Find out more about Papaya Global Coloud Chat ... 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 actually acquired a separate Chief Financial Officer particularly devoted to managing payments. This supplies us with a secure and reliable method of paying to our 10,000 workers worldwide.}
the BEST global payroll managment app, conserves me hours of time each month, one single control panel for my payroll, EOR and specialists
The Worker Website supplies employees with the ability to gain access to and view crucial files such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile phones and is provided in different languages.
Advantages Administration
Papaya Global assists business offer competitive advantages bundles to global staff members regardless of the number of workers in the company. The business can set up medical insurance, short-term and long-term disability, vision, dental and maternity leave while getting rid of the need to source regional benefits companies in every nation, produce local accounts and have a minimum number of employees.
The HR abilities supplied by Worldwide HR encompass various functions such as keeping track of trip time, making sure compliance, assisting in the procedure of welcoming new workers and bidding farewell to departing ones, using a secure online platform for keeping employees' documents, and providing support for work permit procedures in case your workers need assistance in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, workforce variety, total employment expenses distributed per location, overall employment expenses per cycle and far more.
Worldwide, I have actually shown management and strategic knowledge in directing massive populations of over 100,000 workers throughout 170 countries. Presently, I am responsible for overseeing payroll techniques, as pointed out by Mark. My function involves managing and establishing external collaborations, supporting Enterprise clients, and supplying advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments services supplier.
company to make the time 100 list for most influential business worldwide we offer payroll payments and labor force management to all worker key ins over 160 nations I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to present yourself naturally thank you good morning excellent afternoon excellent evening depending on where you remain in the world it's charming to satisfy 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 10 years and specifically working on the payroll and payment sector for over 7 years um I was fascinated by the intricacy the trouble in all of the above of
payroll payments and decided to type of make a genuine go at that over the last five or 6 years where I have actually kind of had a range of different roles on the company side and also on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we'll simply provide everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days so we'll kind of let them do that so it 'd be quite intriguing and I can see it going on already simply to hear where everyone is um it's nice to to sort of like see where everybody comes from and I really 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 extremely bleak and I want I was elsewhere at this moment in time fine so let's get started 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 conventional savings account for managing payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it streamlines the complex process of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical asset for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately effectively firmly and on time throughout this webinar we'll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one nation but when you're doing it globally it's next level and Beyond it ends up being complex for a variety of reasons most notably regulations compliance information security and banking guidelines then there are the large numbers they include further intricacy the worldwide Labor force is presently three and a half billion people by 2030 it's estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll design there's frequently a frustrating number of different systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big quantities and or very very standard there's no real consistency framework we're residing in an era of tech however payroll has actually been slow 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 every time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that's another number that provides me sleep deprived nights and quite frankly the more a business invests in worldwide payroll the less of an image they see a lack of exposure likewise reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international services have expressed that they don't have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes inadequately interacted hires and terminations along with lack management and system configurations and after that when you round everything off and the data is shipped to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash worldwide payroll and payments don't run smoothly if they rely on the essential multiple procedures systems and partners it is simply 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 paying to workers or otherwise that's an excellent question I constantly 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 varying 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 abilities 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 customer's own in-country account so there's intricacy anywhere you look ideal ultimately building a knowledge base is absolutely crucial but all over you look with payroll payment they are like extremely payments no if however some babies 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 acknowledgment that payroll payments are definitely essential and technology is allowing us to kind of move forward with that it also also to contribute to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing teams work more detailed together than ever um I'm always impressed when people state I've divided payroll and payment um if you walk 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 an industry 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 data collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high value on well-being and the payment landscape is becoming increasingly detailed. Companies are constantly presenting new advantages and payment choices, which adds to the general intricacy. Big corporations often divide their payroll and payment processing into different teams, which can cause inadequacies and bottlenecks. In my opinion, this does not have to hold true. In today's technologically sophisticated era, there's no reason for preserving cumbersome treatments. Payroll, the business's biggest expense, need to be processed correctly and on time. Even small hold-ups can negatively affect staff members' wellness and have significant consequences. Therefore, it's critical to focus on accurate and timely payments.
payroll team get um so I'm uncertain anybody on this kind of webinar has actually 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 workers or not um but eventually payroll is such an important cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it's just a tick box workout and I think that's how it's seen from the external consider as well um so yeah it's also like why WI-Fi Global why all of this things is absolutely vital that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment service is an excellent initial step um providing an end-to-end payroll option for your workers worldwide once again I think is another huge um process once again lining up and ensuring you have standardization International processes all of those things are definitely key to success success of companies and lowering the number of tools platforms and savings account they need for their Worldwide payroll too couldn't agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don't expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven't gone quite where they're meant to be um I do not think any of us are really doing that for for the thanks
anyway we know how how essential a function 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 envision sorry I'm just I was just gon na say think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we're speaking about numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I mean it 'd be interesting to see how many Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to look through them and actually see what was going on and kind of try to return to everyone so proceeding appearance why do business select to main different bank accounts there are companies out there doing exactly this for specific nations and I have actually operated in a business or numerous organizations doing precisely that I can state it does not constantly feel efficient and it does produce more work I know we're not purposely doing that we're not producing extra work for any person where we don't have to and any person that's dealing with 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 quantity that we are I believe numerous factors one is it's the requirement I believe people have got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it's not a requirement so I believe it's just been the requirement and the standard individuals have adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there's a range I think this is a process that needs looking at it needs altering however eventually people are really stuck to what they recognize
with best um modification is a difficult thing we all do not like modification um so I believe it's simply sort of moving away from the norm as we've said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having maintaining several bank accounts however there's a huge amount of intricacy opts for establishing a bank account preserving it ensuring it can send International transfers ensuring it's set up with the ideal user accesses for individual individuals so the intricacy is substantial however I think the sincere answer is modification um people haven't been able to change or haven't had always the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you've hit the nail on the head I think it is understanding 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 taking a look at the the advantages and the possibilities of moving on and moving into you understand what could nearly be determined to be the next Century or so there is a lot to keep track of and this technique does position several obstacles um so Johnny could you tell us about those obstacles yeah naturally so there's a range right there is so
I simply did you changed our Business 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 employees you should have a corner office with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you
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