Find out more about Papaya Global Telephone Support ... We now have the capability to manage 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 particularly devoted to handling payments. This offers us with a safe and secure and dependable approach of making payments to our 10,000 employees worldwide.}
The innovative global payroll management app improves my payroll procedure, conserving me a substantial amount of time monthly. With its easy to use user interface, I have access to a single control panel that effectively manages my payroll, EOR, and professionals.
The Employee Portal offers workers with the ability to gain access to and view important documents such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile devices and is offered in various languages.
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Papaya Global assists companies use competitive benefits bundles to global employees despite the number of staff members in the business. The business can establish medical insurance, short-term and long-term disability, vision, oral and maternity leave while eliminating the requirement to source local benefits companies in every nation, develop regional accounts and have a minimum variety of workers.
The HR capabilities supplied by Worldwide HR encompass different functions such as monitoring vacation time, ensuring compliance, assisting in the procedure of welcoming brand-new workers and bidding goodbye to departing ones, using a safe and secure online platform for keeping workers' files, and supplying support for work allow procedures in case your staff members require support because location.
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Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, labor force diversity, total work expenses distributed per area, overall employment expenses per cycle and a lot more.
environments around the world I offered leadership and technique 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 business handling and structure external relationships supporting Business clients and options in addition to functioning as a consultant for those of you that don't know who papaya Worldwide is papaya is the very first payroll and payments
company to make the time 100 list for the majority of influential business worldwide we offer payroll payments and labor force management to all employee key ins over 160 countries I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning good afternoon great night depending on where you remain in the world it's charming to fulfill you and thank you quite for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I've been in the payments industry for over 10 years and particularly working on the payroll and payment sector for over seven years um I was interested by the complexity the problem in all of the above of
payroll payments and chose to kind of make a real go at that over the last 5 or 6 years where I have actually kind of had a variety of different roles on the provider side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we'll just offer everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we'll kind of let them do that so it 'd be quite fascinating and I can see it going on currently simply to hear where everybody is um it's nice to to kind of like see where everybody originates from and I really 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 extremely very dreary and I wish I was elsewhere at this moment in time all right so let's get started our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business preserve different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we'll also review a recap which needs to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more typical and managing them becomes more and more complex Global organizations are looking to discover Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment perspective lots of organizations preserve separate bank account just for payroll while some have multiple accounts in various countries does it make sense for companies to keep different savings account in some cases in different countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business enhance the episode complex procedures of
making payroll payments precisely effectively safely and on time throughout this webinar we'll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in sufficient in one country however when you're doing it worldwide it's next level and Beyond it ends up being complex for a variety of factors most importantly guidelines compliance information security and banking rules then there are the sheer numbers they include further complexity the worldwide Workforce is currently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll design there's typically a frustrating variety of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or extremely very standard there's no genuine consistency framework we're living in an age 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 which simply blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that's another number that offers me sleep deprived nights and quite honestly the more a company spends on worldwide payroll the less of an image they see a lack of presence also extends to payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide services have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes badly interacted hires and terminations in addition to absence management and system setups and then when you round everything off and the data is shipped to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don't run efficiently if they count on the necessary 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 obstacles service face when they're making payments to employees or otherwise that's an excellent concern I always throw this back and state what is it what does not require to be included right and what does
it require 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 amount of time there's payment capabilities 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 client's own in-country account so there's complexity anywhere you look right ultimately building a knowledge base is absolutely vital however all over you look with payroll payment they resemble extremely payments no if but 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 believe there's now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to kind of move forward with that it likewise 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 necessary that payroll and financing teams work closer together than ever um I'm constantly amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession 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 ultimately it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the compensation landscape is becoming progressively complex. Businesses are continually presenting brand-new benefits and payment alternatives, which contributes to the overall complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can result in inefficiencies and traffic jams. In my opinion, this doesn't need to be the case. In today's technically advanced period, there's no reason for preserving troublesome treatments. Payroll, the company's most significant cost, need to be processed properly and on time. Even minor delays can negatively affect staff members' well-being and have far-reaching effects. Therefore, it's critical to focus on precise and timely payments.
payroll team get um so I'm uncertain anyone on this kind of webinar has actually been told thank you for processing my payroll correctly if you have it 'd be fantastic to hear your success story and whether that's been from all employees or not um but ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it's just a tick box workout and I believe that's how it's seen from the external view as well um so yeah it's likewise like why WI-Fi Global why all of this things is definitely essential that all of this stuff is done correctly so leveraging the first International Payments first payroll payment option is a terrific initial step um offering an end-to-end payroll service for your workers globally again I believe is another big um procedure again aligning and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of companies and reducing the number of tools platforms and savings account they require for their International payroll too couldn't agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they're suggested to be um I don't believe any of us are in fact doing that for for the thanks
anyway we know 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 easy as possible for everybody that's associated with those procedures and also so imagine sorry I'm just I was just gon na say think of the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we're speaking about hundreds of thousands possibly Millions envision getting that many thank you notes um I indicate it 'd be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task attempting to clean up all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to look through them and actually see what was going on and sort of try to get back to everyone so proceeding appearance why do companies select to main different checking account there are organizations out there doing precisely this for particular nations and I've worked in a service or numerous companies doing precisely that I can say it does not constantly feel efficient and it does produce more work I understand we're not intentionally doing that we're not developing extra work for any person where we don't need 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 lots of 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 appropriately so you require it for payroll functions 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 individuals have actually 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 methods um to to sort of do it so I believe there's a variety I believe this is a process that requires taking a look at it requires altering but eventually people are extremely stuck to what they recognize
with best um change is a difficult thing all of us do not like modification um so I believe it's just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the benefits of having maintaining multiple savings account however there's a substantial quantity of intricacy goes with establishing a checking account maintaining it ensuring it can send International transfers guaranteeing it's established with the ideal user accesses for specific individuals so the intricacy is substantial but I think the honest answer is modification um individuals haven't had the ability to alter or haven't had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century or two there is a lot to keep an eye on and this approach does present a number of difficulties um so Johnny might you inform us about those challenges yeah naturally so there's a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this improved ability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your achievements.
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