Find out more about Papaya Global Calendar 2018 19 ... We now have the capability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer specifically devoted to handling payments. This supplies us with a safe and trustworthy approach of making payments to our 10,000 workers worldwide.}
the very best global payroll managment app, conserves me hours of time every month, one single control panel for my payroll, EOR and contractors
The Staff member Portal supplies staff members with the ability to access and view important documents such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile phones and is provided in numerous languages.
Advantages Administration
Papaya Global assists companies use competitive advantages plans to international staff members despite the number of staff members in the business. The company can set up health insurance, short-term and long-lasting impairment, vision, dental and maternity leave while eliminating the requirement to source local benefits service providers in every country, produce regional accounts and have a minimum variety of employees.
The HR capabilities provided by Global HR encompass different functions such as keeping track of holiday time, ensuring compliance, assisting in the process of inviting brand-new employees and bidding goodbye to departing ones, offering a secure online platform for saving employees' files, and providing support for work allow treatments in case your staff members need help in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, labor force variety, overall work costs dispersed per area, overall work expenses per cycle and much more.
environments across the globe I supplied management and strategy to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll strategies for as Mark said I work across the business handling and building external relationships supporting Business customers and options along with serving as an advisor for those of you that do not know who papaya Global is papaya is the very first payroll and payments
business to make the time 100 list for a lot of influential companies in the world we supply payroll payments and workforce management to all staff member types in over 160 nations I am pleased to state that we also have as Mark stated Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning excellent afternoon good evening depending on where you are in the world it's beautiful to meet 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 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 complexity the trouble in all of the above of
payroll payments and decided to type of make a genuine go at that over the last 5 or 6 years where I've sort of had a range of various functions on the service provider side and likewise on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we'll simply give everyone another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we'll type of let them do that so it 'd be quite fascinating 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 comes from and I truly do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it's not no it's it's raining here it's very extremely bleak and I wish I was elsewhere at this moment in time fine so let's get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business keep different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we'll likewise discuss a wrap-up which should leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of common and handling them becomes more and more complicated International companies are seeking to discover Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment standpoint many companies keep separate savings account just for payroll while some have multiple accounts in various countries does it make sense for business to keep separate bank accounts often in different countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies improve the episode complex procedures of
making payroll payments precisely effectively safely and on time during this webinar we'll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one nation however when you're doing it worldwide it's next level and Beyond it ends up being intricate for a variety of reasons most significantly guidelines compliance data security and banking guidelines then there are the sheer numbers they include additional complexity the global Labor force is currently 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 currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the conventional payroll model there's typically a frustrating number of different systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or very very standard there's no real consistency structure we're living in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that's another number that offers me sleep deprived nights and rather honestly the more a service spends on international payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of international companies have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes improperly communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the data is delivered to the incorrect location the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments don't run efficiently if they rely on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they're paying to employees or otherwise that's an excellent question I always throw this back and say what is it what doesn't require to be consisted of ideal and what does
it require to be thought of there's differing Bank details so the length of an eye band a swift an account number routing code per country there's payment time frames 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 consumer's own in-country account so there's intricacy any place you look ideal ultimately developing a knowledge base is definitely critical however all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are definitely essential and technology is allowing us to sort of move on with that it also too to add to that payroll and finance require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and financing groups work better together than ever um I'm constantly surprised when individuals say I have actually divided payroll and payment um if you walk 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 often split and cut up um eventually it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high worth on well-being and the compensation landscape is becoming significantly detailed. Organizations are constantly presenting new benefits and payment choices, which contributes to the overall intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my opinion, this doesn't have to be the case. In today's technically advanced era, there's no reason for maintaining cumbersome procedures. Payroll, the company's biggest expense, should be processed correctly and on time. Even minor delays can adversely impact workers' well-being and have far-reaching effects. For that reason, it's vital to focus on accurate and prompt payments.
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it's from all workers or not. Payroll is an essential cycle, and people only notice when things go wrong. Nevertheless, when things go right, it's viewed as just a regular task. This is how it's perceived externally too. For that reason, it is important to ensure that jobs like Wi-Fi Global and other vital matters are done properly. Utilizing the very first International Payments very first payroll payment service is an excellent initial step towards providing a thorough payroll option for staff members worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and checking account necessary for global payroll are crucial consider accomplishing business success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don't go as planned. Ultimately, we do not do it for the thankfulness.
anyhow we know how how essential a function 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 simple as possible for everyone that's involved in those procedures and also so imagine sorry I'm simply I was simply gon na state envision the amount of thanks you got if you might 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 lots of thank you keeps in mind um I indicate it 'd be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job trying to clean all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that was the case um you 'd need days of the week to try to look through them and really see what was going on and sort of shot to return to everyone so proceeding look why do companies choose to main separate checking account there are companies out there doing precisely this for particular nations and I've worked in an organization or numerous companies doing exactly that I can say it doesn't always feel effective and it does produce more work I know we're not intentionally doing that we're not creating additional work for any person where we don't need to and anyone that's dealing with that process 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 believe numerous reasons one is it's the requirement I think individuals have actually got so used to we require a brand-new bank 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 standard individuals have actually embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other ways um to to sort of do it so I think there's a range I think this is a process that requires looking at it needs altering however ultimately people are extremely stuck to what they recognize
with right um modification is a challenging thing all of us don't like modification 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 clearly the advantages of having keeping multiple bank accounts but there's a huge amount of intricacy opts for establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it's established with the best user accesses for specific people so the complexity is substantial but I believe the truthful answer is modification um people have not been able to change or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is a component 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 might practically be figured out to be the next Century approximately there is a lot to monitor and this method does present a number of obstacles um so Johnny might you tell us about those obstacles yeah naturally so there's a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your achievements.
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