Find out more about Papaya Global Data Location ... We now have the ability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has obtained a separate Chief Financial Officer specifically dedicated to managing payments. This offers us with a safe and reputable method of making payments to our 10,000 employees worldwide.}
The advanced worldwide payroll management app simplifies my payroll procedure, saving me a considerable quantity of time every month. With its easy to use user interface, I have access to a single control panel that efficiently manages my payroll, EOR, and specialists.
The Employee Portal provides workers with the ability to gain access to and view essential documents such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile devices and is provided in various languages.
Advantages Administration
Papaya Global helps companies offer competitive advantages plans to global employees despite the variety of staff members in the business. The business can establish medical insurance, short-term and long-term special needs, vision, dental and maternity leave while getting rid of the need to source local benefits companies in every nation, develop regional accounts and have a minimum number of workers.
The HR abilities supplied by Worldwide HR incorporate various functions such as keeping track of holiday time, ensuring compliance, facilitating the process of welcoming new workers and bidding goodbye to departing ones, providing a protected online platform for saving employees' files, and supplying support for work allow procedures in case your workers require assistance because location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, workforce diversity, total work costs dispersed per area, total work costs per cycle and a lot more.
environments around the world I provided leadership and method to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll strategies for as Mark said I work across business handling and building external relationships supporting Business clients and services as well as serving as an advisor for those of you that don't understand who papaya International is papaya is the first payroll and payments
As an international business, we are honored to be included on the prestigious Time 100 list of the most prominent companies worldwide. We specialize in supplying payroll and workforce management services to employees in more than 160 nations. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, regardless of your place. It's a satisfaction to fulfill you and thank you for your valuable time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have focused on payroll and payment services for the past seven years. The complexities and obstacles of this field have actually always captivated me.
payroll payments and chose to kind of make a real go at that over the last 5 or six years where I've kind of had a range of various functions on the company side and likewise on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we'll simply provide everyone another number of uh well among 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 quite interesting and I can see it going on already simply to hear where everybody is um it's nice to to kind of like see where everyone originates from and I really do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it's not no it's it's drizzling here it's extremely really uninspiring and I wish I was elsewhere at this moment in time okay so let's get going our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies maintain separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we'll also go over a wrap-up which must leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more common and handling them ends up being more and more intricate International organizations are looking to find Solutions and new methods to simplify processes particularly from a payroll and cross-border payment standpoint lots of organizations keep different savings account just for payroll while some have several accounts in different nations does it make good sense for companies to keep different checking account often in various nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational business enhance the episode complex procedures of
making payroll payments properly efficiently firmly and on time during this webinar we'll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one country but when you're doing it worldwide it's next level and Beyond it ends up being complex for a variety of factors most importantly regulations compliance data security and banking guidelines then there are the large numbers they add more complexity the international Labor force is currently three and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the traditional payroll design there's typically an overwhelming variety of various systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or very extremely fundamental there's no real consistency framework we're residing in a period of tech but payroll has 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 simply blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that's another number that offers me sleep deprived nights and rather frankly the more an organization invests in international payroll the less of a photo they see a lack of visibility also reaches payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of international organizations have expressed that they don't have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors inadequately interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the data is delivered to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they count on the required numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they're making payments to employees or otherwise that's a good question I always throw this back and say what is it what doesn't need to be consisted of best and what does
it require 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 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 intricacy anywhere you look ideal eventually developing a knowledge base is definitely important however all over you look with payroll payment they resemble incredibly 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 think there's now a bit more acknowledgment that payroll payments are definitely essential and innovation is enabling us to type of move forward with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and finance groups work better together than ever um I'm always astonished when individuals state I've divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation 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 often 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 however also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on well-being and the compensation landscape is becoming progressively elaborate. Services are constantly presenting new advantages and payment choices, which adds to the general intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in ineffectiveness and bottlenecks. In my viewpoint, this doesn't have to hold true. In today's technologically innovative age, there's no justification for keeping troublesome treatments. Payroll, the business's biggest cost, should be processed correctly and on time. Even slight delays can adversely impact workers' well-being and have far-reaching repercussions. Therefore, it's important to focus on accurate and prompt payments.
payroll group get um so I'm not sure anyone on this sort of webinar has been told thank you for processing my payroll correctly if you have it 'd be fantastic to hear your success story and whether that's been from all staff members or not um however eventually payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it's just a tick box exercise and I believe 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 essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments very first payroll payment option is a fantastic primary step um providing an end-to-end payroll solution for your workers internationally once again I think is another big um process again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of businesses and minimizing the variety of tools platforms and bank accounts they require for their Worldwide payroll too couldn't agree with you more and on the the front in regards to of the thank yous for getting payroll done I've never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they're suggested to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand how how important a role 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 everybody that's involved in those procedures and also so envision sorry I'm simply I was simply gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we're discussing hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I mean it 'd be interesting to see how many Post-it notes you got but it would certainly be an intriguing job attempting to clean all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that held true um you 'd need days of the week to try to check out them and really see what was going on and sort of shot to return to everyone so moving on look why do companies select to main different bank accounts there are businesses out there doing precisely this for specific nations and I've operated in a business or numerous companies doing precisely that I can state it does not always feel effective and it does produce more work I understand we're not intentionally doing that we're not developing extra work for any person where we don't need to and anyone that's dealing with that process I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the amount that we are I think many factors one is it's the standard I believe people have actually got so utilized to we need a new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it's not a requirement so I think it's just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to contribute to that individuals 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 variety I believe this is a process that requires looking at it needs changing however eventually individuals are really stuck with what they're familiar
with best um modification is a challenging thing we all do not like modification um so I think it's just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having maintaining multiple checking account but there's a big amount of intricacy opts for establishing a checking account keeping it ensuring it can send International transfers ensuring it's established with the best user accesses for individual individuals so the complexity is huge however I think the truthful answer is modification um individuals haven't been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change however we have actually constantly 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 understand what might nearly be determined to be the next Century or so there is a lot to keep track of and this technique does present several difficulties um so Johnny could you tell us about those challenges yeah of course so there's a range right there is so
I just recently made a change to our Business 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 enhanced ability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your accomplishments.
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