Find out more about Papaya Global 50 Update ... We now have the capability to manage both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually obtained a different Chief Financial Officer particularly committed to managing payments. This provides us with a safe and trusted technique of paying to our 10,000 workers worldwide.}
the very best worldwide payroll managment app, conserves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and contractors
The Staff member Website supplies workers with the ability to gain access to and view crucial files such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile phones and is offered in numerous languages.
Benefits Administration
Papaya Global helps companies offer competitive advantages packages to global employees despite the number of workers in the business. The company can establish medical insurance, short-term and long-lasting special needs, vision, oral and maternity leave while getting rid of the need to source local advantages companies in every country, create regional accounts and have a minimum number of employees.
The HR capabilities supplied by International HR include numerous functions such as monitoring vacation time, ensuring compliance, helping with the process of inviting new workers and bidding goodbye to leaving ones, using a secure online platform for storing workers' documents, and offering assistance for work permit treatments in case your staff members require help in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, workforce variety, overall work costs dispersed per place, overall work expenses per cycle and a lot more.
environments across the globe I offered leadership and technique 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 across business managing and structure external relationships supporting Business customers and solutions along with functioning as an advisor for those of you that do not understand who papaya Global is papaya is the very first payroll and payments
As a worldwide company, we are honored to be consisted of on the prestigious Time 100 list of the most influential companies worldwide. We specialize in supplying payroll and labor force management services to workers in more than 160 nations. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your location. It's a pleasure to fulfill you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments industry, I have concentrated on payroll and payment options for the past seven years. The intricacies and difficulties of this field have constantly mesmerized me.
payroll payments and chose to kind of make a genuine go at that over the last five or 6 years where I've kind of had a range of different roles on the supplier side and also on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we'll just offer everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we'll kind of let them do that so it 'd be quite intriguing and I can see it going on currently just to hear where everyone is um it's nice to to kind of like see where everybody 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 really really bleak and I wish I was somewhere else at this moment in time okay 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 Global payroll why business maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we'll also go over a wrap-up and that ought to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and managing them ends up being more and more complicated International companies are looking to find Solutions and new ways to improve processes specifically from a payroll and cross-border payment perspective lots of companies maintain different checking account just for payroll while some have numerous accounts in various countries does it make sense for companies to keep separate bank accounts in some cases in different nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business simplify the episode complex processes of
making payroll payments precisely efficiently securely and on time throughout this webinar we'll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one country but when you're doing it globally it's next level and Beyond it ends up being complicated for a variety of reasons most significantly policies compliance data security and banking rules then there are the large numbers they add more intricacy the international Workforce is currently 3 and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll model there's typically an overwhelming number of different systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or very extremely standard there's no real consistency framework we're living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that's another number that gives me sleep deprived nights and rather frankly the more a company invests in global payroll the less of a photo they see a lack of presence likewise extends to payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide services 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 data entry mistakes improperly interacted hires and terminations in addition to lack management and system setups and after that when you round everything off and the information is delivered to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don't run efficiently if they depend on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties company face when they're making payments to staff members or otherwise that's a good concern I constantly throw this back and say what is it what does not require to be consisted of best and what does
it require 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 timespan there's payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer's own in-country account so there's complexity any place you look right ultimately constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a 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 fundamental and innovation is allowing us to kind of move forward with that it likewise too to add to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work more detailed together than ever um I'm constantly surprised when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market 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 information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to add to sort of the level of complexity there's increasingly more benefits being organ or being provided by organizations across the world so once again you're simply wanting to add increasingly more payments to this currently complex landscape so if you sort of got any experience well I'm from your vast experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine challenging type of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of years I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding information into the next function as it were that's actually handling the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we need to produce additional handoffs at the same times that we run in they just make them more prompt they make them less effective and they don't make them what they require to be in in a period of tech and a period 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 agreed and rightly as you said payroll is the single most significant liability that any company has from a cost point of view from an effect point of view on workers it is absolutely important that it's done correctly and on time so what we imply 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 harmful effect on people's wellness and many other aspects if individuals aren't paid uh I have actually constantly been amazed entering this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I'm unsure anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it 'd be fantastic to hear your success story and whether that's been from all staff members or not um however eventually payroll is such a crucial cycle we all find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it's simply a tick box exercise and I believe 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 things is absolutely essential that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment service is an excellent first step um supplying an end-to-end payroll solution for your workers worldwide again I think is another substantial um procedure once again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely crucial to success success of organizations and lowering the variety of tools platforms and checking account they need for their Worldwide 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 thousand of them within a payroll cycle don't anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they're suggested to be um I do not think any of us are in fact doing that for for the thanks
anyway 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 easy as possible for everyone that's involved in those procedures and also so picture sorry I'm simply I was simply gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we're discussing hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I imply it 'd be interesting to see how many Post-it notes you got but it would definitely be a fascinating task trying to clean all those up for sure oh absolutely I can't picture the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to browse them and really see what was going on and sort of shot to get back to everybody so proceeding look why do companies select to main different bank accounts there are services out there doing precisely this for particular nations and I've operated in a company or numerous companies doing precisely that I can say it does not always feel efficient and it does produce more work I know we're not purposely doing that we're not producing extra work for any person where we don't need to and any person that's dealing with that process I 'd be interested to hear your thoughts 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 believe people have actually got so used to we require a brand-new checking account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it's not a requirement so I believe it's just been the standard and the standard individuals have embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to type of do it so I think there's a variety I believe this is a procedure that needs taking a look at it requires altering however ultimately people are extremely stuck with what they're familiar
with ideal um change is a challenging thing we all don't like modification um so I think it's just sort 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 advantages of having preserving numerous checking account however there's a substantial amount of complexity goes with setting up a bank account keeping it ensuring it can send out International transfers guaranteeing it's set up with the best user accesses for private individuals so the complexity is huge however I think the truthful answer is change um individuals haven't had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or so there is a lot to keep track of and this approach does posture several difficulties um so Johnny might you tell us about those obstacles 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 handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your achievements.
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