Find out more about Papaya Global Products ... We now have the capability to manage both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually obtained a different Chief Financial Officer particularly devoted to managing payments. This supplies us with a safe and dependable method of making payments to our 10,000 staff members worldwide.}
The cutting-edge international payroll management app simplifies my payroll process, saving me a substantial amount of time monthly. With its user-friendly interface, I have access to a single control panel that effectively handles my payroll, EOR, and contractors.
The Worker Website supplies workers with the ability to gain access to and view essential documents such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile phones and is offered in different languages.
Benefits Administration
Papaya Global helps companies offer competitive benefits packages to worldwide staff members despite the number of workers in the business. The business can establish medical insurance, short-term and long-term impairment, vision, oral and maternity leave while getting rid of the need to source regional benefits suppliers in every nation, create local accounts and have a minimum number of employees.
The HR capabilities supplied by Worldwide HR incorporate numerous functions such as keeping an eye on vacation time, ensuring compliance, helping with the process of inviting brand-new employees and bidding goodbye to departing ones, offering a protected online platform for keeping employees' documents, and providing support for work allow procedures in case your employees require help in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, labor force variety, overall employment costs distributed per area, total work costs per cycle and far more.
environments across the globe I supplied management and strategy 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 throughout business handling and structure external relationships supporting Business customers and services in addition to acting as a consultant for those of you that do not understand who papaya Global is papaya is the first payroll and payments
As a worldwide company, we are honored to be included on the prestigious Time 100 list of the most prominent business worldwide. We concentrate on offering payroll and labor force management services to workers 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, no matter your location. It's a pleasure to fulfill you and thank you for your valuable time. As Ian discussed, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have actually concentrated on payroll and payment solutions for the past 7 years. The complexities and difficulties of this field have constantly captivated me.
payroll payments and chose to sort of make a real go at that over the last 5 or 6 years where I have actually type of had a variety of various roles on the service provider side and likewise on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll just give everybody another number of uh well among the 30 seconds approximately to join we all work back to back nowadays so we'll type 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 everybody comes from and I really do hope it's much sunnier than it remains 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 very really uninspiring and I wish I was elsewhere at this moment in time okay so let's get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies maintain different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and timely payroll payments is a complex difficulty for businesses running globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll savings account, discover how companies forecast payroll costs to enhance working capital, and find how streamlining international payroll payments can transform them from a difficult job into a strategic property.
Managing payroll worldwide is a complicated job due to various policies, compliance requirements, data security issues, and banking rules. The large variety of workers and services adds to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems often lead to manual processes, data silos, and an absence of integration, leading to inconsistencies and ineffectiveness. Despite residing in an age of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar objectives to supply insights and solutions to streamline and enhance worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that's another number that gives me sleep deprived nights and rather frankly the more a service spends on international payroll the less of an image they see a lack of visibility likewise extends to payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global organizations have actually expressed 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 because of time reporting bad HCM information data entry mistakes improperly interacted hires and terminations along with absence management and system configurations and after that when you round all of it off and the data is shipped to the wrong place the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they rely on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they're paying to staff members or otherwise that's a good concern I always throw this back and say what is it what does not need to be included right and what does
it need to be thought of there's differing Bank information 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 consumer's own in-country account so there's complexity any place you look right eventually developing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble incredibly payments no if however 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 absolutely fundamental and innovation is permitting us to sort of progress with that it also as well to add to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely important that payroll and finance teams work closer together than ever um I'm constantly astonished when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation 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 people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more important to add to type of the level of complexity there's a growing number of benefits being organ or being offered by companies throughout the world so again you're just wanting to add more and more payments to this already intricate landscape so if you kind of got any experience well I'm from your vast experience here and I make certain but have you got any experience in kind of genuine challenges or genuine challenging kind of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding info into the next function as it were that's actually managing the payment side of things but you know in in my viewpoint and my experience that doesn't always need to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason that we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any business has from an expense perspective from an effect point of view on workers it is definitely vital that it's done properly 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 biggest harmful effect on individuals's well-being and numerous other factors if people aren't paid uh I have actually always been surprised entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I'm not exactly sure anyone on this sort of webinar has actually 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 workers or not um but ultimately payroll is such an important cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it's just a tick box exercise and I think 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 things is definitely crucial that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment service is a fantastic primary step um supplying an end-to-end payroll solution for your employees globally once again I think is another huge um process again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely essential to success success of companies and reducing the variety of tools platforms and savings account they require for their Global 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 thousand of them within a payroll cycle don't expect 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 rather where they're meant to be um I don't believe any of us are actually doing that for for the thanks
anyhow we know how how important a role it is which'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 also so imagine sorry I'm just I was simply gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we're talking about hundreds of thousands possibly Millions envision getting that numerous thank you notes um I suggest it 'd be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task attempting to clean all those up for sure oh definitely I can't think of 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 in fact see what was going on and kind of try to return to everyone so proceeding look why do business pick to main different savings account there are organizations out there doing precisely this for particular nations and I've operated in a service or lots of services doing exactly that I can say it doesn't always feel efficient and it does develop more work I understand we're not intentionally doing that we're not developing additional work for anybody where we do not need to and anybody 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 amount that we are I think numerous reasons 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 require it for payroll functions but there are a variety of markets where it's not a requirement so I think it's simply been the standard and the standard the people have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there's a range I think this is a procedure that requires taking a look at it requires altering but ultimately people are extremely stuck with what they're familiar
with right um modification is a difficult thing we all do not like change um so I think 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 things um I comprehend undoubtedly the advantages of having keeping numerous savings account but there's a substantial quantity of complexity opts for setting up a savings account preserving it ensuring it can send International transfers guaranteeing it's established with the ideal user accesses for private individuals so the intricacy is huge but I think the sincere response is modification um individuals have not had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be identified to be the next Century or so there is a lot to keep an eye on and this approach does present several obstacles um so Johnny could you tell us about those difficulties yeah of course so there's a variety 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 Worldwide employees you are worthy of a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you
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