Find out more about Papaya Global 50 Cloud ... 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 obtained a different Chief Financial Officer particularly dedicated to handling payments. This supplies us with a safe and reliable method of paying to our 10,000 employees worldwide.}
the BEST international payroll managment app, conserves me hours of time monthly, one single dashboard for my payroll, EOR and contractors
The Employee Portal provides workers with the capability to gain access to and view important files such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile devices and is offered in numerous languages.
Advantages Administration
Papaya Global helps business use competitive advantages packages to global workers no matter the variety of staff members in the company. The business can establish medical insurance, short-term and long-term special needs, vision, dental and maternity leave while eliminating the requirement to source local benefits providers in every nation, create local accounts and have a minimum number of workers.
The HR abilities offered by Worldwide HR encompass various functions such as keeping an eye on getaway time, ensuring compliance, assisting in the process of welcoming brand-new staff members and bidding farewell to leaving ones, providing a safe and secure online platform for saving workers' files, and providing support for work allow treatments in case your workers require assistance in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, labor force variety, total work expenses distributed per location, overall work expenses per cycle and a lot more.
environments across the globe I provided management and strategy to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll techniques for as Mark said I work across business managing and building external relationships supporting Enterprise clients and solutions in addition to functioning as an advisor for those of you that don't understand who papaya Global is papaya is the very first payroll and payments
business to make the time 100 list for most influential business in the world we provide payroll payments and workforce management to all staff member enters 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 obviously thank you good morning excellent afternoon good night depending on where you are in the world it's beautiful 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 6 years where I've type of had a variety of various functions on the provider side and likewise on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll simply give everyone another couple of uh well among 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 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 everyone comes from and I actually 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 extremely very uninspiring and I wish I was somewhere else at this moment in time all right so let's get started our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we'll likewise go over a recap which needs to leave his time at the really really 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 Worldwide labor forces become a growing number of typical and managing them becomes a growing number of intricate International companies are wanting to discover Solutions and new ways to enhance procedures especially from a payroll and cross-border payment viewpoint numerous companies keep separate checking account just for payroll while some have multiple accounts in different countries does it make good sense for business to preserve different savings account often in various nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies improve the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex difficulty for companies running internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, learn how business forecast payroll expenses to enhance working capital, and discover how improving global payroll payments can change them from a burdensome job into a tactical possession.
Managing payroll globally is a daunting job due to various policies, compliance requirements, data security issues, and banking rules. The large number of workers and companies contributes to the intricacy, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically lead to manual processes, information silos, and a lack of combination, causing disparities and ineffectiveness. In spite of residing in an era of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to supply insights and options to simplify and optimize worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that's another number that offers me sleepless nights and quite frankly the more an organization spends on global payroll the less of an image they see an absence of visibility also reaches payroll payments and inability to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of international companies have actually 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 bad HCM information information entry errors poorly communicated hires and terminations along with absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money 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 point of view and in your experience what else needs to be factored into the difficulties company face when they're paying to workers or otherwise that's a good question I always throw this back and state what is it what doesn't require to be included best and what does
it need 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer's own in-country account so there's complexity anywhere you look best ultimately constructing a knowledge base is absolutely vital but all over you look with payroll payment they resemble incredibly payments no if but some infants 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 recognition that payroll payments are definitely essential and technology is permitting us to kind of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely imperative that payroll and financing teams work closer together than ever um I'm always astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate 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 ultimately it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high worth on wellness and the payment landscape is becoming increasingly detailed. Organizations are continually introducing brand-new advantages and payment alternatives, which adds to the overall complexity. Big corporations typically divide their payroll and payment processing into different teams, which can lead to inefficiencies and bottlenecks. In my opinion, this doesn't need to hold true. In today's technologically innovative period, there's no justification for keeping troublesome procedures. Payroll, the business's greatest expense, must be processed correctly and on time. Even slight hold-ups can adversely affect employees' wellness and have far-reaching consequences. Therefore, it's crucial to focus on precise and prompt payments.
payroll team get um so I'm unsure anyone on this type of webinar has been told thank you for processing my payroll correctly if you have it 'd be terrific to hear your success story and whether that's been from all workers or not um however ultimately payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it's just a tick box exercise and I think that's how it's seen from the external deem well um so yeah it's also like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done properly so leveraging the first International Payments very first payroll payment solution is a fantastic primary step um offering an end-to-end payroll option for your workers globally once again I think is another big um process once again aligning and ensuring you have standardization Global procedures all of those things are absolutely crucial to success success of services and minimizing the number of tools platforms and savings account they need for their Global payroll too could not 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 countless them within a payroll cycle don't expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they're meant to be um I don't believe any of us are really 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 simple as possible for everyone that's associated with those processes and likewise so think of sorry I'm simply I was just gon na state think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I'm sure we're talking about numerous thousands potentially Millions picture getting that numerous 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 absolutely be a fascinating task trying to clean 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 look through them and in fact see what was going on and type of try to return to everybody so proceeding look why do business choose to primary separate checking account there are services out there doing precisely this for specific nations and I have actually worked in an organization or many services doing exactly that I can state it does not always feel effective and it does produce more work I know we're not intentionally doing that we're not producing extra work for anyone where we do not have to and anyone that's managing 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 lots of reasons one is it's the requirement I think individuals 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 purposes but there are a number of markets where it's not a requirement so I think it's simply been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other methods um to to sort of do it so I think there's a range I believe this is a procedure that needs looking at it requires changing however eventually people are extremely stuck with what they recognize
with best um change is a hard thing we all do not like change um so I think it's just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having preserving multiple savings account but there's a substantial quantity of intricacy chooses setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it's established with the right user accesses for individual people so the complexity is huge however I believe the truthful response is change um individuals haven't been able to change or haven't had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you've struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we've always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century approximately there is a lot to keep track of and this approach does present several difficulties um so Johnny might you tell us about those difficulties yeah of course so there's a variety 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 feels like our CFO has acquired another CFO, and with this improved ability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is better, considering your achievements.
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