Find out more about Papaya Global Pension Set Up ... We now have the capability to handle both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has acquired a different Chief Financial Officer particularly dedicated to handling payments. This provides us with a secure and trusted technique of paying to our 10,000 workers worldwide.}
The advanced worldwide payroll management app streamlines my payroll process, conserving me a considerable quantity of time every month. With its easy to use user interface, I have access to a single control panel that efficiently manages my payroll, EOR, and professionals.
The Employee Portal offers workers with the capability to gain access to and view essential documents such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile devices and is offered in different languages.
Advantages Administration
Papaya Global helps companies provide competitive advantages plans to international staff members no matter the number of employees in the business. The company can set up medical insurance, short-term and long-lasting disability, vision, dental and maternity leave while eliminating the requirement to source local advantages providers in every country, develop local accounts and have a minimum variety of staff members.
International HR Performances
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your staff members require work license help.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, workforce variety, total employment costs dispersed per area, overall work expenses per cycle and much more.
environments across the globe I offered leadership and method to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll methods for as Mark stated I work throughout business managing and structure external relationships supporting Business clients and services in addition to serving as a consultant for those of you that don't know who papaya Worldwide is papaya is the very first payroll and payments
As a global business, we are honored to be consisted of on the prominent Time 100 list of the most prominent business worldwide. We specialize in offering payroll and labor force management services to employees in more than 160 nations. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your place. It's a satisfaction to meet you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments market, I have concentrated on payroll and payment options for the past 7 years. The complexities and challenges of this field have always captivated me.
payroll payments and chose to kind of make a real go at that over the last 5 or six years where I have actually kind of had a range of various roles on the service provider side and also on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we'll simply offer everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we'll kind of let them do that so it 'd be quite interesting and I can see it going on already just 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 certainly not the peak of the sunshine is it it's not no it's it's drizzling here it's extremely really uninspiring and I want I was elsewhere 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 difficulty years of managing International payroll why business keep separate
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving separate savings account for payroll in various nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for businesses running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, discover how companies forecast payroll costs to optimize working capital, and find how improving worldwide payroll payments can transform them from a troublesome task into a tactical asset.
Handling payroll worldwide is an overwhelming task due to various guidelines, compliance requirements, data security issues, and banking guidelines. The large number of workers and services adds to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and a lack of combination, causing disparities and inadequacies. Despite living in an age of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to offer insights and options to simplify and enhance worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that's another number that gives me sleep deprived nights and rather frankly the more a business invests in worldwide payroll the less of a photo they see a lack of presence likewise extends to payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide services have expressed that they don't have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors poorly communicated hires and terminations along with absence management and system setups and then when you round everything off and the information is shipped to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments don't run smoothly if they rely on the essential multiple 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 difficulties business face when they're making payments to employees or otherwise that's an excellent question I always toss this back and state what is it what does not require to be consisted of ideal and what does
it need to be thought about there's varying Bank details so the length of an eye band a swift an account number routing code per nation 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 need to pay from the consumer's own in-country account so there's intricacy anywhere you look right ultimately developing a knowledge base is absolutely vital but all over you look with payroll payment they resemble very payments no if however some infants 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 acknowledgment that payroll payments are absolutely essential and innovation is permitting us to sort of progress with that it also too to contribute to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and financing groups work closer together than ever um I'm always impressed when individuals state I've divided 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 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 often 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 individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on well-being and the payment landscape is ending up being progressively intricate. Businesses are constantly presenting brand-new advantages and payment options, which contributes to the total intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can result in ineffectiveness and bottlenecks. In my opinion, this doesn't have to hold true. In today's technically sophisticated period, there's no reason for maintaining troublesome procedures. Payroll, the business's greatest expenditure, need to be processed correctly and on time. Even slight hold-ups can negatively impact workers' well-being and have far-reaching repercussions. For that reason, it's critical to prioritize precise and prompt payments.
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and individuals only observe when things go wrong. However, when things go right, it's seen as simply a regular task. This is how it's viewed externally too. For that reason, it is essential to ensure that jobs like Wi-Fi International and other vital matters are done properly. Using the very first International Payments very first payroll payment option is a fantastic preliminary step towards providing a detailed payroll option for staff members worldwide. Standardization, global processes, and lowering the number of tools, platforms, and bank accounts required for worldwide payroll are essential factors in accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as prepared. Ultimately, we do not do it for the appreciation.
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 easy as possible for everybody that's involved in those procedures and likewise so envision sorry I'm simply I was just 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'm sure we're discussing hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I indicate it 'd be interesting to see how many Post-it notes you got however it would certainly be a fascinating job trying to clean up all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to check out them and actually see what was going on and kind of shot to get back to everyone so moving on appearance why do business choose to primary separate bank accounts there are businesses out there doing precisely this for specific nations and I have actually worked in a business or numerous businesses doing precisely that I can say it doesn't constantly feel efficient and it does produce more work I know we're not intentionally doing that we're not developing extra work for anybody where we don't have to and anyone 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 amount that we are I believe numerous reasons one is it's the requirement I think people have got so utilized to we require a brand-new bank account we open an entity and rightly 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 requirement and the norm the people have actually embraced and continue to do over years and years gone past to add to that individuals have 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 process that requires taking a look at it needs changing but eventually individuals are extremely stuck to what they recognize
with ideal um modification is a tough thing we all don't like change um so I believe it's just sort of moving away from the standard as we've said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having maintaining multiple checking account however there's a huge quantity of intricacy chooses setting up a bank account keeping it ensuring it can send International transfers guaranteeing it's set up with the right user accesses for private individuals so the intricacy is substantial however I think the sincere answer is change um individuals have not been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century or so there is a lot to track and this technique does present a number of obstacles um so Johnny might you inform us about those difficulties yeah naturally so there's a range right there is so
I simply did you changed 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 employees you should have a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you
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