Find out more about Papaya Global Autoupdateclient ... We now have the capability to manage both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has acquired a different Chief Financial Officer particularly committed to handling payments. This offers us with a safe and trusted approach of making payments to our 10,000 workers worldwide.}
The innovative global payroll management app improves my payroll process, conserving me a significant quantity of time each month. With its easy to use interface, I have access to a single dashboard that effectively manages my payroll, EOR, and specialists.
The Worker Website provides workers with the ability to gain access to and view crucial files 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 numerous languages.
Advantages Administration
Papaya Global helps business offer competitive benefits packages to international staff members despite the variety of staff members in the company. The business can set up health insurance, short-term and long-term special needs, vision, dental and maternity leave while eliminating the need to source regional advantages companies in every nation, develop regional accounts and have a minimum variety of employees.
The HR abilities supplied by Worldwide HR include numerous functions such as keeping track of getaway time, ensuring compliance, assisting in the process of inviting new staff members and bidding goodbye to departing ones, offering a protected online platform for keeping workers' files, and offering assistance for work allow procedures in case your workers need help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, labor force variety, total employment costs distributed per place, total work expenses per cycle and much more.
environments around the world I offered management and technique to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll methods for as Mark stated I work throughout business handling and building external relationships supporting Business customers and services as well as functioning as an advisor for those of you that do not understand who papaya Worldwide is papaya is the first payroll and payments
As a global business, we are honored to be consisted of on the prominent Time 100 list of the most prominent business worldwide. We specialize in offering payroll and labor force management services to employees in more than 160 nations. 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 area. It's a pleasure to fulfill you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments market, I have actually focused on payroll and payment services for the past seven years. The complexities and challenges of this field have constantly captivated me.
payroll payments and chose to kind of make a real go at that over the last 5 or 6 years where I have actually sort of had a range of different roles on the provider side and likewise on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we'll simply offer everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we'll type of let them do that so it 'd be quite intriguing and I can see it going on already simply to hear where everybody is um it's nice to to type of like see where everybody originates from and I really do hope it's much sunnier than it is in the UK today definitely not the peak of the sunshine is it it's not no it's it's drizzling here it's really really bleak and I wish I was somewhere else at this moment in time alright so let's begin our program for today is as follows um we are going to be looking at the challenge years of handling International payroll why business preserve different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical property uh we'll likewise discuss a recap and that needs to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of common and handling them becomes a growing number of intricate International companies are wanting to discover Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment viewpoint many companies keep separate bank account just for payroll while some have numerous accounts in various nations does it make good sense for companies to preserve different bank accounts in some cases in various countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies simplify the episode complex processes of
Making sure precise, efficient, and timely payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, discover how companies forecast payroll costs to optimize working capital, and discover how enhancing global payroll payments can transform them from a burdensome job into a strategic property.
Managing payroll internationally is an overwhelming job due to various policies, compliance requirements, information security concerns, and banking guidelines. The sheer variety of workers and companies adds to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and a lack of integration, resulting in disparities and inadequacies. Despite living in an age of technological improvements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar objectives to offer insights and services to streamline and optimize worldwide payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that's another number that provides me sleep deprived nights and rather frankly the more an organization invests in international payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global services 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 poor HCM information information entry mistakes inadequately interacted hires and terminations as well as lack management and system setups and then when you round it all off and the information is delivered to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don't run smoothly if they depend on the required several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they're paying to employees or otherwise that's an excellent question I always throw this back and state what is it what does not require to be included ideal 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 need to pay from an in-country account do you have to pay from the client's own in-country account so there's intricacy wherever you look right eventually developing a knowledge base is absolutely important however all over you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to sort of move on with that it also also to contribute to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely crucial that payroll and financing teams work more detailed together than ever um I'm constantly impressed when people state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being 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 organizations throughout the world so once again you're just seeking to include a growing number of payments to this already complicated landscape so if you type of got any experience well I'm from your vast experience here and I'm sure however have you got any experience in kind of real challenges or real challenging kind of pay uses to play to pay people I think yeah I mean over the last well yeah a number of decades I would definitely 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 details into the next function as it were that's actually managing the payment side of things but you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to develop extra handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and an age that you know that we are operating in today there is no reason why we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single greatest liability that any company has from a cost viewpoint from an impact point of view on workers it is definitely important that it's done properly and on time so what we imply 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 damaging effect on individuals's well-being and many other aspects if people aren't paid uh I've always been amazed entering into this Market sort of the last five to ten years is how little thanks the
payroll team get um so I'm unsure anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it 'd be fantastic to hear your success story and whether that's been from all workers or not um however ultimately payroll is such an essential cycle all of us find out about it when it fails everyone jumps up and down when it fails but when it goes right it's simply a tick box exercise and I believe that's how it's seen from the external deem well um so yeah it's also like why WI-Fi Global why all of this things is definitely essential that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment option is a fantastic primary step um providing an end-to-end payroll solution for your employees worldwide again I believe is another big um process once again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of organizations and reducing the variety of tools platforms and bank accounts they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven't gone quite where they're implied to be um I do not believe any of us are actually doing that for for the thanks
anyhow we know how how crucial a role it is and that'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 involved in those procedures and likewise so picture sorry I'm simply I was simply gon na state think of the amount of thanks you got if you could cover the amount of people that we cover within this webinar I'm sure we're speaking about numerous thousands possibly Millions imagine 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 absolutely be an intriguing job attempting to clean 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 try to look through them and really see what was going on and type of shot to get back to everybody so carrying on appearance why do companies pick to primary separate checking account there are organizations out there doing precisely this for particular countries and I have actually operated in a company or many businesses doing exactly that I can state it doesn't always feel effective and it does develop more work I understand we're not deliberately doing that we're not producing extra work for anyone where we don't have to and anybody that's handling that procedure I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the quantity that we are I think lots of reasons one is it's the standard I think individuals have got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it's not a requirement so I think it's simply been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to type of do it so I believe there's a range I believe this is a procedure that requires looking at it requires changing but ultimately people are really stuck to what they're familiar
with best um change is a difficult thing all of us don't like modification um so I think it's just kind 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 obviously the benefits of having preserving several bank accounts but there's a huge amount of complexity goes with setting up a savings account preserving it ensuring it can send out International transfers ensuring it's established with the best user accesses for specific people so the complexity is substantial however I think the honest answer is modification um people have not had the ability to change or haven't had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I think you've hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter however we've always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be identified to be the next Century or two there is a lot to keep track of and this technique does posture several obstacles um so Johnny might you inform us about those obstacles yeah of course 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 tasks on one platform. It seems like our CFO has gained another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is more detailed, considering your achievements.
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