Find out more about Papaya Global For Dummies ... We now have the ability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer particularly dedicated to handling payments. This offers us with a protected and trusted method of making payments to our 10,000 employees worldwide.}
the BEST global payroll managment app, saves me hours of time every month, one single dashboard for my payroll, EOR and professionals
Worker Website
Employees have access to a Staff member Portal where they can see their pay slips, wage and tax declarations and employment documents. The website is available in multiple languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global helps companies offer competitive benefits plans to global employees despite the variety of staff members in the company. The business can establish health insurance, short-term and long-lasting special needs, vision, oral and maternity leave while eliminating the need to source local benefits service providers in every nation, develop local accounts and have a minimum number of employees.
The HR capabilities offered by Global HR incorporate numerous functions such as keeping an eye on holiday time, guaranteeing compliance, helping with the procedure of welcoming brand-new employees and bidding goodbye to leaving ones, using a secure online platform for storing workers' documents, and supplying support for work permit treatments in case your employees require help in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, workforce diversity, total work expenses dispersed per location, overall work costs per cycle and much more.
environments around the world I supplied leadership and strategy to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll methods for as Mark stated I work across the business handling and building external relationships supporting Enterprise customers and solutions as well as functioning as a consultant for those of you that don't understand who papaya International is papaya is the first payroll and payments
business to make the time 100 list for most influential companies in the world we supply payroll payments and labor force management to all employee enters over 160 nations I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning good afternoon excellent night depending on where you remain in the world it's charming to fulfill 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 market for over ten years and particularly dealing with the payroll and payment sector for over seven years um I was amazed by the complexity the problem in all of the above of
payroll payments and chose to kind of make a real go at that over the last 5 or 6 years where I have actually sort of had a range of various roles on the service provider side and also on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite 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 sort of let them do that so it 'd be quite interesting and I can see it going on already simply to hear where everybody is um it's nice to to type of like see where everyone originates from and I truly 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 extremely extremely gloomy and I want I was somewhere else at this moment in time okay so let's get going our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic possession uh we'll likewise review a recap which must leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more common and managing them ends up being more and more complicated Global companies are looking to discover Solutions and new methods to simplify procedures especially from a payroll and cross-border payment viewpoint many companies keep separate bank account just for payroll while some have numerous accounts in various countries does it make sense for companies to preserve separate savings account often in different nations it does but just for payroll exists a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping international business simplify the episode complex procedures of
Ensuring precise, efficient, and timely payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll checking account, learn how companies anticipate payroll expenses to enhance working capital, and discover how enhancing global payroll payments can transform them from a difficult job into a strategic property.
Managing payroll worldwide is a challenging job due to various guidelines, compliance requirements, data security concerns, and banking rules. The large variety of workers and companies adds to the complexity, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems often lead to manual processes, information silos, and a lack of integration, leading to inconsistencies and inefficiencies. Regardless of living in an age of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to offer insights and solutions to simplify and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that's another number that gives me sleep deprived nights and rather frankly the more a business spends on worldwide payroll the less of a photo they see a lack of exposure also reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of global businesses have revealed that they don't have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes poorly communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is delivered to the incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don't run smoothly if they rely on the needed several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they're making payments to staff members or otherwise that's an excellent question I always toss this back and state what is it what does not require to be included right and what does
it need to be considered there's differing Bank information so the length of an eye band a swift an account number routing code per nation there's payment timespan there's payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer's own in-country account so there's complexity any place you look ideal eventually building a knowledge base is definitely vital however everywhere you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are definitely fundamental and technology is allowing us to sort of move forward with that it also as well to add to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and financing teams work closer together than ever um I'm constantly astonished when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't operate in the payroll profession 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 frequently 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 people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to contribute to type of the level of complexity there's more and more advantages being organ or being offered by businesses across the world so again you're simply looking to add a growing number of payments to this already intricate landscape so if you kind of got any experience well I'm from your large experience here and I'm sure but have you got any experience in kind of genuine difficulties or genuine tough type of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that's really handling the payment side of things however you know in in my opinion and my experience that doesn't necessarily require to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we operate in they just make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any service has from a cost perspective from an effect point of view on staff members it is absolutely crucial that it's done properly and on time so what we indicate 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 people's well-being and numerous other elements if individuals aren't paid uh I've constantly been surprised entering into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I'm not exactly sure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it 'd be excellent to hear your success story and whether that's been from all staff members or not um but eventually payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it fails but when it goes right it's simply a tick box workout and I think that's how it's seen from the external view as well um so yeah it's also like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment option is a great initial step um providing an end-to-end payroll option for your staff members globally again I think is another big um process once again lining up and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of companies and minimizing the number of tools platforms and bank accounts 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 have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone rather where they're indicated to be um I do not think any of us are actually doing that for for the thanks
anyhow we know how how important 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 likewise so picture sorry I'm just I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we're talking about hundreds of thousands potentially Millions picture getting that lots of thank you notes um I mean it 'd be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job attempting to clean up all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to browse them and actually see what was going on and type of try to get back to everybody so carrying on look why do business pick to main separate bank accounts there are companies out there doing precisely this for specific nations and I have actually worked in a business or lots of businesses doing precisely that I can state it does not constantly feel effective and it does produce 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 think that we're doing that in in the in the amount that we are I think lots of factors one is it's the standard I believe people have got so utilized to we need a brand-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 standard and the standard the people have embraced 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 numerous other methods um to to sort of do it so I think there's a variety I think this is a process that needs taking a look at it needs altering however eventually people are extremely stuck to what they recognize
with best um modification is a challenging thing all of us don't like change um so I think it's just kind 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 comprehend clearly the benefits of having keeping multiple bank accounts but there's a big quantity of intricacy goes with establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it's set up with the best user accesses for specific individuals so the intricacy is huge however I believe the honest response is modification um individuals have not been able to change or haven't had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I think you've hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could almost be determined to be the next Century approximately there is a lot to monitor and this method does pose a number of obstacles um so Johnny could you tell us about those obstacles yeah obviously so there's a range right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner workplace with a better parking space because I mastered International payroll and payments with Papaya payroll OS did you
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