Find out more about Papaya Global Restore From Backup ... 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 separate Chief Financial Officer specifically devoted to managing payments. This offers us with a protected and trusted method of making payments to our 10,000 staff members worldwide.}
The advanced international payroll management app enhances my payroll process, conserving me a substantial amount of time monthly. With its easy to use interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and specialists.
Staff member Website
Employees have access to an Employee Portal where they can view their pay slips, wage and tax statements and employment documents. The website is readily available in multiple languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global helps business use competitive advantages plans to global employees despite the variety of employees in the business. The company can establish medical insurance, short-term and long-lasting special needs, vision, dental and maternity leave while eliminating the requirement to source local benefits service providers in every country, produce local accounts and have a minimum number of staff members.
International HR Functionalities
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your staff members need work license help.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, labor force variety, total work costs distributed per area, total employment expenses per cycle and a lot more.
environments across the globe I supplied leadership and method to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll strategies for as Mark stated I work across the business handling and structure external relationships supporting Enterprise clients and options along with serving as an advisor for those of you that do not understand who papaya Worldwide is papaya is the very first payroll and payments
As a global company, we are honored to be included on the prominent Time 100 list of the most influential business worldwide. We concentrate on offering payroll and labor force management services to staff members in more than 160 countries. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your location. It's a satisfaction to fulfill 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 market, I have actually concentrated on payroll and payment solutions for the past 7 years. The intricacies and difficulties of this field have constantly mesmerized me.
payroll payments and chose to kind of make a real go at that over the last 5 or 6 years where I have actually type of had a range of different roles on the provider side and also on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we'll just offer everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we'll kind of let them do that so it 'd be quite intriguing and I can see it going on already just to hear where everyone is um it's nice to to kind of like see where everyone originates from and I truly 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 very bleak and I want I was elsewhere at this moment in time okay so let's get started our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we'll also review a wrap-up which should leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more typical and handling them becomes a growing number of complicated Worldwide companies are seeking to find Solutions and brand-new ways to improve processes especially from a payroll and cross-border payment perspective lots of organizations keep separate savings account just for payroll while some have multiple accounts in various countries does it make good sense for business to preserve separate bank accounts in some cases in various nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies simplify the episode complex processes of
making payroll payments precisely effectively firmly and on time throughout this webinar we'll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in adequate in one country however when you're doing it internationally it's next level and Beyond it ends up being complex for a range of reasons most notably regulations compliance information security and banking guidelines then there are the large numbers they add more intricacy the international Workforce is currently three and a half billion people by 2030 it's approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll design there's frequently a frustrating number of various systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or very really fundamental there's no real consistency structure we're residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that's another number that gives me sleepless nights and quite honestly the more a service spends on international payroll the less of a photo they see a lack of exposure also encompasses payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide companies have expressed that they don't have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes badly communicated hires and terminations in addition to absence management and system setups and then when you round it all off and the information is delivered to the incorrect place the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don't run smoothly if they count on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they're making payments to staff members or otherwise that's a great question I always throw this back and say what is it what does not need to be consisted of right and what does
it need to be thought of there's varying Bank information 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 intricacy any place you look best ultimately constructing a knowledge base is definitely important but everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are absolutely fundamental 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 Details varying banking requirements and setup processes is absolutely essential that payroll and financing teams work more detailed together than ever um I'm constantly astonished when individuals state I've split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate 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 process it's the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of essential to add to sort of the level of complexity there's a growing number of benefits being organ or being used by businesses across the world so once again you're just looking to add increasingly more payments to this already complicated landscape so if you sort of got any experience well I'm from your huge experience here and I'm sure but have you got any experience in kind of real difficulties or genuine challenging type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would absolutely state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding info into the next function as it were that's actually managing the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we run in they simply make them more timely they make them less effective and they don't make them what they need to be in in an age of tech and an age that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any organization has from an expense point of view from an effect point of view on employees it is absolutely critical that it's done properly and on time so what we suggest 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 detrimental result on individuals's wellness and numerous other elements if individuals aren't paid uh I've constantly been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it's from all employees or not. Payroll is an essential cycle, and people only notice when things fail. Nevertheless, when things go right, it's seen as simply a regular job. This is how it's viewed externally as well. For that reason, it is vital to make sure that tasks like Wi-Fi International and other crucial matters are done properly. Utilizing the first Worldwide Payments very first payroll payment option is a terrific preliminary step towards supplying an extensive payroll option for employees worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and savings account essential for international payroll are crucial consider accomplishing organization success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of problems when things don't go as planned. Ultimately, we do not do it for the gratitude.
anyhow we understand how how essential a function 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 simple as possible for everyone that's involved in those processes and likewise so envision sorry I'm simply I was just gon na say imagine 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 envision getting that lots of thank you notes um I suggest it 'd be interesting to see the number of Post-it notes you got however it would definitely be an interesting job trying to clean 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 require days of the week to try to browse them and really see what was going on and kind of shot to return to everybody so carrying on appearance why do business select to main separate checking account there are companies out there doing exactly this for specific countries and I have actually operated in a business or lots of services doing exactly that I can state it doesn't constantly feel effective and it does create more work I understand we're not deliberately doing that we're not developing extra work for anyone where we do not have to and anybody 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 quantity that we are I think numerous reasons one is it's the standard I think people 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 number of markets where it's not a requirement so I think it's simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other ways um to to sort of do it so I think there's a range I believe this is a procedure that requires looking at it requires altering however eventually individuals are really stuck to what they're familiar
with right um modification is a hard thing all of us don't like change um so I believe it's just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having maintaining several checking account but there's a huge quantity of complexity chooses setting up a bank account keeping it guaranteeing it can send International transfers guaranteeing it's established with the best user accesses for specific individuals so the intricacy is big but I think the truthful response is change um individuals have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to track and this method does present several difficulties um so Johnny might you inform us about those difficulties yeah obviously so there's a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments.
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