Find out more about Papaya Global Down ... We now have the capability to manage both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually obtained a separate Chief Financial Officer specifically devoted to handling payments. This supplies us with a secure and trusted approach of making payments to our 10,000 staff members worldwide.}
the BEST international payroll managment app, saves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and specialists
The Worker Website offers workers with the ability to gain access to and view essential documents such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile devices and is provided in numerous languages.
Benefits Administration
Papaya Global helps companies use competitive benefits packages to global staff members no matter the variety of workers in the company. The business can establish medical insurance, short-term and long-lasting special needs, vision, dental and maternity leave while removing the requirement to source local benefits providers in every nation, produce regional accounts and have a minimum variety of staff members.
The HR capabilities supplied by International HR incorporate numerous functions such as monitoring getaway time, making sure compliance, assisting in the procedure of inviting new staff members and bidding goodbye to leaving ones, using a protected online platform for storing employees' documents, and providing support for work permit treatments in case your staff members need support in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, labor force variety, overall work costs distributed per area, total employment 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 strategies for as Mark said I work throughout the business managing and structure external relationships supporting Business customers and options along with serving as a consultant for those of you that do not know who papaya Global is papaya is the first payroll and payments
company to make the time 100 list for a lot of influential business worldwide we supply payroll payments and labor force management to all worker enters over 160 nations I am pleased to state that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to present yourself naturally thank you good morning great afternoon great night depending on where you remain in the world it's charming to meet you and thank you very much for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've been in the payments industry for over ten years and particularly dealing with the payroll and payment sector for over seven years um I was fascinated by the intricacy the problem in all of the above of
payroll payments and chose to type of make a genuine go at that over the last five or six years where I've type of had a range of different roles on the company side and likewise on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll simply provide everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we'll kind of let them do that so it 'd be rather intriguing 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 everybody originates from and I actually 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 very very uninspiring and I wish I was somewhere else at this moment in time alright so let's start our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies preserve separate
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently safely and on time during this webinar we'll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in enough in one nation however when you're doing it internationally it's next level and Beyond it ends up being complicated for a range of factors most importantly regulations compliance information security and banking rules then there are the large numbers they add further complexity the global 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 factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll model there's frequently an overwhelming number of various systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in big quantities and or very really standard there's no real consistency structure we're residing in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that's another number that gives me sleepless nights and quite frankly the more a service spends on 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 result in compliance mishaps in the last mile of the transaction nearly half of global businesses have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors badly communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the information is shipped to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they rely on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles business face when they're paying to employees or otherwise that's an excellent question I constantly throw this back and say what is it what doesn't need to be consisted of best and what does
it require to be considered there's varying Bank details so the length of an eye band a swift an account number routing code per nation there's payment time frames 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 consumer's own in-country account so there's intricacy anywhere you look right ultimately developing a knowledge base is definitely crucial but all over you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 absolutely essential and technology is allowing us to kind of move forward with that it likewise also to add to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work closer together than ever um I'm always impressed when individuals say I've divided payroll and payment um if you walk 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 eventually it's payroll is an end-to-end process it's the point of information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on well-being and the settlement landscape is becoming progressively intricate. Services are continuously presenting new advantages and payment choices, which contributes to the overall complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can result in inefficiencies and traffic jams. In my opinion, this does not have to hold true. In today's technologically sophisticated age, there's no validation for keeping cumbersome treatments. Payroll, the business's most significant cost, need to be processed correctly and on time. Even small delays can adversely impact workers' well-being and have significant consequences. Therefore, it's critical to focus on accurate and timely payments.
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it's from all staff members or not. Payroll is an essential cycle, and individuals only notice when things fail. Nevertheless, when things go right, it's viewed as just a regular task. This is how it's viewed externally too. Therefore, it is important to ensure that jobs like Wi-Fi Global and other vital matters are done properly. Using the first Global Payments very first payroll payment solution is a great initial step towards offering a comprehensive payroll solution for staff members worldwide. Standardization, global processes, and lowering the number of tools, platforms, and savings account required for worldwide payroll are key consider accomplishing organization success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things don't go as prepared. Eventually, we don't do it for the appreciation.
anyway we understand 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 everyone that's involved in those processes and also so imagine sorry I'm simply I was just gon na state envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we're talking about numerous thousands possibly 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 absolutely be a fascinating task attempting to clean up all those up for sure oh absolutely I can't picture the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to browse them and actually see what was going on and kind of shot to return to everybody so proceeding look why do business select to main different bank accounts there are organizations out there doing exactly this for specific nations and I have actually operated in an organization or lots of companies doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we're not intentionally doing that we're not developing additional work for anyone where we do not need to and anybody that's managing 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 quantity that we are I believe numerous factors one is it's the standard I think individuals have actually got so used to we need a new savings account we open an entity and rightly so you need it for payroll functions 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 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 type of do it so I believe there's a range I think this is a procedure that needs looking at it needs changing but ultimately individuals are extremely stuck to what they're familiar
with best um modification is a difficult thing all of us don't like modification um so I think it's simply type of moving away from the norm as we've said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having preserving multiple bank accounts but there's a substantial quantity of complexity goes with setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it's established with the ideal user accesses for individual individuals so the complexity is huge however I think the sincere response is change um people have not had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I believe you've struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we've always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep track of and this technique does present a number of difficulties um so Johnny could you tell us about those obstacles yeah naturally so there's a range right there is so
I just 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 feels like our CFO has gained another CFO, and with this improved capability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments.
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