Find out more about Papaya Global Nominal Link Incomplete Postings ... We now have the capability to handle both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has acquired a different Chief Financial Officer specifically committed to managing payments. This provides us with a secure and trustworthy technique of paying to our 10,000 staff members worldwide.}
The advanced worldwide payroll management app simplifies my payroll procedure, conserving me a substantial quantity of time monthly. With its user-friendly user interface, I have access to a single control panel that efficiently handles my payroll, EOR, and specialists.
The Staff member Website provides employees with the capability to gain access to and view important files such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile phones and is used in numerous languages.
Benefits Administration
Papaya Global helps companies use competitive benefits bundles to worldwide staff members no matter the number of staff members in the company. The company can set up health insurance, short-term and long-term disability, vision, dental and maternity leave while removing the need to source regional benefits companies in every country, create local accounts and have a minimum number of workers.
The HR capabilities provided by Global HR incorporate numerous functions such as keeping an eye on trip time, ensuring compliance, helping with the process of welcoming new staff members and bidding farewell to leaving ones, providing a safe online platform for keeping employees' documents, and supplying support for work allow treatments in case your workers require support in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, workforce diversity, total work expenses dispersed per area, overall employment costs per cycle and a lot more.
environments around the world I provided leadership and method to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll strategies for as Mark said I work across business managing and building external relationships supporting Business customers and services along with acting as a consultant for those of you that don't understand who papaya Global is papaya is the first payroll and payments
business to make the time 100 list for many prominent companies on the planet we offer payroll payments and labor force management to all employee types in over 160 countries I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning excellent afternoon good night depending on where you are in the world it's lovely to fulfill 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 been in the payments market for over ten years and particularly dealing with 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 decided to kind of make a real go at that over the last five or 6 years where I've sort of had a range of different roles on the provider side and also on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we'll just offer everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we'll kind of let them do that so it 'd be rather interesting and I can see it going on already simply to hear where everyone is um it's nice to to type of like see where everyone originates from and I actually 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 very uninspiring and I wish I was elsewhere at this moment in time fine so let's get started our agenda for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we'll also go over a wrap-up and that should leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and managing them ends up being increasingly more complicated Worldwide companies are looking to find Solutions and new ways to improve procedures specifically from a payroll and cross-border payment viewpoint numerous companies preserve separate bank account just for payroll while some have multiple accounts in different countries does it make sense for business to keep different savings account sometimes in various nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies simplify the episode complex processes of
Guaranteeing accurate, effective, and prompt payroll payments is a complex challenge for services running internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, learn how business forecast payroll costs to optimize working capital, and discover how simplifying worldwide payroll payments can change them from a challenging job into a tactical asset.
Handling payroll worldwide is a difficult job due to various regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of staff members and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Traditional payroll systems typically result in manual procedures, data silos, and a lack of integration, causing inconsistencies and ineffectiveness. Regardless of residing in an era of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to provide insights and options to streamline and optimize international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce information in real time that's another number that gives me sleepless nights and rather frankly the more a company invests in worldwide payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of global companies have actually expressed that they don't have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors badly interacted hires and terminations along with lack management and system setups and after that when you round everything off and the data is delivered to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don't run efficiently if they rely on the required several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they're making payments to workers or otherwise that's a great question I always toss this back and state what is it what does not require to be consisted of right and what does
it require to be considered 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 abilities 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 customer's own in-country account so there's intricacy wherever you look best ultimately building a knowledge base is definitely crucial however all over you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to kind of move on with that it also too to contribute to that payroll and financing need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is definitely imperative that payroll and financing teams work more detailed together than ever um I'm constantly impressed when individuals say I've divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not 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 frequently split and cut up um ultimately it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on wellness and the settlement landscape is becoming significantly elaborate. Businesses are continually introducing new advantages and payment options, which contributes to the total intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can cause ineffectiveness and bottlenecks. In my opinion, this does not need to hold true. In today's technically advanced era, there's no reason for keeping cumbersome treatments. Payroll, the company's biggest cost, must be processed correctly and on time. Even small hold-ups can adversely affect staff members' well-being and have significant consequences. For that reason, it's crucial to prioritize precise and prompt payments.
payroll team get um so I'm not exactly sure anybody on this sort of webinar has actually been told thank you for processing my payroll correctly if you have it 'd be terrific to hear your success story and whether that's been from all staff members or not um however ultimately payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it goes wrong 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 likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a great initial step um supplying an end-to-end payroll solution for your workers worldwide again I think is another big um process once again aligning and ensuring you have standardization Global processes all of those things are absolutely essential to success success of organizations and reducing the number of tools platforms and bank accounts they require for their Global payroll too couldn't 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 countless 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 grievances where things have not gone rather where they're suggested to be um I don't think any of us are in fact doing that for for the thanks
anyway we know how how essential 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 associated with those procedures and likewise so envision sorry I'm just I was simply gon na state picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we're discussing numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I mean it 'd be interesting to see the number of Post-it notes you got but it would definitely be an interesting job attempting to clean up all those up for sure oh definitely I can't picture the size of my my Outlook inbox if that was the case um you 'd require days of the week to try to check out them and really see what was going on and sort of shot to get back to everyone so carrying on appearance why do companies pick to main different checking account there are companies out there doing exactly this for particular nations and I've operated in a company or many companies doing precisely that I can say it doesn't always feel efficient and it does create more work I know we're not deliberately doing that we're not developing extra work for anybody where we don't have to and any person that's dealing with that process I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the quantity that we are I think numerous factors one is it's the requirement I believe individuals have actually got so used to we need a brand-new savings account we open an entity and rightly so you need it for payroll functions however 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 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 numerous other methods um to to sort of do it so I think there's a range I believe this is a process that requires looking at it needs changing but ultimately people are very stuck to what they're familiar
with right um modification is a difficult thing all of us do not like change um so I believe it's just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having preserving multiple savings account but there's a substantial quantity of complexity chooses establishing a checking account preserving it ensuring it can send International transfers ensuring it's established with the best user accesses for specific people so the complexity is substantial however I think the sincere response is modification um people haven't been able to change or haven't 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 aspect of resistance to change but we've constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century or so there is a lot to track and this approach does pose several challenges um so Johnny might you inform us about those obstacles yeah naturally so there's a range right there is so
I recently made a modification 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 actually gotten another CFO, and with this improved capability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your achievements.
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