Find out more about Papaya Global Comparison ... We now have the ability to manage both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer particularly devoted to managing payments. This offers us with a protected and trusted approach of making payments to our 10,000 employees worldwide.}
the very best global payroll managment app, saves me hours of time on a monthly basis, one single control panel for my payroll, EOR and professionals
The Staff member Website supplies employees with the ability to access and view crucial documents such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile phones and is offered in different languages.
Benefits Administration
Papaya Global assists companies provide competitive advantages bundles to international workers regardless of the number of staff members in the business. The company can establish health insurance, short-term and long-lasting impairment, vision, oral and maternity leave while eliminating the requirement to source regional advantages providers in every country, create local accounts and have a minimum variety of workers.
The HR abilities provided by International HR include various functions such as keeping an eye on getaway time, guaranteeing compliance, helping with the procedure of inviting new employees and bidding goodbye to departing ones, using a safe online platform for saving workers' documents, and offering support for work allow procedures in case your workers require support in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, labor force diversity, overall work costs dispersed per location, total work costs per cycle and much more.
Globally, I have demonstrated management and tactical know-how in guiding large-scale populations of over 100,000 staff members across 170 countries. Currently, I are accountable for managing payroll methods, as mentioned by Mark. My role includes handling and establishing external partnerships, supporting Business clients, and supplying advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions provider.
As an international business, we are honored to be consisted of on the prominent 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 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 area. It's a satisfaction to fulfill you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have actually concentrated on payroll and payment options for the past 7 years. The intricacies and challenges of this field have constantly mesmerized me.
payroll payments and chose to kind of make a genuine go at that over the last 5 or 6 years where I've type of had a range of different functions on the supplier side and likewise on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll simply give everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we'll sort of let them do that so it 'd be rather fascinating and I can see it going on currently just to hear where everybody is um it's nice to to kind of like see where everyone originates 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 raining here it's very really dreary and I wish I was somewhere else at this moment in time all right so let's get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business preserve different
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is particularly helpful for international companies with dispersed and remote labor forces, as it simplifies the complicated process of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and prompt payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to check out the benefits and drawbacks of payroll wallets versus payroll checking account, discover how business anticipate payroll costs to optimize working capital, and discover how simplifying worldwide payroll payments can transform them from a burdensome job into a tactical property.
Managing payroll globally is an overwhelming job due to different regulations, compliance requirements, information security issues, and banking rules. The sheer number of employees and companies adds to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically lead to manual procedures, data silos, and an absence of combination, resulting in inconsistencies and inadequacies. Despite living in an age of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to provide insights and options to streamline and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that's another number that gives me sleep deprived nights and quite frankly the more a business invests in international payroll the less of a photo they see a lack of visibility likewise reaches payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of international organizations have actually expressed that they don't have the level of standardization they require in their procedures 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 all of it off and the information is shipped to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don't run efficiently if they count on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they're paying to workers or otherwise that's an excellent question I always throw this back and state what is it what doesn't need to be consisted of ideal and what does
it need to be thought about there's differing Bank information so the length of an eye band a swift an account number routing code per nation 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 need to pay from the customer's own in-country account so there's complexity wherever you look right ultimately constructing a knowledge base is definitely vital but all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are absolutely fundamental and innovation is allowing us to sort of progress with that it also too to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely necessary that payroll and financing groups work better together than ever um I'm constantly astonished when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't work in the payroll occupation would they divide 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 ultimately it's payroll is an end-to-end process it's the point of information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on well-being and the settlement landscape is ending up being significantly detailed. Businesses are continuously introducing new advantages and payment alternatives, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into different teams, which can lead to ineffectiveness and bottlenecks. In my opinion, this doesn't have to hold true. In today's technically innovative era, there's no validation for maintaining troublesome procedures. Payroll, the business's biggest expenditure, must be processed correctly and on time. Even minor delays can negatively impact workers' well-being and have far-reaching consequences. Therefore, it's important to prioritize accurate and timely payments.
payroll group get um so I'm unsure anyone on this sort of webinar has actually been told 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 employees or not um but ultimately payroll is such a crucial 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 exercise and I think that's how it's seen from the external view 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 properly so leveraging the very first International Payments very first payroll payment option is a fantastic first step um providing an end-to-end payroll service for your staff members globally again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of organizations and reducing the number of tools platforms and savings account they need for their Worldwide 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've never had a hundred countless them within a payroll cycle don't anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they're suggested to be um I do not think any of us are really 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 involved in those processes and likewise so envision sorry I'm just I was simply gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we're speaking about hundreds of thousands potentially Millions envision 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 absolutely be a fascinating job attempting to clean all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to look through them and in fact see what was going on and kind of shot to return to everybody so moving on look why do companies pick to primary different checking account there are services out there doing precisely this for specific nations and I've operated in a service or many services doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we're not intentionally doing that we're not creating additional work for anyone where we do not need to and any person that's managing that procedure 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 think lots of factors one is it's the requirement I think individuals have got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it's not a requirement so I believe it's just been the standard and the norm individuals have adopted and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there's a range I believe this is a process that needs taking a look at it needs changing however ultimately individuals are extremely stuck to what they recognize
with ideal um change is a difficult thing we all do not like change um so I believe it's just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having keeping several savings account but there's a substantial amount of complexity opts for setting up a checking account preserving it guaranteeing it can send International transfers ensuring it's set up with the ideal user accesses for private individuals so the complexity is huge however I believe the honest answer is change um people haven't had the ability to alter or haven't had necessarily the knowledge to truly make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we've always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could nearly be identified to be the next Century approximately there is a lot to track and this approach does pose a number of difficulties um so Johnny could you inform us about those challenges yeah of course so there's a variety right there is so
I recently made a modification 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 improved capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements.
Papaya Global Aeo