Find out more about Papaya Global Average Number Of Employees Report ... 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 acquired a separate Chief Financial Officer specifically committed to managing payments. This provides us with a protected and reliable approach of making payments to our 10,000 employees worldwide.}
The innovative global payroll management app improves my payroll procedure, saving me a considerable quantity of time monthly. With its easy to use interface, I have access to a single dashboard that effectively handles my payroll, EOR, and specialists.
The Worker Website supplies workers with the ability to access and view important documents such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile phones and is provided in various languages.
Advantages Administration
Papaya Global assists business provide competitive benefits packages to international staff members despite the number of staff members in the business. The business can establish health insurance, short-term and long-term special needs, vision, oral and maternity leave while removing the requirement to source local benefits companies in every country, produce local accounts and have a minimum number of workers.
Worldwide HR Performances
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your workers need work permit assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, labor force variety, overall work expenses distributed per area, total employment expenses per cycle and a lot more.
environments around the world I offered management and method 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 Business customers and services in addition to serving as a consultant for those of you that do not know who papaya Global is papaya is the very first payroll and payments
company to make the time 100 list for many prominent companies worldwide we provide payroll payments and labor force management to all staff member types in over 160 nations I am pleased to say 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 good evening depending upon where you remain in the world it's beautiful to fulfill 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 have actually remained in the payments industry for over 10 years and specifically dealing with the payroll and payment sector for over 7 years um I was interested by the intricacy the difficulty in all of the above of
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 variety of various roles on the company side and likewise on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we'll just provide everyone another couple of uh well among the 30 seconds or two 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 interesting and I can see it going on already just to hear where everyone is um it's nice to to sort of like see where everybody comes from and I actually do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it's not no it's it's raining here it's extremely really bleak and I wish I was somewhere else at this moment in time all right so let's start our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business maintain separate
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping different checking account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and prompt payroll payments is a complex difficulty for services running internationally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll savings account, find out how companies anticipate payroll costs to optimize working capital, and discover how streamlining international payroll payments can transform them from a difficult task into a tactical property.
Handling payroll internationally is an overwhelming job due to different guidelines, compliance requirements, information security concerns, and banking guidelines. The large number of workers and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems frequently lead to manual processes, data silos, and an absence of integration, causing disparities and inadequacies. Regardless of residing in an era of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to supply insights and solutions to simplify and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that's another number that gives me sleep deprived nights and rather frankly the more a business invests in international payroll the less of a picture they see a lack of presence also extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal nearly half of global services have actually expressed that they don't have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors poorly interacted hires and terminations along with absence management and system setups and then when you round it all off and the information is delivered to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they rely 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 requires to be factored into the difficulties service face when they're making payments to employees or otherwise that's a good concern I always toss this back and state what is it what doesn't require to be consisted of right and what does
it need to be considered there's differing Bank details so the length of an eye band a swift an account number routing code per country 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 have to pay from the consumer's own in-country account so there's complexity anywhere you look ideal ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to type of progress with that it likewise as well to add to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely essential that payroll and finance groups work better together than ever um I'm constantly astonished when individuals state I've split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't work in the payroll profession would they split the payroll payment from computation 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 ultimately it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of important to contribute to kind of the level of complexity there's more and more benefits being organ or being provided by services across the world so once again you're simply seeking to add more and more payments to this already complicated landscape so if you type of got any experience well I'm from your huge experience here and I'm sure however have you got any experience in kind of real difficulties or real tough type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding info into the next function as it were that's in fact handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason that we are still making this as tough as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any company has from a cost perspective from an impact perspective on staff members it is definitely crucial that it's done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest detrimental result on people's well-being and numerous other elements if individuals aren't paid uh I have actually always been surprised coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I'm not sure anybody on this type of webinar has been told thank you for processing my payroll correctly if you have it 'd be excellent to hear your success story and whether that's been from all staff members or not um however ultimately payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it fails but 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 likewise like why WI-Fi Global why all of this things is absolutely important that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a terrific first step um providing an end-to-end payroll solution for your staff members internationally once again I believe is another huge um procedure again aligning and guaranteeing you have standardization International procedures all of those things are absolutely essential to success success of services and reducing the number of tools platforms and checking account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I've never had a hundred thousand of 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 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 crucial a function 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 simple as possible for everyone that's associated with those processes and also so envision sorry I'm just I was simply gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we're speaking about hundreds of thousands potentially Millions think of getting that many thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got however it would certainly be an intriguing job 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 need days of the week to try to check out them and really see what was going on and type of shot to return to everybody so moving on look why do business select to primary separate bank accounts there are services out there doing exactly this for particular nations and I've worked in an organization or lots of companies doing exactly that I can say it doesn't always feel efficient and it does create more work I know we're not intentionally doing that we're not creating additional work for anyone where we don't need to and anybody that's managing 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 quantity that we are I believe many factors one is it's the requirement I believe people have got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it's not a requirement so I think it's simply been the requirement and the norm the people have actually adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to type of do it so I believe there's a variety I believe this is a procedure that needs looking at it requires changing however eventually people are extremely stuck with what they're familiar
with right um change is a tough thing all of us do not like change um so I think it's simply kind of moving far from the standard 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 maintaining multiple bank accounts however there's a big amount of intricacy opts for setting up a bank account preserving it ensuring it can send out International transfers ensuring it's set up with the right user accesses for private individuals so the complexity is substantial however I think the honest answer is modification um individuals have not had the ability to alter or haven't had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you've hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century approximately there is a lot to keep track of and this method does pose several obstacles um so Johnny might you tell us about those difficulties yeah of course so there's a range 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's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you should have a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you
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