Find out more about Papaya Global Ssp ... 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 actually acquired a separate Chief Financial Officer specifically devoted to handling payments. This provides us with a safe and secure and trustworthy method of paying to our 10,000 staff members worldwide.}
The cutting-edge worldwide payroll management app simplifies my payroll process, saving me a significant quantity of time every month. With its easy to use interface, I have access to a single dashboard that effectively handles my payroll, EOR, and specialists.
The Staff member Website supplies employees with the capability to gain access to and view essential files such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile phones and is provided in numerous languages.
Benefits Administration
Papaya Global assists companies offer competitive benefits bundles to worldwide workers despite the number of staff members in the company. The company can establish medical insurance, short-term and long-lasting special needs, vision, oral and maternity leave while getting rid of the need to source local benefits suppliers in every nation, develop regional accounts and have a minimum number of staff members.
The HR abilities offered by Global HR incorporate different functions such as keeping an eye on vacation time, making sure compliance, assisting in the process of inviting new staff members and bidding goodbye to departing ones, using a secure online platform for keeping workers' documents, and providing assistance for work permit treatments in case your staff members need assistance because area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, workforce diversity, total work costs distributed per area, total work expenses per cycle and much more.
Internationally, I have actually demonstrated leadership and tactical proficiency in assisting large-scale populations of over 100,000 workers throughout 170 countries. Currently, I are accountable for overseeing payroll strategies, as pointed out by Mark. My function involves handling and establishing external partnerships, supporting Business clients, and offering advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments options company.
As an international company, we are honored to be included on the distinguished Time 100 list of the most prominent companies worldwide. We concentrate on supplying payroll and workforce management services to staff members in more than 160 nations. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your area. It's a satisfaction to meet 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 market, I have concentrated on payroll and payment services for the past seven years. The intricacies and difficulties of this field have actually always mesmerized me.
payroll payments and decided to kind of make a genuine go at that over the last five or six years where I have actually type of had a range of various functions on the supplier side and also on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we'll just provide everybody another number of uh well among the 30 seconds or two 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 currently simply to hear where everybody is um it's nice to to type of like see where everyone comes from and I actually do hope it's much sunnier than it is in the UK today certainly not the peak of the sunlight is it it's not no it's it's drizzling here it's extremely really gloomy and I wish I was somewhere else 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 challenge years of managing Global payroll why business maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we'll likewise review a wrap-up and that must leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of typical and managing them ends up being a growing number of complex Global organizations are seeking to discover Solutions and brand-new methods to improve procedures specifically from a payroll and cross-border payment standpoint many companies preserve different savings account just for payroll while some have multiple accounts in different countries does it make sense for companies to keep different bank accounts in some cases in various countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international companies enhance the episode complex procedures of
making payroll payments precisely efficiently securely and on time during this webinar we'll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical possession 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 intricate for a variety of factors most significantly regulations compliance information security and banking rules then there are the sheer numbers they include further complexity the global Workforce is currently 3 and a half billion people 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 services and growing all doing their own thing around the globe in the conventional payroll model there's often an overwhelming variety of different systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or extremely very basic there's no real consistency structure we're living in a period 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 often with pen and paper and that just blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that's another number that gives me sleep deprived nights and rather honestly the more a company invests in global payroll the less of a picture they see an absence of presence also reaches payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the deal nearly half of global businesses have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes improperly communicated hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is shipped to the incorrect location the average expense of a worldwide data 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 efficiently if they count on the necessary 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 obstacles organization face when they're paying to staff members or otherwise that's an excellent concern I always throw this back and say what is it what doesn't need to be consisted of best and what does
it require to be considered there's varying Bank details so the length of an eye band a swift an account number routing code per nation there's payment timespan there's payment abilities 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 customer's own in-country account so there's intricacy any place you look best eventually constructing a knowledge base is definitely vital but all over you look with payroll payment they are like extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link 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 innovation is enabling us to type of progress with that it likewise as well to add to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup processes is definitely imperative that payroll and financing groups work closer together than ever um I'm always impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't work in the payroll occupation would they divide the payroll payment from computation 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 procedure it's the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to contribute to sort of the level of complexity there's more and more advantages being organ or being offered by services across the world so once again you're simply wanting to include increasingly more payments to this already complicated landscape so if you sort of got any experience well I'm from your vast experience here and I'm sure but have you got any experience in kind of genuine difficulties or genuine tough type of pay uses to play to pay people I think yeah I mean over the last well yeah a number of decades I would definitely say that the bigger a company 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 groups feeding info into the next function as it were that's actually handling the payment side of things however you know in in my viewpoint and my experience that doesn't always require to be the case you know long gone are the times where we require to produce additional handoffs while doing sos that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason why we are still making this as tough as it needs to be concurred and rightly as you said payroll is the single biggest liability that any company has from an expense point of view from an impact point of view on workers it is definitely vital 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 effect on individuals's well-being and numerous other factors if individuals aren't paid uh I have actually constantly been astonished entering into this Market type of the last five to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly 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 staff members or not. Payroll is a crucial cycle, and people just notice when things fail. Nevertheless, when things go right, it's seen as simply a routine job. This is how it's viewed externally as well. For that reason, it is vital to guarantee that jobs like Wi-Fi Global and other crucial matters are done correctly. Utilizing the first International Payments first payroll payment solution is a great preliminary action towards offering a thorough payroll service for workers worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and checking account necessary for international payroll are essential consider attaining organization success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things do not go as prepared. Ultimately, we don't do it for the thankfulness.
anyway we know how how essential a function 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 associated with those procedures and likewise so picture sorry I'm just I was just gon na say imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we're discussing hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I imply 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 up 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 need days of the week to try to look through them and in fact see what was going on and kind of try to get back to everyone so proceeding look why do business choose to main different bank accounts there are services out there doing exactly this for particular countries and I've operated in a business or lots of services doing exactly that I can say it does not always feel effective and it does create more work I understand we're not purposely doing that we're not producing additional work for anybody where we don't have to and any person that's handling 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 amount that we are I think many reasons one is it's the standard I believe individuals have got so used to we require a new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it's not a requirement so I believe it's just been the requirement and the standard the people have adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I think there's a range I think this is a procedure that needs looking at it requires changing but ultimately people are really stuck to what they're familiar
with ideal um modification is a difficult thing all of us do not like change um so I believe it's just sort 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 clearly the benefits of having preserving several savings account however there's a substantial amount of intricacy opts for establishing a savings account maintaining it ensuring it can send out International transfers ensuring it's established with the right user accesses for individual individuals so the complexity is substantial however I think the truthful response is change um people haven't had the ability to alter or haven't had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you have actually hit 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 genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what could almost be identified to be the next Century or so there is a lot to keep track of and this technique does pose numerous challenges um so Johnny might you tell us about those obstacles yeah naturally so there's a range right there is so
I just did you changed 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 International employees you are worthy of a corner office with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you
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