Find out more about Papaya Global Valuation 2022 ... We now have the ability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has obtained a different Chief Financial Officer particularly devoted to handling payments. This provides us with a safe and dependable approach of making payments to our 10,000 workers worldwide.}
The advanced global payroll management app simplifies my payroll procedure, saving me a considerable quantity of time each month. With its user-friendly user interface, I have access to a single control panel that efficiently manages my payroll, EOR, and specialists.
Worker Portal
Employees have access to an Employee Website where they can see their pay slips, wage and tax statements and employment files. The portal is available in multiple languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global assists business provide competitive advantages plans to global workers despite the variety of staff members in the company. The company can set up medical insurance, short-term and long-lasting disability, vision, dental and maternity leave while removing the requirement to source local benefits providers in every nation, develop regional accounts and have a minimum number of staff members.
Global HR Performances
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and immigration services if your workers require work permit support.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce costs, workforce variety, total employment costs distributed per place, overall work expenses per cycle and a lot more.
environments around the world I supplied management and strategy to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll techniques for as Mark said I work across the business handling and structure external relationships supporting Enterprise customers and options along with serving as a consultant for those of you that do not know who papaya International is papaya is the first payroll and payments
As an international company, we are honored to be included on the distinguished Time 100 list of the most prominent companies worldwide. We focus on providing payroll and workforce management services to employees in more than 160 countries. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your location. It's an enjoyment to meet you and thank you for your valuable time. As Ian mentioned, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments industry, I have actually focused on payroll and payment options for the past 7 years. The complexities and obstacles of this field have constantly captivated me.
payroll payments and chose to sort of make a genuine go at that over the last five or 6 years where I have actually kind of had a variety of various functions on the service provider side and likewise on the vendor side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everyone 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 nowadays so we'll type of let them do that so it 'd be quite fascinating and I can see it going on currently simply to hear where everyone 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 drizzling here it's extremely very gloomy 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 Worldwide payroll why business keep different
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently securely and on time during this webinar we'll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one nation but when you're doing it internationally it's next level and Beyond it ends up being intricate for a variety of reasons most notably regulations compliance information security and banking rules then there are the sheer numbers they add additional 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 presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll design there's frequently an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or extremely extremely basic there's no real consistency structure we're living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that's another number that provides me sleep deprived nights and quite honestly the more a service spends on international payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of international businesses 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 errors are because of time reporting poor HCM data information entry errors inadequately interacted hires and terminations as well as lack management and system configurations and then when you round it all off and the data is delivered to the wrong location the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they depend on the required several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they're making payments to workers or otherwise that's an excellent question I always toss this back and state what is it what does not need to be included right and what does
it require to be thought of there's varying Bank details so the length of an eye band a swift an account number routing code per country there's payment time frames there's payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client's own in-country account so there's complexity any place you look ideal eventually developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble extremely 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 between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to kind of move forward with that it also also to add to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely vital that payroll and finance groups work closer together than ever um I'm always surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anybody 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 a market 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 information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more important to contribute to kind of the level of intricacy there's a growing number of benefits being organ or being provided by services throughout the world so once again you're simply aiming to include a growing number of payments to this already complex landscape so if you type of got any experience well I'm from your huge experience here and I'm sure however have you got any experience in kind of genuine challenges or genuine challenging kind of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that's really handling the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to produce extra handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they don't make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any business has from an expense perspective from an impact perspective on staff members it is absolutely critical 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 need to be done right it has the biggest damaging effect on individuals's well-being and numerous other aspects if individuals aren't paid uh I've always been amazed coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I'm not exactly sure anyone on this sort of webinar has been informed 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 staff members or not um however ultimately payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it goes wrong but when it goes right it's simply a tick box exercise and I think that's how it's seen from the external consider as well um so yeah it's likewise 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 very first payroll payment option is a great initial step um offering an end-to-end payroll option for your employees globally again I think is another huge um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of companies and lowering the number of tools platforms and savings account they need for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they're indicated to be um I don't think any of us are really doing that for for the thanks
anyhow we know 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 easy as possible for everybody that's associated with those processes and also so think of sorry I'm just I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we're talking about hundreds of thousands potentially Millions think of 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 certainly be a fascinating job attempting to clean up all those up for sure oh definitely 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 kind of try to get back to everyone so proceeding look why do business choose to main different bank accounts there are businesses out there doing precisely this for particular nations and I have actually operated in a company or lots of organizations doing precisely that I can say it does not constantly feel effective and it does develop more work I know we're not intentionally doing that we're not producing additional work for any person where we don't need to and anybody that's handling that process 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 many factors one is it's the standard I think individuals have actually got so used to we need a new checking account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it's not a requirement so I think it's just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there's a variety I think this is a procedure that needs looking at it needs changing however ultimately people are very stuck with what they're familiar
with ideal um modification is a difficult thing we all don't like modification um so I think it's simply sort of moving far from the standard as we've said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having keeping multiple checking account but there's a huge amount of complexity chooses setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it's established with the ideal user accesses for individual individuals so the complexity is substantial however I think the truthful answer is change um individuals haven't been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you've hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we've constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might almost be determined to be the next Century approximately there is a lot to keep an eye on and this technique does posture several challenges um so Johnny could you inform us about those obstacles yeah naturally so there's a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your accomplishments.
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