Find out more about Papaya Global Correct A Mistake ... We now have the capability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer particularly dedicated to managing payments. This supplies us with a secure and reputable approach of making payments to our 10,000 employees worldwide.}
the BEST worldwide payroll managment app, conserves me hours of time monthly, one single control panel for my payroll, EOR and contractors
The Worker Website provides staff members with the ability to access and view essential documents such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile devices and is provided in numerous languages.
Advantages Administration
Papaya Global assists business offer competitive benefits plans to global employees no matter the variety of workers in the company. The business can establish health insurance, short-term and long-lasting special needs, vision, dental and maternity leave while getting rid of the requirement to source regional benefits providers in every nation, create local accounts and have a minimum variety of workers.
The HR abilities offered by Global HR encompass numerous functions such as keeping an eye on holiday time, ensuring compliance, helping with the process of inviting new staff members and bidding farewell to departing ones, offering a secure online platform for storing employees' files, and supplying support for work allow treatments in case your workers need assistance in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, workforce diversity, overall employment costs dispersed per location, overall work expenses per cycle and much more.
environments around the world I provided management 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 throughout the business handling and building external relationships supporting Enterprise customers and options along with functioning as an advisor for those of you that don't know who papaya Worldwide is papaya is the first payroll and payments
company to make the time 100 list for the majority of influential companies worldwide we provide payroll payments and labor force management to all staff member types in over 160 nations I am pleased to state that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning excellent afternoon great night depending on where you are in the world it's charming to fulfill you and thank you very much for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I have actually remained in the payments market for over ten years and particularly dealing with the payroll and payment sector for over seven years um I was amazed by the complexity the difficulty in all of the above of
payroll payments and chose to type of make a genuine go at that over the last 5 or six years where I have actually type of had a range of various functions on the service provider side and likewise on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll simply offer everybody another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we'll sort of let them do that so it 'd be rather interesting and I can see it going on currently simply to hear where everyone is um it's nice to to type of like see where everybody comes from and I really 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 drizzling here it's really extremely gloomy and I want I was elsewhere at this moment in time alright 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 Global payroll why companies preserve different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic property uh we'll likewise discuss a wrap-up and that must leave his time at the very very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and handling them becomes more and more complex International companies are wanting to find Solutions and brand-new ways to improve procedures specifically from a payroll and cross-border payment viewpoint many organizations keep separate bank account just for payroll while some have numerous accounts in various nations does it make sense for companies to preserve separate checking account in some cases in different nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business streamline the episode complex procedures of
making payroll payments accurately effectively firmly and on time during this webinar we'll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one country however when you're doing it internationally it's next level and Beyond it ends up being complex for a range of factors most importantly regulations compliance information security and banking rules then there are the large numbers they add more intricacy the global Workforce is presently three and a half billion people by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll design there's frequently an overwhelming number of various systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or extremely very fundamental there's no real consistency structure we're living in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that's another number that gives me sleepless nights and quite frankly the more a company invests in international payroll the less of an image they see a lack of exposure also reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal almost half of global services have actually revealed that they don't have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors improperly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the information is delivered to the wrong location the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they depend on the essential several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they're paying to workers or otherwise that's a great concern I always throw this back and state what is it what does not need to be consisted of best and what does
it require to be thought about 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 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 intricacy any place you look right ultimately constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 essential and technology is allowing us to sort of progress with that it also also to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely important that payroll and financing groups work better together than ever um I'm always amazed when people say I've divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't operate 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 often split and cut up um eventually it's payroll is an end-to-end process it's the point of information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on wellness and the settlement landscape is becoming significantly elaborate. Services are continually presenting brand-new benefits and payment alternatives, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into different groups, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not need to be the case. In today's highly innovative period, there's no validation for maintaining troublesome procedures. Payroll, the business's biggest cost, should be processed properly and on time. Even small hold-ups can negatively impact staff members' wellness and have far-reaching repercussions. Therefore, it's crucial to focus on accurate and timely payments.
The payroll team might not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it's from all workers or not. Payroll is an important cycle, and individuals only notice when things fail. However, when things go right, it's seen as simply a routine job. This is how it's perceived externally also. For that reason, it is important to guarantee that jobs like Wi-Fi International and other important matters are done correctly. Using the first Worldwide Payments first payroll payment solution is a great preliminary action towards supplying a thorough payroll solution for employees worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and bank accounts required for international payroll are essential factors in accomplishing business success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things do not go as planned. Ultimately, we don't do it for the thankfulness.
anyway 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 easy as possible for everyone that's involved in those processes and also so envision sorry I'm just I was just gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we're discussing hundreds of thousands potentially Millions picture getting that many 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 intriguing task attempting to clean all those up for sure oh definitely 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 look through them and actually see what was going on and sort of try to return to everyone so proceeding look why do companies select to primary separate bank accounts there are organizations out there doing precisely this for particular nations and I have actually worked in a business or numerous services doing exactly that I can say it doesn't constantly feel efficient and it does develop more work I understand we're not deliberately doing that we're not developing extra work for any person where we don't have to and anybody that's managing that procedure I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the amount that we are I believe lots of factors one is it's the standard I believe people have got so utilized to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it's not a requirement so I think it's just been the standard and the norm the people have adopted and continue to do over years and years gone past to add to that people have taken a look 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 needs altering but eventually people are really stuck with what they recognize
with best um modification is a tough thing all of us do not like modification um so I believe it's just sort 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 certainly the advantages of having maintaining multiple savings account but there's a big quantity of complexity chooses setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it's established with the best user accesses for specific individuals so the complexity is substantial but I think the sincere response is change um people have not had the ability to alter or haven't had always the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is knowledge you know 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 understand what could practically be figured out to be the next Century or so there is a lot to monitor and this approach does posture several challenges um so Johnny might you tell 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 seems like our CFO has actually gotten another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements.
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