Find out more about Papaya Global Business Cloud Professional ... We now have the ability to handle both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has acquired a different Chief Financial Officer specifically devoted to handling payments. This provides us with a secure and reputable technique of making payments to our 10,000 workers worldwide.}
The advanced international payroll management app simplifies my payroll procedure, conserving me a significant quantity of time each month. With its user-friendly interface, I have access to a single dashboard that effectively handles my payroll, EOR, and contractors.
Staff member Portal
Workers have access to a Staff member Portal where they can view their pay slips, wage and tax declarations and work files. The portal is readily available in multiple languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global assists business offer competitive advantages packages to global employees despite the number of employees in the company. The company can establish health insurance, short-term and long-term special needs, vision, dental and maternity leave while removing the requirement to source local benefits providers in every nation, produce regional accounts and have a minimum number of employees.
The HR abilities provided by Global HR include different functions such as monitoring holiday time, guaranteeing compliance, assisting in the process of welcoming brand-new staff members and bidding farewell to departing ones, providing a protected online platform for keeping workers' documents, and supplying assistance for work allow procedures in case your workers need help in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, workforce variety, overall employment expenses dispersed per location, total work expenses per cycle and far more.
environments around the world I supplied management and method to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll methods for as Mark stated I work throughout business managing and building external relationships supporting Business customers and options along with functioning as a consultant for those of you that don't know who papaya Global is papaya is the very first payroll and payments
company to make the time 100 list for most influential companies worldwide we supply payroll payments and workforce management to all staff member types in over 160 countries I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself naturally thank you good morning excellent afternoon great night depending upon where you remain in the world it's lovely to satisfy you and thank you quite for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I have actually remained in the payments market for over ten years and specifically working on the payroll and payment sector for over 7 years um I was captivated by the intricacy the difficulty in all of the above of
payroll payments and chose to sort of make a genuine go at that over the last 5 or six years where I have actually sort of had a range of various roles on the provider side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we'll just offer everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we'll kind of let them do that so it 'd be quite intriguing and I can see it going on currently simply to hear where everybody is um it's nice to to kind of like see where everybody originates from and I actually do hope it's much sunnier than it is in the UK today certainly not the peak of the sunshine is it it's not no it's it's drizzling here it's really really dreary and I want I was elsewhere at this moment in time alright so let's get started our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies keep separate
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is especially helpful for global organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently securely and on time throughout this webinar we'll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one country however when you're doing it worldwide it's next level and Beyond it becomes complicated for a variety of factors most notably policies compliance information security and banking guidelines then there are the sheer numbers they add more intricacy the international Workforce is currently 3 and a half billion individuals 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 services and growing all doing their own thing worldwide in the conventional payroll model there's frequently a frustrating variety of different systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or very very basic there's no real consistency structure we're residing in an age of tech but payroll has been slow 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 believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that's another number that gives me sleep deprived nights and quite frankly the more a company spends on worldwide payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of global businesses have actually revealed that they don't have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors improperly interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the data is shipped to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don't run smoothly if they rely on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they're making payments to staff members or otherwise that's a good concern I always toss this back and state what is it what doesn't need to be consisted of right and what does
it need 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 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 client's own in-country account so there's intricacy wherever you look best eventually building a knowledge base is definitely important but everywhere you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are absolutely basic and technology is allowing us to kind of move on with that it also as well to add to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and financing groups work closer together than ever um I'm always surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work 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 often split and cut up um eventually it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on well-being and the compensation landscape is becoming significantly intricate. Businesses are continually introducing new benefits and payment options, which contributes to the overall complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can result in ineffectiveness and bottlenecks. In my viewpoint, this does not need to be the case. In today's technically innovative era, there's no justification for keeping troublesome procedures. Payroll, the company's most significant expense, must be processed correctly and on time. Even small delays can adversely impact workers' wellness and have significant repercussions. Therefore, it's important to prioritize precise and prompt payments.
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it's from all workers or not. Payroll is an important cycle, and individuals just notice when things fail. Nevertheless, when things go right, it's viewed as just a regular job. This is how it's viewed externally too. Therefore, it is important to ensure that jobs like Wi-Fi Worldwide and other vital matters are done properly. Using the very first Worldwide Payments first payroll payment option is a great preliminary step towards offering a thorough payroll solution for workers worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and savings account essential for global payroll are essential factors in accomplishing service success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of 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 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 associated with those procedures and likewise so think of sorry I'm simply I was simply gon na state envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I'm sure we're discussing hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I suggest it 'd be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean up all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that held true um you 'd require days of the week to try to look through them and actually see what was going on and sort of shot to return to everyone so proceeding look why do business choose to primary separate savings account there are companies out there doing exactly this for specific nations and I've worked in a business or numerous organizations doing precisely that I can state it does not constantly feel effective and it does produce more work I know we're not deliberately doing that we're not creating 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 believe that we're doing that in in the in the amount that we are I think numerous factors one is it's the standard I think individuals have got so used to we require a new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it's not a requirement so I believe it's simply been the standard and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other methods um to to kind of do it so I believe there's a range I think this is a procedure that needs looking at it needs changing but eventually people are really stuck with what they recognize
with best um modification is a hard thing we all don't like change um so I think it's just type of moving far from the norm as we've said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having keeping several bank accounts but there's a huge quantity of intricacy goes with setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it's established with the best user accesses for private individuals so the intricacy is substantial but I think the truthful response is change um people have not been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you've hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we've always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century or so there is a lot to keep an eye on and this approach does present numerous challenges um so Johnny could you tell us about those obstacles yeah naturally so there's a range 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 feels like our CFO has actually gotten another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your achievements.
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