Find out more about Papaya Global End Of Year ... We now have the capability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has obtained a different Chief Financial Officer specifically dedicated to managing payments. This provides us with a safe and secure and reputable approach of paying to our 10,000 staff members worldwide.}
The advanced global payroll management app improves my payroll process, saving me a considerable quantity of time monthly. With its easy to use interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and professionals.
Staff member Website
Staff members have access to a Worker Website where they can see their pay slips, wage and tax declarations and employment documents. The portal is available in several languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global helps companies provide competitive benefits bundles to global workers despite the variety of staff members in the business. The business can set up health insurance, short-term and long-term disability, vision, oral and maternity leave while removing the requirement to source regional benefits providers in every country, develop regional accounts and have a minimum number of workers.
The HR capabilities supplied by Global HR incorporate different functions such as monitoring trip time, ensuring compliance, facilitating the procedure of welcoming brand-new staff members and bidding farewell to leaving ones, providing a secure online platform for keeping workers' files, and supplying support for work permit procedures in case your employees require assistance in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce costs, workforce diversity, overall work expenses distributed per location, overall employment costs per cycle and far more.
Globally, I have actually demonstrated management and tactical expertise in directing large-scale populations of over 100,000 workers throughout 170 nations. Currently, I are accountable for managing payroll strategies, as discussed by Mark. My role involves handling and developing external partnerships, supporting Enterprise clients, and providing advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments services company.
As a worldwide business, we are honored to be consisted of on the prominent Time 100 list of the most prominent business worldwide. We focus on supplying payroll and labor force management services to workers in more than 160 countries. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your area. It's a satisfaction to fulfill you and thank you for your important time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments market, I have focused on payroll and payment solutions for the past 7 years. The complexities and obstacles of this field have actually always mesmerized me.
payroll payments and decided to sort of make a real go at that over the last 5 or six years where I have actually type of had a range of various functions on the company side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll simply give everybody another number of uh well among 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 currently simply to hear where everybody is um it's nice to to type of like see where everyone comes from and I really do hope it's much sunnier than it is in the UK today certainly not the peak of the sunshine is it it's not no it's it's raining here it's very very uninspiring and I wish I was somewhere else at this moment in time okay so let's begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we'll likewise go over a recap which ought to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more typical and handling them becomes a growing number of intricate Worldwide organizations are looking to find Solutions and brand-new methods to enhance procedures particularly from a payroll and cross-border payment standpoint numerous companies keep separate savings account just for payroll while some have several accounts in various nations does it make sense for companies to preserve separate savings account in some cases in various nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international companies enhance the episode complex procedures of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, find out how companies forecast payroll costs to enhance working capital, and discover how improving global payroll payments can transform them from a burdensome job into a tactical property.
Handling payroll worldwide is an overwhelming job due to numerous guidelines, compliance requirements, data security concerns, and banking rules. The large variety of employees and businesses adds to the intricacy, with an approximated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual processes, information silos, and an absence of combination, leading to disparities and inadequacies. Despite residing in an era of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to supply insights and solutions to simplify and optimize worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that's another number that offers me sleep deprived nights and quite frankly the more a company spends on international payroll the less of a photo they see a lack of exposure also extends to payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global services have expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors badly communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is delivered to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they rely on the essential numerous 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 making payments to staff members or otherwise that's a good question I always throw this back and say what is it what does not need to be consisted of right 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 time frames there's payment capabilities so can you pay it from International or do you have 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 absolutely vital but all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to type of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely essential that payroll and financing teams work better together than ever um I'm always astonished when people say I've split 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 computation I would say no so why do we as a market accept that why our payroll and payments so typically 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 wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on well-being and the compensation landscape is ending up being significantly complex. Services are continuously presenting brand-new advantages and payment choices, which adds to the total intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can lead to inadequacies and bottlenecks. In my viewpoint, this does not need to hold true. In today's technologically sophisticated period, there's no justification for maintaining troublesome procedures. Payroll, the company's biggest expenditure, should be processed properly and on time. Even slight delays can negatively affect staff members' wellness and have far-reaching effects. For that reason, it's important to prioritize accurate and timely payments.
payroll group get um so I'm not sure anybody on this type of webinar has actually been informed thank you for processing my payroll properly if you have it 'd be fantastic to hear your success story and whether that's been from all employees or not um but eventually payroll is such an important cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it's just a tick box workout and I believe 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 definitely crucial that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a terrific primary step um supplying an end-to-end payroll service for your staff members worldwide once again I think is another big um process once again lining up and ensuring you have standardization International processes all of those things are definitely key to success success of organizations and lowering the variety of tools platforms and savings account they need for their Worldwide payroll too could not 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 ten or whatever it might be with the with the the grievances where things have not gone quite where they're suggested to be um I don't think any of us are actually doing that for for the thanks
anyway we understand how how important a function 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 likewise so imagine sorry I'm just I was just gon na state imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we're speaking about numerous thousands possibly Millions imagine getting that lots of thank you notes um I imply it 'd be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task attempting 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 require days of the week to attempt to look through them and really see what was going on and kind of shot to get back to everyone so proceeding appearance why do companies pick to main separate bank accounts there are businesses out there doing precisely this for specific nations and I have actually worked in a company or numerous companies doing exactly that I can state it doesn't constantly feel efficient and it does develop more work I know we're not intentionally doing that we're not producing additional work for anyone where we do not need to and any person that's managing that process 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 think lots of reasons one is it's the standard I think individuals have got so used to we need a brand-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 requirement and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there's a range I believe this is a process that needs taking a look at it needs altering but ultimately individuals are really stuck with what they recognize
with best um change is a challenging thing all of us don't like change um so I believe 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 stuff um I comprehend clearly the benefits of having preserving numerous checking account however there's a substantial amount of intricacy goes with establishing a savings account maintaining it ensuring it can send out International transfers ensuring it's established with the best user accesses for private people so the intricacy is substantial however I think the honest answer is change um people haven't had the ability to change or haven't had always the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you've hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however we've always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century or so there is a lot to track and this approach does position several obstacles um so Johnny might you tell us about those obstacles yeah naturally so there's a range right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner office with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you
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