Find out more about Papaya Global System Requirements ... We now have the capability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer particularly committed to handling payments. This offers us with a secure and reliable approach of making payments to our 10,000 workers worldwide.}
The advanced worldwide payroll management app simplifies my payroll procedure, conserving me a considerable 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 Portal provides staff members with the capability to access and view important files such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile devices and is used in numerous languages.
Advantages Administration
Papaya Global assists business use competitive advantages plans to international workers despite the number of employees in the company. The company can establish medical insurance, short-term and long-term impairment, vision, dental and maternity leave while getting rid of the requirement to source regional benefits service providers in every nation, develop local accounts and have a minimum variety of staff members.
The HR abilities supplied by Worldwide HR incorporate different functions such as keeping track of holiday time, ensuring compliance, helping with the process of inviting brand-new employees and bidding goodbye to leaving ones, using a protected online platform for keeping workers' files, and supplying support for work allow procedures in case your staff members require help in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce costs, labor force variety, total work expenses dispersed per place, overall employment costs per cycle and a lot more.
Worldwide, I have shown management and tactical expertise in assisting large-scale populations of over 100,000 staff members throughout 170 nations. Currently, I are accountable for overseeing payroll techniques, as discussed by Mark. My function involves handling and establishing external partnerships, supporting Enterprise clients, and providing advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions service provider.
As an international company, we are honored to be included on the prominent Time 100 list of the most prominent business worldwide. We concentrate on offering 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, regardless of your location. It's a satisfaction to fulfill you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have actually focused on payroll and payment services for the past seven years. The complexities and difficulties of this field have constantly captivated me.
payroll payments and decided to sort of make a genuine go at that over the last 5 or 6 years where I have actually type of had a range of various roles on the provider side and likewise on the supplier side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we'll just offer everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we'll type of let them do that so it 'd be rather 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 really 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 really very bleak and I wish I was elsewhere at this moment in time okay so let's get going our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business maintain separate
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly useful for global organizations with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of keeping separate checking account for payroll in different countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely and on time during this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one country however when you're doing it worldwide it's next level and Beyond it ends up being complicated for a variety of reasons most significantly guidelines compliance data security and banking rules then there are the large numbers they add further complexity the global Labor force is currently 3 and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion people 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 all over the world in the traditional payroll model there's typically an overwhelming variety of various systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or really very standard there's no real consistency framework we're residing in an age of tech but payroll has actually been slow 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 provide you an idea 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 gives me sleepless nights and quite honestly the more an organization invests in worldwide payroll the less of a photo they see an absence of visibility also extends to payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost 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 bad HCM information information entry errors badly interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is shipped to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments don't run smoothly if they rely on the required 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 organization face when they're making payments to workers or otherwise that's an excellent concern I always throw this back and say what is it what doesn't require to be included best and what does
it require to be considered there's varying Bank information so the length of an eye band a swift an account number routing code per country there's payment time frames 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 customer's own in-country account so there's intricacy anywhere you look best eventually building a knowledge base is definitely important however everywhere you look with payroll payment they are like incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 absolutely essential and innovation is allowing us to type of move on with that it also too to contribute to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely necessary that payroll and financing teams work more detailed together than ever um I'm constantly astonished when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry 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 information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high worth on wellness and the compensation landscape is becoming increasingly detailed. Organizations are constantly presenting new benefits and payment choices, which adds to the overall intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can lead to ineffectiveness and traffic jams. In my viewpoint, this does not need to be the case. In today's technically innovative period, there's no validation for preserving cumbersome procedures. Payroll, the company's biggest cost, must be processed properly and on time. Even small delays can negatively affect workers' well-being and have far-reaching effects. For that reason, it's important to prioritize accurate and timely payments.
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it's from all employees or not. Payroll is a crucial cycle, and individuals just observe when things go wrong. However, when things go right, it's viewed as simply a regular job. This is how it's perceived externally too. For that reason, it is essential to guarantee that tasks like Wi-Fi International and other important matters are done correctly. Utilizing the very first Global Payments first payroll payment service is a terrific preliminary step towards offering a comprehensive payroll option for workers worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and checking account necessary for global payroll are essential consider attaining organization success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things don't go as planned. Eventually, we don't do it for the appreciation.
anyway we understand 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 everyone that's associated with those processes and also so picture sorry I'm just I was just gon na state picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we're discussing hundreds of thousands potentially Millions imagine getting that numerous thank you notes um I imply it 'd be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task trying to clean all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that held true um you 'd need days of the week to try to look through them and really see what was going on and sort of try to get back to everybody so moving on appearance why do business pick to primary different checking account there are organizations out there doing precisely this for specific countries and I've operated in a business or lots of services doing exactly that I can say it doesn't always feel efficient and it does produce more work I know we're not deliberately doing that we're not producing additional work for anyone where we don't need to and anyone that's managing 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 amount that we are I think lots of reasons one is it's the requirement I think individuals have got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it's not a requirement so I believe it's just been the standard and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have looked 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 requires changing however eventually people are extremely stuck with what they're familiar
with right um change is a challenging thing we all do not like modification um so I believe it's simply kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having maintaining multiple bank accounts but there's a huge amount of complexity goes with setting up a savings account preserving it guaranteeing it can send International transfers guaranteeing it's set up with the best user accesses for private people so the complexity is huge but I believe the honest response is change um people 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 believe you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we have actually constantly done it that way is no genuine excuse for not looking at the the advantages 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 approach does posture numerous obstacles um so Johnny could you tell us about those obstacles yeah of course so there's a range right there is so
I recently made a change to our Business 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 gotten another CFO, and with this improved capability, I have successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements.
Nominal Link Settings Papaya Global