Find out more about Papaya Global Backdate ... We now have the ability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually obtained a separate Chief Financial Officer particularly committed to handling payments. This supplies us with a safe and secure and dependable approach of paying to our 10,000 staff members worldwide.}
the very best worldwide payroll managment app, saves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and professionals
The Staff member Website offers employees with the ability to access 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 used in various languages.
Advantages Administration
Papaya Global assists companies use competitive benefits packages to global staff members despite the number of workers in the company. The company can set up health insurance, short-term and long-lasting impairment, vision, dental and maternity leave while getting rid of the need to source regional benefits providers in every country, produce regional accounts and have a minimum variety of staff members.
Global HR Functionalities
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and immigration services if your staff members need work authorization support.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, labor force variety, overall work expenses distributed per place, overall work costs per cycle and much more.
Internationally, I have shown leadership and tactical proficiency in directing massive populations of over 100,000 staff members across 170 nations. Presently, I am responsible for managing payroll strategies, as discussed by Mark. My function includes handling and developing external collaborations, supporting Business customers, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments services service provider.
business to make the time 100 list for most influential business on the planet we provide payroll payments and workforce management to all employee key ins over 160 nations I am pleased to say that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning great afternoon great evening depending upon where you remain in the world it's charming to fulfill you and thank you very much for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've been in the payments market for over ten years and particularly working on the payroll and payment sector for over 7 years um I was captivated by the intricacy the problem in all of the above of
payroll payments and decided to kind of make a real go at that over the last 5 or six years where I've type of had a range of different roles on the provider side and also on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll simply give everyone 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 quite interesting and I can see it going on already just to hear where everybody is um it's nice to to kind of like see where everyone comes from and I truly do hope it's much sunnier than it is 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 really really bleak and I wish I was elsewhere at this moment in time alright so let's start our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a tactical asset uh we'll likewise discuss a recap which must leave his time at the extremely extremely 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 become increasingly more typical and handling them ends up being more and more complex International companies are wanting to find Solutions and new methods to streamline processes specifically from a payroll and cross-border payment perspective numerous companies preserve different savings account just for payroll while some have numerous accounts in various countries does it make good sense for business to maintain separate checking account in some cases in different nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting international business simplify the episode complex procedures of
making payroll payments properly effectively safely and on time during this webinar we'll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one country but when you're doing it internationally it's next level and Beyond it ends up being complex for a variety of reasons most importantly regulations compliance information security and banking guidelines then there are the large numbers they add more complexity the international Workforce is currently three and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion people 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 worldwide in the traditional payroll design there's often an overwhelming variety of different systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely really standard there's no real consistency framework we're living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that's another number that gives me sleepless nights and quite honestly the more an organization spends on international payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and failure to accurately track these payments can lead to compliance incidents 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 because of time reporting poor HCM information data entry mistakes improperly communicated hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is shipped to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments don't run smoothly if they depend on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they're making payments to workers or otherwise that's a good question I constantly toss this back and say what is it what doesn't need to be included right and what does
it need to be considered 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 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 intricacy wherever you look best ultimately building a knowledge base is absolutely important however everywhere you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to type of progress with that it also also to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely important that payroll and finance groups work closer together than ever um I'm always amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide 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 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 however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the payment landscape is becoming increasingly detailed. Companies are continually introducing brand-new benefits and payment choices, which adds to the general complexity. Big corporations typically divide their payroll and payment processing into separate groups, which can result in inadequacies and traffic jams. In my viewpoint, this does not have to be the case. In today's highly sophisticated era, there's no validation for preserving troublesome treatments. Payroll, the business's most significant expense, need to be processed correctly and on time. Even slight hold-ups can negatively impact employees' well-being and have far-reaching effects. Therefore, it's vital to prioritize precise and timely payments.
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it's from all employees or not. Payroll is an important cycle, and individuals just see when things fail. However, when things go right, it's seen as just a routine job. This is how it's perceived externally too. For that reason, it is important to make sure that tasks like Wi-Fi Global and other crucial matters are done properly. Using the first International Payments very first payroll payment option is a great preliminary action towards providing an extensive payroll option for workers worldwide. Standardization, global procedures, and decreasing the number of tools, platforms, and savings account essential for global payroll are essential consider achieving business success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things don't go as prepared. Ultimately, we do not do it for the appreciation.
anyway we understand how how crucial 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 everyone that's involved in those processes and also so imagine sorry I'm just I was simply gon na state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we're speaking about numerous thousands possibly Millions envision getting that lots of thank you notes um I mean it 'd be interesting to see the number of Post-it notes you got however it would certainly be an interesting task attempting to clean all those up for sure oh definitely 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 browse them and in fact see what was going on and sort of shot to return to everyone so carrying on appearance why do business select to main different bank accounts there are services out there doing precisely this for particular countries and I've operated in a business or many companies doing precisely that I can say it does not always feel effective and it does develop more work I understand we're not intentionally doing that we're not developing extra work for anybody where we do not have to and anybody that's managing 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 quantity that we are I think lots of reasons one is it's the standard I think individuals have actually got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it's not a requirement so I believe it's just been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there's a range I think this is a procedure that requires looking at it requires changing however eventually people are really stuck to what they recognize
with ideal um modification is a difficult thing all of us do not like modification um so I believe it's simply kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having maintaining multiple savings account but there's a big quantity of intricacy chooses setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it's established with the best user accesses for specific individuals so the intricacy is huge but I believe the truthful response is modification um individuals have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is knowledge 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 proceeding and moving into you understand what could nearly be identified to be the next Century or two there is a lot to keep track of and this method does posture numerous obstacles um so Johnny might you inform us about those challenges 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 handle our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your achievements.
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