Find out more about Papaya Global Certificate ... We now have the capability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has gotten a different Chief Financial Officer specifically committed to managing payments. This offers us with a protected and dependable approach of making payments to our 10,000 staff members worldwide.}
The innovative worldwide payroll management app simplifies my payroll process, saving me a substantial quantity of time monthly. With its easy to use interface, I have access to a single dashboard that efficiently manages my payroll, EOR, and specialists.
Employee Portal
Staff members have access to a Staff member Portal where they can see their pay slips, wage and tax declarations and employment documents. The portal is offered in multiple languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global assists business provide competitive benefits bundles to global staff members despite the number of workers in the company. The company can establish medical insurance, short-term and long-term impairment, vision, oral and maternity leave while removing the requirement to source local benefits suppliers in every nation, develop regional accounts and have a minimum number of staff members.
The HR capabilities supplied by International HR include various functions such as keeping an eye on trip time, making sure compliance, facilitating the process of welcoming new employees and bidding goodbye to departing ones, offering a safe online platform for keeping employees' documents, and providing support for work allow treatments in case your employees need help in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, labor force diversity, total employment expenses distributed per area, overall work expenses per cycle and much more.
environments around the world I provided leadership and method to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll techniques for as Mark stated I work across business managing and building external relationships supporting Enterprise clients and services as well as serving as an advisor for those of you that do not know who papaya Worldwide is papaya is the very first payroll and payments
business to make the time 100 list for most influential business in the world we provide payroll payments and workforce management to all worker enters 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 naturally thank you good morning good afternoon good night depending on where you remain in the world it's charming 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 been in the payments industry for over 10 years and specifically working on the payroll and payment sector for over seven years um I was captivated by the intricacy the trouble in all of the above of
payroll payments and decided to type of make a real go at that over the last five or 6 years where I have actually sort of had a range of various roles on the company side and also on the supplier side from a payroll perspective so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we'll just provide everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we'll sort of let them do that so it 'd be quite interesting and I can see it going on currently just to hear where everybody is um it's nice to to kind of like see where everybody comes from and I truly 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 really bleak and I wish I was elsewhere at this moment in time fine so let's get going our program for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we'll also go over a recap and that ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of common and managing them ends up being more and more complicated International companies are aiming to find Solutions and new methods to streamline processes particularly from a payroll and cross-border payment viewpoint many companies keep different savings account just for payroll while some have numerous accounts in different countries does it make good sense for business to maintain different checking account sometimes in different countries it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business streamline the episode complex processes of
making payroll payments accurately efficiently safely and on time throughout this webinar we'll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one country but when you're doing it worldwide it's next level and Beyond it becomes complex for a range of factors most notably regulations compliance information security and banking guidelines then there are the large numbers they add additional complexity the international Workforce is currently 3 and a half billion people by 2030 it's approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll design there's often an overwhelming variety of various systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely really standard there's no genuine consistency structure we're living in an era of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that's another number that offers me sleep deprived nights and quite frankly the more a company invests in international payroll the less of a picture they see a lack of presence also encompasses payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of international businesses have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors improperly interacted hires and terminations as well as absence management and system configurations and then when you round everything off and the data is delivered to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don't run smoothly if they rely on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they're paying to employees or otherwise that's a great question I always throw this back and state what is it what does not require to be included right and what does
it require to be considered there's differing Bank details so the length of an eye band a swift an account number routing code per country there's payment amount of time 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 complexity anywhere you look right ultimately developing a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble very payments no if but some babies 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 believe there's now a bit more acknowledgment that payroll payments are absolutely essential and technology is allowing us to sort of move on with that it also too to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely important that payroll and financing groups work closer together than ever um I'm always astonished when people state I've divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry 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 any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high worth on well-being and the settlement landscape is becoming progressively complex. Companies are continually presenting new advantages and payment choices, which contributes to the general complexity. Big corporations typically divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my opinion, this doesn't need to hold true. In today's highly advanced age, there's no reason for preserving cumbersome procedures. Payroll, the company's most significant cost, should be processed correctly and on time. Even slight delays can adversely impact staff members' well-being and have far-reaching effects. For that reason, it's critical to focus on precise and prompt payments.
The payroll group might not have actually been thanked for correctly 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 a crucial cycle, and people only see when things go wrong. However, when things go right, it's seen as just a regular job. This is how it's viewed externally too. For that reason, it is important to ensure that jobs like Wi-Fi International and other vital matters are done properly. Utilizing the very first Global Payments very first payroll payment solution is a great preliminary action towards providing a comprehensive payroll service for employees worldwide. Standardization, international procedures, and decreasing the number of tools, platforms, and bank accounts essential for global payroll are essential factors in accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things do not go as prepared. Ultimately, we don't do it for the gratitude.
anyhow we know how how crucial 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 processes and likewise so imagine sorry I'm simply I was just gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we're discussing numerous thousands possibly Millions picture getting that many thank you notes um I suggest it 'd be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task trying to clean all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to look through them and really see what was going on and kind of shot to get back to everybody so carrying on appearance why do business pick to main separate savings account there are organizations out there doing exactly this for particular countries and I've worked in a business or many organizations doing exactly that I can say it doesn't constantly feel effective and it does produce more work I understand we're not purposely doing that we're not developing additional work for anyone where we don't have to and anyone that's handling that procedure I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the quantity that we are I believe numerous factors one is it's the standard I think people have got so used to we need a new checking 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 just been the requirement and the norm the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there's a range I think this is a procedure that needs taking a look at it needs altering however eventually individuals are very stuck to what they're familiar
with right um change is a difficult thing we all don't like change um so I think it's just kind of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having preserving multiple savings account however there's a substantial amount of intricacy opts for establishing a bank account maintaining it ensuring it can send out International transfers ensuring it's established with the right user accesses for specific people so the intricacy is big but I think the sincere answer is modification um individuals haven't been able to change or haven't had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I think you've struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we have actually always 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 know what might practically be determined to be the next Century or so there is a lot to keep an eye on and this technique does posture numerous challenges um so Johnny could you inform us about those obstacles yeah of course so there's a range right there is so
I just 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 acquired another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments.
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