Find out more about P60 On Papaya Global ... We now have the ability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer specifically devoted to managing payments. This supplies us with a safe and dependable method of paying to our 10,000 workers worldwide.}
The advanced global payroll management app streamlines my payroll process, saving me a significant amount of time every month. With its user-friendly interface, I have access to a single control panel that efficiently manages my payroll, EOR, and contractors.
Worker Website
Workers have access to an Employee Portal where they can see their pay slips, wage and tax declarations and employment documents. The website is readily available in numerous languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global assists business offer competitive advantages packages to worldwide staff members no matter the variety of staff members in the company. The company can set up medical insurance, short-term and long-term disability, vision, dental and maternity leave while eliminating the need to source local benefits companies in every nation, create local accounts and have a minimum number of staff members.
The HR abilities supplied by International HR include different functions such as keeping an eye on getaway time, guaranteeing compliance, facilitating the procedure of welcoming new workers and bidding goodbye to departing ones, providing a safe online platform for storing workers' files, and supplying assistance for work permit procedures in case your workers need support in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, labor force diversity, total employment expenses distributed per place, total employment costs per cycle and much more.
environments across the globe I supplied leadership and strategy to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll methods for as Mark said I work throughout business managing and structure external relationships supporting Business clients and services as well as serving as an advisor for those of you that don't know who papaya Global is papaya is the first payroll and payments
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 types in over 160 countries I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning good afternoon excellent evening depending on where you are in the world it's beautiful to meet you and thank you quite for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I have actually remained in the payments industry for over 10 years and specifically working on the payroll and payment sector for over seven years um I was captivated by the complexity the problem in all of the above of
payroll payments and chose to sort of make a real go at that over the last five or six years where I have actually type of had a variety of different roles on the service provider side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll just provide everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we'll type of let them do that so it 'd be rather fascinating and I can see it going on already just to hear where everybody 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 definitely not the peak of the sunlight is it it's not no it's it's drizzling here it's very extremely bleak and I want I was elsewhere at this moment in time okay so let's get going our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies preserve different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we'll likewise discuss a wrap-up which ought to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more common and handling them becomes more and more intricate International organizations are seeking to discover Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment standpoint lots of companies keep separate savings account just for payroll while some have several accounts in different nations does it make good sense for business to maintain separate savings account often in different nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping international business streamline the episode complex procedures of
making payroll payments precisely effectively 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 properly forecast their payroll costs 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 difficult in sufficient in one country however when you're doing it globally it's next level and Beyond it ends up being intricate for a range of reasons most importantly policies compliance data security and banking rules then there are the sheer numbers they add further complexity the worldwide Workforce is currently 3 and a half billion people by 2030 it's approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll design there's typically an overwhelming variety of different systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely extremely standard there's no real consistency structure we're living in an era of tech however payroll has actually been slow 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 every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that's another number that offers me sleepless nights and quite frankly the more a business invests in global payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international businesses have actually expressed that they don't have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors badly communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the data is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they count on the required numerous 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 difficulties business face when they're paying to employees or otherwise that's a great concern I constantly toss this back and state what is it what doesn't need to be consisted of best 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 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 best eventually developing a knowledge base is definitely important but all over you look with payroll payment they are like very payments no if however 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 recognition that payroll payments are absolutely basic and technology is enabling us to kind of move on with that it also as well to contribute to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely important that payroll and finance teams work better together than ever um I'm always impressed when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not 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 frequently split and cut up um eventually 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 also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more important to contribute to type of the level of intricacy there's increasingly more advantages being organ or being used by organizations throughout the world so again you're just wanting to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I'm from your vast experience here and I make certain but have you got any experience in kind of genuine challenges or real challenging kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding info into the next function as it were that's actually handling the payment side of things however you know in in my viewpoint and my experience that doesn't always require to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they don't make them what they require to be in in an age of tech and an era that you understand that we are working in today there is no reason why we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any business has from a cost viewpoint from an impact viewpoint on workers it is absolutely vital that it's done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive effect on people's wellness and lots of other factors if people aren't paid uh I have actually constantly been astonished entering this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I'm uncertain anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it 'd be great 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 we all hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it's just a tick box workout and I think 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 definitely essential that all of this stuff is done correctly so leveraging the first International Payments first payroll payment option is a fantastic initial step um offering an end-to-end payroll option for your staff members worldwide again I believe is another big um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely key to success success of organizations and lowering the variety of tools platforms and bank accounts they require for their Worldwide payroll too couldn't agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven't gone rather where they're indicated to be um I don't believe any of us are actually doing that for for the thanks
anyway we know how how important 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 everyone that's associated with those processes and also so think of sorry I'm just I was just gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we're speaking about hundreds of thousands possibly Millions imagine getting that many thank you notes um I mean it 'd be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task attempting to clean up all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that was the case um you 'd require days of the week to try to browse them and in fact see what was going on and sort of shot to return to everybody so carrying on look why do business choose to primary separate savings account there are companies out there doing precisely this for particular nations and I have actually operated in an organization or lots of businesses doing precisely that I can state it does not always feel effective and it does produce more work I know we're not purposely doing that we're not creating additional work for anyone where we do not need to and any person that's dealing with 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 quantity that we are I think many factors one is it's the requirement I believe individuals have got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it's not a requirement so I think it's just been the requirement and the standard the people have embraced and continue to do over years and years passed by to add to that people 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 process that needs looking at it requires changing however eventually people are really stuck with what they recognize
with ideal um modification is a tough thing all of us do not like change um so I believe it's just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having preserving several checking account but there's a big quantity of intricacy opts for establishing a savings account preserving it ensuring it can send International transfers guaranteeing it's set up with the right user accesses for private people so the intricacy is big however I think the truthful answer is change um people have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we've constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century or so there is a lot to track and this approach does pose a number of obstacles um so Johnny could you inform us about those difficulties yeah of course so there's a variety right there is so
I simply did you changed 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 International staff members you are worthy of a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you
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