Find out more about Papaya Global At Xmas ... We now have the ability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has gotten a separate Chief Financial Officer particularly dedicated to managing payments. This provides us with a safe and dependable approach of making payments to our 10,000 employees worldwide.}
The cutting-edge global payroll management app simplifies my payroll procedure, saving me a substantial amount of time every month. With its user-friendly user interface, I have access to a single dashboard that effectively manages my payroll, EOR, and contractors.
Employee Website
Staff members have access to a Staff member Portal where they can view their pay slips, wage and tax declarations and employment files. The portal is readily available in numerous languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global assists companies provide competitive benefits bundles to international workers despite the variety of employees in the business. The business can set up health insurance, short-term and long-lasting disability, vision, oral and maternity leave while eliminating the need to source regional benefits suppliers in every country, create regional accounts and have a minimum variety of employees.
The HR abilities offered by International HR incorporate different functions such as keeping track of vacation time, ensuring compliance, facilitating the procedure of welcoming brand-new employees and bidding goodbye to leaving ones, offering a secure online platform for saving workers' files, and providing support for work allow treatments in case your workers require assistance in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, labor force diversity, overall employment costs dispersed per location, total employment costs per cycle and much more.
Worldwide, I have actually shown leadership and tactical expertise in directing large-scale populations of over 100,000 staff members throughout 170 countries. Currently, I am responsible for supervising payroll strategies, as pointed out by Mark. My function involves handling and establishing external partnerships, supporting Enterprise customers, and providing advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions company.
As a worldwide business, we are honored to be included on the distinguished Time 100 list of the most prominent business worldwide. We focus on providing payroll and workforce management services to staff members in more than 160 nations. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your place. It's an enjoyment to meet you and thank you for your valuable time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have concentrated on payroll and payment solutions for the past 7 years. The complexities and challenges of this field have constantly captivated me.
payroll payments and chose to type of make a genuine go at that over the last five or six years where I've type of had a range of various functions on the company side and also on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll simply offer everybody another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we'll type of let them do that so it 'd be quite interesting and I can see it going on currently simply to hear where everyone 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 sunshine is it it's not no it's it's raining here it's really extremely gloomy and I want I was somewhere else at this moment in time all right so let's get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business keep different
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping different checking account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time throughout this webinar we'll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one nation however when you're doing it globally it's next level and Beyond it becomes complex for a range of factors most notably policies compliance information security and banking rules then there are the large numbers they include additional intricacy the international Labor force is currently three and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and additional 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 standard payroll model there's typically a frustrating variety of different systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or really extremely fundamental there's no real consistency structure we're living in an age of tech however 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 simply blows my mind each time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that's another number that provides me sleepless nights and rather honestly the more a company spends on worldwide payroll the less of a picture they see a lack of presence also encompasses payroll payments and inability to precisely track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide businesses have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry mistakes inadequately interacted hires and terminations along with absence management and system configurations and after that when you round it all off and the data is shipped to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they depend on the required several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they're making payments to staff members or otherwise that's a great question I always throw this back and say what is it what doesn't need to be consisted of best and what does
it need to be considered there's differing Bank details so the length of an eye band a swift an account number routing code per country there's payment timespan there's payment capabilities 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 consumer's own in-country account so there's complexity anywhere you look right ultimately developing a knowledge base is definitely crucial however all over you look with payroll payment they are like incredibly payments no if but some babies 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 believe there's now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to type of move forward with that it also too to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work better together than ever um I'm constantly amazed when individuals say I've divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't operate in the payroll occupation would they split the payroll payment from computation 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 process it's the point of data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to contribute to kind of the level of intricacy there's more and more advantages being organ or being offered by services throughout the world so again you're just wanting to add increasingly more payments to this already complex landscape so if you sort of got any experience well I'm from your vast experience here and I make sure however have you got any experience in kind of real difficulties or real challenging type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding information into the next function as it were that's really managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to develop extra handoffs in the processes that we operate in they just make them more timely they make them less effective and they don't make them what they need to be in in an era of tech and a period that you know that we are operating in today there is no reason that we are still making this as difficult as it needs to be concurred and rightly as you said payroll is the single greatest liability that any service has from a cost point of view from an effect viewpoint on staff members it is definitely critical that it's done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive result on individuals's well-being and many other factors if individuals aren't paid uh I've always been astonished entering into this Market kind of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and individuals just discover when things go wrong. However, when things go right, it's seen as just a regular task. This is how it's viewed externally too. For that reason, it is essential to ensure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Utilizing the very first International Payments very first payroll payment service is an excellent preliminary step towards supplying a detailed payroll option for workers worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and savings account necessary for international payroll are essential factors in accomplishing service success. While we do not 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 do not do it for the appreciation.
anyway we know how how essential a role 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 involved in those procedures and also so envision sorry I'm just I was just gon na state imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we're speaking about hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I mean it 'd be interesting to see how many Post-it notes you got but it would certainly be a fascinating job attempting to clean all those up for sure oh absolutely I can't picture the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to check out them and actually see what was going on and kind of shot to return to everyone so carrying on look why do business pick to primary different bank accounts there are organizations out there doing precisely this for specific nations and I've worked in a business or lots of organizations doing exactly that I can state it does not constantly feel effective and it does produce more work I understand we're not intentionally doing that we're not creating extra work for anyone where we don't need to and anyone that's managing that process I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the amount that we are I believe lots of factors one is it's the requirement I believe individuals have actually got so used to we need a brand-new bank account we open an entity and appropriately 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 standard and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there's a variety I believe this is a process that requires looking at it requires altering however ultimately individuals are really stuck with what they recognize
with ideal um modification is a difficult thing we all don't like change um so I think it's just kind of moving away from the norm as we've said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having preserving several checking account but there's a huge amount of intricacy goes with setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it's established with the best user accesses for specific individuals so the complexity is big however I think the honest response is change um individuals haven't been able to alter or have not had always the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be identified to be the next Century or so there is a lot to track and this technique does present several obstacles um so Johnny could you tell us about those obstacles yeah obviously so there's a variety 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's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you are worthy of a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you
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