Find out more about Papaya Global 5 ... We now have the ability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has gotten a different Chief Financial Officer particularly devoted to handling payments. This supplies us with a protected and reputable technique of making payments to our 10,000 workers worldwide.}
the BEST global payroll managment app, conserves me hours of time monthly, one single control panel for my payroll, EOR and specialists
The Worker Portal provides employees with the capability to access and view crucial files such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile devices and is used in various languages.
Advantages Administration
Papaya Global helps business provide competitive benefits plans to global workers despite the number of workers in the company. The business can establish medical insurance, short-term and long-lasting special needs, vision, dental and maternity leave while eliminating the requirement to source local benefits companies in every nation, develop regional accounts and have a minimum variety of employees.
Global HR Functionalities
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and immigration services if your staff members need work authorization support.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, workforce variety, total work costs dispersed per place, total employment expenses per cycle and a lot more.
environments across the globe I provided management and method to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll strategies for as Mark said I work throughout the business managing and building external relationships supporting Business customers and services as well as serving as a consultant for those of you that don't understand who papaya Global is papaya is the very first payroll and payments
company to make the time 100 list for a lot of influential business worldwide we offer payroll payments and workforce management to all employee enters over 160 countries I am pleased to state that we also have as Mark stated Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning great afternoon good evening depending on where you remain in the world it's lovely to satisfy 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 been in the payments industry for over 10 years and specifically working on the payroll and payment sector for over 7 years um I was captivated by the intricacy the difficulty in all of the above of
payroll payments and chose to kind of make a real go at that over the last 5 or six years where I have actually kind of had a range of various functions on the company side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll simply give everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we'll type of let them do that so it 'd be rather fascinating and I can see it going on currently simply to hear where everybody is um it's nice to to kind of like see where everyone comes from and I truly do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it's not no it's it's raining here it's extremely extremely bleak and I want I was elsewhere at this moment in time all right so let's get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we'll likewise discuss a wrap-up which ought to leave his time at the really really 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 Global labor forces end up being increasingly more typical and managing them ends up being increasingly more complex International organizations are wanting to find Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment viewpoint lots of companies preserve separate bank account just for payroll while some have several accounts in various nations does it make good sense for companies to maintain different savings account sometimes in different nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies enhance the episode complex procedures of
making payroll payments properly effectively safely and on time during this webinar we'll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in enough in one country however when you're doing it globally it's next level and Beyond it ends up being complicated for a variety of factors most notably guidelines compliance information security and banking rules then there are the sheer numbers they add further intricacy the international Workforce is presently three and a half billion people by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll design there's often an overwhelming variety of different systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or really really standard there's no real consistency structure we're residing in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that's another number that gives me sleepless nights and quite honestly the more a business spends on global payroll the less of an image they see an absence of exposure likewise extends to payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of international businesses have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors inadequately communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the information is shipped to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don't run smoothly if they count on the required numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges company face when they're making payments to employees or otherwise that's an excellent question I constantly toss this back and say what is it what doesn't require to be consisted of best and what does
it require to be thought about there's varying Bank details 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 consumer's own in-country account so there's complexity any place you look best eventually developing a knowledge base is absolutely vital however everywhere 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 take a look at the kind 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 definitely fundamental and technology is enabling us to type of move on with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely necessary that payroll and financing groups work better together than ever um I'm constantly impressed when people state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation 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 process it's the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on well-being and the compensation landscape is ending up being significantly complex. Organizations are continuously introducing new benefits and payment options, which contributes to the general complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can cause inefficiencies and bottlenecks. In my opinion, this doesn't need to be the case. In today's technically sophisticated era, there's no justification for preserving troublesome treatments. Payroll, the business's most significant expense, need to be processed properly and on time. Even slight hold-ups can negatively affect staff members' well-being and have significant repercussions. For that reason, it's vital to prioritize precise and timely payments.
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it's from all workers or not. Payroll is an essential cycle, and people just notice when things fail. However, when things go right, it's seen as simply a routine task. This is how it's viewed externally too. Therefore, it is essential to make sure that tasks like Wi-Fi International and other vital matters are done properly. Utilizing the very first International Payments very first payroll payment solution is a fantastic initial step towards providing a comprehensive payroll solution for staff members worldwide. Standardization, worldwide processes, and reducing the variety of tools, platforms, and savings account required for global payroll are key factors in achieving organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things do not go as prepared. Ultimately, we do not do it for the gratitude.
anyway 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 associated with those processes and also so envision sorry I'm simply I was just gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we're talking about numerous thousands possibly Millions picture getting that lots of thank you notes um I imply it 'd be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing job trying to clean up all those up for sure oh definitely I can't picture the size of my my Outlook inbox if that held true um you 'd need days of the week to try to look through them and really see what was going on and type of shot to get back to everybody so carrying on appearance why do companies choose to primary separate savings account there are companies out there doing precisely this for specific countries and I've operated in a company or numerous companies doing exactly that I can state it does not always feel effective 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 do not need to and anybody that's dealing with that procedure I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the amount that we are I think lots of reasons one is it's the requirement I think people have got so utilized to we require a new bank 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 lots of other ways um to to kind of do it so I believe there's a range I think this is a procedure that requires taking a look at it requires changing but ultimately individuals are really stuck with what they recognize
with right um modification is a challenging thing all of us don't like change um so I think it's simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having keeping several bank accounts but there's a big quantity of intricacy opts for establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it's established with the right user accesses for individual individuals so the complexity is substantial however I think the sincere response is change um individuals haven't been able to change or have not had always the understanding to really make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what could nearly be figured out to be the next Century or two there is a lot to track and this method does present a number of obstacles um so Johnny might you tell us about those obstacles yeah obviously 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 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 effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments.
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