Find out more about Papaya Global 29 Download ... We now have the capability to manage 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 particularly devoted to managing payments. This provides us with a safe and dependable technique of making payments to our 10,000 staff members worldwide.}
The advanced international payroll management app streamlines my payroll procedure, conserving me a substantial amount of time monthly. With its easy to use user interface, I have access to a single control panel that efficiently manages my payroll, EOR, and specialists.
The Employee Website provides employees with the ability to access and view important files such as pay slips, wage and tax declarations, and work records. This portal is accessible on both desktop and mobile phones and is provided in numerous languages.
Advantages Administration
Papaya Global helps companies provide competitive advantages bundles to global employees despite the variety of workers in the business. The company can establish medical insurance, short-term and long-term disability, vision, dental and maternity leave while removing the requirement to source local benefits providers in every nation, develop regional accounts and have a minimum number of employees.
The HR capabilities provided by International HR encompass numerous functions such as keeping track of vacation time, guaranteeing compliance, facilitating the procedure of welcoming brand-new staff members and bidding farewell to departing ones, providing a protected online platform for storing workers' files, and providing assistance for work allow procedures in case your employees require support in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, workforce variety, total employment expenses distributed per area, overall employment expenses per cycle and a lot more.
Internationally, I have actually shown leadership and strategic expertise in guiding massive populations of over 100,000 workers across 170 nations. Currently, I am responsible for managing payroll strategies, as mentioned by Mark. My function involves managing and developing external collaborations, supporting Enterprise customers, and providing advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments options company.
business to make the time 100 list for the majority of prominent companies worldwide we provide payroll payments and labor force management to all employee key ins over 160 countries I am pleased to say that we also have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning great afternoon good evening depending on where you remain in the world it's charming to satisfy 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 remained in the payments market for over 10 years and specifically working on the payroll and payment sector for over seven years um I was interested by the complexity the trouble in all of the above of
payroll payments and chose to kind of make a real go at that over the last 5 or 6 years where I have actually type of had a range of various roles on the service provider side and likewise on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we'll just offer everybody another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we'll type of let them do that so it 'd be quite intriguing and I can see it going on already just to hear where everybody is um it's nice to to sort of like see where everybody comes from and I actually do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it's not no it's it's drizzling here it's extremely extremely uninspiring and I wish I was somewhere else at this moment in time alright so let's start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies preserve different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we'll also go over a wrap-up which must leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more typical and managing them ends up being a growing number of intricate International companies are wanting to find Solutions and brand-new ways to enhance procedures specifically from a payroll and cross-border payment perspective lots of organizations keep separate bank account just for payroll while some have numerous accounts in various nations does it make good sense for companies to keep different checking account sometimes in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business improve the episode complex procedures of
making payroll payments precisely efficiently firmly and on time throughout this webinar we'll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in sufficient in one nation however when you're doing it globally it's next level and Beyond it ends up being complex for a range of factors most notably regulations compliance data security and banking guidelines then there are the sheer numbers they add more intricacy the international Labor force is currently three and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and more 1.1 billion individuals 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 around the globe in the standard payroll model there's frequently a frustrating number of various systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or very very standard there's no real consistency structure we're residing in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that's another number that provides me sleep deprived nights and rather frankly the more a service spends on global payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of global services have expressed that they don't have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes poorly communicated hires and terminations along with absence management and system setups and after that when you round everything off and the data is shipped to the wrong location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments do not run smoothly if they depend on the needed several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they're paying to staff members or otherwise that's an excellent concern I always toss this back and say what is it what doesn't need to be consisted of ideal 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 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 consumer's own in-country account so there's complexity any place you look ideal ultimately developing a knowledge base is definitely vital but all over you look with payroll payment they resemble incredibly 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 in between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to type of move on with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance teams work more detailed together than ever um I'm constantly impressed when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't operate in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more crucial to add to type of the level of complexity there's increasingly more advantages being organ or being offered by organizations across the world so once again you're just looking to add a growing number of payments to this already complicated landscape so if you type 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 real challenges or real difficult sort of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would definitely say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding details into the next function as it were that's in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we require to develop extra handoffs at the same times that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in a period 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 hard as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any service has from an expense perspective from an impact viewpoint on workers it is absolutely vital 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 need to be done right it has the biggest destructive impact on people's well-being and lots of other aspects if individuals aren't paid uh I've constantly been astonished entering into this Market type of the last 5 to 10 years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it's from all employees or not. Payroll is an important cycle, and individuals just observe when things go wrong. However, when things go right, it's viewed as simply a regular task. This is how it's perceived externally too. Therefore, it is vital to make sure that tasks like Wi-Fi International and other crucial matters are done properly. Utilizing the first Worldwide Payments first payroll payment solution is an excellent initial action towards supplying a thorough payroll service for staff members worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and savings account needed for global payroll are essential factors in accomplishing service success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things don't go as planned. Ultimately, we do not do it for the thankfulness.
anyhow we know how how important 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 simple as possible for everybody that's associated with those procedures and likewise so think of sorry I'm just I was simply gon na state think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I'm sure we're speaking about hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I suggest it 'd be interesting to see the number of Post-it notes you got but it would certainly be an interesting job attempting to clean up all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that was the case um you 'd need days of the week to try to browse them and really see what was going on and type of try to return to everyone so carrying on appearance why do companies choose to primary separate checking account there are companies out there doing exactly this for specific nations and I have actually operated in an organization or numerous businesses doing precisely that I can state it does not constantly feel efficient and it does produce more work I know we're not deliberately doing that we're not developing additional work for anybody where we do not have to and any person that's dealing with that process 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 believe many factors one is it's the requirement I think people have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it's not a requirement so I think it's simply been the requirement and the norm 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 kind of do it so I believe there's a range I think this is a procedure that needs looking at it requires changing but eventually individuals are extremely stuck to what they recognize
with right um change is a tough thing we all don't like change 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 lot of track of things um I understand obviously the benefits of having preserving several savings account however there's a huge amount of complexity goes with setting up a savings account keeping it ensuring it can send International transfers guaranteeing it's established with the right user accesses for private people so the intricacy is big however I think the sincere response is modification um individuals haven't had the ability to change or have not had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I believe you've struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we've constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century approximately 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 challenges yeah obviously so there's a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments.
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