Find out more about Papaya Global Pension Reports ... We now have the ability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has actually obtained a different Chief Financial Officer specifically devoted to handling payments. This offers us with a safe and reputable technique of making payments to our 10,000 staff members worldwide.}
The innovative worldwide payroll management app streamlines my payroll procedure, conserving me a significant quantity of time every month. With its user-friendly user interface, I have access to a single dashboard that efficiently manages my payroll, EOR, and specialists.
Worker Portal
Staff members have access to a Staff member Website where they can see their pay slips, wage and tax declarations and work documents. The portal is available in several languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global assists business use competitive benefits bundles to worldwide workers no matter the number of staff members in the company. The business can set up medical insurance, short-term and long-lasting impairment, vision, oral and maternity leave while eliminating the need to source local advantages suppliers in every nation, create regional accounts and have a minimum number of staff members.
The HR abilities offered by Global HR encompass different functions such as keeping track of getaway time, ensuring compliance, assisting in the procedure of welcoming new employees and bidding farewell to departing ones, providing a safe online platform for storing workers' documents, and providing assistance for work allow procedures in case your staff members require help because area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, workforce variety, total employment costs distributed per area, overall work costs per cycle and much more.
environments across the globe I supplied leadership and method to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll strategies for as Mark said I work across the business managing and building external relationships supporting Enterprise clients and solutions along with serving as an advisor for those of you that do not understand who papaya Worldwide is papaya is the first payroll and payments
As a global company, we are honored to be included on the prestigious Time 100 list of the most influential business worldwide. We specialize in offering payroll and workforce management services to employees in more than 160 countries. I am delighted to present Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your place. It's a pleasure to meet you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments industry, I have actually concentrated on payroll and payment services for the past seven years. The complexities and difficulties of this field have actually always captivated me.
payroll payments and decided to sort of make a genuine go at that over the last 5 or six years where I've type of had a variety of different roles on the provider side and likewise on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll just give everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we'll sort of let them do that so it 'd be quite fascinating and I can see it going on currently simply to hear where everybody is um it's nice to to type of like see where everyone originates from and I truly 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 drizzling here it's really very gloomy and I want I was elsewhere at this moment in time all right so let's get going our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business keep different
Virtual payroll accounts are an option to conventional bank accounts for managing payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, efficient, and prompt payroll payments is a complex difficulty for businesses running worldwide. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll checking account, learn how business anticipate payroll expenses to enhance working capital, and find how improving international payroll payments can transform them from a troublesome task into a strategic possession.
Managing payroll worldwide is a difficult task due to numerous policies, compliance requirements, data security issues, and banking guidelines. The sheer variety of staff members and services adds to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically lead to manual procedures, data silos, and a lack of integration, leading to disparities and inadequacies. In spite of residing in an age of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to provide insights and services to streamline and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that's another number that gives me sleepless nights and quite honestly the more a business spends on international payroll the less of an image they see a lack of visibility also encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide companies have revealed that they don't have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors poorly interacted hires and terminations along with lack management and system configurations and after that when you round it all off and the data is delivered to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they depend on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles organization face when they're paying to staff members or otherwise that's a great concern I always toss this back and state what is it what does not require to be consisted of ideal and what does
it require to be considered 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 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 intricacy wherever you look ideal ultimately building a knowledge base is absolutely critical however all over you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a 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 essential and innovation is permitting us to kind of move on with that it likewise also to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and financing teams work closer together than ever um I'm always surprised when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high worth on wellness and the compensation landscape is ending up being progressively elaborate. Companies are constantly presenting brand-new advantages and payment choices, which contributes to the general complexity. Big corporations typically divide their payroll and payment processing into different teams, which can result in inefficiencies and traffic jams. In my viewpoint, this doesn't need to hold true. In today's highly sophisticated era, there's no justification for preserving troublesome treatments. Payroll, the business's most significant expenditure, should be processed correctly and on time. Even small hold-ups can negatively affect staff members' well-being and have significant consequences. Therefore, it's crucial to prioritize accurate and timely payments.
payroll team get um so I'm unsure anybody on this kind of webinar has been told thank you for processing my payroll correctly if you have it 'd be fantastic to hear your success story and whether that's been from all staff members or not um but ultimately payroll is such a crucial cycle we all hear about it when it fails everybody 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 view as well um so yeah it's likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the first Global Payments very first payroll payment service is a great primary step um offering 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 companies and decreasing the number of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don't anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they're suggested to be um I don't believe any of us are actually doing that for for the thanks
anyhow we understand how how important 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 imagine sorry I'm just I was just gon na say envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we're speaking about numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I suggest it 'd be interesting to see the number of Post-it notes you got but it would definitely be a fascinating job trying to clean up all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that was the case um you 'd need days of the week to try to check out them and really see what was going on and kind of shot to get back to everybody so moving on appearance why do companies choose to main separate bank accounts there are businesses out there doing precisely this for specific nations and I've worked in a company or many services doing exactly that I can say it doesn't always feel effective and it does produce more work I know we're not deliberately doing that we're not creating extra work for anybody where we don't have to and any person that's managing that procedure 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 many reasons one is it's the requirement I believe people have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you need 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 standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to kind of do it so I think there's a variety I think this is a procedure that needs taking a look at it needs altering however eventually individuals are extremely stuck to what they're familiar
with ideal um change is a challenging thing all of us do not like modification um so I believe it's simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having keeping multiple checking account however there's a big quantity of intricacy chooses setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it's set up with the right user accesses for individual individuals so the complexity is substantial however I think the truthful response is modification um people haven't had the ability to alter or have not had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you've struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be identified to be the next Century approximately there is a lot to track and this technique does posture numerous obstacles um so Johnny could you inform us about those obstacles yeah of course so there's a range right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you
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