Find out more about Papaya Global Beneft ... We now have the capability to handle 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 devoted to managing payments. This offers us with a safe and secure and reliable method of paying to our 10,000 staff members worldwide.}
the very best global payroll managment app, conserves me hours of time monthly, one single control panel for my payroll, EOR and specialists
The Staff member Portal provides employees with the capability to gain access to 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 provided in various languages.
Advantages Administration
Papaya Global assists companies offer competitive advantages plans to global staff members despite the number of staff members in the business. The business can set up health insurance, short-term and long-lasting disability, vision, dental and maternity leave while removing the requirement to source regional benefits suppliers in every country, develop regional accounts and have a minimum variety of employees.
International HR Functionalities
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your employees need work permit support.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force spending, workforce variety, total work costs distributed per area, overall work costs per cycle and far more.
environments around the world I provided management and strategy to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll techniques for as Mark said I work throughout business managing and building external relationships supporting Enterprise clients and solutions as well as acting as a consultant for those of you that don't know who papaya International is papaya is the first payroll and payments
business to make the time 100 list for the majority of influential business worldwide we offer payroll payments and workforce management to all staff member key ins over 160 countries I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning excellent afternoon excellent evening depending upon where you are in the world it's charming to fulfill you and thank you quite for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I've remained in the payments market for over ten years and particularly dealing with the payroll and payment sector for over seven years um I was amazed by the complexity the trouble in all of the above of
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 different roles on the supplier 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 very much for your time everyone okay thanks Johnny uh we'll simply provide everyone another couple of uh well among the 30 seconds or two to join all of us work back to back these days so we'll sort of let them do that so it 'd be rather interesting and I can see it going on currently just to hear where everybody is um it's nice to to type of like see where everybody originates from and I actually 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 drizzling here it's really extremely dreary and I want I was somewhere else at this moment in time fine so let's get started our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business keep different
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is especially helpful for global organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of maintaining different savings account for payroll in various countries, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time during this webinar we'll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in adequate in one country but when you're doing it globally it's next level and Beyond it ends up being intricate for a variety of reasons most importantly policies compliance data security and banking guidelines then there are the large numbers they include additional complexity the global Workforce is presently three and a half billion people by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll design there's typically an overwhelming number of various systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or really very fundamental there's no genuine consistency structure we're living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind each time I I believe
about it to provide you an idea 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 gives me sleep deprived nights and quite honestly the more an organization spends on global payroll the less of an image they see a lack of exposure also extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of global services have actually revealed that they don't have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes badly communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the data is shipped to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments don't run smoothly if they count on the essential several 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 service face when they're making payments to workers or otherwise that's a good concern I always toss this back and say what is it what does not require to be consisted of ideal and what does
it require to be thought of there's differing Bank information so the length of an eye band a swift an account number routing code per country there's payment timespan there's payment abilities 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 customer's own in-country account so there's complexity wherever you look best eventually building a knowledge base is definitely vital but all over you look with payroll payment they are like incredibly payments no if however 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 recognition that payroll payments are definitely basic and innovation is enabling us to type of move on with that it also too to add to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely essential that payroll and finance teams work closer together than ever um I'm always astonished when individuals state I've 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 often 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 individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high value on well-being and the payment landscape is becoming increasingly detailed. Companies are continuously introducing brand-new advantages and payment options, which contributes to the total complexity. Large corporations frequently divide their payroll and payment processing into separate teams, which can result in ineffectiveness and bottlenecks. In my viewpoint, this doesn't need to hold true. In today's highly advanced era, there's no reason for preserving troublesome procedures. Payroll, the business's greatest cost, must be processed correctly and on time. Even small hold-ups can adversely impact workers' wellness and have significant repercussions. For that reason, it's critical to prioritize precise and timely payments.
The payroll team may not have actually been thanked for properly processing payroll throughout 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 people only notice when things fail. Nevertheless, when things go right, it's viewed as simply a routine task. This is how it's perceived externally as well. Therefore, it is important to ensure that jobs like Wi-Fi Worldwide and other vital matters are done properly. Using the first Worldwide Payments very first payroll payment service is a great preliminary action towards supplying an extensive payroll solution for workers worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and checking account necessary for worldwide payroll are key factors in accomplishing company success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don't go as prepared. Eventually, we do not do it for the gratitude.
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 associated with those processes and likewise so picture sorry I'm simply I was just gon na state imagine 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 talking about numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I indicate it 'd be interesting to see how many Post-it notes you got but it would absolutely be a fascinating task attempting to clean all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to check out them and in fact see what was going on and type of shot to get back to everyone so moving on appearance why do business select to main different savings account there are businesses out there doing precisely this for specific countries and I've worked in a service or numerous businesses doing precisely that I can state it doesn't always feel effective and it does develop more work I understand we're not intentionally doing that we're not developing extra work for anyone where we do not have to and any person 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 believe lots of factors one is it's the standard I believe individuals have got so utilized to we need a brand-new bank account we open an entity and appropriately 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 passed by to contribute to that people have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I think there's a range I believe this is a process that needs taking a look at it needs changing however ultimately people are extremely stuck with what they're familiar
with right um modification is a hard thing all of us do not like change um so I believe it's simply kind of moving away from the norm as we've said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having maintaining multiple checking account however there's a huge amount of complexity opts for setting up a savings account preserving it ensuring it can send International transfers guaranteeing it's set up with the best user accesses for private individuals so the complexity is huge but I think the sincere answer is change um people haven't had the ability to alter or haven't had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you've struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might almost be identified to be the next Century or two there is a lot to monitor and this technique does pose numerous obstacles um so Johnny could you inform us about those obstacles yeah obviously so there's a range right there is so
I recently made a modification to our Enterprise 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 gotten another CFO, and with this boosted ability, I have successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your achievements.
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