Find out more about Tyler Vaughey Papaya Global ... We now have the ability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer specifically dedicated to managing payments. This supplies us with a secure and trusted method of paying to our 10,000 workers worldwide.}
The cutting-edge global payroll management app simplifies my payroll process, saving me a significant amount of time each month. With its user-friendly user interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and contractors.
The Employee Portal provides employees with the capability to access and view essential documents such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile phones and is offered in different languages.
Advantages Administration
Papaya Global helps companies use competitive benefits plans to worldwide staff members despite the variety of staff members in the company. The business can establish medical insurance, short-term and long-lasting disability, vision, dental and maternity leave while getting rid of the need to source regional benefits service providers in every country, produce local accounts and have a minimum number of staff members.
International HR Performances
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and migration services if your employees require work license assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, labor force diversity, total work expenses distributed per location, total work expenses per cycle and far more.
Globally, I have actually demonstrated leadership and strategic competence in assisting massive populations of over 100,000 staff members throughout 170 nations. Presently, I am responsible for overseeing payroll methods, as discussed by Mark. My function involves managing and establishing external collaborations, supporting Enterprise customers, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions supplier.
company to make the time 100 list for the majority of influential companies in the world we supply payroll payments and workforce management to all employee key ins over 160 nations I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself naturally thank you good morning good afternoon good evening depending upon where you remain in the world it's lovely to fulfill 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've remained in the payments industry for over ten years and specifically dealing with the payroll and payment sector for over seven years um I was interested by the intricacy the difficulty in all of the above of
payroll payments and decided to kind of make a genuine go at that over the last 5 or 6 years where I've kind of had a range of various roles on the service provider side and likewise on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we'll just provide everybody another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we'll type of let them do that so it 'd be rather intriguing and I can see it going on currently simply to hear where everybody is um it's nice to to sort of like see where everybody comes from and I truly 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 dreary and I wish I was somewhere else 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 difficulty years of managing Global payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we'll likewise go over a wrap-up which should leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of common and managing them ends up being increasingly more complicated Worldwide organizations are wanting to find Solutions and brand-new ways to improve procedures especially from a payroll and cross-border payment perspective many companies maintain separate checking account just for payroll while some have multiple accounts in various nations does it make good sense for business to preserve different checking account in some cases in different nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business improve the episode complex processes of
making payroll payments accurately efficiently safely and on time during this webinar we'll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in adequate in one nation but when you're doing it worldwide it's next level and Beyond it ends up being complex for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the large numbers they add more complexity the international Workforce is presently 3 and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll model there's often a frustrating number of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely really fundamental there's no real consistency structure we're residing in an era of tech however 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 which just blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that's another number that provides me sleepless nights and quite honestly the more a service spends on global payroll the less of an image they see an absence of visibility also reaches payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of global organizations have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes badly communicated hires and terminations in addition to absence management and system setups and after that when you round everything off and the data is delivered to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments don't run smoothly if they rely on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they're paying to staff members or otherwise that's a good question I constantly toss this back and state what is it what does not require to be consisted of right 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 time frames there's payment abilities 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 customer's own in-country account so there's intricacy wherever you look best eventually constructing a knowledge base is definitely vital but all over 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 sort of link between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are absolutely basic and innovation is enabling us to kind of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and finance teams work closer together than ever um I'm constantly impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation 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 process it's the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on well-being and the compensation landscape is becoming progressively complex. Businesses are continually presenting new benefits and payment options, which adds to the total complexity. Big corporations often divide their payroll and payment processing into separate groups, which can lead to inadequacies and traffic jams. In my viewpoint, this doesn't have to be the case. In today's technologically sophisticated era, there's no reason for keeping cumbersome procedures. Payroll, the business's most significant expenditure, must be processed properly and on time. Even small delays can adversely affect staff members' wellness and have significant consequences. For that reason, it's critical to focus on accurate and prompt payments.
payroll group get um so I'm unsure anybody on this kind of webinar has actually 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 staff members or not um but eventually payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it fails however when it goes right it's simply a tick box exercise and I think 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 important that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment option is a fantastic first step um supplying an end-to-end payroll option for your staff members globally once again I think is another big um process again aligning and ensuring you have standardization International processes all of those things are absolutely key to success success of organizations and reducing 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 have actually never ever had a hundred thousand of 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 haven't gone quite where they're implied to be um I don't think any of us are in fact doing that for for the thanks
anyhow we know 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 procedures and likewise so think of sorry I'm simply I was just gon na say picture the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I'm sure we're discussing numerous thousands potentially Millions envision getting that many thank you notes um I imply it 'd be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job trying to clean up all those up for sure oh absolutely I can't picture the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to look through them and really see what was going on and kind of try to return to everyone so moving on look why do business select to primary separate bank accounts there are companies out there doing precisely this for specific nations and I've worked in a service or lots of services doing precisely that I can state it does not always feel efficient and it does develop more work I know we're not purposely doing that we're not producing extra work for anyone where we do not have to and anyone that's handling that process I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the quantity that we are I think many reasons one is it's the requirement I think people have actually got so used to we need a 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 think it's simply been the standard and the norm the people have embraced and continue to do over years and years gone past to add to that people have actually looked 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 process that requires looking at it requires altering however ultimately individuals are really stuck to what they recognize
with best um change is a hard thing all of us do not like modification um so I think it's just 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 comprehend certainly the advantages of having preserving multiple savings account but there's a substantial quantity of complexity goes with setting up a checking account maintaining it guaranteeing it can send International transfers ensuring it's established with the right user accesses for specific individuals so the complexity is huge but I believe the honest answer is change um individuals haven't had the ability to change or have not had always the understanding to actually make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to track and this method does present several challenges um so Johnny might you tell us about those difficulties yeah naturally so there's a variety right there is so
I simply 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 Global staff members you should have a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you
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