Find out more about What Is Papaya Global ... We now have the capability to handle both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has gotten a separate Chief Financial Officer particularly committed to handling payments. This offers us with a safe and reputable approach of paying to our 10,000 staff members worldwide.}
The advanced worldwide payroll management app enhances my payroll process, conserving me a substantial amount of time monthly. With its user-friendly interface, I have access to a single control panel that effectively manages my payroll, EOR, and professionals.
The Staff member Portal offers workers with the capability to access and view essential documents such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile phones and is provided in numerous languages.
Advantages Administration
Papaya Global assists companies use competitive advantages packages to worldwide staff members no matter the variety of workers in the business. The company can establish medical insurance, short-term and long-lasting disability, vision, oral and maternity leave while getting rid of the requirement to source regional benefits providers in every country, create regional accounts and have a minimum number of workers.
The HR capabilities offered by International HR encompass numerous functions such as keeping an eye on trip time, ensuring compliance, assisting in the procedure of welcoming new employees and bidding goodbye to departing ones, providing a protected online platform for saving workers' files, and offering assistance for work allow treatments in case your workers need support in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, labor force variety, total work expenses dispersed per place, overall work costs per cycle and a lot more.
environments around the world I provided leadership and technique to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll methods for as Mark said I work across business managing and structure external relationships supporting Enterprise customers and options as well as serving as an advisor for those of you that don't understand who papaya Global is papaya is the first payroll and payments
company to make the time 100 list for a lot of prominent business worldwide we provide payroll payments and workforce management to all staff member key ins over 160 nations I am pleased to say that we also have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning excellent afternoon great evening depending on where you remain in the world it's lovely 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 have actually been in the payments industry for over 10 years and specifically dealing with the payroll and payment sector for over 7 years um I was interested by the complexity the difficulty in all of the above of
payroll payments and decided to type of make a genuine go at that over the last 5 or 6 years where I've sort of had a variety of various roles on the company side and likewise on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we'll just give everybody another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we'll type of let them do that so it 'd be quite intriguing and I can see it going on currently simply to hear where everyone is um it's nice to to sort of like see where everyone originates from and I really do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it's not no it's it's drizzling here it's very very dreary and I wish I was somewhere else at this moment in time fine so let's get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business keep separate
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly useful for international companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different checking account for payroll in different nations, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a strategic property for payroll executives. We will also supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time throughout this webinar we'll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how simplifying International 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 worldwide it's next level and Beyond it ends up being complex for a range of reasons most importantly policies compliance data security and banking rules then there are the large numbers they add more intricacy the international Workforce is presently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll model there's often a frustrating number of different systems causing lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or very extremely standard there's no real consistency framework we're living in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that's another number that gives me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of a picture they see a lack of presence also reaches payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide companies have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes poorly interacted hires and terminations along with lack management and system setups and after that when you round it all off and the data is shipped to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they count on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they're making payments to staff members or otherwise that's a good question I constantly throw this back and state what is it what doesn't need to be included right and what does
it need to be thought about there's differing Bank information so the length of an eye band a swift an account number routing code per nation there's payment timespan there's payment abilities 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 customer's own in-country account so there's intricacy anywhere you look best eventually building a knowledge base is definitely vital but everywhere you look with payroll payment they resemble incredibly payments no if however 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 think there's now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to type of progress with that it also also to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work closer together than ever um I'm constantly surprised when people say I have actually split 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 split 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 process it's the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high worth on wellness and the compensation landscape is becoming increasingly detailed. Businesses are constantly introducing brand-new benefits and payment alternatives, which contributes to the general complexity. Large corporations often divide their payroll and payment processing into different teams, which can cause inadequacies and traffic jams. In my viewpoint, this doesn't have to hold true. In today's technically sophisticated period, there's no validation for maintaining troublesome treatments. Payroll, the company's greatest expenditure, should be processed correctly and on time. Even slight delays can adversely impact staff members' well-being and have far-reaching consequences. For that reason, it's vital to prioritize precise and timely payments.
payroll team get um so I'm not exactly sure anyone on this kind of webinar has actually been told thank you for processing my payroll properly if you have it 'd be excellent to hear your success story and whether that's been from all workers or not um however ultimately payroll is such an important cycle all of us become aware of it when it fails everybody 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 vital that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment option is a terrific initial step um providing an end-to-end payroll option for your workers worldwide again I believe is another huge um procedure again lining up and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of organizations and decreasing the variety of tools platforms and savings account they require for their Worldwide payroll too couldn't agree with you more and on the the front in regards to 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 five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they're indicated to be um I don't think any of us are in fact doing that for for the thanks
anyhow we understand how how crucial a function 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 likewise so imagine sorry I'm simply I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we're discussing numerous thousands possibly Millions imagine getting that lots of thank you notes um I mean it 'd be interesting to see the number of Post-it notes you got but it would definitely be an intriguing 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 try to check out them and really see what was going on and type of shot to get back to everybody so proceeding look why do business choose to primary separate bank accounts there are businesses out there doing precisely this for particular countries and I've operated in a business or numerous businesses doing exactly that I can state it does not always feel efficient and it does create more work I understand we're not deliberately doing that we're not developing extra work for any person where we do not have to and anyone 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 quantity that we are I believe many factors one is it's the requirement I believe individuals have got so used to we need a new savings account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it's not a requirement so I think it's just been the requirement and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there's a range I believe this is a procedure that needs taking a look at it requires changing however ultimately people are very stuck with what they're familiar
with ideal um change is a challenging thing all of us don't like change um so I think it's just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having maintaining several bank accounts but there's a huge quantity of complexity chooses setting up a bank account maintaining it ensuring it can send International transfers guaranteeing it's established with the ideal user accesses for specific individuals so the intricacy is huge but I think the sincere response is change um individuals haven't been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you've hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or two there is a lot to keep track of and this method does position several difficulties um so Johnny might you inform us about those challenges yeah naturally so there's a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your achievements.
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