressed that they don't have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data information entry mistakes improperly communicated hires and terminations in addition to absence management and system configurations and after that when you round it all off and the data is shipped to the wrong location the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they count on the required numerous processes 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 difficulties organization face when they're paying to workers or otherwise that's a good question I constantly throw this back and state what is it what does not require to be consisted of best and what does
it require to be thought about there's differing 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 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 any place you look right eventually constructing a knowledge base is absolutely critical but all over you look with payroll payment they resemble very payments no if however 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 believe there's now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to sort of progress with that it likewise too to add to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely important that payroll and finance groups work better together than ever um I'm constantly astonished when people say I've split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't operate in the payroll profession would they split 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 ultimately it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on wellness and the compensation landscape is ending up being progressively intricate. Services are continually introducing brand-new advantages and payment options, which contributes to the overall complexity. Big corporations frequently divide their payroll and payment processing into different teams, which can result in inadequacies and bottlenecks. In my viewpoint, this doesn't have to hold true. In today's technically innovative age, there's no validation for maintaining troublesome procedures. Payroll, the business's greatest cost, need to be processed properly and on time. Even slight hold-ups can adversely impact staff members' well-being and have significant effects. Therefore, it's critical to focus on precise and timely payments.
The payroll team might not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and people only observe when things fail. However, when things go right, it's seen as just a regular job. This is how it's perceived externally too. For that reason, it is essential to ensure that jobs like Wi-Fi Global and other essential matters are done properly. Using the first Global Payments very first payroll payment solution is a terrific preliminary step towards offering a detailed payroll solution for workers worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and savings account essential for worldwide payroll are key consider accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things don't go as prepared. Ultimately, we do not do it for the appreciation.
anyhow 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 procedures and also so picture sorry I'm just I was simply gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we're discussing hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got but it would absolutely be an interesting job trying to clean all those up for sure oh definitely 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 attempt to check out them and really see what was going on and sort of try to get back to everybody so proceeding appearance why do business choose to primary different savings account there are businesses out there doing precisely this for specific countries and I've worked in a company or lots of services doing precisely that I can say it doesn't constantly feel effective and it does create more work I understand we're not purposely doing that we're not creating extra work for anyone where we do not need to and anybody that's managing 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 lots of reasons one is it's the standard I think individuals have actually got so utilized to we require a brand-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 believe it's simply been the requirement and the norm individuals have adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there's a range I believe this is a process that requires taking a look at it requires changing but eventually individuals are really stuck to what they're familiar
with ideal um modification is a challenging thing we all don't like change um so I think it's just kind of moving away from the standard as we've said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving numerous savings account but there's a substantial quantity of complexity opts for setting up a checking account keeping it ensuring it can send International transfers ensuring it's set up with the ideal user accesses for specific individuals so the complexity is substantial but I believe the honest response is modification um people have not been able to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a savings account I think you've struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we've always done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century approximately there is a lot to keep track of and this method does posture a number of challenges um so Johnny might you inform us about those challenges yeah naturally so there's a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your achievements.
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