Find out more about Papaya Global Minimum Wage Check ... We now have the ability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has actually acquired a different Chief Financial Officer particularly dedicated to handling payments. This supplies us with a safe and reputable approach of paying to our 10,000 workers worldwide.}
The innovative worldwide payroll management app simplifies my payroll procedure, conserving me a considerable quantity of time monthly. With its easy to use interface, I have access to a single dashboard that effectively manages my payroll, EOR, and specialists.
The Staff member Website offers employees with the ability to access and view crucial files such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile phones and is provided in different languages.
Benefits Administration
Papaya Global assists companies offer competitive advantages packages to international staff members no matter the variety of employees in the business. The business can establish medical insurance, short-term and long-term disability, vision, dental and maternity leave while getting rid of the need to source local benefits providers in every country, develop local accounts and have a minimum number of workers.
Global HR Functionalities
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your employees need work permit help.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce costs, labor force variety, overall work expenses distributed per location, total work expenses per cycle and far more.
environments across the globe I provided leadership and strategy to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll strategies for as Mark said I work throughout business handling and structure external relationships supporting Enterprise clients and options in addition to acting as a consultant for those of you that don't understand who papaya Worldwide is papaya is the very first payroll and payments
As a worldwide company, we are honored to be consisted of on the prestigious Time 100 list of the most prominent business worldwide. We specialize in providing payroll and labor force management services to workers in more than 160 nations. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, despite your place. It's a pleasure to meet you and thank you for your valuable time. As Ian discussed, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments industry, I have actually focused on payroll and payment options for the past 7 years. The intricacies and difficulties of this field have constantly captivated me.
payroll payments and chose to sort of make a genuine go at that over the last five or 6 years where I've kind of had a range of various roles on the service provider side and also on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we'll simply give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we'll kind of let them do that so it 'd be rather 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 everyone comes from and I really do hope it's much sunnier than it is 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 extremely really 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 managing International payroll why business maintain different
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly beneficial for international organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different savings account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time throughout this webinar we'll walk you through the global pros and cons of a payroll wallet versus a payroll bank account how business accurately forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in adequate in one country but when you're doing it internationally it's next level and Beyond it ends up being complex for a variety of factors most significantly policies compliance information security and banking guidelines then there are the large numbers they include further intricacy the worldwide Labor force is currently three 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 factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll design there's typically a frustrating variety of different systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or very very basic there's no genuine consistency structure we're living in a period of tech but payroll has 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 provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that's another number that gives me sleepless nights and rather frankly the more a service spends on global payroll the less of an image they see a lack of presence likewise extends to payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of global organizations have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry errors badly interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the information is shipped to the incorrect location the typical cost of an international data 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 count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they're paying to staff members or otherwise that's a great concern I constantly toss this back and state what is it what does not need to be consisted of right and what does
it need to be considered there's varying Bank information 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 wherever you look best ultimately constructing a knowledge base is definitely vital however all over you look with payroll payment they resemble super payments no if however 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 think there's now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to type of move on with that it likewise also to contribute to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely important that payroll and financing teams work better together than ever um I'm constantly impressed when people say I've divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work 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 typically split and cut up um eventually it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on well-being and the payment landscape is ending up being significantly detailed. Companies are continually introducing new advantages and payment options, which adds to the overall complexity. Big corporations frequently divide their payroll and payment processing into different teams, which can cause ineffectiveness and bottlenecks. In my viewpoint, this does not have to be the case. In today's technologically innovative age, there's no justification for maintaining cumbersome treatments. Payroll, the company's most significant cost, must be processed properly and on time. Even slight hold-ups can adversely affect staff members' well-being and have far-reaching consequences. Therefore, it's important to focus on accurate and prompt payments.
payroll group get um so I'm not sure anybody on this sort of webinar has been informed 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 however ultimately payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it fails however when it goes right it's just a tick box exercise and I believe that's how it's seen from the external deem well um so yeah it's also like why WI-Fi Global why all of this things is definitely crucial that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment option is a great initial step um supplying an end-to-end payroll service for your workers internationally once again I believe is another big um procedure again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of organizations and minimizing the number of tools platforms and checking account they need for their Worldwide payroll too couldn't agree with you more and on the the front in regards to of the thank yous for getting payroll done I've never had a hundred countless them within a payroll cycle don't anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven't gone rather where they're meant to be um I don't think any of us are actually doing that for for the thanks
anyway 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 easy as possible for everyone that's involved in those processes and also so envision sorry I'm just I was just gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we're speaking about hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I imply it 'd be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting to clean up all those up for sure oh definitely I can't think of 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 actually see what was going on and type of shot to return to everyone so carrying on look why do business pick to primary different savings account there are organizations out there doing exactly this for specific nations and I've worked in a company or numerous organizations doing precisely that I can state it does not constantly feel effective and it does create more work I understand we're not intentionally doing that we're not developing additional work for anyone where we don't need to and any person that's handling that procedure I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the quantity that we are I believe lots of factors one is it's the requirement I think individuals have got so utilized to we need a new savings account we open an entity and appropriately so you need it for payroll functions but there are a variety 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 add to that people have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there's a variety I believe this is a process that needs looking at it needs changing but ultimately people are very stuck with what they're familiar
with best um modification is a hard thing we all do not like change um so I believe it's just type of moving away from the norm as we've said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having maintaining several savings account but there's a big quantity of intricacy opts for establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it's established with the ideal user accesses for individual individuals so the complexity is huge but I believe the truthful response is modification um individuals haven't had the ability to change or haven't had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you've hit the nail on the head I think it is understanding you know and there is a component of resistance to change but we've always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could almost be identified to be the next Century approximately there is a lot to keep an eye on and this technique does posture several challenges um so Johnny could you inform us about those challenges yeah of course 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 gained another CFO, and with this enhanced ability, I have 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 should have a corner office with a parking space that is closer, considering your achievements.
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