Find out more about Papaya Global Restricted Mode ... We now have the ability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer particularly devoted to managing payments. This offers us with a secure and reputable method of making payments to our 10,000 staff members worldwide.}
The advanced global payroll management app improves my payroll process, saving me a considerable amount of time every month. With its user-friendly user interface, I have access to a single control panel that efficiently manages my payroll, EOR, and professionals.
Worker Portal
Workers have access to a Worker Website where they can see their pay slips, wage and tax declarations and work files. The portal is readily available in several languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global helps companies offer competitive benefits plans to global staff members no matter the number of staff members in the company. The business can set up health insurance, short-term and long-lasting impairment, vision, dental and maternity leave while eliminating the requirement to source local advantages providers in every nation, create local accounts and have a minimum number of employees.
Worldwide HR Functionalities
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your employees require work license assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, workforce diversity, total employment costs dispersed per area, overall work expenses per cycle and far more.
environments around the world I supplied management and method to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll strategies for as Mark said I work across the business managing and structure external relationships supporting Enterprise clients and options in addition to serving as a consultant for those of you that do not understand who papaya Worldwide is papaya is the first payroll and payments
As an international company, we are honored to be consisted of on the prestigious Time 100 list of the most influential companies worldwide. We focus on offering payroll and labor force management services to workers in more than 160 countries. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, despite your area. 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 organization. With over a decade of experience in the payments industry, I have focused on payroll and payment services for the past seven years. The complexities and challenges of this field have constantly mesmerized me.
payroll payments and chose to kind of make a genuine go at that over the last five or 6 years where I've type of had a variety of various roles on the provider side and also on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we'll just give everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays 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 everybody is um it's nice to to sort of like see where everyone comes from and I truly do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it's not no it's it's drizzling here it's very really dreary and I want I was somewhere else at this moment in time fine so let's begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we'll likewise discuss a recap which needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and managing them ends up being a growing number of complicated Worldwide companies are looking to find Solutions and new methods to streamline processes especially from a payroll and cross-border payment standpoint numerous organizations preserve different savings account just for payroll while some have multiple accounts in various countries does it make good sense for companies to maintain separate bank accounts sometimes in different countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business enhance the episode complex procedures of
making payroll payments accurately effectively firmly and on time during this webinar we'll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one country but when you're doing it worldwide it's next level and Beyond it becomes complex for a range of reasons most significantly regulations compliance data security and banking guidelines then there are the large numbers they add more intricacy the worldwide Labor force is presently 3 and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll design there's frequently an overwhelming number of various systems resulting in time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely very fundamental there's no genuine consistency framework we're living in an era of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically 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 only 11 of organizations state they have Labor force information in real time that's another number that offers me sleep deprived nights and rather frankly the more a company invests in global payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and failure to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of global organizations have expressed that they don't have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors improperly interacted hires and terminations along with absence management and system setups and then when you round everything off and the information is delivered to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don't run smoothly if they count on the required several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they're paying to employees or otherwise that's a great question I constantly toss this back and state what is it what doesn't require to be consisted of right and what does
it need to be thought about 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 eventually developing a knowledge base is absolutely important but all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to type of move forward with that it also as well to add to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance teams work more detailed together than ever um I'm constantly surprised when people say I've split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate 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 often 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 people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to add to kind of the level of intricacy there's increasingly more benefits being organ or being offered by services across the world so once again you're just looking to add more and more payments to this currently intricate landscape so if you sort 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 real challenges or genuine difficult sort of pay uses to play to pay people I think yeah I imply over the last well yeah a number of decades I would certainly state that the bigger a business 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 really 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 understand long gone are the times where we require to create extra handoffs in the processes that we run in they just make them more prompt they make them less efficient 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 why we are still making this as hard as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any company has from an expense perspective from an effect point of view on employees it is absolutely important that it's done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging impact on individuals's wellness and numerous other factors if individuals aren't paid uh I've always been surprised entering this Market type of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it's from all workers or not. Payroll is a crucial cycle, and individuals only discover when things fail. However, when things go right, it's seen as just a regular job. This is how it's perceived externally too. For that reason, it is necessary to make sure that jobs like Wi-Fi International and other important matters are done properly. Utilizing the first Worldwide Payments very first payroll payment option is an excellent initial step towards supplying a thorough payroll solution for staff members worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and bank accounts needed for worldwide payroll are key consider attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things do not go as planned. Ultimately, we do not do it for the thankfulness.
anyway we understand 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 envision 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 talking about hundreds of thousands potentially Millions picture getting that numerous thank you notes um I mean it 'd be interesting to see how many Post-it notes you got however it would certainly be a fascinating job 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 attempt to check out them and really see what was going on and type of shot to get back to everyone so moving on look why do business select to primary different checking account there are organizations out there doing precisely this for specific countries and I've operated in a business or many companies doing exactly that I can state it doesn't always feel efficient and it does create more work I know we're not intentionally doing that we're not producing extra work for anyone where we don't need to and anybody that's dealing with that procedure I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the quantity that we are I believe lots of reasons one is it's the standard I believe people have actually got so used 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 number of markets where it's not a requirement so I believe it's simply been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there's a variety I think this is a process that needs looking at it needs changing however ultimately people are extremely stuck to what they're familiar
with best um modification is a difficult thing all of us do not like change um so I think it's just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having preserving multiple savings account however there's a huge amount of intricacy opts for establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it's established with the right user accesses for individual people so the intricacy is huge but I believe the sincere answer is change um people have not been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you've hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we've always 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 understand what might almost be identified to be the next Century or so there is a lot to monitor and this approach does position several obstacles um so Johnny might you tell us about those obstacles yeah naturally 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 International workers you should have a corner workplace with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you
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