Find out more about Papaya Global Correction Deduction ... 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 actually obtained a different Chief Financial Officer specifically devoted to managing payments. This offers us with a secure and reputable method of making payments to our 10,000 staff members worldwide.}
The advanced international payroll management app streamlines my payroll procedure, saving me a significant amount of time monthly. With its user-friendly user interface, I have access to a single control panel that efficiently handles my payroll, EOR, and contractors.
The Worker Website supplies employees with the ability to gain access to and view essential files such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile devices and is used in different languages.
Advantages Administration
Papaya Global assists business provide competitive benefits bundles to worldwide employees regardless of the variety of employees in the business. The company can set up health insurance, short-term and long-lasting disability, vision, dental and maternity leave while getting rid of the need to source local benefits providers in every country, create local accounts and have a minimum number of workers.
The HR capabilities supplied by International HR include various functions such as monitoring holiday time, guaranteeing compliance, assisting in the process of inviting brand-new staff members and bidding goodbye to departing ones, offering a secure online platform for saving employees' documents, and supplying assistance for work allow procedures in case your staff members need help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, labor force diversity, overall work expenses distributed per location, total work expenses per cycle and a lot more.
Globally, I have actually shown management and strategic knowledge in guiding large-scale populations of over 100,000 workers throughout 170 countries. Presently, I are accountable for managing payroll strategies, as mentioned by Mark. My role involves managing and developing external partnerships, supporting Business clients, and providing advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions company.
company to make the time 100 list for many influential business on the planet we supply payroll payments and workforce management to all worker key ins 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 obviously thank you good morning good afternoon excellent evening depending upon 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've been in the payments industry for over 10 years and specifically dealing with the payroll and payment sector for over seven years um I was interested by the complexity the difficulty in all of the above of
payroll payments and decided to type 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 company side and also on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we'll just offer everybody another number of uh well among the 30 seconds approximately 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 already simply to hear where everybody is um it's nice to to type of like see where everybody originates from and I actually 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 raining here it's very very bleak and I wish I was somewhere else at this moment in time all right so let's get going our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why companies preserve different
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially helpful for worldwide organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a strategic 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.
making payroll payments accurately efficiently safely and on time during this webinar we'll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in sufficient in one country however when you're doing it globally it's next level and Beyond it becomes intricate for a variety of reasons most notably policies compliance data security and banking guidelines then there are the sheer numbers they add further 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 presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll design there's often a frustrating number of various systems causing lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or extremely extremely standard there's no real consistency structure we're residing in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which 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 businesses say they have Workforce information in real time that's another number that offers me sleepless nights and quite honestly the more an organization invests in global payroll the less of a photo they see an absence of exposure likewise reaches payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of global organizations have actually expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes improperly communicated hires and terminations in addition to lack management and system setups and then when you round everything off and the data is delivered to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they depend on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they're making payments to employees or otherwise that's a good question I constantly throw this back and say what is it what does not require to be included right and what does
it need to be considered there's varying Bank details so the length of an eye band a swift an account number routing code per nation there's payment time frames 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 intricacy wherever you look ideal ultimately building a knowledge base is definitely vital however everywhere you look with payroll payment they resemble extremely payments no if but some babies 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 think there's now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to kind of move on with that it also as well to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely important that payroll and finance groups work more detailed together than ever um I'm constantly surprised when people state I've split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation 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 process 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
world we reside in and well-being being more and more important to add to sort of the level of complexity there's more and more advantages being organ or being used by organizations throughout the world so once again you're just aiming to add increasingly more payments to this currently complicated landscape so if you type of got any experience well I'm from your vast experience here and I make sure however have you got any experience in kind of genuine obstacles or real difficult kind of pay uses to play to pay people I think yeah I suggest over the last well yeah a number of decades I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding details into the next function as it were that's actually handling the payment side of things however you understand in in my opinion and my experience that does not always require to be the case you understand long gone are the times where we require to develop extra handoffs in the processes that we run in they just 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 working in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any organization has from a cost viewpoint from an effect point of view on staff members it is absolutely vital 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 have to be done right it has the biggest damaging effect on people's wellness and numerous other aspects if individuals aren't paid uh I've always been impressed entering this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I'm not exactly sure anyone on this type of webinar has 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 however eventually payroll is such an essential cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it's simply a tick box exercise and I believe that's how it's seen from the external consider as well um so yeah it's likewise like why WI-Fi Global why all of this things is definitely crucial that all of this things is done correctly so leveraging the very first Global Payments very first payroll payment option is a fantastic initial step um offering an end-to-end payroll solution for your staff members globally again I believe is another substantial um procedure once again lining up and ensuring you have standardization International processes all of those things are definitely crucial to success success of services and decreasing the variety of tools platforms and savings account they require for their International 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 have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things haven't gone rather where they're suggested to be um I don't believe any of us are in fact doing that for for the thanks
anyhow we understand 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 everyone that's associated with those processes and also so picture sorry I'm just I was just gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we're talking about numerous 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 however it would definitely be an interesting job trying to clean all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to look through them and actually see what was going on and kind of shot to return to everyone so proceeding appearance why do companies select to primary different checking account there are organizations out there doing exactly this for specific nations and I have actually worked in a company or numerous services doing exactly that I can say it doesn't always 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 any person that's dealing with that process I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the amount that we are I think numerous reasons one is it's the requirement I think individuals have got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it's not a requirement so I think it's just been the requirement and the norm individuals 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 many other ways um to to sort of do it so I think there's a range I believe this is a procedure that requires looking at it needs altering but eventually people are extremely stuck to what they're familiar
with right um change is a difficult thing we all don't like modification um so I believe 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 understand clearly the benefits of having preserving several checking account however there's a substantial quantity of complexity chooses setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it's set up with the ideal user accesses for specific people so the complexity is huge however I believe the sincere response is change 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 savings account I think you've hit the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century or so there is a lot to monitor and this technique does present numerous challenges um so Johnny could you inform us about those challenges yeah naturally so there's a variety right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you should have a corner office with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you
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