Find out more about Papaya Global Venezuela ... We now have the ability to manage both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has obtained a separate Chief Financial Officer specifically committed to handling payments. This offers us with a secure and trustworthy technique of paying to our 10,000 workers worldwide.}
The advanced worldwide payroll management app enhances my payroll process, conserving me a significant quantity of time monthly. With its user-friendly user interface, I have access to a single dashboard that effectively handles my payroll, EOR, and contractors.
Staff member Website
Staff members have access to a Staff member Website where they can view their pay slips, wage and tax statements and work documents. The website is offered in numerous languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global assists companies use competitive advantages bundles to global employees despite the number of workers in the company. The company can set up health insurance, short-term and long-lasting special needs, vision, dental and maternity leave while getting rid of the requirement to source regional advantages suppliers in every nation, create local accounts and have a minimum number of employees.
Worldwide HR Performances
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and immigration services if your staff members require work license assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, workforce diversity, overall employment expenses distributed per location, overall work expenses per cycle and a lot more.
Worldwide, I have shown management and tactical proficiency in assisting massive populations of over 100,000 employees throughout 170 countries. Presently, I are accountable for supervising payroll techniques, as pointed out by Mark. My function involves handling and developing external partnerships, supporting Enterprise customers, and supplying advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments services company.
As an international business, we are honored to be consisted of on the distinguished Time 100 list of the most prominent business worldwide. We concentrate on providing payroll and workforce management services to staff members in more than 160 nations. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your place. It's a pleasure to fulfill you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have actually focused on payroll and payment options for the past 7 years. The intricacies and obstacles of this field have constantly mesmerized me.
payroll payments and decided to type of make a genuine go at that over the last five or six years where I have actually type of had a range of different functions on the company side and likewise on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we'll simply provide everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we'll sort of let them do that so it 'd be quite interesting and I can see it going on currently just to hear where everyone is um it's nice to to kind of like see where everyone comes from and I really do hope it's much sunnier than it is 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 extremely extremely dreary and I want I was somewhere else at this moment in time fine so let's begin our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies maintain separate
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate savings account for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time throughout this webinar we'll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in enough in one country but when you're doing it globally it's next level and Beyond it ends up being complex for a range of reasons most importantly policies compliance data security and banking guidelines then there are the sheer numbers they add more complexity the worldwide Labor force is presently three and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll model there's typically an overwhelming number of various systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or really extremely basic there's no real consistency framework we're residing in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that's another number that provides me sleep deprived nights and rather frankly the more a company invests in international payroll the less of a picture they see a lack of visibility likewise reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide companies have expressed that they don't have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors poorly interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is delivered to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments don't run efficiently if they depend on the needed several processes 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 company face when they're making payments to staff members or otherwise that's a great question I always throw this back and say what is it what does not need to be consisted of ideal and what does
it need 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 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 wherever you look ideal eventually building a knowledge base is absolutely critical but all over you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are definitely essential and technology is enabling us to kind of move on with that it likewise as well to add to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and financing groups work more detailed together than ever um I'm constantly surprised when individuals state I've 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 split the payroll payment from computation I would say no so why do we as an industry 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 data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on wellness and the compensation landscape is becoming increasingly detailed. Businesses are continually presenting new benefits and payment options, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into different teams, which can lead to inefficiencies and bottlenecks. In my viewpoint, this does not need to be the case. In today's technologically advanced age, there's no justification for keeping cumbersome procedures. Payroll, the company's most significant expense, must be processed correctly and on time. Even small delays can adversely impact staff members' wellness and have far-reaching effects. For that reason, it's critical to prioritize accurate and timely payments.
payroll group get um so I'm not sure anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it 'd be excellent to hear your success story and whether that's been from all employees or not um but ultimately payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it fails however 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 absolutely essential that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a terrific first step um providing an end-to-end payroll service for your employees internationally once again I think is another substantial um process once again aligning and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of organizations and minimizing the number of tools platforms and bank accounts they need for their Global 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've never had a hundred countless them within a payroll cycle don't expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather 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 crucial 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 everyone that's involved in those procedures and likewise so picture sorry I'm just I was simply gon na state envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I'm sure we're discussing numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I mean it 'd be interesting to see the number of Post-it notes you got but it would certainly be an interesting job trying to clean up all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to browse them and really see what was going on and sort of try to return to everyone so moving on look why do business choose to main separate checking account there are companies out there doing exactly this for specific countries and I have actually operated in an organization or lots of businesses doing precisely that I can say it doesn't constantly feel efficient and it does produce more work I understand we're not intentionally doing that we're not creating additional work for anybody where we don't need to and anybody that's dealing with 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 numerous reasons one is it's the standard I think people have actually got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it's not a requirement so I think it's just been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other methods um to to kind of do it so I believe there's a range I believe this is a procedure that requires looking at it requires changing but ultimately individuals are very stuck to what they recognize
with best um change is a tough thing we all don't like modification um so I believe it's simply sort of moving far from the standard as we've said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the benefits of having keeping several bank accounts but there's a big amount of complexity chooses setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it's established with the ideal user accesses for individual individuals so the complexity is substantial however I believe the sincere answer is modification um people have not been able to alter or have not had always the understanding to really 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 understanding you know and there is an aspect of resistance to change but we've constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century or so there is a lot to keep an eye on and this approach does pose a number of obstacles um so Johnny might you inform us about those obstacles 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you should have a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you
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