Find out more about Papaya Global Amend Pensions ... We now have the ability to handle both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually acquired a different Chief Financial Officer specifically committed to managing payments. This supplies us with a safe and trustworthy method of paying to our 10,000 workers worldwide.}
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The Employee Portal provides workers with the ability to access and view important files such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile phones and is provided in different languages.
Advantages Administration
Papaya Global helps business provide competitive benefits bundles to worldwide staff members despite the variety of employees in the company. The business 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 regional accounts and have a minimum variety of staff members.
Global HR Performances
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and migration services if your workers need work authorization support.
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Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, labor force diversity, total employment expenses distributed per place, overall employment expenses per cycle and much more.
Internationally, I have actually shown leadership and strategic competence in guiding large-scale populations of over 100,000 staff members across 170 countries. Currently, I am responsible for supervising payroll strategies, as pointed out by Mark. My role includes managing and establishing external partnerships, supporting Enterprise clients, and providing advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions supplier.
As a global company, we are honored to be consisted of on the distinguished Time 100 list of the most influential business worldwide. We specialize in supplying payroll and labor force management services to workers in more than 160 countries. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny present himself. Good day to all, regardless of your place. It's a pleasure to fulfill you and thank you for your important time. As Ian pointed out, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments market, I have actually concentrated on payroll and payment options for the past seven years. The complexities and obstacles of this field have actually constantly mesmerized me.
payroll payments and decided to sort of make a real go at that over the last five or six years where I have actually kind of had a range of various functions on the supplier side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we'll simply provide everybody another number of uh well among the 30 seconds or so 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 already simply to hear where everyone is um it's nice to to kind of like see where everybody comes from and I actually do hope it's much sunnier than it remains 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 bleak and I wish I was elsewhere at this moment in time fine so let's get going our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a tactical property uh we'll also discuss a wrap-up and that needs to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more common and managing them ends up being a growing number of complicated Global companies are seeking to discover Solutions and brand-new ways to enhance processes particularly from a payroll and cross-border payment viewpoint numerous organizations keep separate savings account just for payroll while some have multiple accounts in various countries does it make sense for business to keep different savings account sometimes in different nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies improve the episode complex processes of
making payroll payments properly efficiently firmly and on time during this webinar we'll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in sufficient in one country but when you're doing it internationally it's next level and Beyond it becomes complex for a variety of reasons most significantly guidelines compliance data security and banking rules then there are the sheer numbers they include further complexity the worldwide Workforce is presently three 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 consider that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll model there's frequently a frustrating number of various systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or extremely extremely standard there's no genuine consistency framework we're living in an era 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 whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that's another number that gives me sleep deprived nights and quite honestly the more an organization spends on global payroll the less of a picture they see an absence of exposure also encompasses payroll payments and failure to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of global organizations 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 bad HCM information data entry mistakes inadequately communicated hires and terminations along with absence management and system configurations and then when you round it all off and the information is shipped to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don't run smoothly if they depend on the essential several procedures systems and partners it is simply 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 paying to staff members or otherwise that's an excellent concern I constantly toss this back and state what is it what doesn't require to be included ideal and what does
it need to be thought about there's differing Bank details so the length of an eye band a swift an account number routing code per country 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 have to pay from the client's own in-country account so there's complexity any place you look right eventually building a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to sort of progress with that it also as well to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is definitely essential that payroll and finance teams work closer together than ever um I'm always surprised when people state 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 profession 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 typically 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 but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to contribute to type of the level of intricacy there's more and more benefits being organ or being offered by organizations throughout the world so once again you're just wanting to add increasingly more payments to this already complex landscape so if you type of got any experience well I'm from your huge experience here and I make sure however have you got any experience in kind of genuine obstacles or genuine challenging kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding information into the next function as it were that's really handling the payment side of things but you know in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to develop additional handoffs while doing sos 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 a period of tech and a period that you know that we are working in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from a cost point of view from an effect perspective on staff members it is absolutely critical that it's done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive result on individuals's well-being and many other aspects if people aren't paid uh I have actually constantly been impressed coming into this Market kind of the last five to ten years is how little thanks the
payroll team get um so I'm not exactly sure anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it 'd be excellent to hear your success story and whether that's been from all staff members or not um but ultimately payroll is such an important cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it's simply a tick box workout and I believe that's how it's seen from the external view as well um so yeah it's also like why WI-Fi Global why all of this things is definitely important that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment option is a great first step um providing an end-to-end payroll service for your workers internationally once again I believe is another big um process once again aligning and ensuring you have standardization Global procedures all of those things are definitely key to success success of organizations and lowering the variety of tools platforms and checking account they require for their International payroll too couldn't agree with you more and on the the front in regards to of the thank yous for getting payroll done I've never had a hundred thousand of them within a payroll cycle don't expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they're implied to be um I don't believe any of us are actually 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 simple as possible for everyone that's associated with those procedures and also so think of sorry I'm simply I was just gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we're talking about hundreds of thousands possibly Millions imagine getting that many thank you keeps in mind um I indicate it 'd be interesting to see how many Post-it notes you got however it would certainly be an interesting job trying to clean up 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 require days of the week to attempt to check out them and actually see what was going on and kind of try to get back to everyone so proceeding look why do companies pick to main different savings account there are services out there doing exactly this for particular countries and I have actually operated in a service or lots of businesses doing precisely that I can say it doesn't constantly feel effective and it does develop more work I understand we're not intentionally doing that we're not developing extra work for anyone where we do not need to and anyone 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 quantity that we are I believe many factors one is it's the standard I think people have actually got so utilized to we require a new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it's not a requirement so I believe it's simply been the requirement and the standard individuals 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 kind of do it so I believe there's a variety I think this is a procedure that requires taking a look at it requires changing but ultimately individuals are very stuck to what they recognize
with right um modification is a tough thing all of us do not like modification um so I believe it's simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having maintaining multiple savings account but there's a substantial quantity of intricacy opts for setting up a checking account preserving it ensuring it can send International transfers ensuring it's established with the right user accesses for private individuals so the complexity is substantial but I think the honest answer is change um people have not had the ability to alter or haven't had necessarily the understanding to truly make that change into alternate Solutions other than opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an aspect 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 proceeding and moving into you understand what could nearly be determined to be the next Century or two there is a lot to monitor and this technique does present numerous challenges um so Johnny might you tell us about those difficulties yeah of course so there's a variety right there is so
I recently made a modification to our Business 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 boosted ability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments.
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