Find out more about Papaya Global Trinidad And Tobago ... We now have the capability to handle both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has gotten a separate Chief Financial Officer particularly committed to managing payments. This supplies us with a safe and secure and trustworthy technique of paying to our 10,000 staff members worldwide.}
The innovative global payroll management app streamlines my payroll procedure, saving me a substantial quantity of time each month. With its easy to use interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and specialists.
Worker Website
Staff members have access to a Staff member Portal where they can view their pay slips, wage and tax statements and employment files. The portal is readily available in multiple languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global helps companies use competitive advantages bundles to global employees despite the number of employees in the business. The company can establish medical insurance, short-term and long-term impairment, vision, oral and maternity leave while eliminating the requirement to source local advantages companies in every nation, create local accounts and have a minimum variety of workers.
The HR abilities offered by Worldwide HR include various functions such as keeping track of vacation time, making sure compliance, helping with the process of inviting brand-new staff members and bidding farewell to leaving ones, providing a protected online platform for keeping employees' files, and providing assistance for work permit treatments in case your employees need assistance in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, labor force diversity, overall employment expenses dispersed per location, overall work expenses per cycle and far more.
Globally, I have demonstrated management and tactical expertise in guiding large-scale populations of over 100,000 staff members throughout 170 nations. Presently, I are accountable for overseeing payroll techniques, as discussed by Mark. My function includes managing and developing external collaborations, supporting Enterprise customers, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments options company.
company to make the time 100 list for many influential companies worldwide we provide payroll payments and labor force management to all employee enters 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 obviously thank you good morning good afternoon excellent night depending on where you are in the world it's lovely to fulfill you and thank you very much for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I've remained in the payments market for over ten years and specifically dealing with the payroll and payment sector for over seven years um I was captivated by the complexity the trouble in all of the above of
payroll payments and decided to type of make a genuine go at that over the last five or six years where I've kind of had a variety of various roles on the company side and likewise on the supplier side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll simply give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we'll sort of let them do that so it 'd be quite fascinating and I can see it going on currently simply to hear where everybody is um it's nice to to type of like see where everybody originates from and I really 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 extremely uninspiring and I want I was elsewhere at this moment in time fine 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 Worldwide payroll why companies maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we'll likewise go over 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 suggests payroll officers on transferring 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 becomes more and more complicated Worldwide companies are seeking to discover Solutions and brand-new methods to enhance processes especially from a payroll and cross-border payment viewpoint lots of companies maintain different checking account just for payroll while some have several accounts in different countries does it make sense for business to keep different savings account often in different countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies improve the episode complex processes of
Guaranteeing precise, effective, and prompt payroll payments is a complex difficulty for businesses operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, learn how business forecast payroll costs to enhance working capital, and find how simplifying global payroll payments can change them from a challenging task into a strategic possession.
Managing payroll worldwide is an overwhelming job due to different guidelines, compliance requirements, information security concerns, and banking rules. The sheer variety of staff members and companies contributes to the complexity, with an estimated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Conventional payroll systems frequently result in manual processes, information silos, and an absence of combination, causing inconsistencies and ineffectiveness. In spite of residing in an era of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to provide insights and options to simplify and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that's another number that offers me sleepless nights and quite frankly the more a business invests in global payroll the less of a picture they see an absence of visibility also extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of international companies have actually expressed that they do not 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 mistakes inadequately communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the information is shipped to the wrong 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 need to move the cash worldwide payroll and payments don't run efficiently if they rely on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they're paying to employees or otherwise that's a good question I always throw this back and say what is it what does not require to be included best and what does
it require to be considered there's varying Bank information so the length of an eye band a swift an account number routing code per nation there's payment timespan 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 consumer's own in-country account so there's complexity anywhere you look best ultimately constructing a knowledge base is definitely important however all over 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 look at the sort 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 absolutely basic and technology is enabling us to sort of move forward with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely important that payroll and finance teams work closer together than ever um I'm constantly surprised when people say I've split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation 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 procedure it's the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on well-being and the payment landscape is ending up being increasingly complex. Companies are continuously presenting brand-new advantages and payment options, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can cause inadequacies and traffic jams. In my viewpoint, this doesn't need to be the case. In today's highly advanced era, there's no reason for keeping troublesome treatments. Payroll, the business's greatest expense, should be processed properly and on time. Even slight delays can adversely affect workers' well-being and have significant consequences. For that reason, it's important to focus on precise and timely payments.
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it's from all workers or not. Payroll is a crucial cycle, and individuals only notice when things go wrong. However, when things go right, it's viewed as just a routine job. This is how it's viewed externally too. For that reason, it is essential to make sure that jobs like Wi-Fi International and other vital matters are done correctly. Utilizing the first Global Payments first payroll payment service is an excellent preliminary action towards supplying an extensive payroll option for employees worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and bank accounts needed for global payroll are key factors in accomplishing organization success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things don't go as prepared. Eventually, we do not do it for the thankfulness.
anyway 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 simple as possible for everyone that's associated with those procedures and also so think of sorry I'm just I was simply gon na say think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we're discussing hundreds of thousands potentially Millions imagine 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 certainly be a fascinating task trying to clean all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to check out them and in fact see what was going on and sort of try to get back to everybody so moving on look why do business select to main different bank accounts there are businesses out there doing exactly this for specific countries and I have actually worked in a company or numerous services doing exactly that I can state it does not always feel effective and it does produce more work I know we're not deliberately doing that we're not creating extra work for anyone where we do not need to and anyone that's handling 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 amount that we are I think lots of reasons one is it's the requirement I believe people have actually got so utilized to we need a 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 think it's just been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there's a range I think this is a procedure that needs taking a look at it requires altering but ultimately people are really stuck to what they're familiar
with ideal um change is a challenging thing we all do not like change um so I believe it's simply sort of moving far from the norm as we've said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining multiple checking account however there's a huge quantity of complexity goes with setting up a savings account keeping it ensuring it can send International transfers ensuring it's established with the right user accesses for specific individuals so the complexity is big however I believe the honest answer is change um people haven't been able to alter or haven't had always the knowledge to actually make that change into alternate Solutions besides opening a savings account I think you've hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we've constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century approximately there is a lot to keep track of and this technique does pose a number of difficulties um so Johnny could you inform us about those difficulties yeah obviously so there's a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements.
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