Find out more about Papaya Global Cannot Find Autoupdater ... We now have the capability to handle both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer particularly dedicated to handling payments. This provides us with a secure and reliable technique of making payments to our 10,000 employees worldwide.}
The cutting-edge worldwide payroll management app enhances my payroll procedure, saving me a considerable quantity of time every month. With its easy to use interface, I have access to a single control panel that effectively manages my payroll, EOR, and specialists.
Employee Portal
Employees have access to a Staff member Portal where they can see their pay slips, wage and tax statements and work documents. The website is offered in numerous languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global assists companies use competitive advantages packages to international staff members despite the variety of staff members in the company. The business can establish medical insurance, short-term and long-lasting special needs, vision, oral and maternity leave while getting rid of the requirement to source regional advantages companies in every nation, create local accounts and have a minimum variety of employees.
The HR capabilities provided by Worldwide HR include different functions such as keeping track of vacation time, ensuring compliance, facilitating the procedure of inviting new workers and bidding goodbye to leaving ones, using a safe and secure online platform for storing workers' documents, and providing support for work allow procedures in case your staff members need help in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, workforce diversity, overall employment costs dispersed per location, total work costs per cycle and much more.
Globally, I have actually demonstrated leadership and tactical competence in assisting large-scale populations of over 100,000 staff members across 170 nations. Presently, I am responsible for supervising payroll techniques, as mentioned by Mark. My function involves handling and developing external collaborations, supporting Business customers, and supplying advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments services provider.
As a worldwide business, we are honored to be consisted of on the prominent Time 100 list of the most prominent business worldwide. We concentrate on supplying payroll and workforce management services to workers in more than 160 nations. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your location. It's a satisfaction to meet you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have concentrated on payroll and payment services for the past 7 years. The complexities and difficulties of this field have constantly mesmerized me.
payroll payments and chose to type of make a genuine go at that over the last five or 6 years where I've kind of had a variety of various functions on the provider side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we'll simply give everyone another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we'll type of let them do that so it 'd be rather fascinating 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 everyone originates from and I really 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 drizzling here it's extremely very gloomy and I want I was somewhere else at this moment in time okay so let's get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we'll likewise discuss a recap which needs to leave his time at the really really 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 Global workforces become more and more common and handling them ends up being a growing number of intricate International companies are wanting to find Solutions and new ways to enhance procedures specifically from a payroll and cross-border payment perspective numerous companies keep different bank account just for payroll while some have numerous accounts in various nations does it make good sense for business to keep different savings account often in various countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational business enhance the episode complex procedures of
making payroll payments precisely effectively firmly and on time during this webinar we'll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in sufficient in one nation but when you're doing it worldwide it's next level and Beyond it becomes complicated for a range of factors most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they add additional complexity the international Labor force is presently three and a half billion people by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll model there's often an overwhelming number of various systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or really really fundamental there's no real consistency structure we're residing in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that's another number that offers me sleepless nights and rather frankly the more a service invests in international payroll the less of a picture they see a lack of visibility also extends to payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide businesses have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors inadequately interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the information is shipped to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don't run smoothly if they depend on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they're paying to workers or otherwise that's a great question I always toss this back and say what is it what does not need to be included ideal and what does
it require to be thought about there's varying Bank information so the length of an eye band a swift an account number routing code per nation there's payment amount of time there's payment capabilities so can you pay it from International or do you have 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 ideal ultimately developing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like incredibly payments no if however some children 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 acknowledgment that payroll payments are absolutely basic and innovation is enabling us to type of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and financing teams work better together than ever um I'm constantly amazed when people state I've split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry 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 data collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on well-being and the settlement landscape is becoming progressively complex. Businesses are continuously presenting new advantages and payment alternatives, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into different groups, which can result in inefficiencies and traffic jams. In my viewpoint, this doesn't need to be the case. In today's technically advanced era, there's no validation for maintaining troublesome treatments. Payroll, the company's greatest cost, must be processed correctly and on time. Even slight delays can negatively impact employees' wellness and have far-reaching consequences. Therefore, it's important to prioritize accurate and prompt payments.
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it's from all staff members or not. Payroll is a crucial cycle, and people only see when things go wrong. However, when things go right, it's viewed as just a regular job. This is how it's perceived externally too. For that reason, it is important to ensure that tasks like Wi-Fi Global and other vital matters are done properly. Utilizing the very first International Payments first payroll payment service is a fantastic initial action towards providing a detailed payroll service for employees worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and savings account needed for international payroll are key consider achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don't go as prepared. Ultimately, we don't do it for the gratitude.
anyway we understand how how essential 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 likewise so picture sorry I'm just I was just gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I'm sure we're speaking about numerous thousands potentially Millions envision getting that lots of thank you keeps in mind um I imply it 'd be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting to clean all those up for sure oh absolutely I can't think of 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 actually see what was going on and sort of shot to return to everybody so moving on look why do companies choose to primary separate checking account there are businesses out there doing precisely this for particular nations and I have actually operated in a business or many businesses doing exactly that I can say it doesn't constantly feel effective and it does create more work I know we're not deliberately doing that we're not developing extra work for anybody where we do not have to and any person that's managing 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 believe lots of reasons one is it's the requirement I believe individuals have actually got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it's not a requirement so I think it's simply been the standard and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and many other methods um to to kind of do it so I believe there's a range I believe this is a procedure that requires taking a look at it requires altering but ultimately individuals are very stuck with what they recognize
with right um change is a challenging thing we all don't like modification um so I think it's just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the advantages of having keeping numerous checking account but there's a big amount of intricacy goes with setting up a checking account maintaining it ensuring it can send International transfers guaranteeing it's set up with the right user accesses for individual individuals so the intricacy is big however I believe the truthful response is change um individuals haven't been able to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a savings account I think you've hit the nail on the head I think it is knowledge you know and there is a component of resistance to change however we've always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or two there is a lot to keep an eye on and this method does present a number of obstacles um so Johnny might you inform us about those difficulties yeah naturally so there's a variety right there is so
I just recently made a change 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 acquired another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your achievements.
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