Find out more about Papaya Global Changes ... We now have the capability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer specifically committed to handling payments. This offers us with a protected and reliable method of making payments to our 10,000 staff members worldwide.}
The advanced global payroll management app improves my payroll procedure, conserving me a significant quantity of time monthly. With its user-friendly interface, I have access to a single control panel that efficiently handles my payroll, EOR, and professionals.
The Employee Portal supplies employees with the capability to gain access to and view crucial files 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 business offer competitive benefits bundles to international employees no matter the number of employees in the business. The company can set up medical insurance, short-term and long-term impairment, vision, oral and maternity leave while eliminating the requirement to source regional benefits suppliers in every country, create regional accounts and have a minimum number of staff members.
The HR abilities supplied by Global HR include various functions such as monitoring getaway time, guaranteeing compliance, assisting in the process of welcoming new employees and bidding farewell to departing ones, using a safe online platform for saving employees' documents, and providing assistance for work allow procedures in case your employees require help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce costs, labor force variety, total work expenses dispersed per location, total work costs per cycle and far more.
Worldwide, I have demonstrated leadership and tactical proficiency in assisting massive populations of over 100,000 workers throughout 170 nations. Currently, I are accountable for managing payroll methods, as mentioned by Mark. My function involves managing and developing external collaborations, supporting Business clients, and providing advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments options supplier.
company to make the time 100 list for most influential business in the world we supply payroll payments and workforce management to all staff member enters 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 of course thank you good morning excellent afternoon great night depending upon where you are in the world it's lovely to meet you and thank you quite 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 particularly 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 chose to type of make a genuine go at that over the last five or 6 years where I've sort of had a variety of various functions on the supplier side and likewise on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we'll just provide everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we'll type of let them do that so it 'd be rather interesting and I can see it going on currently simply to hear where everyone is um it's nice to to type of like see where everybody originates from and I actually 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 very very bleak and I want I was elsewhere at this moment in time fine so let's start our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies keep separate
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is especially beneficial for international companies with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of keeping separate bank accounts for payroll in different nations, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time during this webinar we'll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one country but when you're doing it globally it's next level and Beyond it becomes intricate for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they add additional complexity the international Labor force is presently 3 and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll design there's frequently a frustrating variety of different systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large amounts and or really extremely standard there's no genuine consistency structure we're residing in a period 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 believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force information in real time that's another number that offers me sleepless nights and rather honestly the more a service spends on international payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide businesses have actually expressed that they don't have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes poorly interacted hires and terminations along with lack management and system setups and after that when you round it all off and the data is delivered to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don't run efficiently if they rely 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 service face when they're paying to employees or otherwise that's a great concern I always toss this back and state what is it what doesn't need to be included right and what does
it require to be thought about there's varying 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 abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer's own in-country account so there's complexity anywhere you look best ultimately building a knowledge base is definitely important however all over you look with payroll payment they are like super payments no if however some infants 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 think there's now a bit more recognition that payroll payments are absolutely essential and technology is allowing us to sort of move on with that it also as well to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing teams work more detailed together than ever um I'm always amazed 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 estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it's payroll is an end-to-end process it's the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on wellness and the payment landscape is ending up being progressively intricate. Organizations are constantly introducing brand-new advantages and payment options, which adds to the general intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can cause ineffectiveness and bottlenecks. In my opinion, this does not have to be the case. In today's highly sophisticated period, there's no justification for keeping cumbersome treatments. Payroll, the company's greatest expense, must be processed properly and on time. Even small hold-ups can negatively impact staff members' wellness and have significant repercussions. Therefore, it's crucial to focus on precise and timely payments.
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it's from all employees or not. Payroll is an important cycle, and people just observe when things fail. However, when things go right, it's seen as just a regular job. This is how it's perceived externally too. Therefore, it is necessary to make sure that jobs like Wi-Fi Global and other vital matters are done properly. Using the first Worldwide Payments very first payroll payment solution is a fantastic initial step towards providing a comprehensive payroll option for workers worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and checking account required for international payroll are essential consider attaining service success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things don't go as prepared. Ultimately, we don't do it for the gratitude.
anyway we understand 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 easy as possible for everyone that's associated with 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 amount of people that we cover within this webinar I make sure we're discussing numerous thousands possibly Millions think of getting that lots of thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got but it would certainly be a fascinating task trying to clean all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to look through them and actually see what was going on and kind of shot to get back to everybody so moving on appearance why do companies pick to main separate checking account there are services out there doing precisely this for specific nations and I have actually operated in an organization or numerous services doing exactly that I can say it doesn't constantly feel efficient and it does produce more work I know we're not purposely doing that we're not developing additional work for anybody where we do not have to and any person that's managing 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 amount that we are I think numerous factors one is it's the requirement I believe individuals have got so utilized to we need a brand-new bank account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it's not a requirement so I believe it's just been the requirement and the standard the people have embraced and continue to do over years and years passed by to add to that people have actually looked 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 believe this is a procedure that needs taking a look at it needs changing however eventually people 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 simply type of moving away from the norm as we've said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having keeping multiple savings account but there's a big quantity of complexity chooses establishing a bank account maintaining it ensuring it can send out International transfers ensuring it's established with the best user accesses for specific individuals so the intricacy is big but I think the truthful answer is modification um individuals haven't had the ability to alter or haven't had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we've constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to keep track of and this method does posture a number of obstacles um so Johnny might you inform us about those obstacles yeah obviously so there's a variety right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you
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