Find out more about Papaya Global Corona Virus ... We now have the capability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer particularly devoted to handling payments. This offers us with a protected and trusted method of paying to our 10,000 staff members worldwide.}
the very best worldwide payroll managment app, saves me hours of time monthly, one single dashboard for my payroll, EOR and professionals
Staff member Portal
Staff members have access to a Worker Website where they can view their pay slips, wage and tax statements and employment files. The portal is readily available in several languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global helps companies use competitive advantages bundles to worldwide workers no matter the variety of employees in the business. The business can establish medical insurance, short-term and long-lasting disability, vision, dental and maternity leave while eliminating the requirement to source regional benefits providers in every nation, create regional accounts and have a minimum number of workers.
The HR capabilities provided by Worldwide HR encompass various functions such as monitoring trip time, making sure compliance, assisting in the process of inviting new workers and bidding farewell to departing ones, using a protected online platform for storing employees' documents, and offering assistance for work allow procedures in case your staff members need assistance because location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, workforce variety, overall employment expenses distributed per location, total employment costs per cycle and much more.
Worldwide, I have shown management and strategic competence in guiding massive populations of over 100,000 employees throughout 170 nations. Currently, I are accountable for overseeing payroll strategies, as discussed by Mark. My role involves managing and developing external partnerships, supporting Enterprise customers, and offering advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments services supplier.
As an international business, we are honored to be included on the distinguished Time 100 list of the most prominent business worldwide. We concentrate on supplying payroll and workforce management services to workers in more than 160 nations. I am delighted to present Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your place. It's an enjoyment to fulfill you and thank you for your valuable time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments market, I have actually concentrated on payroll and payment services for the past 7 years. The complexities and challenges of this field have actually constantly mesmerized me.
payroll payments and decided to kind of make a genuine go at that over the last five or six years where I have actually kind of had a variety of different functions on the provider side and also on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll simply provide everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we'll kind of let them do that so it 'd be rather intriguing and I can see it going on currently simply to hear where everyone is um it's nice to to kind of like see where everyone originates from and I actually 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 very extremely gloomy and I want I was somewhere else at this moment in time alright so let's start our program for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya International payroll payments as a strategic property uh we'll also review a wrap-up and that needs to leave his time at the really really 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 Global labor forces become increasingly more typical and handling them ends up being increasingly more intricate Worldwide organizations are wanting to discover Solutions and brand-new ways to enhance procedures specifically from a payroll and cross-border payment standpoint many organizations preserve different bank account just for payroll while some have multiple accounts in various countries does it make good sense for business to preserve separate savings account often in various countries it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business improve the episode complex procedures of
making payroll payments accurately efficiently safely and on time throughout this webinar we'll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one country however when you're doing it worldwide it's next level and Beyond it becomes intricate for a range of factors most importantly regulations compliance data security and banking rules then there are the sheer numbers they include further complexity the worldwide Labor force is currently 3 and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the conventional payroll model there's typically an overwhelming number of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or very really standard there's no real consistency structure we're living 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 just blows my mind every time I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that's another number that provides me sleepless nights and rather honestly the more a company invests in worldwide payroll the less of a photo they see a lack of exposure also reaches payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global companies have actually revealed that they don't have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors improperly communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the information is delivered to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they count on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles service face when they're paying to staff members or otherwise that's a good concern I constantly toss this back and say what is it what doesn't need to be included right and what does
it require 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 amount of time 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 customer's own in-country account so there's complexity any place you look ideal eventually developing a knowledge base is absolutely important however all over you look with payroll payment they are like extremely payments no if but some infants 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 acknowledgment that payroll payments are definitely basic and technology is allowing us to type of progress with that it likewise too to add to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work more detailed together than ever um I'm constantly astonished when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't work in the payroll occupation 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 frequently 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 wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more essential to contribute to type of the level of complexity there's increasingly more benefits being organ or being used by organizations across the world so once again you're just seeking to add more and more payments to this already intricate landscape so if you type of got any experience well I'm from your vast experience here and I'm sure however have you got any experience in kind of real difficulties or genuine challenging sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a couple of decades I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding details into the next function as it were that's really handling the payment side of things however you understand in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to develop additional handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they don't make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason that we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any company has from an expense viewpoint from an effect point of view on staff members it is definitely important that it's done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive effect on people's wellness and many other elements if people aren't paid uh I've always been surprised entering this Market sort of the last 5 to 10 years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it's from all workers or not. Payroll is a crucial cycle, and individuals only notice when things fail. Nevertheless, when things go right, it's seen as just a routine task. This is how it's viewed externally also. For that reason, it is essential to ensure that jobs like Wi-Fi International and other crucial matters are done properly. Utilizing the very first Worldwide Payments first payroll payment option is a terrific initial action towards providing a comprehensive payroll service for staff members worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and bank accounts required for worldwide payroll are key consider accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things don't go as planned. Eventually, we do not do it for the thankfulness.
anyway we know how how crucial a role 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 also so envision sorry I'm just I was simply gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I'm sure we're speaking about hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I mean it 'd be interesting to see how many Post-it notes you got but it would certainly be a fascinating job trying to clean up all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to look through them and actually see what was going on and sort of try to get back to everybody so moving on look why do companies pick to main separate savings account there are businesses out there doing precisely this for particular nations and I've worked in a company or lots of services doing exactly that I can say it doesn't always feel efficient and it does create more work I know we're not purposely doing that we're not developing extra work for any person where we do not have 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 many factors one is it's the requirement I believe individuals have actually got so used to we need a new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it's not a requirement so I believe it's simply been the requirement and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there's a range I believe this is a process that requires taking a look at it needs altering however ultimately people are very stuck with what they recognize
with ideal um change is a hard thing all of us do not like modification um so I believe it's simply type 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 savings account however there's a big amount of intricacy goes with establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it's set up with the right user accesses for private people so the complexity is big however I believe the sincere answer is modification um individuals haven't had the ability to alter or haven't had always the knowledge to really make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we've constantly done it that way is no real excuse for not taking a look 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 approximately there is a lot to monitor and this technique does position several challenges um so Johnny could you inform us about those obstacles yeah obviously so there's a range right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments.
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