Find out more about Papaya Global Business Cloud ... We now have the ability to handle both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has acquired a different Chief Financial Officer specifically devoted to handling payments. This supplies us with a secure and reputable technique of paying to our 10,000 staff members worldwide.}
The innovative international payroll management app streamlines my payroll procedure, conserving me a substantial quantity of time monthly. With its easy to use user interface, I have access to a single dashboard that effectively manages my payroll, EOR, and contractors.
The Worker Website provides employees with the capability to access and view important files such as pay slips, wage and tax statements, and work records. This portal is accessible on both desktop and mobile phones and is offered in numerous languages.
Benefits Administration
Papaya Global helps business offer competitive advantages plans to global employees despite the number of staff members in the business. The business can establish health insurance, short-term and long-lasting impairment, vision, dental and maternity leave while removing the requirement to source regional advantages service providers in every country, create local accounts and have a minimum variety of employees.
The HR capabilities provided by Worldwide HR encompass numerous functions such as keeping track of trip time, ensuring compliance, facilitating the process of welcoming new staff members and bidding goodbye to leaving ones, offering a secure online platform for keeping workers' files, and supplying assistance for work permit procedures in case your employees require support because area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, workforce variety, overall employment expenses distributed per place, overall work costs per cycle and a lot more.
environments across the globe I offered leadership and strategy to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll techniques for as Mark said I work throughout business handling and structure external relationships supporting Enterprise customers and services as well as acting as a consultant for those of you that don't know who papaya Global is papaya is the very first payroll and payments
As a global company, we are honored to be consisted of on the distinguished Time 100 list of the most influential companies worldwide. We focus on supplying payroll and labor force management services to workers in more than 160 nations. I am delighted to present Johnny Nash, as discussed by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your location. It's a pleasure to satisfy you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have actually concentrated on payroll and payment services for the past seven years. The complexities and difficulties of this field have actually constantly mesmerized me.
payroll payments and chose to sort of make a genuine go at that over the last 5 or 6 years where I have actually sort of had a range of various functions on the service provider side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll just offer everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we'll type of let them do that so it 'd be rather interesting and I can see it going on already simply to hear where everybody is um it's nice to to type of like see where everybody originates from and I really 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 really dreary and I want I was somewhere else at this moment in time alright so let's begin our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business maintain separate
Virtual payroll accounts are an alternative to traditional bank accounts for handling payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely and on time throughout this webinar we'll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in sufficient in one country but when you're doing it internationally it's next level and Beyond it ends up being complicated for a variety of reasons most significantly regulations compliance data security and banking rules then there are the sheer numbers they include more complexity the international Workforce is presently 3 and a half billion people by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll model there's frequently a frustrating number of various systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or really extremely basic there's no real consistency framework we're living in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that's another number that offers me sleep deprived nights and rather honestly the more a service invests in international payroll the less of an image they see an absence of presence also reaches payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of global organizations have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes poorly interacted hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is delivered to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they depend on the essential multiple 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 business face when they're making payments to employees or otherwise that's a good question I constantly toss this back and state what is it what does not require to be included right and what does
it need to be thought about 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 capabilities 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 ideal eventually building a knowledge base is absolutely vital however all over you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 absolutely essential and technology is allowing us to kind of move forward with that it likewise too to add to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely vital that payroll and finance teams work closer together than ever um I'm constantly amazed when people state I have actually divided payroll and payment um if you stroll 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 a market accept that why our payroll and payments so frequently 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 people wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the settlement landscape is becoming significantly intricate. Services are continuously presenting new benefits and payment options, which contributes to the total complexity. Large corporations often divide their payroll and payment processing into different teams, which can cause inefficiencies and bottlenecks. In my opinion, this does not need to hold true. In today's highly innovative era, there's no reason for maintaining troublesome procedures. Payroll, the company's greatest expense, need to be processed properly and on time. Even small delays can negatively affect workers' well-being and have far-reaching consequences. For that reason, it's vital to focus on precise and timely payments.
The payroll team might not have 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 employees or not. Payroll is a crucial cycle, and people only notice when things fail. However, when things go right, it's viewed as just a routine job. This is how it's perceived externally as well. Therefore, it is essential to make sure that tasks like Wi-Fi Global and other important matters are done correctly. Using the first Global Payments first payroll payment service is a terrific initial action towards supplying a comprehensive payroll option for employees worldwide. Standardization, global processes, and lowering the number of tools, platforms, and bank accounts required for worldwide payroll are essential consider attaining business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things don't go as planned. Eventually, we do not do it for the appreciation.
anyhow 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 simple as possible for everyone that's involved in those procedures and also so picture sorry I'm just I was just gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we're talking about hundreds of thousands potentially Millions imagine getting that many thank you notes um I imply it 'd be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean all those up for sure oh absolutely I can't think of 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 kind of shot to return to everybody so moving on look why do business select to main different checking account there are businesses out there doing exactly this for particular countries and I've operated in an organization or numerous businesses doing precisely that I can say it does not always feel efficient and it does produce more work I understand we're not intentionally doing that we're not developing extra work for anybody where we don't need to and any person that's managing 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 amount that we are I believe lots of reasons one is it's the requirement I think individuals have actually got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it's not a requirement so I believe it's simply been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there's a variety I believe this is a process that needs taking a look at it requires altering but eventually people are really stuck to what they're familiar
with right um change is a difficult thing we all do not like change um so I think it's simply type of moving away from the standard as we've said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having keeping multiple bank accounts however there's a substantial quantity of complexity goes with establishing a checking account preserving it ensuring it can send International transfers guaranteeing it's established with the best user accesses for individual individuals so the complexity is huge but I think the truthful answer is modification um individuals haven't had the ability to change or haven't had always the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might nearly be figured out to be the next Century or two there is a lot to monitor and this method does present several challenges um so Johnny could you tell us about those obstacles yeah obviously so there's a variety 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 Global employees you should have a corner office 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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