Find out more about Papaya Global United Kingdom ... We now have the capability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has gotten a different Chief Financial Officer particularly dedicated to managing payments. This supplies us with a protected and trustworthy technique of making payments to our 10,000 employees worldwide.}
The advanced global payroll management app simplifies 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 manages my payroll, EOR, and professionals.
The Staff member Portal provides workers with the ability to gain access to and view crucial files such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile phones and is offered in different languages.
Advantages Administration
Papaya Global assists companies use competitive advantages plans to international staff members regardless of the variety of staff members in the business. The company can set up health insurance, short-term and long-lasting disability, vision, oral and maternity leave while removing the need to source regional advantages service providers in every nation, develop local accounts and have a minimum variety of workers.
The HR capabilities offered by Global HR incorporate different functions such as keeping track of vacation time, making sure compliance, assisting in the procedure of inviting new workers and bidding farewell to departing ones, using a protected online platform for saving workers' files, and offering support for work permit procedures in case your employees require support because area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, workforce variety, overall work costs dispersed per place, total employment costs per cycle and a lot more.
Globally, I have demonstrated management and tactical expertise in guiding massive populations of over 100,000 employees throughout 170 nations. Presently, I are accountable for supervising payroll strategies, as pointed out by Mark. My role includes handling and establishing external partnerships, supporting Business clients, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments options supplier.
As a global business, we are honored to be consisted of on the distinguished Time 100 list of the most influential business worldwide. We focus on supplying payroll and labor force management services to staff members in more than 160 nations. I am delighted to present Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your area. It's a pleasure to fulfill 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 focused on payroll and payment services for the past seven years. The intricacies and difficulties of this field have actually constantly mesmerized me.
payroll payments and chose to type of make a real go at that over the last 5 or six years where I have actually sort of had a variety of various roles on the provider side and also on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we'll simply provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we'll sort of let them do that so it 'd be quite interesting and I can see it going on already simply to hear where everyone 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 sunshine is it it's not no it's it's drizzling here it's really very bleak and I want I was elsewhere at this moment in time all right so let's begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a strategic asset uh we'll likewise review a recap and that ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more common and handling them becomes increasingly more intricate Worldwide organizations are seeking to discover Solutions and brand-new methods to enhance procedures especially from a payroll and cross-border payment perspective numerous companies preserve separate checking account just for payroll while some have several accounts in various countries does it make good sense for companies to maintain different checking account sometimes in different nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business enhance the episode complex processes of
Guaranteeing precise, effective, and timely payroll payments is a complex difficulty for organizations running worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, learn how companies forecast payroll costs to optimize working capital, and find how streamlining worldwide payroll payments can transform them from a difficult task into a tactical property.
Handling payroll worldwide is a daunting task due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The large variety of workers and businesses contributes to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and a lack of integration, resulting in disparities and ineffectiveness. Regardless of residing in an era of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to offer insights and solutions to streamline and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that's another number that provides me sleep deprived nights and quite frankly the more an organization invests in global payroll the less of an image they see a lack of exposure also extends to 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 companies have actually revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors poorly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the data is delivered to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don't run efficiently if they count on the required numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they're making payments to staff members or otherwise that's a great concern I always throw this back and say what is it what does not need to be included 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 timespan there's payment capabilities 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 customer's own in-country account so there's complexity wherever you look best eventually developing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble very 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 recognition that payroll payments are absolutely basic and innovation is permitting us to kind of move forward with that it also as well to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work better together than ever um I'm constantly astonished when individuals state I have actually split payroll and payment um if you walk 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 an industry accept that why our payroll and payments so often 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 but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to add to sort of the level of complexity there's more and more benefits being organ or being offered by businesses throughout the world so again you're simply looking to include a growing number of payments to this already complex landscape so if you kind of got any experience well I'm from your large experience here and I make sure however have you got any experience in kind of real difficulties or real tough sort of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding information into the next function as it were that's actually handling the payment side of things however you understand in in my opinion and my experience that doesn't always require to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and a period that you know that we are working in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single greatest liability that any business has from a cost point of view from an impact perspective on workers it is absolutely crucial that it's done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental impact on individuals's well-being and lots of other factors if individuals aren't paid uh I have actually constantly been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it's from all staff members or not. Payroll is a crucial cycle, and individuals only discover when things go wrong. Nevertheless, when things go right, it's viewed as simply a routine job. This is how it's viewed externally too. Therefore, it is necessary to make sure that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Using the very first Global Payments very first payroll payment service is an excellent initial action towards providing an extensive payroll option for employees worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and checking account required for global payroll are key factors in achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things do not go as prepared. Eventually, we don't do it for the thankfulness.
anyway we understand 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 everybody that's involved in those processes and likewise so picture sorry I'm simply I was just gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I'm sure we're talking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting to clean all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to look through them and really see what was going on and kind of try to get back to everyone so moving on appearance why do business choose to primary different savings account there are services out there doing exactly this for specific nations and I have actually operated in an organization or numerous organizations doing exactly that I can say it doesn't constantly feel efficient and it does produce more work I understand we're not deliberately doing that we're not creating additional work for anyone 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 amount that we are I think lots of reasons one is it's the standard I believe individuals have got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it's not a requirement so I think it's simply been the standard and the standard the people have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there's a range I believe this is a process that needs taking a look at it requires altering but eventually individuals are really stuck with what they recognize
with best um change is a difficult thing all of us don't like change um so I think it's simply sort of moving away from the norm as we've said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having keeping numerous savings account but there's a substantial amount of intricacy goes with setting up a savings account maintaining it ensuring it can send out International transfers ensuring it's set up with the right user accesses for individual individuals so the intricacy is big however I believe the truthful response is modification um individuals haven't been able to alter or haven't had always the understanding to truly make that change into alternate Solutions besides opening a savings 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've always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century or so there is a lot to keep track of and this method does pose numerous difficulties um so Johnny might you tell us about those difficulties yeah of course so there's a variety right there is so
I recently made a modification to our Business 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 acquired another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments.
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