Find out more about Papaya Global Pension Auto Enrolment ... We now have the capability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer specifically committed to handling payments. This supplies us with a protected and trustworthy approach of paying to our 10,000 workers worldwide.}
The innovative global payroll management app improves my payroll process, saving me a significant quantity of time monthly. With its easy to use user interface, I have access to a single dashboard that effectively handles my payroll, EOR, and contractors.
The Worker Portal supplies workers with the capability to gain access to and view important documents such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile devices and is used in different languages.
Advantages Administration
Papaya Global assists companies use competitive advantages bundles to worldwide workers no matter the variety of employees in the business. The company can set up medical insurance, short-term and long-lasting special needs, vision, oral and maternity leave while removing the requirement to source regional benefits providers in every nation, develop regional accounts and have a minimum variety of staff members.
Worldwide HR Performances
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your staff members require work permit help.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, labor force variety, total employment expenses dispersed per place, overall work costs per cycle and far more.
Globally, I have actually demonstrated management and strategic know-how in assisting massive populations of over 100,000 employees throughout 170 nations. Presently, I am responsible for managing payroll techniques, as discussed by Mark. My function includes managing and developing external partnerships, supporting Business customers, and supplying advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions provider.
business to make the time 100 list for a lot of prominent business worldwide we provide payroll payments and labor force management to all worker types in over 160 countries I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself naturally thank you good morning good afternoon great evening depending on where you remain in the world it's charming to fulfill 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've remained in the payments market for over 10 years and particularly working on the payroll and payment sector for over 7 years um I was captivated by the intricacy the difficulty in all of the above of
payroll payments and decided to kind of make a real go at that over the last five or six years where I've kind of had a range of different roles on the supplier side and also on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll just offer everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we'll sort of let them do that so it 'd be rather fascinating and I can see it going on currently just to hear where everybody is um it's nice to to type of like see where everyone comes 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 very very dreary and I want I was somewhere else at this moment in time alright so let's get going our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we'll also review a wrap-up which should leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and managing them ends up being increasingly more intricate Global organizations are seeking to find Solutions and brand-new ways to streamline processes especially from a payroll and cross-border payment viewpoint many companies keep different bank account just for payroll while some have several accounts in various countries does it make sense for companies to keep separate checking account sometimes in different countries it does however just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business streamline the episode complex procedures of
making payroll payments properly efficiently safely and on time during this webinar we'll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how business precisely anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one country however when you're doing it internationally it's next level and Beyond it becomes complex for a variety of factors most significantly policies compliance data security and banking rules then there are the sheer numbers they add more intricacy the global Workforce is currently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll model there's often an overwhelming number of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or very very basic there's no real consistency framework we're residing in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply 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 just 11 of organizations say they have Labor force data in real time that's another number that offers me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of a picture they see a lack of visibility also reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide organizations have revealed that they don't have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes inadequately interacted hires and terminations along with lack management and system setups and after that when you round everything off and the information is shipped to the incorrect place the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don't run efficiently if they count on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties service face when they're making payments to employees or otherwise that's an excellent concern I constantly throw this back and say what is it what does not need to be included right and what does
it require to be thought of 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 need to pay from the client's own in-country account so there's intricacy any place you look right ultimately constructing a knowledge base is absolutely critical but 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 take a look at the sort 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 type of progress with that it also as well to add to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work better together than ever um I'm constantly astonished when people say I've split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't operate in the payroll profession would they divide 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 data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to add to kind of the level of complexity there's increasingly more benefits being organ or being offered by companies throughout the world so again you're just looking to include increasingly more payments to this currently intricate landscape so if you kind of got any experience well I'm from your huge experience here and I make sure but have you got any experience in kind of real challenges or genuine tough kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would definitely state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding information into the next function as it were that's in fact managing the payment side of things however you understand in in my opinion and my experience that doesn't always require to be the case you know long gone are the times where we require to create extra handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they don't make them what they require to be in in an age of tech and a period that you know that we are working in today there is no reason why we are still making this as tough as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an impact viewpoint on staff members it is definitely critical that it's done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental result on individuals's wellness and numerous other elements if people aren't paid uh I have actually constantly been surprised entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific 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 fail. Nevertheless, when things go right, it's viewed as just a regular task. This is how it's perceived externally too. For that reason, it is essential to make sure that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment service is a great preliminary step towards offering a comprehensive payroll solution for staff members worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and checking account required for international payroll are key factors in accomplishing business success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as prepared. Ultimately, we do not do it for the gratitude.
anyway we understand 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 simple as possible for everybody that's associated with those processes and also so envision sorry I'm simply I was just gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we're discussing hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I imply it 'd be interesting to see how many 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 envision 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 really see what was going on and sort of shot to get back to everybody so proceeding look why do companies select to main different savings account there are businesses out there doing precisely this for particular countries and I've operated in a service or many companies doing precisely that I can say it doesn't constantly feel effective and it does develop more work I know we're not intentionally doing that we're not creating additional work for any person where we do not need to and any person that's dealing with that process 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 believe many factors one is it's the requirement I think people have actually got so utilized to we require a new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it's not a requirement so I think it's simply been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there's a variety I think this is a process that needs looking at it needs changing but ultimately people are really stuck to what they're familiar
with right um modification is a difficult thing all of us don't like modification um so I think it's just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having preserving multiple savings account however there's a big amount of complexity chooses setting up a savings account maintaining it guaranteeing it can send out International transfers guaranteeing it's set up with the right user accesses for private people so the complexity is big but I think the sincere answer is modification um individuals have not been able to alter or haven't had necessarily the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we've always done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century or two there is a lot to monitor and this method does position several difficulties um so Johnny might you tell us about those challenges yeah of course so there's a range 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 Global staff members you deserve a corner workplace with a better parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you
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