Find out more about Papaya Global Coronavirus Job Retention Scheme ... We now have the ability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer specifically dedicated to managing payments. This supplies us with a secure and dependable technique of making payments to our 10,000 employees worldwide.}
the BEST global payroll managment app, conserves me hours of time monthly, one single control panel for my payroll, EOR and specialists
Employee Website
Employees have access to a Worker Portal where they can view their pay slips, wage and tax declarations and employment files. The website is readily available in several languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global assists business offer competitive benefits bundles to international workers regardless of the number of staff members in the business. The company can establish medical insurance, short-term and long-term impairment, vision, oral and maternity leave while removing the need to source regional advantages companies in every nation, develop regional accounts and have a minimum variety of staff members.
The HR abilities supplied by Worldwide HR encompass different functions such as keeping an eye on holiday time, guaranteeing compliance, facilitating the procedure of welcoming brand-new employees and bidding farewell to leaving ones, using a secure online platform for storing employees' files, and offering assistance for work allow procedures in case your workers require assistance because area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, labor force variety, overall employment costs distributed per place, total work expenses 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 said I work across business handling and building external relationships supporting Business clients and solutions along with functioning as a consultant for those of you that don't understand who papaya Global is papaya is the first payroll and payments
company to make the time 100 list for a lot of influential companies worldwide we supply payroll payments and labor force management to all worker enters over 160 nations I am pleased to state that we also have as Mark stated Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning excellent afternoon excellent evening depending on where you are in the world it's charming to meet 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 been in the payments market for over ten years and specifically dealing with the payroll and payment sector for over 7 years um I was captivated by the intricacy the trouble in all of the above of
payroll payments and chose to type of make a genuine go at that over the last 5 or 6 years where I have actually type of had a variety of various roles on the service provider side and likewise on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we'll simply offer everyone another couple of uh well among the 30 seconds or two to join we all work back to back nowadays so we'll sort of let them do that so it 'd be quite interesting 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 everybody comes from and I truly 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 really really bleak and I want I was elsewhere 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 taking a look at the difficulty years of handling Worldwide payroll why business keep different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is especially useful for worldwide companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping separate savings account for payroll in different countries, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and timely payroll payments is a complex challenge for organizations operating internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, discover how business anticipate payroll expenses to enhance working capital, and discover how simplifying international payroll payments can transform them from a challenging job into a tactical asset.
Managing payroll globally is a daunting task due to different guidelines, compliance requirements, information security issues, and banking rules. The sheer variety of workers and companies adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and an absence of integration, causing disparities and ineffectiveness. Regardless of residing in an era of technological improvements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to supply insights and services to simplify and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that's another number that gives me sleepless nights and rather frankly the more a service spends on international payroll the less of a photo they see a lack of visibility also reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of global organizations have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes poorly interacted hires and terminations along with lack management and system setups and after that when you round all of it off and the information is shipped to the incorrect place the average cost of a global 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 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 needs to be factored into the obstacles service face when they're making payments to workers or otherwise that's a great concern I always toss this back and say what is it what doesn't require to be included right and what does
it require to be thought about there's varying 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 consumer's own in-country account so there's intricacy anywhere you look right ultimately constructing a knowledge base is definitely critical but everywhere 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 take a 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 basic and innovation is allowing us to sort of move forward with that it likewise too to add to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work better together than ever um I'm constantly astonished when individuals say I've split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation 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 data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern world places a high value on well-being and the settlement landscape is ending up being progressively elaborate. Organizations are continually introducing new advantages and payment choices, which adds to the total complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inefficiencies and traffic jams. In my viewpoint, this does not need to hold true. In today's highly innovative age, there's no justification for preserving cumbersome treatments. Payroll, the business's greatest expense, must be processed properly and on time. Even slight hold-ups can negatively impact workers' wellness and have significant effects. For that reason, it's critical to focus on accurate and timely payments.
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it's from all employees or not. Payroll is a crucial cycle, and individuals only discover when things fail. However, when things go right, it's viewed as just a regular task. This is how it's viewed externally also. Therefore, it is necessary to guarantee that jobs like Wi-Fi Global and other essential matters are done properly. Utilizing the first International Payments first payroll payment option is an excellent preliminary step towards supplying a thorough payroll option for workers worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and bank accounts required for worldwide payroll are crucial factors in accomplishing company success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things don't go as planned. Eventually, we do not do it for the gratitude.
anyway we know how how essential 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 easy as possible for everyone that's associated with those procedures and likewise so imagine sorry I'm just I was just gon na state picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I'm sure we're talking about numerous thousands potentially Millions envision getting that many thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got but it would certainly be an intriguing task trying to clean all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that was the case um you 'd require days of the week to try to browse them and in fact see what was going on and kind of shot to get back to everybody so proceeding appearance why do business select to main separate bank accounts there are businesses out there doing exactly this for particular countries and I have actually worked in a company or lots of businesses doing precisely that I can state it doesn't always feel efficient and it does produce more work I know 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 handling that process I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the quantity that we are I believe lots of factors one is it's the requirement I think people have got so utilized to we require a new checking account we open an entity and rightly 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 just been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to type of do it so I believe there's a variety I believe this is a procedure that requires taking a look at it requires altering however ultimately individuals are really stuck to what they recognize
with ideal um modification is a tough thing all of us don't like modification um so I think it's just type of moving far from the standard as we've said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having maintaining multiple bank accounts however there's a big amount of complexity chooses establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it's set up with the ideal user accesses for individual individuals so the complexity is big however I believe the honest answer is modification um individuals have not been able to alter or haven't had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we have actually constantly done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century or so there is a lot to keep track of and this technique does present several difficulties um so Johnny could you inform us about those challenges yeah naturally so there's a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gained another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments.
Papaya Global Aeo