Find out more about Papaya Global 52 Week Average ... We now have the ability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has gotten a different Chief Financial Officer specifically dedicated to handling payments. This offers us with a secure and dependable method of paying to our 10,000 workers worldwide.}
The cutting-edge international payroll management app streamlines my payroll process, conserving me a significant amount of time every month. With its user-friendly user interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and specialists.
The Employee Website provides employees with the ability to gain access to and view crucial files such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile phones and is provided in different languages.
Benefits Administration
Papaya Global helps companies use competitive benefits plans to international workers regardless of the variety of staff members in the company. The business can set up medical insurance, short-term and long-lasting disability, vision, oral and maternity leave while removing the need to source local benefits providers in every nation, develop local accounts and have a minimum number of staff members.
International HR Functionalities
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your staff members require work license support.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, labor force diversity, overall work expenses dispersed per area, total work costs per cycle and much more.
environments around the world I offered management and strategy to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll methods for as Mark said I work across business managing and structure external relationships supporting Business customers and options 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 business worldwide. We specialize in providing payroll and labor force management services to employees in more than 160 countries. I am delighted to present Johnny Nash, as pointed out by Mark. Now, I'll let Johnny present himself. Good day to all, regardless of your area. It's a pleasure to satisfy you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments industry, I have focused on payroll and payment options for the past seven years. The complexities and obstacles of this field have actually always captivated me.
payroll payments and decided to kind of make a real go at that over the last 5 or six years where I've kind of had a range of different functions on the service provider side and likewise on the supplier 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 couple of uh well one of the 30 seconds or so to join we all work back to back these days so we'll sort of let them do that so it 'd be rather intriguing and I can see it going on currently just to hear where everybody is um it's nice to to sort of like see where everybody comes from and I truly 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 raining here it's very very dreary and I want 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 difficulty years of managing Global payroll why business preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we'll likewise go over a recap which must leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more typical and handling them becomes a growing number of complex Worldwide companies are wanting to discover Solutions and brand-new methods to streamline procedures specifically from a payroll and cross-border payment perspective lots of companies maintain different savings account just for payroll while some have multiple accounts in various nations does it make sense for business to maintain different checking account sometimes in various countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business simplify the episode complex processes of
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to optimize working capital, and find how enhancing international payroll payments can change them from a burdensome job into a tactical property.
Managing payroll worldwide is a difficult job due to numerous guidelines, compliance requirements, information security concerns, and banking guidelines. The sheer number of workers and businesses contributes to the complexity, with an approximated 3.5 billion people in the international labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems often lead to manual processes, information silos, and an absence of combination, resulting in disparities and ineffectiveness. Despite residing in an age of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar goals to offer insights and services to streamline and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that's another number that offers me sleep deprived nights and rather frankly the more a company invests in global payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international companies have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes inadequately interacted hires and terminations along with absence management and system setups and then when you round it all off and the information is shipped to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they count on the required multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles organization face when they're paying to workers or otherwise that's an excellent question I always throw this back and say what is it what does not need to be consisted of best and what does
it require to be thought of 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 have to pay from an in-country account do you have to pay from the client's own in-country account so there's intricacy wherever you look ideal ultimately building a knowledge base is definitely vital however all over you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind 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 enabling us to kind of move forward with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely imperative that payroll and finance groups work closer together than ever um I'm constantly astonished when people say I've divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession 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 typically split and cut up um eventually it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high value on well-being and the settlement landscape is becoming significantly intricate. Businesses are constantly presenting new advantages and payment choices, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can lead to inefficiencies and traffic jams. In my viewpoint, this doesn't have to hold true. In today's technically innovative age, there's no justification for preserving troublesome treatments. Payroll, the company's biggest expenditure, need to be processed properly and on time. Even minor hold-ups can negatively impact workers' wellness and have significant effects. For that reason, it's crucial to focus on accurate and prompt payments.
payroll team get um so I'm unsure anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it 'd be great to hear your success story and whether that's been from all employees or not um however ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it's simply a tick box workout 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 stuff is definitely important that all of this stuff is done correctly so leveraging the very first Global Payments very first payroll payment option is a fantastic initial step um supplying an end-to-end payroll service for your employees globally once again I think is another big um process once again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely essential to success success of services and lowering the number of tools platforms and bank accounts they need for their Global payroll too couldn't 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 do not expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven't gone rather where they're meant to be um I don't believe any of us are really doing that for for the thanks
anyway we know 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 easy 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 might cover the amount of people that we cover within this webinar I'm sure we're talking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I mean it 'd be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job attempting to clean up 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 check out them and really see what was going on and type of shot to return to everybody so carrying on appearance why do business pick to main different bank accounts there are organizations out there doing precisely this for specific countries and I have actually operated in a company or numerous companies doing exactly that I can say it does not constantly feel efficient and it does create more work I understand we're not purposely doing that we're not creating extra work for anyone where we don't need to and anybody that's dealing with that procedure I 'd be interested to hear your ideas 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 standard I believe individuals have actually got so used to we need a new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it's not a requirement so I believe it's simply been the requirement and the standard the people have adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there's a variety I believe this is a procedure that requires taking a look at it requires changing however ultimately individuals 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 type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having keeping numerous savings account but there's a substantial amount of complexity opts for setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it's established with the right user accesses for individual people so the complexity is huge however I think the honest response is modification um individuals have not had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to change however we've constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could practically be determined to be the next Century or so there is a lot to keep an eye on and this approach does posture numerous challenges um so Johnny could you inform us about those obstacles yeah naturally so there's a variety right there is so
I simply did you switched our Business 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 Worldwide workers you deserve a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you
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