Find out more about Papaya Global Ebanking Greyed Out ... We now have the capability to manage both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has obtained a different Chief Financial Officer specifically committed to handling payments. This supplies us with a safe and trustworthy approach of paying to our 10,000 employees worldwide.}
The advanced global payroll management app improves my payroll procedure, saving me a considerable amount of time every month. With its easy to use interface, I have access to a single control panel that efficiently handles my payroll, EOR, and professionals.
The Employee Portal provides workers with the ability to access and view crucial documents such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile phones and is provided in numerous languages.
Benefits Administration
Papaya Global assists business provide competitive benefits plans to global staff members despite the number of employees in the company. The business can set up medical insurance, short-term and long-term impairment, vision, oral and maternity leave while removing the need to source local advantages providers in every country, develop regional accounts and have a minimum variety of employees.
The HR abilities supplied by International HR incorporate numerous functions such as monitoring trip time, making sure compliance, helping with the procedure of inviting brand-new employees and bidding farewell to leaving ones, using a safe and secure online platform for keeping workers' files, and offering assistance for work permit treatments in case your employees require assistance in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force spending, workforce variety, total work costs dispersed per place, total work expenses per cycle and far more.
environments across the globe I offered management and technique to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll techniques for as Mark said I work across the business managing and structure external relationships supporting Business customers and options as well as acting as a consultant for those of you that don't know who papaya Worldwide is papaya is the very first payroll and payments
business to make the time 100 list for the majority of influential business on the planet we offer payroll payments and labor force management to all staff member key ins over 160 countries I am pleased to state that we also have as Mark said Johnny Nash with us today Johnny would you like to present yourself naturally thank you good morning great afternoon good evening depending upon where you are in the world it's charming to fulfill you and thank you quite for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I have actually been in the payments market for over 10 years and particularly dealing with the payroll and payment sector for over seven years um I was interested by the intricacy the difficulty in all of the above of
payroll payments and decided to sort of make a genuine go at that over the last five or six years where I have actually kind of had a range of various functions on the service provider side and also on the vendor 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 just offer everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we'll type of let them do that so it 'd be rather interesting and I can see it going on already just to hear where everyone is um it's nice to to sort of like see where everybody originates from and I actually do hope it's much sunnier than it is 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 dreary and I wish I was somewhere else at this moment in time fine 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 business preserve different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we'll also discuss a recap and that must leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more common and handling them becomes increasingly more intricate International companies are looking to discover Solutions and new ways to enhance procedures especially from a payroll and cross-border payment viewpoint numerous organizations keep different checking account just for payroll while some have several accounts in different countries does it make sense for companies to maintain different bank accounts in some cases in various countries it does but just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies improve the episode complex procedures of
making payroll payments accurately efficiently safely and on time during this webinar we'll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one nation but when you're doing it worldwide it's next level and Beyond it ends up being complex for a range of factors most notably policies compliance data security and banking guidelines then there are the large numbers they include more intricacy the worldwide Labor force is currently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and further 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 around the globe in the traditional payroll design there's frequently an overwhelming number of different systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or extremely really basic there's no real consistency framework we're living in an age of tech however payroll has actually been sluggish 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 think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that's another number that provides me sleepless nights and rather honestly the more an organization spends on worldwide payroll the less of a photo they see an absence of exposure also extends to payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global businesses have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors poorly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is delivered to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they rely on the needed numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they're paying to workers or otherwise that's a great question I always toss this back and say what is it what does not require to be included ideal and what does
it require to be thought about there's differing Bank information so the length of an eye band a swift an account number routing code per country 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 need to pay from the consumer's own in-country account so there's complexity wherever you look best ultimately building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are definitely basic and innovation is enabling us to kind of move on with that it also too to contribute to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely important that payroll and finance teams work more detailed together than ever um I'm always amazed when individuals state I've divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't operate in the payroll occupation would they divide the payroll payment from estimation 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 procedure 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 positions a high worth on well-being and the compensation landscape is ending up being significantly intricate. Businesses are continually presenting brand-new advantages and payment choices, which contributes to the general intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can result in ineffectiveness and bottlenecks. In my viewpoint, this does not need to be the case. In today's technically sophisticated period, there's no validation for preserving troublesome treatments. Payroll, the company's most significant expense, need to be processed properly and on time. Even slight hold-ups can negatively affect workers' well-being and have significant consequences. Therefore, it's crucial to focus on precise and timely payments.
payroll group get um so I'm not sure anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it 'd be terrific to hear your success story and whether that's been from all staff members or not um but eventually payroll is such an important cycle all of us find out 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 workout and I think that's how it's seen from the external view as well um so yeah it's likewise like why WI-Fi Global why all of this things is absolutely important that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment solution is a great first step um providing an end-to-end payroll solution for your staff members globally again I think is another substantial um process once again aligning and ensuring you have standardization International processes all of those things are absolutely essential to success success of services and decreasing the variety of tools platforms and checking account they require for their Global payroll too could not 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 thousand of them within a payroll cycle don't expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they're meant to be um I do not think any of us are really doing that for for the thanks
anyhow we understand how how essential 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 easy as possible for everyone that's associated with those processes and also so envision sorry I'm just 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 talking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I indicate it 'd be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job trying 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 require days of the week to attempt to browse them and actually see what was going on and type of shot to get back to everyone so moving on appearance why do companies pick to main different checking account there are companies out there doing exactly this for particular nations and I have actually worked in a company or lots of services doing precisely that I can state it doesn't constantly feel effective and it does create 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 dealing with 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 many reasons one is it's the standard I think people have actually got so utilized to we need a new savings 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 believe it's just been the requirement and the standard individuals have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other ways um to to type of do it so I think there's a variety I think this is a procedure that requires looking at it needs changing however eventually people are really stuck with what they're familiar
with ideal um change is a challenging thing we all don't like modification um so I think it's just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having keeping several savings account but there's a substantial quantity of intricacy goes with setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it's established with the best user accesses for individual people so the complexity is big however I believe the truthful answer is change um individuals have not had the ability to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you've hit the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we've always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century or so there is a lot to keep track of and this technique does pose a number of difficulties um so Johnny could you inform us about those challenges yeah obviously so there's a variety right there is so
I 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 gained another CFO, and with this enhanced capability, I have effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments.
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