Find out more about Papaya Global Fps Adjustment ... We now have the ability to handle both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer specifically devoted to managing payments. This provides us with a protected and trustworthy method of paying to our 10,000 employees worldwide.}
the BEST worldwide payroll managment app, saves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and contractors
Employee Website
Staff members have access to a Worker Website where they can see their pay slips, wage and tax statements and work files. The portal is available in numerous languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global assists business provide competitive benefits packages to international workers no matter the variety of workers in the company. The business can establish health insurance, short-term and long-term impairment, vision, dental and maternity leave while removing the need to source local benefits service providers in every nation, develop local accounts and have a minimum variety of employees.
The HR abilities provided by International HR incorporate numerous functions such as monitoring getaway time, making sure compliance, helping with the procedure of inviting new workers and bidding goodbye to leaving ones, using a secure online platform for saving workers' files, and offering assistance for work allow procedures in case your staff members need help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, workforce variety, total work costs distributed per place, total employment expenses per cycle and a lot more.
environments around the world I provided leadership and technique to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll methods for as Mark stated I work across business handling and building external relationships supporting Business customers and solutions along with functioning as a consultant for those of you that do not know who papaya Global is papaya is the first payroll and payments
business to make the time 100 list for many prominent companies worldwide we provide payroll payments and workforce management to all worker types in over 160 nations I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning great afternoon great night depending upon where you are in the world it's beautiful to satisfy 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've been in the payments industry for over 10 years and particularly working on the payroll and payment sector for over 7 years um I was fascinated by the intricacy the trouble in all of the above of
payroll payments and chose to kind of make a real go at that over the last five or six years where I have actually type of had a range of different roles on the supplier side and likewise on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we'll simply offer everybody another couple of uh well one of the 30 seconds or so to join we all work back to back nowadays so we'll kind of let them do that so it 'd be quite intriguing and I can see it going on already just to hear where everyone is um it's nice to to kind of like see where everybody comes from and I truly do hope it's much sunnier than it remains 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 extremely gloomy and I want I was elsewhere at this moment in time all right so let's start our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why business preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we'll likewise review a recap which must leave his time at the really 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 increasingly more typical and managing them becomes increasingly more intricate Worldwide organizations are seeking to find Solutions and new ways to simplify processes particularly from a payroll and cross-border payment viewpoint many companies preserve different savings account just for payroll while some have several accounts in various nations does it make sense for companies to maintain different checking account in some cases in different countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting international companies improve the episode complex procedures of
making payroll payments accurately efficiently firmly and on time during this webinar we'll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll expenses to increase working capital and how improving 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 ends up being intricate for a variety of reasons most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they include further intricacy the international Labor force is currently 3 and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion people 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 worldwide in the standard payroll design there's often an overwhelming variety of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or really really standard there's no real consistency structure we're residing in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that's another number that offers me sleepless nights and rather honestly the more a service spends on worldwide payroll the less of a picture they see a lack of exposure also reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction almost half of worldwide businesses have revealed that they don't have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes badly interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is shipped to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don't run efficiently if they rely on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they're paying to staff members or otherwise that's a good concern I always throw this back and say what is it what does not require to be consisted of right and what does
it require to be thought about there's differing Bank details so the length of an eye band a swift an account number routing code per nation there's payment amount of time 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 client's own in-country account so there's complexity anywhere you look best eventually developing a knowledge base is absolutely important but all over you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 definitely fundamental and innovation is allowing us to kind of move forward with that it likewise also to add to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely vital that payroll and finance groups 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 does not operate in the payroll occupation 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 often split and cut up um ultimately it's payroll is an end-to-end process it's the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to add to kind of the level of intricacy there's increasingly more benefits being organ or being used by services throughout the world so again you're just wanting to include increasingly more 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 however have you got any experience in kind of real difficulties or real difficult sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of years I would certainly state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding information into the next function as it were that's really handling the payment side of things but you understand 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 develop additional handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they don't make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason that we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single most significant liability that any company has from an expense perspective from an effect point of view on staff members 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 biggest detrimental effect on people's well-being and lots of other aspects if people aren't paid uh I have actually constantly been amazed entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it's from all employees or not. Payroll is an essential cycle, and individuals just notice when things go wrong. However, when things go right, it's viewed as simply a routine job. This is how it's perceived externally also. For that reason, it is necessary to guarantee that jobs like Wi-Fi International and other essential matters are done correctly. Using the first Worldwide Payments very first payroll payment solution is an excellent preliminary step towards providing a detailed payroll option for employees worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and checking account essential for worldwide payroll are key factors in attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things do not go as planned. Ultimately, we do not do it for the thankfulness.
anyhow we know how how crucial 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 simple as possible for everyone that's involved in those procedures and also so think of sorry I'm simply I was simply gon na say envision 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 talking about hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I imply it 'd be interesting to see how many Post-it notes you got but it would certainly be a fascinating task attempting to clean all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that was the case um you 'd need days of the week to attempt to check out them and actually see what was going on and type of try to return to everyone so moving on appearance why do business select to primary separate savings account there are organizations out there doing exactly this for specific nations and I have actually worked in an organization or many companies doing precisely that I can say it doesn't constantly feel effective and it does develop more work I understand we're not intentionally doing that we're not developing extra work for anybody where we do not have to and anyone that's managing 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 lots of factors one is it's the standard I think people have actually got so utilized to we require a new savings account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it's not a requirement so I believe it's just been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there's a range I think this is a procedure that needs taking a look at it needs changing but ultimately individuals are really stuck with what they're familiar
with best um change is a tough thing all of us don't like modification um so I believe it's just type of moving away from the norm as we've said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having preserving numerous savings account but there's a substantial quantity of complexity opts for setting up a checking account preserving it ensuring it can send International transfers guaranteeing it's established with the ideal user accesses for individual people so the intricacy is huge but I believe the truthful response is change um people have not had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I think it is understanding you understand and there is an element of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century or so there is a lot to monitor and this technique does posture several obstacles um so Johnny could you inform us about those difficulties yeah naturally so there's a variety right there is so
I just did you switched our Enterprise 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 Worldwide workers you deserve a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you
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