Find out more about Papaya Global Backup File Extension ... We now have the ability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has obtained a different Chief Financial Officer particularly devoted to handling payments. This offers us with a safe and reliable approach of making payments to our 10,000 employees worldwide.}
the BEST global payroll managment app, saves me hours of time monthly, one single dashboard for my payroll, EOR and specialists
The Worker Website offers staff members with the capability to gain access to and view essential files such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile devices and is used in various languages.
Advantages Administration
Papaya Global assists business offer competitive advantages bundles to worldwide employees regardless of the number of employees in the company. The business can set up health insurance, short-term and long-lasting disability, vision, dental and maternity leave while removing the requirement to source regional benefits service providers in every nation, produce regional accounts and have a minimum variety of employees.
The HR capabilities offered by Worldwide HR incorporate numerous functions such as monitoring vacation time, making sure compliance, helping with the procedure of inviting brand-new employees and bidding goodbye to departing ones, using a safe and secure online platform for storing workers' files, and providing assistance for work allow procedures in case your staff members need support because area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, labor force diversity, overall work expenses distributed per area, total employment costs per cycle and far more.
environments around the world I provided leadership and technique to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll methods for as Mark said I work across the business handling and building external relationships supporting Enterprise clients and solutions as well as acting as an advisor for those of you that do not understand who papaya Worldwide is papaya is the very first payroll and payments
As a global company, we are honored to be consisted of on the prominent Time 100 list of the most prominent business worldwide. We specialize in offering payroll and workforce management services to workers in more than 160 countries. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny present himself. Good day to all, regardless of your location. It's a satisfaction to meet 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 years of experience in the payments industry, I have concentrated on payroll and payment options for the past 7 years. The complexities and difficulties of this field have actually constantly captivated me.
payroll payments and decided to type of make a genuine go at that over the last five or six years where I have actually sort of had a variety of various roles on the supplier side and likewise on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we'll simply provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days so we'll kind of let them do that so it 'd be rather 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 everybody originates from and I truly do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it's not no it's it's raining here it's extremely very dreary and I want I was elsewhere at this moment in time all right so let's get going our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical possession uh we'll likewise discuss a wrap-up which needs to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of typical and handling them becomes increasingly more complex Global organizations are aiming to find Solutions and brand-new ways to streamline processes specifically from a payroll and cross-border payment standpoint lots of organizations maintain separate bank account just for payroll while some have numerous accounts in different nations does it make good sense for companies to maintain separate savings account often in various countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies streamline the episode complex processes of
Making sure precise, efficient, and timely payroll payments is a complex obstacle for services running globally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to enhance working capital, and find how improving global payroll payments can transform them from a troublesome task into a tactical property.
Handling payroll internationally is an overwhelming job due to various policies, compliance requirements, information security concerns, and banking guidelines. The sheer variety of employees and services adds to the complexity, with an approximated 3.5 billion people in the international workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and an absence of integration, causing inconsistencies and ineffectiveness. Despite residing in an era of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to supply insights and options 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 services state they have Workforce data in real time that's another number that offers me sleepless nights and rather honestly the more a business invests in worldwide payroll the less of a photo they see an absence of presence also extends to payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide services have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes badly interacted hires and terminations as well as lack management and system configurations and after that when you round all of it off and the information is delivered to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don't run efficiently if they count on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they're making payments to employees or otherwise that's a great question I constantly throw this back and say what is it what does not require to be included ideal and what does
it need to be considered there's varying Bank information so the length of an eye band a swift an account number routing code per nation there's payment timespan there's payment abilities 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 client's own in-country account so there's complexity any place you look best eventually developing a knowledge base is definitely vital but 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 sort of link in 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 innovation is permitting us to kind of progress with that it also too to contribute to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely important that payroll and finance teams work better together than ever um I'm always astonished when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't work in the payroll profession would they divide 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 eventually it's payroll is an end-to-end process it's the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more essential to add to sort of the level of intricacy there's increasingly more advantages being organ or being used by businesses throughout the world so again you're simply wanting to add increasingly more payments to this currently intricate landscape so if you type of got any experience well I'm from your huge experience here and I make sure but have you got any experience in kind of genuine challenges or genuine challenging kind of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would absolutely state that the larger a service 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 teams feeding details into the next function as it were that's really handling the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to develop extra handoffs in the processes that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any service has from an expense point of view from an effect point of view on workers it is definitely 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 greatest detrimental impact on individuals's well-being and numerous other factors if people aren't paid uh I have actually constantly been amazed coming into this Market sort of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it's from all workers or not. Payroll is an important cycle, and individuals just see when things go wrong. However, when things go right, it's seen as simply a routine job. This is how it's perceived externally also. For that reason, it is important to make sure that jobs like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the first International Payments very first payroll payment service is a great preliminary step towards supplying an extensive payroll service for employees worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and checking account required for global payroll are crucial factors in achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things do not go as prepared. Ultimately, we don't do it for the gratitude.
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 easy as possible for everybody that's involved in those processes and likewise so envision sorry I'm just I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I'm sure we're discussing numerous thousands potentially Millions picture getting that numerous thank you notes um I imply it 'd be interesting to see how many Post-it notes you got however it would definitely be a fascinating job attempting to clean all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that held true um you 'd require days of the week to try to browse them and in fact see what was going on and type of try to return to everyone so moving on appearance why do companies choose to main separate bank accounts there are services out there doing exactly this for particular countries and I have actually worked in a company or many services doing precisely that I can say it doesn't always feel efficient and it does create more work I understand we're not deliberately doing that we're not creating extra work for any person where we don't need to and any person that's dealing with 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 amount that we are I believe lots of reasons one is it's the standard I believe people have got so used to we need a new savings account we open an entity and appropriately so you need it for payroll functions but 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 gone past to contribute to that people have 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 think this is a procedure that requires taking a look at it requires altering however ultimately people are really stuck to what they recognize
with right um change is a difficult thing all of us do not like modification um so I think it's simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving several savings account but there's a substantial amount of intricacy opts for setting up a bank account preserving it ensuring it can send International transfers guaranteeing it's set up with the ideal user accesses for specific individuals so the intricacy is huge but I think the sincere answer is modification 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 savings account I believe you've hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we've always 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 know what could practically be determined to be the next Century or so there is a lot to keep an eye on and this technique does pose numerous obstacles um so Johnny might you tell us about those difficulties yeah naturally so there's a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your achievements.
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