Find out more about Papaya Global Demonstration ... 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 actually acquired a separate Chief Financial Officer specifically dedicated to handling payments. This supplies us with a protected and reputable method of paying to our 10,000 employees worldwide.}
The advanced worldwide payroll management app improves my payroll procedure, 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 professionals.
The Employee Portal supplies workers with the capability to access and view important documents such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile phones and is offered in various languages.
Advantages Administration
Papaya Global assists business provide competitive benefits packages to global workers despite the variety of staff members in the business. The business can establish health insurance, short-term and long-lasting special needs, vision, oral and maternity leave while getting rid of the requirement to source regional benefits companies in every nation, develop regional accounts and have a minimum variety of workers.
The HR capabilities supplied by Worldwide HR incorporate numerous functions such as monitoring getaway time, guaranteeing compliance, facilitating the procedure of inviting new employees and bidding farewell to leaving ones, providing a safe and secure online platform for storing employees' documents, and offering support for work allow procedures in case your staff members require support in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce costs, labor force variety, overall employment costs dispersed per location, total employment expenses per cycle and far more.
Internationally, I have shown leadership and tactical competence in guiding massive populations of over 100,000 employees throughout 170 countries. Currently, I am responsible for supervising payroll methods, as pointed out by Mark. My function includes handling and developing external partnerships, supporting Business customers, and supplying advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments services provider.
As a global company, we are honored to be consisted of on the prestigious Time 100 list of the most prominent business worldwide. We specialize in supplying payroll and workforce management services to workers in more than 160 countries. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your area. It's a pleasure to fulfill 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 decade of experience in the payments industry, I have focused on payroll and payment solutions for the past seven years. The intricacies and difficulties of this field have always captivated me.
payroll payments and chose to kind of make a real go at that over the last five or 6 years where I've sort of had a variety of different roles on the company side and also on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we'll simply give everyone another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we'll sort of let them do that so it 'd be rather fascinating and I can see it going on already just to hear where everyone is um it's nice to to kind of like see where everyone comes from and I truly 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 drizzling here it's extremely really gloomy and I wish I was somewhere else at this moment in time fine so let's get started our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we'll likewise go over a recap which needs to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more typical and handling them becomes more and more complex Global companies are seeking to find Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment viewpoint many companies maintain separate savings account just for payroll while some have multiple accounts in different countries does it make good sense for companies to preserve separate bank accounts in some cases in different countries it does however just for payroll exists a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business improve the episode complex processes of
making payroll payments properly effectively securely and on time during this webinar we'll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one country however when you're doing it worldwide it's next level and Beyond it ends up being intricate for a variety of reasons most importantly regulations compliance information security and banking guidelines then there are the large numbers they include further complexity the international Workforce is currently three and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the world in the traditional payroll model there's typically an overwhelming variety of different systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or very extremely fundamental there's no real consistency framework we're living in an era 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 believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that's another number that provides me sleep deprived nights and rather honestly the more a company invests in global payroll the less of an image they see an absence of presence likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global companies have actually revealed that they don't have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors improperly communicated hires and terminations as well as lack management and system configurations and after that when you round everything off and the data is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don't run efficiently if they rely on the necessary 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 challenges company face when they're paying to staff members or otherwise that's a good concern I constantly throw this back and say what is it what doesn't need to be included best and what does
it require 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 time frames there's payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer's own in-country account so there's complexity wherever you look ideal ultimately building a knowledge base is definitely critical but all over you look with payroll payment they are like very payments no if but some children 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 recognition that payroll payments are absolutely fundamental and innovation is permitting us to kind of move on with that it also as well to contribute to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely crucial that payroll and financing teams work more detailed together than ever um I'm constantly surprised when individuals state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work 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 ultimately it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more essential to contribute to type of the level of complexity there's a growing number of advantages being organ or being offered by companies across the world so again you're simply wanting to include more and more payments to this already intricate landscape so if you type 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 genuine difficulties or real tough sort of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of decades I would definitely state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding information into the next function as it were that's in fact managing the payment side of things however you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we need to create additional handoffs at the same times that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason why we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from a cost perspective from an impact point of view on staff members it is definitely critical that it's done properly and on time so what we mean 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 detrimental effect on people's wellness and many other aspects if individuals aren't paid uh I have actually constantly been surprised entering this Market kind of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it's from all workers or not. Payroll is a crucial cycle, and people only observe 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. Therefore, it is essential to guarantee that tasks like Wi-Fi International and other important matters are done properly. Utilizing the very first Global Payments first payroll payment solution is a terrific initial step towards supplying a comprehensive payroll service for employees worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and savings account essential for worldwide payroll are essential consider accomplishing business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things don't go as prepared. Ultimately, we do not do it for the thankfulness.
anyhow we know how how essential a function 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 everybody that's associated with those procedures and also so imagine sorry I'm simply I was just gon na say think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I'm sure we're discussing hundreds of thousands possibly Millions imagine getting that lots of thank you keeps in mind um I indicate it 'd be interesting to see how many Post-it notes you got but it would certainly be a fascinating task trying to clean up 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 look through them and really see what was going on and sort of shot to return to everyone so moving on look why do business pick to primary separate checking account there are services out there doing exactly this for specific nations and I have actually worked in a business or numerous organizations doing precisely that I can say it doesn't always feel efficient and it does develop more work I know we're not deliberately doing that we're not creating additional work for any person where we do not need to and anybody that's dealing with that process I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the quantity that we are I believe numerous factors one is it's the requirement I think people have actually got so utilized to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it's not a requirement so I believe it's simply been the requirement and the norm the people have embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there's a range I believe this is a process that requires looking at it requires changing however eventually individuals are very stuck with what they recognize
with ideal um modification is a hard thing we all don't like modification um so I think it's simply kind of moving far from the standard as we've said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having maintaining several checking account but there's a substantial quantity of complexity chooses setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it's established with the ideal user accesses for individual people so the intricacy is substantial but I think the truthful answer is modification um individuals have not been able to change or haven't had always the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you've hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we've always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century or so there is a lot to keep track of and this approach does posture several challenges um so Johnny might you tell us about those difficulties yeah of course so there's a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments.
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