Find out more about Papaya Global Avc ... We now have the capability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has gotten a separate Chief Financial Officer specifically committed to managing payments. This supplies us with a protected and trustworthy technique of paying to our 10,000 workers worldwide.}
the BEST worldwide payroll managment app, saves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and contractors
The Worker Website supplies employees with the ability to access and view essential documents such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile devices and is used in different languages.
Benefits Administration
Papaya Global helps business provide competitive benefits packages to worldwide workers regardless of the number of staff members in the company. The business can establish health insurance, short-term and long-lasting special needs, vision, dental and maternity leave while removing the need to source regional benefits providers in every country, create regional accounts and have a minimum number of employees.
The HR abilities provided by Global HR incorporate numerous functions such as keeping an eye on vacation time, making sure compliance, facilitating the procedure of inviting brand-new employees and bidding farewell to departing ones, providing a secure online platform for storing workers' files, and offering assistance for work permit treatments in case your employees require support in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, workforce diversity, total work expenses distributed per place, overall work expenses per cycle and much more.
Worldwide, I have actually demonstrated management and strategic competence in guiding large-scale populations of over 100,000 employees throughout 170 nations. Currently, I are accountable for supervising payroll methods, as pointed out by Mark. My function includes handling and establishing external partnerships, supporting Business customers, and supplying advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments services supplier.
As a global business, we are honored to be included on the distinguished Time 100 list of the most prominent companies worldwide. We specialize in offering payroll and labor force management services to staff members in more than 160 countries. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, regardless of your location. 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 company. With over a decade of experience in the payments market, I have concentrated on payroll and payment options for the past 7 years. The intricacies and challenges of this field have constantly captivated 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 type of had a range of various functions on the provider side and also on the vendor side from a payroll perspective so truly 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 one of the 30 seconds or two to join we all work back to back nowadays so we'll type of let them do that so it 'd be rather 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 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 drizzling here it's really 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 taking a look at the difficulty years of managing Global payroll why companies keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we'll also discuss a recap which ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and managing them ends up being more and more intricate Global companies are seeking to find Solutions and brand-new methods to streamline procedures specifically from a payroll and cross-border payment viewpoint many organizations keep different checking account just for payroll while some have several accounts in different nations does it make sense for companies to preserve separate checking account in some cases in different countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international companies simplify the episode complex procedures of
Making sure precise, efficient, and prompt payroll payments is a complex difficulty for services operating globally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, learn how business anticipate payroll expenses to optimize working capital, and discover how simplifying global payroll payments can change them from a burdensome job into a tactical possession.
Managing payroll worldwide is a difficult job due to numerous regulations, compliance requirements, information security issues, and banking guidelines. The sheer variety of workers and organizations adds to the complexity, with an approximated 3.5 billion individuals in the international workforce, 500 countless whom are in Africa, and 230 million services worldwide.
Traditional payroll systems typically lead to manual processes, information silos, and a lack of integration, leading to inconsistencies and inefficiencies. Regardless of living in a period of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to provide insights and options to simplify and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations 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 spends on global payroll the less of a picture they see a lack of visibility also reaches payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal almost half of international organizations have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors poorly interacted hires and terminations as well as absence management and system configurations and then when you round it all off and the information is shipped to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments do not run efficiently if they depend on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they're making payments to staff members or otherwise that's an excellent question I always toss this back and state what is it what doesn't require to be included right and what does
it need to be thought about there's varying Bank information 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 abilities 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 customer's own in-country account so there's intricacy anywhere you look right eventually constructing a knowledge base is definitely critical however all over 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 sort 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 definitely fundamental and innovation is allowing us to type of move on with that it also too to add to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely crucial that payroll and finance groups work more detailed together than ever um I'm constantly impressed when individuals state I have actually split 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 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 typically split and cut up um eventually it's payroll is an end-to-end process it's the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on well-being and the compensation landscape is ending up being increasingly intricate. Organizations are continually introducing new advantages and payment choices, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can result in inadequacies and bottlenecks. In my opinion, this doesn't need to hold true. In today's technologically sophisticated period, there's no justification for maintaining troublesome procedures. Payroll, the business's greatest expenditure, need to be processed correctly and on time. Even minor hold-ups can negatively affect workers' well-being and have far-reaching consequences. For that reason, it's important to focus on precise and timely payments.
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it's from all workers or not. Payroll is a crucial cycle, and individuals only notice when things go wrong. However, when things go right, it's seen as just a routine task. This is how it's viewed externally as well. For that reason, it is important to make sure that tasks like Wi-Fi International and other crucial matters are done correctly. Utilizing the first Worldwide Payments first payroll payment option is a great initial action towards providing an extensive payroll option for staff members worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and bank accounts required for worldwide payroll are crucial consider accomplishing organization success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things don't go as planned. Eventually, we do not do it for the appreciation.
anyway we know how how important 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 also so imagine sorry I'm just I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we're speaking about numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I mean it 'd be interesting to see how many Post-it notes you got however it would definitely be an interesting job attempting to clean 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 browse them and in fact see what was going on and type of shot to return to everybody so proceeding look why do business pick to primary separate checking account there are organizations out there doing exactly this for specific nations and I've worked in a business or lots of services doing exactly that I can say it doesn't always feel efficient and it does produce more work I understand we're not purposely doing that we're not developing additional work for any person where we don't need to and anybody 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 amount that we are I think lots of factors one is it's the requirement I think individuals have actually got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it's not a requirement so I believe it's just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there's a variety I think this is a process that requires looking at it needs changing but ultimately people are very stuck with what they're familiar
with best um modification is a difficult thing we all don't like modification um so I think it's simply sort of moving away from the norm as we've said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having keeping multiple checking account but there's a substantial quantity of intricacy opts for setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it's established with the best user accesses for specific individuals so the complexity is huge but I believe the truthful response is change um people have not had the ability to change or haven't had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you've struck the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we've constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to monitor and this technique does pose a number of challenges um so Johnny could you tell us about those obstacles yeah of course so there's a variety right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you should have a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you
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