Find out more about Papaya Global Turkmenistan ... We now have the capability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has actually obtained a different Chief Financial Officer specifically committed to handling payments. This offers us with a protected and trusted technique of making payments to our 10,000 employees worldwide.}
the very best global payroll managment app, conserves me hours of time every month, one single control panel for my payroll, EOR and professionals
The Worker Website offers workers with the ability to access and view crucial files such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile phones and is used in various languages.
Benefits Administration
Papaya Global assists business offer competitive advantages packages to international employees regardless of the variety of employees in the business. The company can establish medical insurance, short-term and long-lasting special needs, vision, oral and maternity leave while eliminating the need to source local advantages providers in every nation, produce regional accounts and have a minimum variety of employees.
The HR abilities provided by Worldwide HR encompass numerous functions such as keeping an eye on vacation time, ensuring compliance, facilitating the process of welcoming brand-new workers and bidding goodbye to departing ones, offering a protected online platform for saving workers' documents, and offering assistance for work permit procedures in case your workers require help in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, labor force variety, overall work costs dispersed per area, overall work expenses per cycle and much more.
environments around the world I supplied leadership and method to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll methods for as Mark said I work across business managing and structure external relationships supporting Enterprise customers and options along with acting as an advisor for those of you that don't know who papaya International is papaya is the first payroll and payments
company to make the time 100 list for a lot of influential companies worldwide we supply payroll payments and workforce management to all worker types in over 160 countries I am pleased to state that we also have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning excellent afternoon good night depending upon where you remain in the world it's lovely 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 particularly working on the payroll and payment sector for over 7 years um I was amazed by the complexity the difficulty in all of the above of
payroll payments and chose to type of make a genuine go at that over the last 5 or 6 years where I have actually type of had a variety of various functions on the provider side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll just 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 kind of let them do that so it 'd be rather intriguing and I can see it going on already simply to hear where everyone is um it's nice to to type 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 raining here it's very very dreary and I want I was elsewhere at this moment in time fine so let's start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business preserve separate
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially helpful for international organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and timely payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, learn how business forecast payroll costs to optimize working capital, and discover how improving global payroll payments can change them from a burdensome task into a strategic asset.
Handling payroll internationally is a daunting job due to numerous policies, compliance requirements, data security concerns, and banking guidelines. The large variety of workers and businesses adds to the complexity, with an approximated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Traditional payroll systems typically lead to manual processes, information silos, and a lack of combination, leading to disparities and ineffectiveness. In spite of residing in a period of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to offer insights and options to streamline and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that's another number that offers me sleepless nights and quite frankly the more a service spends on international payroll the less of an image they see a lack of exposure also extends to payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of international businesses have revealed that they don't have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors inadequately interacted hires and terminations along with lack management and system setups and then when you round it all off and the data is shipped to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they count on the required multiple processes 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 business face when they're paying to employees or otherwise that's a good concern I always throw this back and state what is it what does not need 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 country there's payment amount of time 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 any place you look best ultimately developing a knowledge base is absolutely crucial 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 look at the type of link between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to type of move forward with that it also as well to add to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing teams work more detailed together than ever um I'm always amazed when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide 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 process it's the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more important to contribute to type of the level of intricacy there's increasingly more benefits being organ or being used by businesses throughout the world so again you're just aiming to include a growing number of payments to this currently complicated landscape so if you sort of got any experience well I'm from your vast experience here and I make certain but have you got any experience in kind of real obstacles or real difficult kind of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would absolutely say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding info into the next function as it were that's actually managing the payment side of things but you know in in my viewpoint and my experience that doesn't necessarily need to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they don't make them what they require to be in in an age of tech and a period that you know that we are operating in today there is no reason that we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single most significant liability that any company has from an expense point of view from an effect perspective on workers it is absolutely vital that it's done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive impact on people's wellness and many other factors if people aren't paid uh I've constantly been impressed entering into this Market kind of the last five to ten years is how little thanks the
payroll group get um so I'm unsure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it 'd be great to hear your success story and whether that's been from all staff members or not um but ultimately payroll is such a crucial cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it's just a tick box workout and I believe that's how it's seen from the external view as well um so yeah it's also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment option is a fantastic primary step um offering an end-to-end payroll service for your workers internationally again I think is another big um process once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely crucial to success success of organizations and minimizing the number of tools platforms and savings account they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually 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 grievances where things have not gone quite where they're meant to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how important a role it is and that'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 procedures and likewise so picture sorry I'm just I was just gon na say imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we're talking about hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I indicate it 'd be interesting to see how many Post-it notes you got but it would certainly be an interesting job attempting 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 try to look through them and really see what was going on and type of try to get back to everyone so proceeding appearance why do companies pick to primary different savings account there are organizations out there doing exactly this for specific nations and I have actually operated in a company or lots of companies doing precisely that I can say it doesn't always feel effective and it does produce more work I understand we're not purposely doing that we're not producing extra work for anybody where we do not need to and anybody 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 numerous factors one is it's the standard I believe individuals have got so used to we require a brand-new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it's not a requirement so I believe it's simply been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and many other ways um to to kind of do it so I believe there's a range I think this is a procedure that requires taking a look at it needs changing however eventually individuals 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 just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having keeping numerous savings account however there's a big amount of intricacy chooses setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it's set up with the best user accesses for private people so the complexity is substantial but I believe the truthful answer is modification um people have not had the ability to change or haven't had always the knowledge to actually make that change into alternate Solutions other than opening a bank account I believe you've hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we've always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century approximately there is a lot to keep an eye on and this approach does position numerous challenges um so Johnny could you tell us about those challenges yeah naturally so there's a range 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's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you deserve a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you
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