Find out more about Papaya Global Cloud Demo ... We now have the capability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has obtained a separate Chief Financial Officer particularly devoted to managing payments. This supplies us with a safe and secure and reliable technique of making payments to our 10,000 employees worldwide.}
The innovative global payroll management app streamlines my payroll process, saving me a significant amount of time monthly. With its user-friendly user interface, I have access to a single control panel that efficiently manages my payroll, EOR, and professionals.
The Worker Website supplies employees with the capability to access and view important documents such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile phones and is offered in numerous languages.
Benefits Administration
Papaya Global assists companies offer competitive advantages plans to international staff members no matter the number of staff members in the company. The company can establish medical insurance, short-term and long-lasting disability, vision, dental and maternity leave while getting rid of the requirement to source local benefits providers in every nation, produce local accounts and have a minimum number of staff members.
The HR abilities supplied by Worldwide HR incorporate numerous functions such as keeping track of getaway time, making sure compliance, helping with the procedure of inviting brand-new workers and bidding farewell to departing ones, using a safe and secure online platform for keeping workers' documents, and providing assistance for work permit procedures in case your workers need help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, labor force diversity, total work expenses distributed per area, overall work expenses per cycle and far more.
Internationally, I have actually demonstrated leadership and tactical competence in guiding large-scale populations of over 100,000 staff members throughout 170 countries. Currently, I are accountable for overseeing payroll strategies, as pointed out by Mark. My function involves handling and establishing external partnerships, supporting Business customers, and providing advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments options provider.
As a global company, we are honored to be consisted of on the prestigious Time 100 list of the most prominent business worldwide. We concentrate on offering payroll and workforce management services to staff members in more than 160 nations. I am delighted to present Johnny Nash, as pointed out by Mark. Now, I'll let Johnny present himself. Good day to all, despite your place. It's an enjoyment to fulfill you and thank you for your important time. As Ian pointed out, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments industry, I have actually focused on payroll and payment services for the past 7 years. The complexities and difficulties of this field have constantly mesmerized me.
payroll payments and chose to sort of make a real go at that over the last five or six years where I've kind of had a variety of different functions on the supplier side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll just offer 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 already simply to hear where everybody is um it's nice to to type of like see where everyone comes from and I really do hope it's much sunnier than it is 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 extremely really bleak 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 taking a look at the difficulty years of managing Global payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we'll likewise review a wrap-up and that must leave his time at the extremely 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 International workforces become a growing number of typical and handling them ends up being a growing number of intricate International organizations are aiming to discover Solutions and new methods to enhance processes specifically from a payroll and cross-border payment perspective lots of organizations maintain separate bank account just for payroll while some have several accounts in different countries does it make sense for companies to preserve different bank accounts often in different countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies streamline the episode complex procedures of
making payroll payments precisely effectively safely and on time during this webinar we'll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one country however when you're doing it globally it's next level and Beyond it becomes complicated for a range of reasons most notably guidelines compliance information security and banking guidelines then there are the large numbers they add additional intricacy the worldwide 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 services and growing all doing their own thing around the world in the traditional payroll design there's often a frustrating variety of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely very basic there's no genuine consistency structure we're residing 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 frequently with pen and paper which just blows my mind whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that's another number that provides me sleepless nights and rather frankly the more a service spends on global payroll the less of a photo they see a lack of exposure also encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of worldwide organizations have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes badly interacted hires and terminations along with absence 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 global data 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 rely on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they're making payments to employees or otherwise that's an excellent concern I constantly toss this back and state what is it what does not require to be consisted of 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 time frames there's payment abilities 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 any place you look best eventually developing a knowledge base is absolutely vital but all over you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link 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 technology is allowing us to type of progress with that it likewise 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 definitely essential that payroll and financing teams work better together than ever um I'm constantly impressed when people state I've divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't operate in the payroll occupation would they divide the payroll payment from calculation 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 ultimately it's payroll is an end-to-end process it's the point of data collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more important to contribute to kind of the level of complexity there's a growing number of advantages being organ or being offered by organizations across the world so once again you're just wanting to include a growing number of payments to this already intricate landscape so if you type of got any experience well I'm from your huge experience here and I make sure but have you got any experience in kind of genuine challenges or real tough type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding info into the next function as it were that's actually handling the payment side of things however you know in in my viewpoint and my experience that doesn't always require to be the case you know long gone are the times where we require to create additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they don't make them what they require to be in in an age of tech and a period that you know that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any company has from an expense point of view from an impact viewpoint on employees it is absolutely important 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 need to be done right it has the biggest detrimental effect on individuals's well-being and many other elements if individuals aren't paid uh I have actually always been astonished entering into this Market kind of the last five to 10 years is how little thanks the
payroll group get um so I'm not exactly sure anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it 'd be fantastic to hear your success story and whether that's been from all staff members or not um however eventually payroll is such an essential cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it's simply a tick box exercise and I believe that's how it's seen from the external consider as well um so yeah it's likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the very first Global Payments first payroll payment solution is a great first step um providing an end-to-end payroll option for your employees globally again I think is another huge um process once again aligning and guaranteeing you have standardization Worldwide processes all of those things are absolutely key to success success of businesses and decreasing the variety of tools platforms and checking account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone quite where they're meant to be um I do not believe any of us are actually doing that for for the thanks
anyhow we know how how essential a function 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 simple as possible for everybody that's associated with those procedures and also so think of sorry I'm just I was just gon na state imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I'm sure we're talking about hundreds of thousands possibly Millions envision getting that numerous thank you notes um I suggest it 'd be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh absolutely I can't think of the size of my my Outlook inbox if that held true um you 'd need days of the week to try to check out them and actually see what was going on and type of shot to get back to everybody so carrying on look why do business choose to main different checking account there are businesses out there doing precisely this for particular countries and I've operated in a service or lots of services 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 developing extra work for anybody where we don't have to and any person that's handling 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 believe numerous factors one is it's the standard I think individuals have actually got so utilized to we need a new checking 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 simply been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other ways um to to type of do it so I believe there's a variety I believe this is a process that needs taking a look at it requires changing but ultimately people are really stuck with what they're familiar
with right um modification is a challenging thing we all do not like modification um so I think it's just type of moving far from the norm as we've said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining multiple bank accounts however there's a substantial amount of intricacy opts for establishing a checking account preserving it ensuring it can send out International transfers ensuring it's set up with the ideal user accesses for individual individuals so the complexity is huge however I believe the truthful response is change um people have not been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I believe you've hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century or so there is a lot to monitor and this approach does pose several difficulties um so Johnny might you tell us about those obstacles yeah obviously so there's a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this enhanced ability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements.
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