Find out more about Papaya Global Colour Change ... 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 specifically dedicated to handling payments. This supplies us with a safe and secure and reliable method of making payments to our 10,000 workers worldwide.}
The advanced global payroll management app streamlines my payroll procedure, saving me a considerable quantity of time monthly. With its user-friendly interface, I have access to a single control panel that efficiently manages my payroll, EOR, and specialists.
The Staff member Website supplies staff members with the capability to access and view essential 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 numerous languages.
Advantages Administration
Papaya Global helps companies use competitive advantages packages to worldwide workers despite the number of employees in the business. The business can establish medical insurance, short-term and long-lasting impairment, vision, oral and maternity leave while eliminating the need to source local advantages companies in every nation, create regional accounts and have a minimum variety of workers.
The HR abilities supplied by Global HR encompass different functions such as keeping an eye on getaway time, guaranteeing compliance, facilitating the procedure of inviting brand-new employees and bidding goodbye to leaving ones, providing a protected online platform for storing workers' files, and offering support for work permit procedures in case your workers need assistance in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, workforce diversity, total employment expenses distributed per location, total employment costs per cycle and far more.
environments around the world I provided leadership and technique to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll strategies for as Mark stated I work throughout the business managing and building external relationships supporting Business clients and services as well as serving as an advisor for those of you that do not know who papaya International is papaya is the first payroll and payments
As an international company, we are honored to be consisted of on the prominent Time 100 list of the most influential business worldwide. We focus on providing payroll and labor force management services to workers in more than 160 countries. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your place. It's an enjoyment to satisfy you and thank you for your important time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments market, I have focused on payroll and payment services for the past 7 years. The intricacies and difficulties of this field have actually constantly captivated me.
payroll payments and chose to type of make a genuine go at that over the last five or six years where I have actually kind of had a range of various functions on the service provider side and also on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll just give everybody another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we'll kind of let them do that so it 'd be rather intriguing and I can see it going on already just to hear where everyone is um it's nice to to type of like see where everybody comes from and I really do hope it's much sunnier than it is 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 extremely extremely bleak and I want I was somewhere else at this moment in time okay so let's get going our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we'll also review a wrap-up which ought to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more common and handling them becomes more and more complicated Global organizations are wanting to discover Solutions and new ways to enhance processes particularly from a payroll and cross-border payment perspective many organizations maintain different savings account just for payroll while some have several accounts in various nations does it make sense for companies to preserve different bank accounts sometimes in different nations it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational companies streamline the episode complex processes of
Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll checking account, find out how companies forecast payroll costs to optimize working capital, and find how enhancing worldwide payroll payments can change them from a troublesome task into a strategic asset.
Handling payroll internationally is a daunting task due to various policies, compliance requirements, information security issues, and banking guidelines. The large variety of workers and companies contributes to the intricacy, with an approximated 3.5 billion people in the worldwide workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically result in manual procedures, information silos, and an absence of combination, leading to inconsistencies and ineffectiveness. In spite of residing in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to offer insights and solutions to streamline and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force data in real time that's another number that provides me sleep deprived nights and rather frankly the more an organization spends on international payroll the less of a picture they see an absence of presence likewise reaches payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction almost half of worldwide services have actually expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors improperly communicated hires and terminations along with absence management and system setups and then when you round it all off and the data is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments don't run smoothly if they count on the needed multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they're paying to employees or otherwise that's an excellent concern I constantly throw this back and say what is it what doesn't require to be consisted of ideal and what does
it need to be considered there's differing 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 have to pay from an in-country account do you have to pay from the customer's own in-country account so there's intricacy wherever you look right ultimately developing a knowledge base is absolutely crucial however all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are definitely fundamental and innovation is allowing us to type of progress with that it also too to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and financing teams work better together than ever um I'm always amazed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually 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 puts a high value on well-being and the compensation landscape is becoming significantly complex. Services are continually presenting brand-new advantages and payment alternatives, which contributes to the total intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can lead to inefficiencies and traffic jams. In my viewpoint, this does not have to hold true. In today's technologically innovative age, there's no reason for maintaining cumbersome treatments. Payroll, the business's most significant cost, need to be processed correctly and on time. Even small delays can negatively impact workers' well-being and have significant effects. Therefore, it's critical to prioritize precise and timely payments.
payroll team get um so I'm uncertain anyone on this type of webinar has been told thank you for processing my payroll correctly 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 essential cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong 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 likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment option is a great initial step um providing an end-to-end payroll option for your staff members worldwide again I believe is another huge um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of businesses and lowering the variety of tools platforms and bank accounts 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 have actually never ever had a hundred countless them within a payroll cycle don't expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven't gone rather where they're indicated to be um I don't think any of us are in fact doing that for for the thanks
anyway we know 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 simple as possible for everyone that's associated with those procedures and also so think of sorry I'm simply I was just gon na state think of the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we're speaking about hundreds of thousands potentially Millions picture getting that many thank you notes um I imply it 'd be interesting to see how many Post-it notes you got but it would definitely be a fascinating 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 was the case um you 'd require days of the week to attempt to check out them and really see what was going on and type of shot to get back to everyone so moving on appearance why do companies pick to primary different checking account there are services out there doing exactly this for particular countries and I have actually worked in an organization or many companies doing precisely that I can say it doesn't always feel efficient and it does develop more work I know we're not deliberately doing that we're not creating extra work for any person where we don't need to and anybody that's dealing with that process I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the amount that we are I believe lots of reasons one is it's the requirement I think individuals have actually got so used to we require a new checking account we open an entity and appropriately so you require 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 requirement and the standard individuals have actually embraced and continue to do over years and years passed by to add to that people have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there's a variety I believe this is a procedure that requires looking at it needs altering but eventually individuals are very stuck with what they recognize
with right um modification is a challenging thing we all don't like change um so I believe it's just kind of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining several bank accounts however there's a substantial amount of intricacy goes with establishing a checking account maintaining it ensuring it can send International transfers guaranteeing it's set up with the right user accesses for individual individuals so the complexity is substantial but I think the honest response is modification um individuals have not had the ability to change or have not had always the understanding to really make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we've always done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to track and this method does posture a number of challenges um so Johnny could you inform us about those challenges yeah of course 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 seems like our CFO has actually acquired another CFO, and with this boosted capability, I have successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments.
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