Find out more about Papaya Global Company Van ... We now have the ability to handle both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually obtained a different Chief Financial Officer specifically devoted to managing payments. This offers us with a protected and reliable technique of paying to our 10,000 workers worldwide.}
the BEST worldwide payroll managment app, conserves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and contractors
The Staff member Website supplies staff members with the ability to gain access to and view crucial files such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile devices and is provided in various languages.
Advantages Administration
Papaya Global helps companies provide competitive advantages packages to international workers despite the variety of employees in the company. The business can establish health insurance, short-term and long-term disability, vision, oral and maternity leave while eliminating the need to source regional benefits service providers in every nation, create regional accounts and have a minimum number of employees.
The HR capabilities provided by Worldwide HR include various functions such as keeping track of holiday time, ensuring compliance, assisting in the procedure of inviting brand-new workers and bidding goodbye to leaving ones, using a secure online platform for keeping workers' documents, and offering support for work permit procedures in case your staff members require help in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, workforce variety, overall employment costs dispersed per place, total work expenses per cycle and a lot more.
Worldwide, I have actually shown leadership and tactical expertise in guiding massive populations of over 100,000 employees across 170 countries. Presently, I are accountable for supervising payroll methods, as discussed by Mark. My function involves handling and developing external collaborations, supporting Enterprise customers, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions company.
business to make the time 100 list for many prominent companies in the world we provide payroll payments and workforce management to all employee types in over 160 countries I am pleased to say that we also have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning good afternoon excellent evening depending on where you remain in the world it's lovely to satisfy you and thank you very much 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 specifically dealing with the payroll and payment sector for over 7 years um I was amazed by the complexity the problem in all of the above of
payroll payments and decided to kind of make a genuine go at that over the last five or 6 years where I have actually sort of had a variety of different roles on the supplier side and also on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we'll simply provide everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays 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 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 remains in the UK today certainly not the peak of the sunshine is it it's not no it's it's raining here it's really really uninspiring and I wish I was elsewhere at this moment in time all right so let's start our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical asset uh we'll likewise review a recap and that ought to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more common and managing them becomes increasingly more intricate Worldwide organizations are seeking to find Solutions and new methods to enhance processes specifically from a payroll and cross-border payment viewpoint lots of organizations preserve different checking account just for payroll while some have multiple accounts in different nations does it make sense for companies to maintain separate bank accounts in some cases in various countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business enhance the episode complex procedures of
making payroll payments properly effectively safely and on time throughout this webinar we'll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in enough in one nation but when you're doing it globally it's next level and Beyond it ends up being complicated for a range of reasons most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they include further complexity the worldwide Workforce is currently three and a half billion individuals by 2030 it's estimated 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 factor in that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll design there's often an overwhelming variety of different systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely very basic there's no real consistency structure we're residing in a period 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 frequently with pen and paper which simply blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that's another number that provides me sleep deprived nights and quite frankly the more a company invests in worldwide payroll the less of a photo they see a lack of presence also extends to payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global services have revealed that they don't have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry errors inadequately communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the data is delivered to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments don't run efficiently if they depend on the required several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they're paying to employees or otherwise that's a good question I always throw this back and say what is it what doesn't require to be consisted of ideal and what does
it require to be thought about there's differing 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 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 client's own in-country account so there's complexity anywhere you look right ultimately constructing a knowledge base is definitely vital but everywhere you look with payroll payment they are like super payments no if but some infants 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 recognition that payroll payments are definitely basic and innovation is enabling us to sort of progress with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely essential that payroll and finance teams work more detailed together than ever um I'm always impressed when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't work in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying people anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of essential to contribute to kind of the level of complexity there's a growing number of benefits being organ or being offered by organizations across the world so again you're simply wanting to include increasingly more payments to this already complicated landscape so if you kind 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 difficulties or genuine tough kind of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would definitely say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that's in fact managing the payment side of things however you know in in my opinion and my experience that doesn't necessarily require to be the case you understand long gone are the times where we need to develop additional handoffs in the processes that we run in they simply make them more prompt they make them less effective and they don't make them what they require to be in in an era of tech and a period that you understand that we are operating in today there is no reason why we are still making this as tough as it requires to be agreed and rightly as you said payroll is the single biggest liability that any service has from a cost point of view from an effect viewpoint on staff members 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 greatest detrimental effect on individuals's wellness and many other factors if people aren't paid uh I've always been impressed entering this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I'm not exactly sure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it 'd be terrific to hear your success story and whether that's been from all workers or not um however ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it's just a tick box exercise and I think 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 definitely vital that all of this things is done properly so leveraging the first Worldwide Payments very first payroll payment option is an excellent primary step um supplying an end-to-end payroll service for your employees internationally again I think is another substantial um procedure again lining up and guaranteeing you have standardization International processes all of those things are definitely key to success success of companies and reducing the variety of tools platforms and bank accounts they need 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 thousand of them within a payroll cycle don't anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven't gone quite where they're suggested to be um I do not believe any of us are really doing that for for the thanks
anyhow we understand how how important 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 everyone that's associated with those procedures and also so picture sorry I'm just I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we're talking about hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I suggest it 'd be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task trying to clean all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that was the case um you 'd need days of the week to try to browse them and actually see what was going on and kind of try to return to everybody so carrying on look why do companies pick to primary different bank accounts there are companies out there doing exactly this for particular countries and I've worked in a company or numerous services doing exactly that I can say it doesn't constantly feel efficient and it does create more work I understand we're not intentionally doing that we're not producing extra work for any person where we do not need to and anyone 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 think lots of reasons one is it's the requirement I believe people have got so used to we need a new checking account we open an entity and appropriately so you require it for payroll functions 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 the people have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other methods um to to type of do it so I think there's a range I believe this is a procedure that requires taking a look at it requires altering but eventually individuals are very stuck with what they recognize
with ideal um change is a hard thing all of us do not like change um so I think it's simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having keeping numerous savings account but there's a big quantity of intricacy goes with establishing a bank account maintaining it guaranteeing it can send International transfers guaranteeing it's established with the best user accesses for specific individuals so the intricacy is huge however I think the truthful response is change um individuals have not been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a savings account I think you've hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter but we've constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or two there is a lot to keep track of and this method does position numerous difficulties um so Johnny might you inform us about those challenges yeah of course so there's a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your accomplishments.
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