Find out more about Papaya Global Cost Of Net Payments ... We now have the capability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has actually acquired a different Chief Financial Officer particularly committed to handling payments. This supplies us with a protected and dependable method of making payments to our 10,000 staff members worldwide.}
The cutting-edge worldwide payroll management app simplifies my payroll process, saving me a substantial amount of time each month. With its user-friendly interface, I have access to a single control panel that efficiently manages my payroll, EOR, and specialists.
Worker Portal
Staff members have access to a Worker Website where they can see their pay slips, wage and tax statements and employment documents. The website is readily available in numerous languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global helps business offer competitive advantages plans to worldwide staff members regardless of the variety of workers in the business. The company can establish health insurance, short-term and long-term special needs, vision, dental and maternity leave while eliminating the need to source local benefits suppliers in every country, create regional accounts and have a minimum number of employees.
Worldwide HR Performances
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and immigration services if your staff members need work permit help.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, workforce variety, total work costs dispersed per area, overall work expenses per cycle and much more.
environments across the globe I provided leadership and strategy to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll techniques for as Mark stated I work throughout the business managing and structure external relationships supporting Business clients and services along with functioning as a consultant for those of you that do not understand who papaya Worldwide is papaya is the first payroll and payments
As a worldwide company, we are honored to be consisted of on the prominent Time 100 list of the most prominent companies worldwide. We concentrate on providing payroll and workforce management services to staff members in more than 160 countries. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your location. It's a satisfaction to satisfy you and thank you for your important time. As Ian discussed, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments industry, I have concentrated on payroll and payment services for the past seven years. The intricacies and obstacles of this field have always captivated me.
payroll payments and chose to kind of make a real go at that over the last 5 or 6 years where I've kind of had a variety of different functions on the company side and likewise on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we'll just give everybody another couple 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 quite fascinating and I can see it going on currently just to hear where everyone is um it's nice to to kind 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 sunlight is it it's not no it's it's raining here it's really extremely dreary and I wish I was elsewhere at this moment in time okay so let's begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies keep separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we'll likewise discuss a wrap-up which needs to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more common and handling them becomes a growing number of complex Worldwide companies are looking to find Solutions and new methods to simplify procedures especially from a payroll and cross-border payment standpoint numerous companies keep different savings account just for payroll while some have multiple accounts in different countries does it make good sense for companies to maintain separate savings account in some cases in different nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business streamline the episode complex procedures of
Making sure precise, effective, and prompt payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to optimize working capital, and find how simplifying worldwide payroll payments can change them from a challenging job into a tactical possession.
Handling payroll globally is a difficult task due to different regulations, compliance requirements, data security issues, and banking rules. The large variety of staff members and services contributes to the complexity, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically lead to manual processes, information silos, and an absence of integration, causing inconsistencies and inadequacies. Regardless of residing in a period of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to supply insights and solutions to streamline and enhance international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that's another number that gives me sleep deprived nights and rather honestly the more an organization spends on international payroll the less of a picture they see a lack of visibility also reaches payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide organizations have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes improperly interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the information is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they rely on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties business face when they're making payments to workers or otherwise that's a good concern I always throw this back and state what is it what does not need to be included right and what does
it require to be thought of there's differing Bank details so the length of an eye band a swift an account number routing code per country 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 intricacy anywhere you look right eventually building a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble very payments no if but some babies 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 believe there's now a bit more recognition that payroll payments are absolutely basic and innovation is allowing us to kind of progress with that it also too to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely important that payroll and financing teams work closer together than ever um I'm always surprised when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high worth on wellness and the compensation landscape is becoming increasingly intricate. Organizations are continuously introducing brand-new advantages and payment alternatives, which contributes to the total complexity. Big corporations typically divide their payroll and payment processing into different groups, which can cause inadequacies and traffic jams. In my viewpoint, this doesn't have to be the case. In today's technologically innovative age, there's no validation for maintaining cumbersome procedures. Payroll, the company's most significant cost, must be processed properly and on time. Even slight delays can adversely affect workers' well-being and have far-reaching consequences. Therefore, it's crucial to focus on accurate and timely payments.
payroll group get um so I'm uncertain anyone on this kind 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 workers or not um but eventually payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it's simply a tick box exercise 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 things is definitely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment option is a fantastic initial step um offering an end-to-end payroll option for your workers internationally once again I think is another huge um process once again aligning and guaranteeing you have standardization International procedures all of those things are definitely key to success success of businesses and minimizing the variety of tools platforms and savings account they need for their Worldwide 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've never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they're suggested to be um I do not think any of us are really doing that for for the thanks
anyhow we understand how how important 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 processes and also so imagine sorry I'm simply I was simply gon na say envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we're discussing hundreds of thousands potentially Millions think of getting that numerous thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh definitely I can't picture the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to browse them and really see what was going on and sort of try to get back to everyone so moving on appearance why do companies select to primary different bank accounts there are companies out there doing exactly this for particular countries and I have actually worked in an organization or numerous organizations doing exactly that I can say it does not always feel effective and it does create more work I know we're not intentionally doing that we're not developing extra work for any person where we don't have to and any person that's handling that process 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 think lots of reasons one is it's the standard I think individuals have actually got so utilized to we require a 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 think it's simply been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there's a range I believe this is a process that requires looking at it requires altering but ultimately people are extremely stuck to what they recognize
with right um modification is a hard thing we all do not like modification um so I think it's just sort of moving far from the standard as we've said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having preserving numerous bank accounts however there's a huge amount of complexity goes with setting up a savings account keeping it ensuring it can send International transfers guaranteeing it's established with the right user accesses for specific people so the intricacy is huge however I believe the sincere response is change um people haven't been able to alter or haven't had necessarily the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you've struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we have actually always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might almost be identified to be the next Century or two there is a lot to keep an eye on and this technique does present several difficulties um so Johnny could you inform us about those challenges yeah of course so there's a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this improved capability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements.
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