Find out more about Papaya Global Ccant Find Installation ... We now have the ability to manage both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has obtained a different Chief Financial Officer specifically devoted to handling payments. This offers us with a safe and secure and reputable approach of paying to our 10,000 staff members worldwide.}
The advanced global payroll management app simplifies my payroll process, conserving me a significant quantity of time every month. With its easy to use user interface, I have access to a single control panel that effectively handles my payroll, EOR, and contractors.
Staff member Website
Workers have access to a Worker Website where they can see their pay slips, wage and tax declarations and work documents. The website is available in several languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global assists business provide competitive benefits bundles to worldwide staff members despite the number of staff members in the business. The business can set up health insurance, short-term and long-term disability, vision, oral and maternity leave while getting rid of the need to source regional advantages suppliers in every nation, create regional accounts and have a minimum variety of staff members.
The HR capabilities provided by Global HR incorporate different functions such as monitoring vacation time, guaranteeing compliance, helping with the procedure of inviting new workers and bidding goodbye to leaving ones, providing a secure online platform for keeping workers' documents, and providing support for work allow procedures in case your workers require help in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, workforce variety, total work expenses dispersed per area, total work costs per cycle and far more.
Globally, I have actually demonstrated management and strategic competence in assisting massive populations of over 100,000 employees throughout 170 nations. Presently, I are accountable for overseeing payroll strategies, as discussed by Mark. My role involves handling and developing external partnerships, 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 company.
As a worldwide business, we are honored to be included on the distinguished Time 100 list of the most prominent companies worldwide. We specialize in supplying payroll and labor force management services to employees in more than 160 countries. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your location. It's a pleasure to meet you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments industry, I have focused on payroll and payment services for the past seven years. The intricacies and obstacles of this field have constantly captivated me.
payroll payments and decided to kind of make a genuine go at that over the last 5 or 6 years where I've sort of had a range of different roles on the company side and also on the supplier side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we'll simply provide everyone another couple of uh well among the 30 seconds or so to join we all work back to back these days so we'll sort of let them do that so it 'd be quite intriguing and I can see it going on already just to hear where everyone 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 sunlight is it it's not no it's it's drizzling here it's really extremely dreary and I want I was elsewhere at this moment in time fine so let's begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical asset uh we'll also go over a wrap-up which needs to leave his time at the very extremely 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 workforces become more and more typical and managing them becomes more and more intricate Global companies are aiming to discover Solutions and brand-new ways to improve processes specifically from a payroll and cross-border payment standpoint lots of companies keep separate checking account just for payroll while some have numerous accounts in various countries does it make sense for companies to maintain different checking account sometimes in various nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business enhance the episode complex processes of
making payroll payments accurately effectively securely and on time during this webinar we'll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one nation but when you're doing it globally it's next level and Beyond it ends up being complex for a variety of factors most importantly regulations compliance data security and banking guidelines then there are the large numbers they include additional intricacy the global Labor force 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 individuals that number is currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll design there's often a frustrating variety of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in big amounts and or very very basic there's no genuine consistency framework 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 which simply blows my mind every time I I think
about it to give 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 provides me sleepless nights and quite honestly the more a service spends on global payroll the less of a picture they see a lack of presence likewise extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of global businesses have revealed that they don't have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors inadequately communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is delivered to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments don't run efficiently if they rely on the needed multiple 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 challenges business face when they're making payments to employees or otherwise that's a great question I always throw this back and say what is it what doesn't need to be included right and what does
it need to be thought about there's differing Bank information so the length of an eye band a swift an account number routing code per nation there's payment time frames there's payment abilities 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 customer's own in-country account so there's complexity any place you look best ultimately building a knowledge base is absolutely crucial however all over you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type 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 allowing us to sort of move forward with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely vital that payroll and finance groups work closer together than ever um I'm constantly surprised when individuals say I've split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they split the payroll payment from calculation 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 people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to contribute to sort of the level of intricacy there's increasingly more advantages being organ or being used by companies throughout the world so once again you're simply wanting to add more and more payments to this currently complex landscape so if you sort of got any experience well I'm from your vast experience here and I make sure however have you got any experience in kind of real challenges or real challenging type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding information into the next function as it were that's in fact managing the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to produce extra handoffs in the processes that we operate in they just make them more timely they make them less effective and they do not make them what they need to be in in a period of tech and a period that you understand that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any service has from a cost point of view from an effect point of view on staff members it is absolutely critical that it's done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental impact on individuals's wellness and many other aspects if individuals aren't paid uh I've always been astonished entering this Market type of the last five to ten years is how little thanks the
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it's from all workers or not. Payroll is an important cycle, and people just observe when things go wrong. However, when things go right, it's seen as simply a routine job. This is how it's perceived externally as well. Therefore, it is essential to make sure that jobs like Wi-Fi International and other crucial matters are done properly. Utilizing the very first International Payments very first payroll payment solution is a fantastic initial step towards providing a detailed payroll option for employees worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and savings account essential for international payroll are crucial factors in achieving organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things do not go as prepared. Ultimately, we don't do it for the gratitude.
anyway we understand how how crucial a role 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 easy as possible for everybody that's associated with those processes and also so envision sorry I'm just I was just gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I'm sure we're speaking about hundreds of thousands possibly Millions think of getting that lots of thank you notes um I imply it 'd be interesting to see how many Post-it notes you got but it would definitely be an intriguing task trying to clean up 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 try to browse them and really see what was going on and sort of shot to return to everybody so moving on look why do business pick to primary different checking account there are services out there doing exactly this for particular nations and I have actually worked in a service or many services doing precisely that I can say it doesn't constantly feel efficient and it does create 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 quantity that we are I believe many factors one is it's the standard I think people have got so used to we need a new savings 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 the people have actually adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and many other ways um to to type of do it so I think there's a variety I think this is a procedure that needs taking a look at it requires altering however ultimately individuals are very stuck with what they're familiar
with ideal um change is a difficult thing all of us don't like modification um so I think it's simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having preserving multiple savings account but there's a substantial quantity of intricacy opts for setting up a savings account maintaining it ensuring it can send out International transfers ensuring it's set up with the best user accesses for individual people so the complexity is big however I think the sincere answer is change um people have not had the ability to change or haven't had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you've hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we've always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what could almost be identified to be the next Century approximately there is a lot to keep an eye on and this technique does pose a number of challenges um so Johnny might you inform us about those obstacles yeah of course so there's a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this improved capability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is closer, considering your accomplishments.
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