Find out more about P32 Papaya Global ... We now have the ability to manage both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually gotten a different Chief Financial Officer particularly devoted to managing payments. This provides us with a secure and trusted technique of making payments to our 10,000 workers worldwide.}
The cutting-edge worldwide payroll management app streamlines my payroll process, saving me a substantial amount of time every month. With its easy to use interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and professionals.
The Employee Website offers staff members with the capability to gain access to 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 different languages.
Advantages Administration
Papaya Global helps business provide competitive benefits bundles to international workers no matter the variety of employees in the business. The company can establish health insurance, short-term and long-lasting impairment, vision, dental and maternity leave while getting rid of the requirement to source regional advantages suppliers in every country, create regional accounts and have a minimum number of employees.
The HR abilities provided by Worldwide HR encompass numerous functions such as monitoring trip time, guaranteeing compliance, assisting in the procedure of welcoming brand-new employees and bidding goodbye to departing ones, providing a secure online platform for saving workers' documents, and supplying support for work permit treatments in case your employees need support in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, workforce variety, overall work costs distributed per place, overall employment expenses per cycle and far more.
Globally, I have demonstrated management and tactical know-how in assisting massive populations of over 100,000 employees throughout 170 countries. Presently, I are accountable for managing payroll strategies, as pointed out by Mark. My role includes managing and developing external partnerships, supporting Enterprise clients, and supplying advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments options supplier.
company to make the time 100 list for many prominent companies in the world we supply payroll payments and workforce management to all staff member enters over 160 countries I am pleased to say that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning great afternoon excellent night depending upon where you are in the world it's charming to meet you and thank you very much for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've been in the payments market for over 10 years and specifically dealing with the payroll and payment sector for over seven years um I was captivated by the complexity the trouble in all of the above of
payroll payments and decided to kind of make a real go at that over the last five or six years where I have actually kind of had a variety of different functions on the supplier side and also on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll simply give everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we'll kind 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 type of like see where everyone originates 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 very really dreary and I want I was elsewhere at this moment in time alright so let's start our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies preserve separate
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially helpful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently firmly and on time during this webinar we'll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one nation but when you're doing it worldwide it's next level and Beyond it ends up being complex for a variety of factors most notably policies compliance information security and banking guidelines then there are the sheer numbers they add further complexity the international Labor force is presently 3 and a half billion people 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 conventional payroll design there's typically an overwhelming number of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or very really basic there's no real consistency framework we're residing in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that's another number that provides me sleepless nights and rather frankly the more a company spends on global payroll the less of an image they see an absence of visibility also reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide services have actually expressed that they don't 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 data data entry errors improperly communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the information is shipped to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they count on the essential 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 challenges service 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 doesn't require to be included right and what does
it need to be considered there's varying Bank information so the length of an eye band a swift an account number routing code per nation there's payment amount of time 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 consumer's own in-country account so there's complexity wherever you look best ultimately constructing a knowledge base is definitely important however all over you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type 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 absolutely basic and innovation is permitting us to type of move forward with that it also too to contribute to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work more detailed together than ever um I'm constantly surprised when individuals say I have actually split 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 divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so typically 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
world we live in and well-being being a growing number of essential to contribute to kind of the level of complexity there's more and more benefits being organ or being offered by services across the world so once again you're simply looking to add increasingly more payments to this currently complex landscape so if you sort of got any experience well I'm from your large experience here and I make certain but have you got any experience in kind of genuine challenges or genuine challenging sort of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of years I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding information into the next function as it were that's in fact managing the payment side of things but you know in in my opinion and my experience that doesn't always require to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we run in they just make them more timely they make them less effective and they don't make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from a cost point of view from an effect perspective on staff members it is absolutely crucial that it's done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest detrimental effect on individuals's well-being and numerous other elements if individuals aren't paid uh I've constantly been surprised entering into this Market type of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it's from all employees or not. Payroll is an important cycle, and people only notice when things fail. Nevertheless, when things go right, it's viewed as simply a routine job. This is how it's viewed externally also. Therefore, it is important to ensure that jobs like Wi-Fi International and other vital matters are done properly. Using the first Global Payments first payroll payment option is an excellent preliminary step towards providing a thorough payroll option for workers worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and checking account required for global payroll are crucial factors in achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things don't go as prepared. Eventually, we do not do it for the thankfulness.
anyhow we know how how essential 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 simple 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 amount of thanks you got if you could cover the amount of people that we cover within this webinar I'm sure we're speaking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I imply it 'd be interesting to see how many Post-it notes you got however it would definitely be an interesting job attempting to clean up all those up for sure oh definitely I can't picture the size of my my Outlook inbox if that was the case um you 'd need days of the week to attempt to browse them and in fact see what was going on and type of shot to return to everyone so proceeding look why do companies pick to primary separate bank accounts there are services out there doing exactly this for particular countries and I have actually operated in a company or many services doing exactly that I can state it doesn't always feel efficient and it does develop more work I know we're not deliberately doing that we're not producing additional work for any person where we don't need to and anybody that's managing that procedure 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 numerous factors one is it's the standard I think people have actually got so utilized to we need a brand-new checking account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it's not a requirement so I think it's just been the requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there's a range I believe this is a process that requires taking a look at it needs changing but ultimately individuals are extremely stuck with what they're familiar
with best um change is a hard thing we all don't like modification um so I believe it's just sort of moving away from the standard as we've said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having maintaining multiple checking account but there's a big quantity of intricacy goes with establishing a savings account keeping it ensuring it can send International transfers ensuring it's established with the right user accesses for specific individuals so the intricacy is huge however I believe the honest response is modification um people have not had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you've struck the nail on the head I believe 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 real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century or so there is a lot to track and this method does pose a number of obstacles um so Johnny might you tell us about those difficulties yeah of course so there's a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements.
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