Find out more about Papaya Global Automatic Updates ... We now have the ability to handle both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually obtained a different Chief Financial Officer particularly committed to handling payments. This provides us with a secure and dependable approach of paying to our 10,000 employees worldwide.}
The cutting-edge international payroll management app enhances my payroll process, saving me a considerable amount of time each month. With its user-friendly user interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and professionals.
Worker Website
Staff members have access to a Staff member Website where they can see their pay slips, wage and tax declarations and employment files. The portal is readily available in several languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global helps companies use competitive benefits plans to worldwide employees regardless of the number of workers in the company. The company can establish medical insurance, short-term and long-lasting special needs, vision, oral and maternity leave while getting rid of the requirement to source regional benefits companies in every nation, create regional accounts and have a minimum variety of staff members.
The HR capabilities provided by Worldwide HR include numerous functions such as monitoring getaway time, guaranteeing compliance, assisting in the procedure of inviting brand-new employees and bidding goodbye to departing ones, offering a safe online platform for keeping employees' documents, and supplying assistance for work permit procedures in case your employees need assistance because area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, labor force variety, total employment costs dispersed per place, total employment expenses per cycle and a lot more.
Globally, I have demonstrated management and strategic competence in guiding large-scale populations of over 100,000 employees throughout 170 nations. Currently, I are accountable for overseeing payroll methods, as pointed out by Mark. My function involves managing and developing external partnerships, supporting Enterprise customers, and supplying advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments options service provider.
As an international business, we are honored to be included on the prestigious Time 100 list of the most prominent companies worldwide. We concentrate on 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 introduce himself. Good day to all, regardless of your place. It's a pleasure to fulfill you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have focused on payroll and payment solutions for the past seven years. The complexities and challenges of this field have constantly mesmerized me.
payroll payments and decided to kind of make a genuine go at that over the last five or six years where I have actually type of had a variety of various functions on the company side and also on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we'll just provide everybody another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we'll sort of let them do that so it 'd be quite intriguing and I can see it going on already simply to hear where everyone is um it's nice to to type of like see where everyone originates from and I actually do hope it's much sunnier than it is in the UK today definitely not the peak of the sunlight is it it's not no it's it's raining here it's extremely extremely uninspiring and I want I was elsewhere at this moment in time all right so let's get going our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic asset uh we'll also review a wrap-up which ought to leave his time at the extremely very 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 Global labor forces end up being a growing number of typical and managing them ends up being more and more intricate Global organizations are wanting to find Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment standpoint many organizations preserve separate checking account just for payroll while some have several accounts in various nations does it make sense for companies to maintain different savings account often in different countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies improve the episode complex procedures of
making payroll payments properly efficiently safely and on time throughout this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in enough in one nation but when you're doing it internationally it's next level and Beyond it ends up being complicated for a range of factors most significantly guidelines compliance data security and banking guidelines then there are the sheer numbers they include additional intricacy the international Workforce is currently three and a half billion people by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the traditional payroll model there's typically an overwhelming variety of various systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in big amounts and or really very standard there's no real consistency structure we're residing in a period 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 frequently with pen and paper which just blows my mind every 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 businesses say they have Labor force data in real time that's another number that offers me sleepless nights and rather honestly the more a business invests in worldwide payroll the less of an image they see an absence of exposure likewise extends to payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of global businesses have actually revealed that they don't have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors inadequately interacted hires and terminations as well as lack management and system configurations and then when you round everything off and the information is delivered to the wrong location the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don't run efficiently if they depend on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles company face when they're paying to workers or otherwise that's an excellent concern I constantly throw this back and say what is it what doesn't require to be consisted of best and what does
it require 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 need to pay from the consumer's own in-country account so there's complexity anywhere you look ideal eventually constructing a knowledge base is definitely important however everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type 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 basic and innovation is enabling us to type of move on with that it likewise as well to add to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work more detailed together than ever um I'm constantly surprised when people state I've divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often 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 wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to contribute to type of the level of intricacy there's increasingly more advantages being organ or being offered by services across the world so again you're simply looking to add a growing number of payments to this already complicated landscape so if you type of got any experience well I'm from your large experience here and I make certain however have you got any experience in kind of real difficulties or genuine tough kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of decades I would certainly state that the larger a service 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 groups feeding information into the next function as it were that's actually handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they don't make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from an expense viewpoint from an effect perspective on workers it is definitely important that it's done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive effect on individuals's wellness and many other elements if people aren't paid uh I have actually always been impressed entering into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I'm not exactly sure anyone on this type of webinar has been informed 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 eventually payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it fails but when it goes right it's simply a tick box workout and I think that's how it's seen from the external consider as well um so yeah it's also like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done properly so leveraging the first International Payments first payroll payment solution is an excellent first step um providing an end-to-end payroll solution for your staff members worldwide again I believe is another big um process again aligning and ensuring you have standardization International procedures all of those things are definitely essential to success success of services and lowering the number of tools platforms and savings account they need for their Global 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 have actually never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they're suggested to be um I don't think any of us are really doing that for for the thanks
anyway we understand how how crucial 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 everyone that's involved in those procedures and likewise so imagine sorry I'm simply I was just gon na state imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we're discussing hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I suggest it 'd be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job attempting to clean up all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to browse them and in fact see what was going on and type of try to get back to everyone so proceeding look why do business pick to main separate savings account there are services out there doing exactly this for particular countries and I have actually worked in a service or lots of businesses doing exactly that I can state it does not always feel effective and it does develop more work I understand we're not purposely doing that we're not producing additional work for anybody where we do not have to and any person that's dealing with that process 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 believe numerous factors one is it's the requirement I think individuals have got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it's not a requirement so I think it's simply been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to type of do it so I believe there's a variety I believe this is a process that requires looking at it needs altering but ultimately individuals are really stuck to what they're familiar
with ideal um modification is a tough thing all of us don't like modification um so I think it's simply type 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 understand clearly the advantages of having maintaining multiple savings account however there's a big amount of intricacy goes with establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it's established with the best user accesses for private individuals so the intricacy is big but I think the sincere response is change um individuals haven't been able to change or haven't had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I think you've struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might practically be figured out to be the next Century or two there is a lot to keep an eye on and this approach does present numerous challenges um so Johnny might you inform us about those difficulties yeah of course so there's a variety right there is so
I just recently made a change 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 actually gained another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements.
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