Find out more about Papaya Global Envelopes ... We now have the ability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer particularly devoted to handling payments. This offers us with a safe and secure and trustworthy approach of paying to our 10,000 staff members worldwide.}
The innovative global payroll management app simplifies my payroll procedure, conserving me a considerable quantity of time monthly. With its user-friendly interface, I have access to a single control panel that effectively manages my payroll, EOR, and contractors.
The Worker Portal offers employees with the capability to gain access to 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 numerous languages.
Benefits Administration
Papaya Global helps business offer competitive advantages plans to international workers regardless of the variety of workers in the company. The business can establish medical insurance, short-term and long-term impairment, vision, dental and maternity leave while getting rid of the requirement to source local benefits suppliers in every country, develop local accounts and have a minimum number of workers.
Worldwide HR Performances
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and migration services if your employees require work permit assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, labor force variety, overall employment expenses dispersed per location, total employment expenses per cycle and far 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 methods for as Mark stated I work throughout the business managing and building external relationships supporting Business clients and options as well as acting as an advisor for those of you that don't understand who papaya Worldwide is papaya is the very first payroll and payments
business to make the time 100 list for a lot of prominent companies worldwide we offer payroll payments and labor force management to all employee types in over 160 nations I am pleased to state that we also have as Mark said Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning good afternoon great night depending upon where you are in the world it's charming to satisfy you and thank you very much for your time as Ian stated 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 7 years um I was fascinated by the complexity the problem in all of the above of
payroll payments and decided to kind of make a real go at that over the last five or 6 years where I've kind of had a range of various functions on the supplier side and also on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we'll simply offer everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we'll sort of let them do that so it 'd be rather interesting and I can see it going on already just to hear where everybody is um it's nice to to type of like see where everyone comes from and I truly do hope it's much sunnier than it is in the UK today definitely not the peak of the sunshine is it it's not no it's it's raining here it's extremely very bleak and I wish I was somewhere else at this moment in time okay so let's begin our program for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical property uh we'll likewise review a recap and that needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and managing them becomes a growing number of complex International companies are aiming to discover Solutions and new ways to improve procedures specifically from a payroll and cross-border payment perspective lots of organizations maintain different bank account just for payroll while some have multiple accounts in different nations does it make good sense for companies to keep different checking account often in various nations it does but just for payroll is there a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational business streamline the episode complex procedures of
making payroll payments properly efficiently securely and on time throughout this webinar we'll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in sufficient in one nation however when you're doing it globally it's next level and Beyond it becomes complicated for a range of reasons most notably guidelines compliance data security and banking rules then there are the large numbers they add more complexity the global Workforce is currently 3 and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll design there's typically an overwhelming number of different systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or very extremely standard there's no real consistency framework we're living in an age of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that's another number that provides me sleep deprived nights and rather honestly the more a service invests in international payroll the less of a photo they see an absence of presence likewise reaches payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal almost half of worldwide organizations have expressed that they don't 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 bad HCM information data entry mistakes badly communicated hires and terminations along with absence management and system setups and then when you round it all off and the data is delivered to the wrong place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once 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 needed several processes 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 obstacles company face when they're paying to workers or otherwise that's an excellent concern I constantly toss this back and state what is it what doesn't require to be consisted of right and what does
it need to be considered there's varying 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 have to pay from the customer's own in-country account so there's intricacy anywhere you look best eventually developing a knowledge base is definitely crucial but all over you look with payroll payment they are like extremely payments no if however some babies 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 believe there's now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to type of progress with that it likewise also to add to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely important that payroll and finance teams work better together than ever um I'm always surprised when individuals state I've 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 split the payroll payment from computation 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 eventually it's payroll is an end-to-end process it's the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to contribute to type of the level of intricacy there's more and more advantages being organ or being offered by services throughout the world so again you're just looking to add a growing number of payments to this currently complicated landscape so if you kind of got any experience well I'm from your vast experience here and I make sure but have you got any experience in kind of real difficulties or genuine challenging sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding information into the next function as it were that's actually managing the payment side of things however you understand in in my viewpoint and my experience that doesn't necessarily need to be the case you know long gone are the times where we require to develop additional handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and an era that you know that we are working in today there is no reason why we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from an expense perspective from an effect viewpoint on workers it is definitely critical that it's done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant damaging result on individuals's well-being and numerous other factors if individuals aren't paid uh I have actually always been amazed coming into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it's from all employees or not. Payroll is an essential cycle, and people just notice when things go wrong. However, when things go right, it's seen as just a routine job. This is how it's viewed externally also. Therefore, it is important to ensure that jobs like Wi-Fi International and other important matters are done correctly. Utilizing the first Worldwide Payments very first payroll payment option is an excellent initial step towards providing a thorough payroll option for staff members worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and bank accounts necessary for international payroll are key consider accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things don't go as planned. Eventually, we do not do it for the appreciation.
anyway we know 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 simple as possible for everyone that's associated with those processes and likewise so envision sorry I'm just I was simply gon na say think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we're talking about hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I mean it 'd be interesting to see how many Post-it notes you got however it would certainly be an intriguing task trying to clean up all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that held true um you 'd require days of the week to try to look through them and actually see what was going on and kind of shot to get back to everybody so proceeding look why do companies choose to primary different savings account there are organizations out there doing precisely this for specific countries and I've operated in an organization or lots of companies 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 developing extra work for anyone where we do not have to and any person that's handling that process I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the amount that we are I believe lots of reasons one is it's the requirement I think individuals have actually got so utilized to we need a new bank account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it's not a requirement so I think it's just been the requirement and the norm the people have adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and numerous other methods um to to sort of do it so I think there's a variety I believe this is a procedure that requires looking at it needs changing however ultimately individuals are extremely stuck to what they recognize
with ideal um change is a tough thing all of us don't like change um so I think it's simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving several checking account but there's a big amount of intricacy chooses establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it's set up with the ideal user accesses for individual individuals so the complexity is huge however I believe the sincere response is change um people have not been able to change or haven't had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you've struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century approximately there is a lot to keep track of and this approach does posture several obstacles um so Johnny might you inform us about those challenges yeah obviously so there's a range right there is so
I simply did you changed our Business 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 Worldwide workers you should have a corner office with a more detailed parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you
Nominal Link Settings Papaya Global