Find out more about Papaya Global And Furlough ... We now have the ability to handle both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has obtained a separate Chief Financial Officer particularly devoted to handling payments. This provides us with a protected and reputable technique of paying to our 10,000 staff members worldwide.}
The cutting-edge international payroll management app enhances my payroll procedure, conserving me a significant quantity of time every month. With its easy to use user interface, I have access to a single control panel that efficiently manages my payroll, EOR, and specialists.
The Staff member Portal offers workers with the capability to gain access to and view important documents such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile devices and is offered in different languages.
Benefits Administration
Papaya Global assists business provide competitive advantages packages to worldwide workers despite the variety of staff members in the company. The company can set up health insurance, short-term and long-lasting impairment, vision, dental and maternity leave while eliminating the requirement to source local benefits service providers in every nation, produce regional accounts and have a minimum variety of employees.
The HR abilities provided by International HR incorporate different functions such as keeping track of holiday time, guaranteeing compliance, facilitating the procedure of welcoming new staff members and bidding goodbye to leaving ones, using a safe online platform for saving employees' documents, and offering assistance for work allow procedures in case your staff members need assistance because location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, labor force diversity, total work costs dispersed per place, total employment expenses per cycle and a lot more.
Globally, I have demonstrated management and strategic proficiency in guiding massive populations of over 100,000 employees across 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 supplying advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions service provider.
As a worldwide business, we are honored to be included on the prestigious Time 100 list of the most influential companies worldwide. We specialize in supplying payroll and workforce management services to staff members in more than 160 countries. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your place. It's a satisfaction to satisfy 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 years of experience in the payments industry, I have focused on payroll and payment services for the past 7 years. The intricacies 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 six years where I've kind of had a variety of various functions on the company side and also on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll just offer everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we'll kind of let them do that so it 'd be quite fascinating 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 everybody comes from and I really 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 very very dreary and I want I was somewhere else at this moment in time fine so let's get started our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why business maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we'll likewise discuss a recap which needs to leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and managing them ends up being a growing number of complex Worldwide companies are seeking to find Solutions and new methods to simplify processes especially from a payroll and cross-border payment standpoint lots of companies preserve different savings account just for payroll while some have several accounts in different countries does it make good sense for business to maintain separate savings account sometimes in various nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational companies improve the episode complex procedures of
Ensuring accurate, effective, and timely payroll payments is a complex obstacle for services running globally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, find out how companies forecast payroll expenses to enhance working capital, and discover how enhancing global payroll payments can change them from a troublesome task into a tactical asset.
Handling payroll worldwide is a difficult task due to numerous regulations, compliance requirements, information security issues, and banking rules. The sheer variety of workers and services adds to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems frequently lead to manual processes, information silos, and an absence of integration, leading to disparities and inadequacies. Regardless of living in an age of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to offer insights and services to streamline and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that's another number that provides me sleep deprived nights and rather honestly the more an organization spends on 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 lead to compliance accidents in the last mile of the deal almost half of international companies have 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 bad HCM information information entry mistakes poorly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the information is delivered to the incorrect location the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they count on the necessary multiple 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 business face when they're paying to workers or otherwise that's a good question I always toss this back and say what is it what doesn't need to be consisted of right and what does
it need to be thought about there's varying Bank details 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 need to pay from an in-country account do you have to pay from the customer's own in-country account so there's complexity anywhere you look right ultimately constructing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble incredibly payments no if however some children 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 recognition that payroll payments are absolutely basic and innovation is allowing us to sort of progress with that it also too to contribute to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely crucial that payroll and finance teams work closer together than ever um I'm always surprised when people state I've divided 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 divide the payroll payment from calculation 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 eventually it's payroll is an end-to-end process it's the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on well-being and the compensation landscape is ending up being progressively intricate. Businesses are continuously presenting brand-new advantages and payment choices, which adds to the general intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can cause inadequacies and traffic jams. In my opinion, this doesn't need to hold true. In today's technically innovative period, there's no justification for maintaining troublesome treatments. Payroll, the business's biggest cost, should be processed correctly and on time. Even slight hold-ups can adversely affect staff members' well-being and have far-reaching repercussions. For that reason, it's important to focus on accurate and prompt payments.
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it's from all workers or not. Payroll is an essential cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it's seen as simply a regular job. This is how it's viewed externally as well. For that reason, it is essential to ensure that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the very first International Payments very first payroll payment service is a terrific initial action towards offering an extensive payroll solution for workers worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and bank accounts needed for global payroll are crucial consider achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don't go as prepared. Eventually, we do not do it for the thankfulness.
anyway we know how how important 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 everybody that's associated with those processes and also so think of sorry I'm simply I was just gon na say envision 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 talking about hundreds of thousands possibly Millions picture getting that lots of thank you notes um I indicate it 'd be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task trying to clean 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 try to look through them and in fact see what was going on and sort of shot to return to everybody so proceeding appearance why do business choose to primary separate bank accounts there are services out there doing precisely this for specific countries and I've worked in a service or numerous businesses doing precisely that I can say it does not always feel effective and it does produce more work I understand we're not intentionally doing that we're not producing additional work for anyone where we do not need to and anybody that's dealing with that procedure I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the amount that we are I think lots of factors one is it's the standard I believe individuals have actually got so utilized to we need a new savings account we open an entity and rightly so you need 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 requirement and the norm the people have embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there's a variety I believe this is a procedure that requires taking a look at it requires altering however ultimately people are really stuck to what they're familiar
with ideal um change is a difficult thing we all do not like change um so I think it's simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having keeping several checking account but there's a substantial quantity of intricacy chooses establishing a savings account preserving it guaranteeing it can send International transfers ensuring it's set up with the ideal user accesses for individual people so the complexity is huge however I think the honest response is modification um people have not had the ability to change or haven't had always the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you've struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we've always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century approximately there is a lot to keep track of and this technique does position numerous difficulties um so Johnny could you tell us about those difficulties yeah of course so there's a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements.
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