Find out more about Papaya Global Automatic Backup ... We now have the ability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has actually obtained a different Chief Financial Officer specifically dedicated to managing payments. This offers us with a secure and reliable method of paying to our 10,000 workers worldwide.}
the BEST international payroll managment app, saves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and professionals
The Staff member Portal supplies workers with the capability to access and view crucial documents 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 various languages.
Benefits Administration
Papaya Global helps business provide competitive benefits bundles to international employees despite the variety of workers in the business. The business can set up medical insurance, short-term and long-term disability, vision, dental and maternity leave while removing the requirement to source regional advantages suppliers in every country, produce regional accounts and have a minimum number of workers.
The HR capabilities provided by Worldwide HR incorporate numerous functions such as keeping track of getaway time, guaranteeing compliance, assisting in the procedure of inviting brand-new staff members and bidding goodbye to departing ones, offering a safe and secure online platform for keeping workers' documents, and offering assistance for work permit procedures in case your employees require help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, workforce diversity, overall work costs dispersed per place, overall employment expenses per cycle and a lot more.
Internationally, I have actually shown management and strategic know-how in directing large-scale populations of over 100,000 staff members throughout 170 countries. Presently, I am responsible for managing payroll methods, as discussed by Mark. My function includes handling and developing external partnerships, supporting Enterprise customers, and supplying advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions provider.
company to make the time 100 list for most influential companies in the world we supply payroll payments and workforce management to all worker enters over 160 countries I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to present yourself naturally thank you good morning excellent afternoon great night depending on where you remain in the world it's lovely to satisfy you and thank you quite for your time as Ian stated 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 particularly working on the payroll and payment sector for over 7 years um I was interested by the intricacy the problem in all of the above of
payroll payments and decided to kind of make a genuine go at that over the last five or 6 years where I have actually type of had a variety of various roles on the company side and also on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll just give everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we'll kind of let them do that so it 'd be quite interesting 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 everyone 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 drizzling here it's really very uninspiring and I want I was somewhere else at this moment in time okay so let's start our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why business keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we'll likewise go over a recap which must leave his time at the very extremely 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 workforces become increasingly more common and managing them ends up being a growing number of complicated International companies are looking to discover Solutions and brand-new methods to enhance processes particularly from a payroll and cross-border payment viewpoint numerous organizations keep separate checking account just for payroll while some have multiple accounts in various nations does it make good sense for companies to keep separate savings account sometimes in different nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business improve the episode complex processes of
making payroll payments properly effectively firmly and on time throughout this webinar we'll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one nation but when you're doing it globally it's next level and Beyond it ends up being complex for a range of factors most significantly regulations compliance information security and banking rules then there are the sheer numbers they include additional complexity the worldwide Labor force is presently three and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll model there's often a frustrating variety of different systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or very very fundamental there's no genuine consistency structure we're living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that's another number that offers me sleepless nights and quite frankly the more a service invests in worldwide payroll the less of an image they see an absence of visibility also extends to payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide companies have expressed that they don't 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 information entry mistakes improperly communicated hires and terminations along with absence management and system setups and then when you round it all off and the data is delivered to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they depend on the required several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they're paying to workers or otherwise that's a good question I always toss this back and state what is it what does not need to be included right and what does
it need to be considered there's differing Bank information so the length of an eye band a swift an account number routing code per nation 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 anywhere you look ideal ultimately building a knowledge base is definitely crucial but all over you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to type of move forward with that it also too to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely imperative that payroll and finance groups work more detailed together than ever um I'm always amazed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't work 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 often 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 people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high worth on well-being and the compensation landscape is becoming significantly elaborate. Businesses are continually presenting new benefits and payment choices, which contributes to the overall complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can cause inefficiencies and traffic jams. In my opinion, this does not need to hold true. In today's technologically advanced period, there's no justification for keeping troublesome procedures. Payroll, the business's most significant cost, must be processed properly and on time. Even slight delays can adversely impact staff members' well-being and have far-reaching effects. Therefore, it's vital to prioritize accurate and timely payments.
payroll group get um so I'm not exactly sure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it 'd be great to hear your success story and whether that's been from all employees or not um but ultimately payroll is such an essential cycle we all find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it's just a tick box workout and I believe that's how it's seen from the external consider as well um so yeah it's likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done properly so leveraging the first International Payments first payroll payment solution is a great initial step um providing an end-to-end payroll option for your workers internationally once again I believe is another big um process again aligning and guaranteeing you have standardization International processes all of those things are definitely essential to success success of businesses and reducing the variety of tools platforms and checking account they require for their International payroll too couldn't agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not expect 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 quite where they're meant to be um I do not think any of us are actually doing that for for the thanks
anyway we understand 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 involved in those procedures and likewise so imagine sorry I'm just I was just gon na state think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I'm sure we're speaking about numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I imply it 'd be interesting to see how many Post-it notes you got however it would definitely be an intriguing job attempting to clean all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that was the case um you 'd need days of the week to attempt to browse them and in fact see what was going on and kind of try to get back to everybody so moving on look why do business select to main separate checking account there are organizations out there doing exactly this for particular nations and I've worked in a service or numerous services doing precisely that I can say it does not constantly feel effective and it does produce more work I know we're not purposely doing that we're not producing additional work for anybody where we don't have to and anybody that's managing that process 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 think numerous reasons one is it's the requirement I believe individuals have got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it's not a requirement so I think it's just been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there's a range I believe this is a process that needs looking at it needs changing however eventually people are really stuck to what they recognize
with right um modification is a difficult thing we all do not like change um so I believe it's simply sort of moving far from the norm as we've said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having preserving multiple savings account however there's a big quantity of intricacy opts for establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it's established with the ideal user accesses for private individuals so the complexity is substantial but I believe the truthful response is change um individuals haven't been able to alter or haven't had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I think you've hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could practically be identified to be the next Century or two there is a lot to keep an eye on and this method does pose several challenges um so Johnny might you tell us about those difficulties yeah obviously so there's a range right there is so
I simply did you changed 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 International workers you are worthy of a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you
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