Find out more about Papaya Global Change Pension To Calendar Monthly ... We now have the ability to handle both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has acquired a different Chief Financial Officer particularly committed to managing payments. This supplies us with a safe and reliable technique of making payments to our 10,000 workers worldwide.}
The advanced worldwide payroll management app enhances my payroll procedure, conserving me a significant quantity of time monthly. With its easy to use user interface, I have access to a single dashboard that efficiently manages my payroll, EOR, and contractors.
The Employee Portal supplies workers with the capability to gain access to and view important documents such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile devices and is used in different languages.
Benefits Administration
Papaya Global assists companies use competitive benefits bundles to global workers no matter the variety of workers in the company. The company can set up medical insurance, short-term and long-term disability, vision, dental and maternity leave while eliminating the requirement to source regional benefits service providers in every country, develop regional accounts and have a minimum number of workers.
The HR abilities provided by International HR incorporate numerous functions such as keeping an eye on getaway time, ensuring compliance, facilitating the procedure of welcoming new staff members and bidding farewell to departing ones, offering a safe online platform for saving employees' files, and providing support for work permit procedures in case your workers need support because area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, labor force diversity, total work costs distributed per area, total employment costs per cycle and far more.
Globally, I have actually demonstrated leadership and tactical know-how in directing large-scale populations of over 100,000 workers throughout 170 countries. Currently, I are accountable for supervising payroll strategies, as mentioned by Mark. My function includes handling and establishing 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 solutions supplier.
company to make the time 100 list for most influential business worldwide we provide payroll payments and labor force management to all employee key ins over 160 nations I am pleased to say 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 excellent evening depending on where you are in the world it's beautiful to fulfill you and thank you very much for your time as Ian stated 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 particularly working on the payroll and payment sector for over 7 years um I was interested by the complexity the difficulty in all of the above of
payroll payments and decided to kind of make a real go at that over the last five or 6 years where I've kind of had a range of various functions on the company side and likewise on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll just give everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we'll sort of let them do that so it 'd be quite fascinating and I can see it going on currently just to hear where everyone is um it's nice to to sort of like see where everyone originates from and I truly do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it's not no it's it's drizzling here it's very extremely dreary and I wish I was elsewhere at this moment in time all right so let's get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business maintain separate
Virtual payroll accounts are an option to standard checking account for managing payroll payments. This is especially useful for international companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of preserving separate savings account for payroll in various nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively securely and on time throughout this webinar we'll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one country but when you're doing it globally it's next level and Beyond it becomes intricate for a variety of factors most importantly regulations compliance information security and banking guidelines then there are the large numbers they include more complexity the worldwide Workforce is presently 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 currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll model there's typically a frustrating variety of different systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or very very standard there's no real 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 typically with pen and paper and that simply blows my mind each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that's another number that gives me sleep deprived nights and rather honestly the more a company invests in worldwide payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global companies have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes badly communicated hires and terminations along with absence management and system configurations and after that when you round it all off and the data is delivered to the wrong location the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don't run efficiently if they count on the needed multiple processes 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 organization face when they're making payments to workers or otherwise that's a good question I always throw this back and say what is it what doesn't require to be included best 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 time frames 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 consumer's own in-country account so there's complexity wherever you look right eventually constructing a knowledge base is absolutely vital but all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you 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 absolutely fundamental and technology is allowing us to sort of move forward with that it likewise also to add to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely important that payroll and financing groups work closer together than ever um I'm constantly surprised when individuals say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from computation 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 ultimately 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 modern-day world puts a high worth on wellness and the payment landscape is becoming increasingly detailed. Organizations are continuously introducing new benefits and payment alternatives, which adds to the total complexity. Large corporations frequently divide their payroll and payment processing into separate teams, which can cause ineffectiveness and bottlenecks. In my opinion, this does not have to hold true. In today's technically advanced age, there's no validation for preserving cumbersome treatments. Payroll, the business's most significant expense, must be processed properly and on time. Even slight hold-ups can adversely impact employees' well-being and have far-reaching consequences. For that reason, it's vital to prioritize accurate and prompt payments.
The payroll team may not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it's from all workers or not. Payroll is an essential cycle, and people just discover when things go wrong. Nevertheless, when things go right, it's viewed as simply a routine job. This is how it's viewed externally also. Therefore, it is necessary to ensure that jobs like Wi-Fi Worldwide and other crucial matters are done correctly. Utilizing the very first Global Payments very first payroll payment option is an excellent preliminary step towards providing an extensive payroll solution for staff members worldwide. Standardization, global procedures, and reducing the variety of tools, platforms, and bank accounts essential for international payroll are key consider accomplishing business success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things do not go as prepared. Eventually, we don't do it for the thankfulness.
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 easy as possible for everyone that's associated with those processes and likewise so think of sorry I'm just I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I'm sure we're talking about numerous thousands possibly Millions imagine getting that many thank you notes um I imply it 'd be interesting to see the number of Post-it notes you got but it would certainly be an interesting task attempting to clean 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 actually see what was going on and sort of try to get back to everyone so moving on appearance why do business choose to primary separate savings account there are organizations out there doing precisely this for specific countries and I have actually worked in an organization or many services doing precisely that I can state it does not constantly feel effective and it does create more work I understand we're not purposely doing that we're not producing additional work for any person where we do not need to and any person that's dealing with that procedure 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 think lots of factors one is it's the standard I think individuals have actually got so used to we require a new savings account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it's not a requirement so I believe it's just been the standard and the norm individuals have actually 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 type of do it so I believe there's a range I think this is a process that needs looking at it requires altering however eventually individuals are very stuck to what they're familiar
with best um modification is a tough thing all of us do not like modification um so I believe it's simply kind 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 benefits of having preserving several savings account however there's a huge quantity of intricacy opts for establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it's established with the ideal user accesses for private individuals so the intricacy is big however I think the honest response is change um people have not had the ability to alter or haven't had necessarily the knowledge to truly make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but 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 understand what might almost be determined to be the next Century approximately there is a lot to track and this technique does position numerous obstacles um so Johnny could you inform us about those challenges yeah naturally so there's a range right there is so
I just recently made a change 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 secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your accomplishments.
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