Find out more about Papaya Global Coronavirus ... We now have the ability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer particularly committed to handling payments. This offers us with a safe and reputable technique of paying to our 10,000 workers worldwide.}
The innovative global payroll management app streamlines my payroll process, conserving me a substantial quantity of time every month. With its easy to use interface, I have access to a single control panel that efficiently manages my payroll, EOR, and specialists.
The Employee Portal supplies workers with the capability to gain access to and view important files such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile phones and is offered in numerous languages.
Advantages Administration
Papaya Global helps companies use competitive advantages plans to international staff members despite the variety of employees in the business. The business can set up medical insurance, short-term and long-lasting disability, vision, oral and maternity leave while getting rid of the requirement to source regional advantages suppliers in every country, produce local accounts and have a minimum variety of staff members.
International HR Performances
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your workers need work permit assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce costs, workforce diversity, total work costs distributed per location, total work costs per cycle and far more.
environments around the world I offered leadership and method to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll methods for as Mark stated I work across the business managing and structure external relationships supporting Enterprise customers and options along with functioning as an advisor for those of you that do not know who papaya International is papaya is the very first payroll and payments
business to make the time 100 list for the majority of influential business worldwide we offer payroll payments and labor force management to all worker key ins over 160 countries I am pleased to say that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning good afternoon great evening depending on where you remain in the world it's charming 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 been in the payments industry for over ten years and specifically dealing with the payroll and payment sector for over seven years um I was amazed by the intricacy the trouble in all of the above of
payroll payments and decided to kind of make a genuine go at that over the last 5 or six years where I've sort of had a variety of different functions on the supplier side and likewise on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll simply offer everybody another number 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 fascinating and I can see it going on already simply to hear where everybody is um it's nice to to sort of like see where everyone comes from and I actually do hope it's much sunnier than it is 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 gloomy and I wish I was elsewhere at this moment in time alright so let's get going our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business keep different
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is especially helpful for worldwide companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving separate bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical property for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently safely and on time during this webinar we'll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one nation however when you're doing it globally it's next level and Beyond it becomes complicated for a variety of factors most significantly regulations compliance data security and banking rules then there are the large numbers they add further complexity the international Labor force is presently three and a half billion people by 2030 it's approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll model there's often an overwhelming number of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely very basic there's no real consistency framework we're living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce data in real time that's another number that gives me sleep deprived nights and quite honestly the more a company spends on worldwide payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of worldwide businesses have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors poorly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is shipped to the incorrect place the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don't run efficiently if they depend on the essential several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they're making payments to employees or otherwise that's a great question I constantly toss this back and state what is it what does not need to be consisted of right and what does
it need to be considered there's varying Bank information so the length of an eye band a swift an account number routing code per nation there's payment amount of time there's payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client's own in-country account so there's intricacy anywhere you look best eventually building a knowledge base is absolutely vital but all over you look with payroll payment they are like extremely 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 think there's now a bit more recognition that payroll payments are absolutely fundamental and technology is allowing us to kind of move forward with that it also as well to add to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely crucial that payroll and financing teams work closer together than ever um I'm constantly impressed when people say I've split payroll and payment um if you walk 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 a market 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 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 positions a high worth on well-being and the settlement landscape is becoming increasingly detailed. Companies are constantly introducing new benefits and payment options, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can result in inadequacies and traffic jams. In my opinion, this doesn't need to hold true. In today's technically innovative era, there's no justification for keeping cumbersome procedures. Payroll, the company's greatest cost, must be processed correctly and on time. Even slight hold-ups can negatively impact staff members' wellness and have significant repercussions. For that reason, it's critical to prioritize precise and timely payments.
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it's from all workers or not. Payroll is an important cycle, and people just notice when things fail. However, when things go right, it's seen as simply a regular job. This is how it's viewed externally too. Therefore, it is necessary to guarantee that jobs like Wi-Fi International and other important matters are done properly. Utilizing the very first Global Payments very first payroll payment service is a fantastic preliminary step towards providing an extensive payroll service for workers worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and checking account needed for worldwide payroll are essential factors in achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things don't go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we understand how how crucial 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 involved in those procedures and likewise so think of sorry I'm just I was just gon na say envision 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 discussing hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I imply it 'd be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job attempting to clean all those up for sure oh absolutely I can't think of the size of my my Outlook inbox if that held true um you 'd require days of the week to try to check out them and really see what was going on and type of shot to return to everyone so moving on appearance why do companies choose to primary separate bank accounts there are companies out there doing precisely this for particular nations and I've operated in a service or many companies doing precisely that I can state it does not constantly feel efficient and it does develop more work I understand we're not deliberately doing that we're not creating additional work for anyone where we don't have to and anybody that's dealing with that process I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the quantity that we are I believe numerous factors one is it's the standard I think people have actually got so utilized to we need a new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it's not a requirement so I believe it's just been the standard and the standard the people have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I believe there's a variety I believe this is a process that requires looking at it requires changing but eventually people are extremely stuck to what they recognize
with right um modification is a difficult thing all of us don't like modification um so I think it's just sort of moving far from the norm as we've said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having maintaining numerous checking account however there's a substantial quantity of intricacy chooses establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it's set up with the best user accesses for private individuals so the complexity is big but I think the sincere response is change um individuals have not been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings account I think 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 genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century or so there is a lot to keep an eye on and this technique does pose numerous challenges 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 Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements.
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