Find out more about Papaya Global Closing During Pension Assesment ... We now have the ability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has actually acquired a different Chief Financial Officer particularly dedicated to handling payments. This provides us with a secure and trustworthy technique of making payments to our 10,000 employees worldwide.}
The advanced international payroll management app enhances my payroll process, conserving me a substantial amount of time monthly. With its user-friendly user interface, I have access to a single dashboard that effectively handles my payroll, EOR, and contractors.
Worker Portal
Workers have access to a Worker Portal where they can view their pay slips, wage and tax statements and work documents. The website is readily available in several languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global helps business use competitive benefits packages to international workers despite the variety of employees in the company. The business can establish medical insurance, short-term and long-lasting special needs, vision, dental and maternity leave while eliminating the need to source local benefits suppliers in every country, develop regional accounts and have a minimum variety of employees.
The HR abilities offered by Worldwide HR incorporate different functions such as keeping an eye on vacation time, ensuring compliance, facilitating the procedure of inviting new workers and bidding farewell to departing ones, providing a safe and secure online platform for storing workers' files, and providing assistance for work permit treatments in case your workers need assistance in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, workforce variety, total employment expenses distributed per location, overall employment expenses per cycle and a lot more.
Globally, I have actually shown leadership and tactical expertise in assisting large-scale populations of over 100,000 staff members throughout 170 nations. Presently, I are accountable for supervising payroll strategies, as mentioned by Mark. My role involves handling and establishing external collaborations, supporting Business customers, and offering advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions provider.
As a worldwide business, we are honored to be consisted of on the distinguished Time 100 list of the most prominent business worldwide. We concentrate on supplying payroll and workforce management services to staff members in more than 160 nations. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, despite your area. It's a pleasure to fulfill you and thank you for your important time. As Ian discussed, 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 7 years. The complexities and obstacles of this field have constantly mesmerized me.
payroll payments and decided to type of make a real go at that over the last 5 or six years where I've kind of had a variety of various functions on the supplier side and also on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we'll simply provide everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we'll type of let them do that so it 'd be rather intriguing and I can see it going on already just to hear where everybody is um it's nice to to kind of like see where everybody originates from and I truly do hope it's much sunnier than it is 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 extremely extremely gloomy and I want I was elsewhere at this moment in time alright so let's begin our program for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business keep separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we'll likewise go over a wrap-up and that should leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of common and handling them ends up being a growing number of complex International companies are looking to discover Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment standpoint many companies keep separate bank account just for payroll while some have numerous accounts in different countries does it make sense for companies to maintain different bank accounts in some cases in various nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international companies streamline the episode complex procedures of
making payroll payments accurately effectively firmly and on time throughout this webinar we'll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in sufficient in one country but when you're doing it internationally it's next level and Beyond it ends up being intricate for a range of factors most notably regulations compliance information security and banking rules then there are the sheer numbers they include further complexity the international Workforce is currently three and a half billion people by 2030 it's approximated that in Africa alone they will contribute and further 1.1 billion people 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 globe in the traditional payroll design there's frequently a frustrating variety of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or very really basic there's no genuine consistency framework we're living in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that's another number that provides me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of a photo they see an absence of exposure also reaches payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide services have actually expressed that they don't have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors inadequately interacted hires and terminations as well as absence management and system setups and then when you round everything off and the information is delivered to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they depend on the necessary several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they're making payments to staff members or otherwise that's an excellent concern I always throw this back and say what is it what doesn't require to be consisted of right and what does
it require to be thought of there's varying Bank information so the length of an eye band a swift an account number routing code per country there's payment timespan 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 intricacy anywhere you look ideal ultimately building a knowledge base is absolutely important however everywhere you look with payroll payment they are like super payments no if however 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 definitely basic and innovation is enabling us to type of move forward with that it also also to contribute to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely crucial that payroll and financing teams work better together than ever um I'm constantly amazed when individuals say I've divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't operate 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 often split and cut up um ultimately 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to contribute to kind of the level of complexity there's increasingly more advantages being organ or being offered by organizations across the world so once again you're simply aiming to add more and more payments to this currently intricate landscape so if you kind of got any experience well I'm from your vast experience here and I'm sure but have you got any experience in kind of real difficulties or real tough type of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of years I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that's actually managing the payment side of things however you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to develop extra handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they don't make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason that we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from a cost point of view from an impact viewpoint on staff members it is absolutely vital that it's done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive effect on individuals's wellness and many other aspects if individuals aren't paid uh I have actually always been surprised coming into this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I'm unsure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it 'd be terrific to hear your success story and whether that's been from all employees or not um but ultimately payroll is such an important cycle we all find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it's just a tick box workout and I believe that's how it's seen from the external deem well um so yeah it's also like why WI-Fi Global why all of this stuff is absolutely essential that all of this things is done correctly so leveraging the very first Global Payments first payroll payment option is a great first step um supplying an end-to-end payroll option for your staff members internationally again I think is another big um process again aligning and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of services and reducing the variety of tools platforms and checking account they require for their Worldwide payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I've never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they're meant to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how essential 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 everyone that's involved in those processes and likewise so picture sorry I'm just I was simply gon na say imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we're discussing hundreds of thousands possibly Millions imagine 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 but it would definitely be a fascinating job attempting to clean all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that was the case um you 'd need days of the week to try to check out them and actually see what was going on and kind of try to return to everybody so moving on appearance why do companies choose to main separate checking account there are services out there doing precisely this for specific countries and I've operated in a company or numerous organizations doing precisely that I can say it does not always feel efficient and it does produce more work I understand we're not intentionally doing that we're not producing additional work for anybody where we do not have to and any person that's handling that process I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the amount that we are I believe numerous factors one is it's the requirement I believe individuals have actually got so utilized to we require a new bank account we open an entity and rightly so you need 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 requirement and the standard the people have actually adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there's a variety I believe this is a procedure that requires looking at it needs altering however ultimately individuals are very stuck to what they're familiar
with ideal um change is a difficult thing we all don't like modification um so I think it's just kind of moving far from the norm as we've said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having keeping multiple savings account but there's a substantial amount of intricacy opts for setting up a savings account preserving it ensuring it can send out International transfers guaranteeing it's set up with the right user accesses for private people so the intricacy is big but I think the honest response is modification um people have not had the ability to change or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter however we have actually 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 might practically be determined to be the next Century approximately there is a lot to keep an eye on and this technique does present numerous difficulties um so Johnny could you tell us about those difficulties yeah obviously so there's a variety right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you are worthy of a corner office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you
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