Find out more about Papaya Global Backup Location ... We now have the capability to handle 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 managing payments. This offers us with a safe and dependable approach of making payments to our 10,000 staff members worldwide.}
The innovative worldwide payroll management app streamlines my payroll procedure, conserving me a considerable amount of time monthly. With its user-friendly user interface, I have access to a single dashboard that efficiently manages my payroll, EOR, and contractors.
The Employee Website provides workers with the capability to gain access to and view important files such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile phones and is offered in various languages.
Advantages Administration
Papaya Global helps companies use competitive benefits plans to international employees despite the number of workers in the company. The business can set up medical insurance, short-term and long-lasting impairment, vision, dental and maternity leave while eliminating the requirement to source regional advantages suppliers in every country, create regional accounts and have a minimum number of employees.
International HR Functionalities
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and immigration services if your employees need work permit assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, labor force diversity, overall employment costs dispersed per area, total work expenses per cycle and a lot more.
Worldwide, I have actually shown management and tactical knowledge in directing large-scale populations of over 100,000 staff members throughout 170 countries. Currently, I are accountable for managing payroll strategies, as mentioned by Mark. My function involves handling and developing external collaborations, supporting Enterprise customers, and providing advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments options provider.
company to make the time 100 list for a lot of influential companies worldwide we supply payroll payments and labor force management to all employee key ins over 160 countries I am pleased to state that we also have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning excellent afternoon great evening depending upon where you remain in the world it's beautiful to meet you and thank you very much 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 industry for over ten years and specifically working on the payroll and payment sector for over seven 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 5 or six years where I have actually sort of had a variety of different functions on the supplier side and likewise on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we'll just provide everyone another number of uh well one of 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 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 really 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 very really uninspiring and I wish I was elsewhere at this moment in time alright so let's start 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 preserve separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya International payroll payments as a tactical possession uh we'll also go over a recap and that ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more common and managing them becomes a growing number of intricate International companies are seeking to find Solutions and brand-new ways to simplify processes particularly from a payroll and cross-border payment standpoint numerous companies preserve different checking account just for payroll while some have several accounts in different countries does it make good sense for companies to keep separate savings account sometimes in different countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies enhance the episode complex processes of
Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for businesses running internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, discover how business forecast payroll expenses to enhance working capital, and discover how streamlining global payroll payments can transform them from a burdensome task into a strategic asset.
Managing payroll internationally is a challenging job due to different policies, compliance requirements, information security concerns, and banking guidelines. The large number of workers and services contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems often lead to manual procedures, data silos, and an absence of combination, resulting in disparities and inadequacies. Regardless of residing in an age of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to offer insights and options to streamline and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that's another number that provides me sleep deprived nights and rather frankly the more a service invests in international payroll the less of a picture they see an absence of visibility also reaches payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of global businesses have actually revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM information data entry mistakes improperly communicated hires and terminations along with lack management and system setups and then when you round it all off and the information is shipped to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don't run efficiently if they depend on the required numerous procedures 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 obstacles business 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 require to be consisted of best and what does
it require to be thought about there's differing Bank details so the length of an eye band a swift an account number routing code per country there's payment amount of time there's payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client's own in-country account so there's complexity any place you look ideal eventually building a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble extremely payments no if but some babies 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 acknowledgment that payroll payments are absolutely basic and innovation is allowing us to sort of move forward with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely important that payroll and finance groups work more detailed together than ever um I'm constantly impressed when individuals say I've split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more crucial to add to sort of the level of intricacy there's increasingly more advantages being organ or being used by companies throughout the world so once again you're simply looking to include increasingly more payments to this currently complex landscape so if you sort of got any experience well I'm from your large experience here and I make certain but have you got any experience in kind of real obstacles or genuine tough sort of pay utilizes to play to pay people I think yeah I imply 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 works um there are groups doing one part of the job there are teams feeding info into the next function as it were that's in fact managing the payment side of things however you know in in my viewpoint and my experience that doesn't always need to be the case you understand long gone are the times where we need to create additional handoffs at the same times that we operate in they just make them more timely they make them less effective and they do not make them what they require to be in in an era of tech and a period that you know that we are working in today there is no reason why we are still making this as difficult as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any organization has from a cost point of view from an impact point of view on workers it is definitely vital 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 need to be done right it has the greatest destructive result on individuals's well-being and many other aspects if individuals aren't paid uh I've always been astonished coming into this Market kind of the last 5 to ten years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it's from all staff members or not. Payroll is an essential cycle, and individuals just observe when things fail. However, when things go right, it's seen as simply a regular task. This is how it's perceived externally as well. Therefore, it is important to ensure that tasks like Wi-Fi Global and other important matters are done correctly. Using the first Global Payments very first payroll payment option is a fantastic initial step towards providing a comprehensive payroll solution for employees worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and bank accounts essential for global payroll are crucial factors in accomplishing company success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don't go as prepared. Ultimately, we don't do it for the appreciation.
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 simple as possible for everyone that's involved in those processes and likewise so imagine sorry I'm just I was just gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we're speaking about hundreds of thousands possibly Millions think of getting that many 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 interesting job trying to clean all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to browse them and actually see what was going on and kind of try to return to everyone so proceeding look why do companies select to main different checking account there are businesses out there doing exactly this for specific countries and I have actually worked in an organization or many organizations doing precisely that I can say it does not always feel efficient and it does produce more work I know we're not intentionally doing that we're not producing additional work for any person where we don't need to and anybody that's handling 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 think many factors one is it's the requirement I believe individuals have got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it's not a requirement so I believe it's just been the requirement and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other methods um to to sort of do it so I think there's a range I think this is a procedure that needs taking a look at it needs changing however eventually people are extremely stuck with what they recognize
with ideal um change is a challenging thing all of us do not like change um so I think it's just kind of moving far from the norm as we've said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining multiple bank accounts but there's a huge quantity of intricacy opts for establishing a bank account maintaining it ensuring it can send International transfers guaranteeing it's set up with the best user accesses for individual people so the intricacy is huge however I think the honest response is modification um individuals haven't been able to alter or have not had always the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you've struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we've always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century or so there is a lot to keep an eye on and this method does pose a number of challenges um so Johnny could you inform us about those challenges yeah obviously so there's a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your accomplishments.
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