Find out more about Papaya Global Guide ... We now have the capability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has gotten a different Chief Financial Officer particularly dedicated to managing payments. This provides us with a safe and secure and reputable approach of making payments to our 10,000 workers worldwide.}
The innovative worldwide payroll management app improves my payroll procedure, conserving me a considerable amount of time each month. With its easy to use user interface, I have access to a single dashboard that effectively manages my payroll, EOR, and specialists.
The Worker Website supplies employees with the ability to gain access to and view crucial documents 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 various languages.
Benefits Administration
Papaya Global helps companies use competitive benefits packages to global employees despite the variety of workers in the business. The company can establish health insurance, short-term and long-lasting special needs, vision, oral and maternity leave while removing the need to source regional advantages companies in every country, produce regional accounts and have a minimum number of employees.
The HR abilities provided by Worldwide HR incorporate numerous functions such as monitoring trip time, making sure compliance, assisting in the process of welcoming brand-new workers and bidding goodbye to leaving ones, using a protected online platform for keeping workers' files, and supplying support for work allow procedures in case your employees need help because area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, workforce variety, total employment costs distributed per place, overall employment expenses per cycle and a lot more.
environments across the globe I offered management and technique to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll methods for as Mark stated I work across business handling and structure external relationships supporting Business clients and solutions along with acting as an advisor for those of you that do not know who papaya Worldwide is papaya is the first payroll and payments
company to make the time 100 list for most influential business on the planet we provide payroll payments and labor force management to all staff member enters 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 introduce yourself of course thank you good morning excellent afternoon great night depending on where you remain in the world it's beautiful to meet 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 have actually remained in the payments industry for over 10 years and particularly dealing with the payroll and payment sector for over seven years um I was interested by the complexity the trouble 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've type of had a range of different functions on the provider side and likewise on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we'll simply provide everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we'll type of let them do that so it 'd be quite interesting and I can see it going on currently simply to hear where everybody is um it's nice to to sort of like see where everyone originates from and I really do hope it's much sunnier than it remains 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 really extremely uninspiring and I wish I was elsewhere at this moment in time alright so let's begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business preserve separate
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and prompt payroll payments is a complex difficulty for businesses operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, discover how companies anticipate payroll expenses to enhance working capital, and find how simplifying global payroll payments can transform them from a difficult job into a tactical asset.
Managing payroll worldwide is an overwhelming task due to different guidelines, compliance requirements, data security concerns, and banking guidelines. The sheer variety of employees and services contributes to the complexity, with an approximated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently lead to manual procedures, data silos, and a lack of combination, resulting in disparities and inefficiencies. Regardless of living in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to offer insights and services to streamline and enhance international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that's another number that offers me sleep deprived nights and rather frankly the more a company invests in worldwide payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of global organizations have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors improperly communicated hires and terminations as well as lack management and system setups and then when you round everything off and the information is delivered to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they count on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they're making payments to staff members or otherwise that's a great concern I always toss this back and say what is it what does not need to be consisted of best 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 country there's payment timespan there's payment abilities 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 customer's own in-country account so there's complexity wherever you look best eventually developing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to type of progress with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely important that payroll and finance teams work better together than ever um I'm always impressed when people state I've divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market 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 information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more essential to contribute to kind 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 wanting to add more and more payments to this currently complicated landscape so if you sort of got any experience well I'm from your huge experience here and I make sure however have you got any experience in kind of real difficulties or real tough sort of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of years I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding info into the next function as it were that's really managing the payment side of things however you know in in my viewpoint and my experience that doesn't necessarily need to be the case you understand long gone are the times where we need to produce extra handoffs while doing sos that we operate in they just make them more timely they make them less effective and they don't make them what they need to be in in an era of tech and an age that you know that we are working in today there is no reason why we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any service has from a cost point of view from an impact point of view on workers it is absolutely critical that it's done correctly and on time so what we imply 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 damaging effect on people's well-being and many other aspects if people aren't paid uh I have actually constantly been amazed entering this Market kind of the last five to ten years is how little thanks the
payroll group get um so I'm not sure anyone on this kind of webinar has actually been told 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 ultimately payroll is such a crucial cycle we all become aware of it when it fails everyone jumps up and down when it fails however when it goes right it's simply a tick box exercise 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 definitely vital that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment service is a great initial step um supplying an end-to-end payroll service for your workers internationally once again I think is another substantial um process again aligning and ensuring you have standardization International procedures all of those things are definitely key to success success of companies and reducing the variety of tools platforms and bank accounts they require for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I've never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven't gone quite where they're suggested to be um I don't think any of us are actually doing that for for the thanks
anyhow we understand how how crucial 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 easy as possible for everybody that's involved in those procedures and also so imagine sorry I'm simply I was simply gon na state think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I'm sure we're talking about hundreds of thousands potentially Millions picture getting that many thank you notes um I imply it 'd be interesting to see the number of Post-it notes you got but it would definitely be an intriguing job attempting to clean all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that held true um you 'd need days of the week to try to look through them and in fact see what was going on and sort of shot to return to everyone so carrying on appearance why do companies select to primary separate checking account there are companies out there doing exactly this for particular countries and I've worked in a business or lots of services doing precisely that I can say it doesn't constantly feel efficient and it does develop more work I know we're not purposely doing that we're not producing additional work for anyone where we don't have to and anybody that's handling that procedure I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the amount that we are I think numerous factors one is it's the standard I think individuals have got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it's not a requirement so I believe it's simply been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there's a range I think this is a process that needs looking at it needs altering however ultimately people are really stuck to what they're familiar
with best um modification is a hard thing all of us don't like change um so I think it's just kind of moving away from the standard as we've said so yeah so it keeps a great deal of track of things um I understand certainly the advantages of having maintaining multiple savings account but there's a substantial quantity of intricacy chooses setting up a bank account preserving it ensuring it can send out International transfers ensuring it's established with the best user accesses for specific individuals so the intricacy is huge but I think the sincere response is change um individuals haven't been able to alter or haven't had necessarily the understanding to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we've always 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 understand what might practically be determined to be the next Century approximately there is a lot to keep track of and this method does present several obstacles um so Johnny could you tell us about those difficulties yeah naturally so there's a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments.
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