Find out more about Papaya Global Email Payslips ... We now have the capability 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 committed to managing payments. This offers us with a secure and trustworthy approach of paying to our 10,000 staff members worldwide.}
The advanced worldwide payroll management app simplifies my payroll process, saving me a considerable quantity of time every month. With its user-friendly interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and specialists.
The Worker Portal supplies employees with the ability to access and view crucial files such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile devices and is used in different languages.
Benefits Administration
Papaya Global assists companies provide competitive benefits packages to global staff members no matter the variety of staff members in the company. The business can establish medical insurance, short-term and long-lasting disability, vision, oral and maternity leave while removing the requirement to source local advantages companies in every country, create local accounts and have a minimum variety of employees.
The HR abilities offered by Global HR include different functions such as keeping an eye on vacation time, making sure compliance, facilitating the process of welcoming new employees and bidding farewell to leaving ones, using a protected online platform for storing employees' files, and offering assistance for work permit procedures in case your staff members need assistance in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, workforce variety, overall work costs distributed per location, total employment costs per cycle and a lot more.
environments around the world I provided leadership and technique 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 across the business handling and structure external relationships supporting Enterprise customers and solutions 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
As a worldwide company, we are honored to be consisted of on the distinguished Time 100 list of the most prominent companies worldwide. We concentrate on providing payroll and workforce management services to employees 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 place. It's an enjoyment to meet you and thank you for your valuable time. As Ian discussed, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have concentrated on payroll and payment services for the past seven years. The complexities and challenges of this field have always captivated me.
payroll payments and chose to kind of make a genuine go at that over the last 5 or 6 years where I have actually type of had a variety of various functions on the company side and likewise on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll just offer everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we'll kind 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 sort 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 sunlight is it it's not no it's it's drizzling here it's really extremely bleak and I want I was elsewhere at this moment in time alright so let's start our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies keep separate
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time during this webinar we'll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one nation however when you're doing it globally it's next level and Beyond it becomes intricate for a range of factors most importantly guidelines compliance information security and banking rules then there are the large numbers they include more complexity the global Workforce is presently three and a half billion people by 2030 it's approximated 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 consider that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll design there's often a frustrating number of various systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or extremely really basic there's no real consistency structure we're residing in an age of tech but payroll has 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 whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that's another number that offers me sleepless nights and rather frankly the more a business invests in international payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international companies have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors inadequately communicated hires and terminations as well as absence management and system configurations and after that when you round it all off and the data is delivered to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don't run efficiently if they rely on the essential several procedures 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 difficulties company face when they're making payments to workers or otherwise that's an excellent concern I constantly throw this back and say what is it what doesn't require to be included best and what does
it need to be thought of there's differing Bank information so the length of an eye band a swift an account number routing code per country 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 need to pay from the consumer's own in-country account so there's complexity anywhere you look right eventually building a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you 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 fundamental and technology is permitting us to type of progress with that it likewise also to add to that payroll and financing require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work closer together than ever um I'm constantly amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anybody 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 frequently 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 people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high worth on wellness and the settlement landscape is becoming progressively intricate. Businesses are constantly presenting new advantages and payment alternatives, which contributes to the general intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can result in inefficiencies and traffic jams. In my opinion, this doesn't have to be the case. In today's technologically sophisticated period, there's no validation for keeping cumbersome procedures. Payroll, the business's most significant cost, should be processed properly and on time. Even slight delays can adversely affect staff members' wellness and have significant consequences. For that reason, it's important to prioritize accurate and prompt payments.
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it's from all employees or not. Payroll is an essential cycle, and individuals just discover when things go wrong. Nevertheless, when things go right, it's seen as simply a routine task. This is how it's perceived externally as well. Therefore, it is necessary to guarantee that jobs like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the very first Global Payments first payroll payment service is an excellent preliminary step towards supplying a thorough payroll service for workers worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and savings account essential for international payroll are essential consider achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things don't go as prepared. Eventually, we don't do it for the thankfulness.
anyway we understand how how crucial 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 easy as possible for everybody that's involved in those processes and also so envision sorry I'm simply I was just gon na state picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I'm sure we're talking about hundreds of thousands possibly Millions imagine getting that lots of 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 job trying to clean 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 need days of the week to try to check out them and really see what was going on and type of try to get back to everybody so proceeding appearance why do companies pick to primary separate bank accounts there are businesses out there doing exactly this for specific nations and I have actually worked in a business or many companies doing exactly that I can say it doesn't constantly feel effective and it does create more work I understand we're not intentionally doing that we're not producing extra work for anybody where we don't need to and anyone that's handling that procedure I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the amount that we are I believe numerous reasons one is it's the requirement I believe individuals have actually got so used to we need a new checking account we open an entity and appropriately so you require it for payroll functions however 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 embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there's a variety I think this is a process that requires taking a look at it needs changing but eventually individuals are very stuck with what they're familiar
with best um modification is a hard thing all of us do not like change um so I believe it's simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having maintaining numerous savings account but there's a substantial quantity of intricacy chooses establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it's established with the best user accesses for specific people so the complexity is big but I think the truthful answer is change um individuals have not had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you've struck the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we've always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or so there is a lot to keep track of and this approach does pose numerous difficulties um so Johnny could you inform us about those challenges yeah of course so there's a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this improved capability, I have effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements.
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