Find out more about Papaya Global Leavers Report ... We now have the capability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually obtained a separate Chief Financial Officer particularly devoted to managing payments. This supplies us with a protected and trusted approach of paying to our 10,000 workers worldwide.}
the very best worldwide payroll managment app, conserves me hours of time every month, one single dashboard for my payroll, EOR and contractors
Staff member Website
Workers have access to a Staff member Website where they can see their pay slips, wage and tax declarations and work files. The portal is offered in numerous languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global assists companies use competitive advantages packages to global workers no matter the number of workers in the business. The company can set up medical insurance, short-term and long-term disability, vision, dental and maternity leave while getting rid of the requirement to source regional benefits service providers in every nation, create local accounts and have a minimum variety of employees.
International HR Performances
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and immigration services if your staff members require work permit support.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, labor force diversity, total employment expenses dispersed per place, overall work expenses per cycle and much more.
Globally, I have demonstrated leadership and strategic knowledge in guiding massive populations of over 100,000 staff members throughout 170 countries. Presently, I am responsible for overseeing payroll methods, as discussed by Mark. My function involves managing and developing external collaborations, supporting Enterprise clients, and providing advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions service provider.
As a worldwide business, we are honored to be consisted of on the prestigious Time 100 list of the most prominent business worldwide. We specialize in offering payroll and labor force management services to staff members in more than 160 nations. I am delighted to present Johnny Nash, as discussed by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your place. It's an enjoyment to satisfy you and thank you for your important time. As Ian discussed, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have concentrated on payroll and payment options for the past 7 years. The intricacies and obstacles of this field have constantly mesmerized me.
payroll payments and chose to sort of make a real go at that over the last 5 or 6 years where I've kind of had a range of different roles on the service provider side and likewise on the supplier side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we'll just give everybody another number of uh well one of the 30 seconds or two to join we all work back to back these days so we'll sort of let them do that so it 'd be quite interesting and I can see it going on currently just to hear where everyone is um it's nice to to type of like see where everybody originates from and I really 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 really very uninspiring and I want I was somewhere else 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 challenge years of handling Global payroll why companies preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we'll likewise review a wrap-up and that should leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more common and managing them becomes increasingly more complex Worldwide companies are wanting to find Solutions and new ways to streamline procedures specifically from a payroll and cross-border payment perspective many companies keep separate checking account just for payroll while some have multiple accounts in various countries does it make good sense for business to keep different bank accounts in some cases in various nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business enhance the episode complex processes of
Guaranteeing accurate, effective, and prompt payroll payments is a complex obstacle for organizations running globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, learn how business forecast payroll costs to enhance working capital, and find how streamlining global payroll payments can change them from a challenging task into a strategic possession.
Handling payroll globally is a daunting task due to various guidelines, compliance requirements, data security issues, and banking guidelines. The sheer variety of staff members and services contributes to the complexity, with an estimated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently lead to manual processes, information silos, and an absence of combination, leading to disparities and inefficiencies. Despite living in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to provide insights and options to streamline and optimize international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that's another number that provides me sleep deprived nights and quite frankly the more a service invests in global payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of global businesses have actually revealed that they don't have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round it all off and the information is delivered to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don't run smoothly if they count on the necessary numerous 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 making payments to workers or otherwise that's a good question I always toss this back and state what is it what does not need to be included best and what does
it need 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 time frames 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 consumer's own in-country account so there's complexity wherever you look right eventually developing a knowledge base is absolutely critical but all over you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are definitely basic and technology is permitting us to kind of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is absolutely crucial that payroll and financing groups work closer together than ever um I'm always amazed when individuals say I have actually split 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 estimation I would say no so why do we as a market accept that why our payroll and payments so typically 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 third parties so with the
The modern world positions a high value on wellness and the compensation landscape is ending up being significantly detailed. Companies are continuously presenting brand-new benefits and payment alternatives, which adds to the overall intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can lead to inadequacies and traffic jams. In my opinion, this doesn't need to be the case. In today's technologically sophisticated age, there's no reason for preserving troublesome treatments. Payroll, the company's biggest cost, must be processed properly and on time. Even small delays can negatively impact staff members' well-being and have far-reaching consequences. Therefore, it's crucial to prioritize accurate and prompt payments.
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it's from all staff members or not. Payroll is a crucial cycle, and people just discover when things go wrong. However, when things go right, it's viewed as just a routine job. This is how it's perceived externally as well. Therefore, it is vital to make sure that jobs like Wi-Fi Global and other important matters are done properly. Utilizing the very first International Payments very first payroll payment service is a great initial step towards offering a thorough payroll solution for employees worldwide. Standardization, global processes, and lowering the number of tools, platforms, and savings account needed for worldwide payroll are key consider accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don't go as prepared. Ultimately, we don't do it for the appreciation.
anyway 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 simple as possible for everybody that's associated with 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 could cover the quantity of individuals that we cover within this webinar I make sure we're talking about numerous thousands potentially Millions think of getting that numerous thank you notes um I indicate it 'd be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task trying 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 browse them and actually see what was going on and type of shot to get back to everyone so proceeding look why do companies pick to main separate bank accounts there are services out there doing exactly this for specific nations and I've worked in a service or lots of services doing precisely that I can state it does not constantly feel effective and it does create more work I understand we're not deliberately doing that we're not developing extra work for any person where we don't need 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 numerous factors one is it's the standard I think individuals have actually got so used to we require a brand-new checking account we open an entity and rightly so you require 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 actually adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I think there's a variety I think this is a procedure that needs taking a look at it requires changing but ultimately people are extremely stuck with what they recognize
with right um change is a tough thing all of us don't like change um so I think it's simply kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having keeping several savings account however there's a big quantity of complexity goes with setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it's established with the right user accesses for individual people so the intricacy is huge but I believe the truthful response is modification um people have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you've struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we've always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century or so there is a lot to keep track of and this technique does posture several difficulties um so Johnny could you tell us about those obstacles yeah of course so there's a variety right there is so
I simply did you switched 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 Global staff members you deserve a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you
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