Find out more about Papaya Global V22 Pay5 Open Sgtbl ... 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 particularly devoted to handling payments. This provides us with a protected and trustworthy technique of making payments to our 10,000 employees worldwide.}
The cutting-edge global payroll management app improves my payroll procedure, saving me a significant amount of time every month. With its user-friendly interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and professionals.
The Staff member Portal offers workers with the capability to access and view crucial documents such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile phones and is used in various languages.
Advantages Administration
Papaya Global helps companies provide competitive benefits packages to international employees regardless of the number of workers in the business. The business can set up medical insurance, short-term and long-term special needs, vision, dental and maternity leave while eliminating the need to source local advantages suppliers in every nation, develop regional accounts and have a minimum number of workers.
The HR abilities supplied by International HR include numerous functions such as keeping track of getaway time, making sure compliance, facilitating the procedure of inviting brand-new employees and bidding farewell to departing ones, providing a secure online platform for storing workers' files, and supplying support for work allow treatments in case your employees require assistance because location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, labor force variety, overall employment costs dispersed per place, total employment costs per cycle and much more.
environments across the globe I supplied leadership and method to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll strategies for as Mark stated I work across the business handling and structure external relationships supporting Enterprise customers and solutions in addition to functioning as a consultant for those of you that don't understand who papaya Worldwide is papaya is the very first payroll and payments
company to make the time 100 list for the majority of prominent companies worldwide we offer payroll payments and labor force management to all employee key ins over 160 nations I am pleased to say that we also have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning excellent afternoon excellent evening depending on where you are in the world it's beautiful to meet 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 industry for over 10 years and particularly working on the payroll and payment sector for over seven years um I was amazed by the complexity the difficulty in all of the above of
payroll payments and decided to sort of make a genuine go at that over the last five or six years where I've type of had a variety of various functions on the service provider side and likewise on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll just offer 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 kind of let them do that so it 'd be rather fascinating and I can see it going on currently simply to hear where everyone is um it's nice to to kind of like see where everyone 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 very uninspiring and I wish I was somewhere else at this moment in time fine so let's start our agenda for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we'll also review a recap which must leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of common and handling them becomes increasingly more complex Global organizations are seeking to discover Solutions and new methods to improve procedures particularly from a payroll and cross-border payment perspective lots of companies maintain separate bank account just for payroll while some have several accounts in different countries does it make good sense for business to keep separate savings account in some cases in different nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business simplify the episode complex processes of
making payroll payments accurately effectively safely and on time throughout this webinar we'll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in enough in one country but when you're doing it globally it's next level and Beyond it ends up being intricate for a variety of reasons most importantly guidelines compliance data security and banking rules then there are the large numbers they add more complexity the worldwide Labor force is presently three and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll model there's often an overwhelming number of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or very really fundamental there's no real consistency structure we're residing in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data 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 a lack of visibility also encompasses payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of international companies have actually expressed that they don't have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors inadequately interacted hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is shipped to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they depend on the essential several procedures 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 obstacles organization face when they're making payments to workers or otherwise that's an excellent concern I constantly throw this back and state what is it what does not require to be included ideal and what does
it need to be thought about there's varying 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 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 client's own in-country account so there's complexity anywhere you look ideal eventually developing a knowledge base is definitely vital however all over you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to type of progress with that it also also to add to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely necessary that payroll and financing groups work better together than ever um I'm constantly astonished when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high value on wellness and the compensation landscape is ending up being significantly intricate. Businesses are continuously presenting brand-new advantages and payment choices, which adds to the total complexity. Large corporations typically divide their payroll and payment processing into separate groups, which can cause ineffectiveness and bottlenecks. In my viewpoint, this doesn't have to hold true. In today's technically sophisticated period, there's no reason for keeping cumbersome procedures. Payroll, the business's biggest expenditure, should be processed properly and on time. Even minor delays can adversely impact staff members' wellness and have far-reaching repercussions. Therefore, it's crucial to prioritize accurate and timely payments.
payroll team get um so I'm uncertain anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it 'd be fantastic to hear your success story and whether that's been from all workers or not um but ultimately payroll is such an essential cycle we all become aware of it when it fails everybody 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 deem well um so yeah it's likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment solution is an excellent first step um providing an end-to-end payroll solution for your workers internationally again I believe is another substantial um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of services and minimizing the variety of tools platforms and savings account they require for their Global payroll too couldn't 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 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they're suggested to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how important 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 everybody that's associated with those processes and likewise so think of sorry I'm just I was just gon na say envision 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 think of getting that numerous thank you notes um I indicate it 'd be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job trying 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 attempt to browse them and really see what was going on and type of try to return to everyone so moving on look why do companies select to main separate bank accounts there are services out there doing exactly this for specific nations and I have actually operated in a company or numerous services doing exactly that I can state it doesn't always feel efficient and it does develop more work I understand we're not intentionally doing that we're not creating extra work for any person where we do not have to and anybody that's handling that process I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the amount 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 checking account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it's not a requirement so I believe it's simply been the requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there's a variety I believe this is a process that needs taking a look at it needs changing however eventually people are very stuck with what they're familiar
with ideal um modification is a difficult thing we all do not like modification um so I think it's simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having preserving numerous savings account but there's a huge amount of intricacy chooses 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 specific individuals so the complexity is big but I believe the honest answer is modification um people haven't had the ability to alter or haven't had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I think you've struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to monitor and this technique does present numerous obstacles um so Johnny could you tell us about those difficulties yeah naturally so there's a range right there is so
I just did you changed 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 office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you
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