Find out more about Papaya Global Reprint Payment Summary Part 1 ... 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 different Chief Financial Officer specifically committed to handling payments. This provides us with a safe and secure and trusted technique of paying to our 10,000 employees worldwide.}
The innovative worldwide payroll management app improves my payroll procedure, conserving me a substantial quantity of time monthly. With its easy to use interface, I have access to a single dashboard that effectively manages my payroll, EOR, and contractors.
The Employee Portal supplies workers with the capability to gain access to and view essential files such as pay slips, wage and tax declarations, and work records. This portal is accessible on both desktop and mobile phones and is offered in different languages.
Benefits Administration
Papaya Global assists companies offer competitive advantages plans to worldwide staff members despite the variety of staff members in the business. The business can set up health insurance, short-term and long-term disability, vision, oral and maternity leave while removing the requirement to source regional advantages companies in every country, produce regional accounts and have a minimum variety of staff members.
Global HR Performances
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your workers require work authorization assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, labor force diversity, total work costs distributed per location, total work costs per cycle and much more.
environments across the globe I offered leadership and technique to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll techniques for as Mark stated I work throughout the business managing and structure external relationships supporting Business clients and solutions in addition to functioning as a consultant for those of you that don't know who papaya International is papaya is the first payroll and payments
As an international company, we are honored to be included on the prominent Time 100 list of the most prominent companies worldwide. We concentrate on offering payroll and workforce management services to workers in more than 160 nations. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, despite your area. It's an enjoyment to fulfill you and thank you for your important time. As Ian discussed, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have actually focused on payroll and payment services for the past 7 years. The complexities and difficulties of this field have actually constantly captivated me.
payroll payments and decided to kind of make a genuine go at that over the last 5 or six years where I've sort of had a variety of different functions on the supplier side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we'll just offer everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we'll sort of let them do that so it 'd be quite fascinating and I can see it going on already simply to hear where everybody is um it's nice to to kind of like see where everyone originates from and I really 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 extremely dreary and I wish I was elsewhere at this moment in time alright so let's start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business keep separate
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of preserving different checking account for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic 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.
making payroll payments precisely effectively firmly and on time during this webinar we'll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one nation but when you're doing it internationally it's next level and Beyond it ends up being intricate for a range of reasons most significantly policies compliance information security and banking guidelines then there are the sheer numbers they include more complexity the global Labor force is currently three and a half billion people by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll model there's typically a frustrating variety of various systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely very basic there's no genuine consistency structure we're living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind whenever I I think
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 Labor force information in real time that's another number that gives me sleep deprived nights and quite honestly the more a service invests in worldwide payroll the less of an image they see a lack of exposure likewise extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide services have revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors badly interacted hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is shipped to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they rely 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 challenges company face when they're making payments to workers or otherwise that's a good question I always toss this back and state what is it what does not require to be included 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 have to pay from the consumer's own in-country account so there's complexity any place you look ideal eventually developing a knowledge base is absolutely vital however all over you look with payroll payment they resemble super payments no if however some infants 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 fundamental and innovation is enabling us to sort of move forward with that it also also to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely imperative that payroll and finance groups work closer together than ever um I'm always amazed when people say I've split payroll and payment um if you walk down the street and asked anyone what is payroll who does not 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 often split and cut up um eventually it's payroll is an end-to-end process 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 3rd parties so with the
world we reside in and wellness being more and more essential to contribute to type of the level of intricacy there's increasingly more benefits being organ or being used by services throughout the world so again you're just wanting to add a growing number of payments to this already intricate landscape so if you type of got any experience well I'm from your huge experience here and I make sure however have you got any experience in kind of genuine difficulties or real challenging type of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of years I would certainly say 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 teams feeding info into the next function as it were that's actually managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to produce additional handoffs at the same times that we run in they simply make them more timely they make them less efficient and they don't make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason that we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any business has from a cost viewpoint from an impact viewpoint on workers it is absolutely vital that it's done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful impact on individuals's wellness and many other elements if individuals aren't paid uh I have actually always been impressed entering this Market type of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it's from all workers or not. Payroll is an essential cycle, and people just observe when things fail. Nevertheless, when things go right, it's seen as just a routine task. This is how it's perceived externally also. Therefore, it is important to make sure that tasks like Wi-Fi International and other crucial matters are done properly. Utilizing the very first Worldwide Payments first payroll payment service is an excellent initial step towards providing a thorough payroll solution for employees worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and checking account essential for international payroll are essential factors in achieving organization success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things don't go as prepared. Ultimately, we do not do it for the appreciation.
anyway we understand 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 everybody that's involved in those processes and also so imagine sorry I'm simply 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 sure we're speaking about hundreds of thousands potentially Millions think of getting that numerous thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying to clean all those up for sure oh absolutely I can't picture 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 actually see what was going on and sort of try to return to everyone so proceeding appearance why do business select to main different checking account there are businesses out there doing exactly this for particular countries and I have actually worked in a company or lots of organizations doing exactly that I can say it does not constantly feel effective and it does develop more work I understand we're not purposely doing that we're not creating additional work for anybody where we do not have to and any person that's handling 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 think many factors one is it's the requirement I believe individuals have got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it's not a requirement so I think it's just been the standard and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to type 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 with what they're familiar
with ideal um change is a difficult thing we all don't like modification um so I believe it's just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having keeping multiple savings account however there's a huge amount of complexity chooses establishing a bank account maintaining it ensuring it can send out International transfers ensuring it's set up with the best user accesses for individual people so the intricacy is big but I think the truthful response is change um individuals haven't been able to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we've always done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century approximately there is a lot to monitor and this technique does pose numerous obstacles um so Johnny might you inform us about those obstacles yeah of course so there's a variety right there is so
I simply did you switched our Enterprise 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 employees you deserve a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you
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