Find out more about Papaya Global History Report By Date ... We now have the ability to handle both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has gotten a different Chief Financial Officer particularly devoted to handling payments. This supplies us with a secure and trusted technique of making payments to our 10,000 workers worldwide.}
The cutting-edge global payroll management app streamlines my payroll procedure, saving me a considerable quantity of time each month. With its user-friendly interface, I have access to a single dashboard that effectively manages my payroll, EOR, and professionals.
The Employee Website supplies staff members with the ability to gain access to and view crucial files such as pay slips, wage and tax statements, and work records. This portal is accessible on both desktop and mobile devices and is used in numerous languages.
Benefits Administration
Papaya Global helps business provide competitive advantages packages to global workers no matter the number of staff members in the company. The business can set up health insurance, short-term and long-lasting impairment, vision, dental and maternity leave while getting rid of the requirement to source local benefits service providers in every nation, create local accounts and have a minimum number of workers.
International HR Functionalities
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and migration services if your employees need work authorization support.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, workforce diversity, total employment expenses dispersed per location, total work costs per cycle and far more.
environments across the globe I offered management and strategy to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll methods for as Mark said I work throughout business handling and building external relationships supporting Enterprise customers and options as well as acting as an advisor for those of you that do not know who papaya Global is papaya is the first payroll and payments
company to make the time 100 list for most prominent business worldwide we supply payroll payments and workforce management to all employee key ins over 160 nations I am pleased to say 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 great afternoon excellent evening depending upon where you are in the world it's lovely to satisfy you and thank you quite for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've remained in the payments market for over ten years and particularly dealing with the payroll and payment sector for over 7 years um I was captivated by the complexity the difficulty in all of the above of
payroll payments and chose to sort of make a genuine go at that over the last 5 or 6 years where I've type of had a variety of various roles on the company side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we'll just provide everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we'll sort of let them do that so it 'd be quite intriguing and I can see it going on already just to hear where everybody is um it's nice to to kind 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 very gloomy and I want I was elsewhere at this moment in time all right so let's start our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we'll likewise review a recap which ought to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more common and handling them ends up being more and more intricate Global companies are looking to discover Solutions and new ways to streamline procedures specifically from a payroll and cross-border payment perspective numerous organizations keep different savings account just for payroll while some have numerous accounts in different nations does it make sense for business to keep different savings account sometimes in various countries it does however just for payroll is there a better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping international companies streamline the episode complex procedures of
making payroll payments accurately efficiently safely and on time throughout this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one nation however when you're doing it worldwide it's next level and Beyond it becomes complex for a variety of reasons most notably regulations compliance information security and banking guidelines then there are the sheer numbers they add further intricacy the international Workforce is presently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the standard payroll model there's typically an overwhelming variety of various systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or extremely really basic there's no genuine consistency structure we're living in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that's another number that gives me sleepless nights and quite honestly the more a service spends on international payroll the less of a photo they see a lack of exposure also extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of global companies have revealed that they do not 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 bad HCM information data entry errors improperly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the information is delivered to the wrong place the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they rely on the required numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they're making payments to staff members or otherwise that's an excellent question I constantly toss this back and state what is it what doesn't require to be included right and what does
it need to be thought about there's varying 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 have to pay from an in-country account do you have to pay from the client's own in-country account so there's intricacy wherever you look best ultimately developing a knowledge base is definitely important however all over you look with payroll payment they are like super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are definitely basic and technology is enabling us to type of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely imperative that payroll and financing groups work more detailed together than ever um I'm constantly astonished 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 calculation 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 data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to contribute to sort of the level of complexity there's a growing number of advantages being organ or being used by companies throughout the world so again you're simply wanting to include increasingly more payments to this currently complex landscape so if you kind of got any experience well I'm from your large experience here and I make sure however have you got any experience in kind of genuine challenges or real difficult kind of pay utilizes to play to pay people I think yeah I mean over the last well yeah a number of decades I would certainly state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job 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 viewpoint 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 run in they just make them more timely they make them less effective and they don't make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason why we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any business has from a cost viewpoint from an effect perspective on employees it is definitely critical that it's done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful impact on people's well-being and numerous other elements if people aren't paid uh I've always been amazed coming into this Market type of the last five to 10 years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it's from all staff members or not. Payroll is an essential cycle, and people just see when things go wrong. However, when things go right, it's viewed as just a regular job. This is how it's perceived externally as well. Therefore, it is important to make sure that jobs like Wi-Fi Global and other vital matters are done properly. Using the very first International Payments first payroll payment service is an excellent initial action towards offering a comprehensive payroll option for employees worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and checking account needed for international payroll are essential consider attaining business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as planned. Eventually, we don't do it for the appreciation.
anyway 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 simple as possible for everybody that's associated with those processes and also so imagine sorry I'm simply I was simply gon na say envision the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I'm sure we're speaking about hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I imply it 'd be interesting to see how many Post-it notes you got however it would definitely be an intriguing job trying to clean 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 need days of the week to attempt to check out them and in fact see what was going on and sort of try to get back to everybody so moving on look why do business choose to primary separate bank accounts there are businesses out there doing exactly this for particular nations and I have actually worked in an organization or many companies doing precisely that I can say it does not constantly feel efficient and it does produce more work I understand we're not intentionally doing that we're not creating extra work for anybody where we do not need to and any person that's dealing with 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 think numerous reasons one is it's the requirement I believe people have actually got so used to we require a new bank 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 believe it's simply been the requirement and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have 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 believe this is a procedure that needs looking at it needs altering but ultimately people are extremely stuck with what they recognize
with right um change is a tough thing all of us do not 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 obviously the advantages of having preserving multiple savings account however there's a huge amount of complexity chooses establishing a bank account keeping it guaranteeing it can send International transfers ensuring it's established with the right user accesses for private individuals so the intricacy is huge but I believe the truthful response is change um people haven't been able to alter or haven't had always the knowledge to really make that change into alternate Solutions besides opening a bank account I believe you've struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we've always done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to track and this approach does present a number of obstacles um so Johnny might you tell us about those obstacles yeah naturally so there's a variety right there is so
I simply 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 International staff members you should have a corner workplace with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you
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