Find out more about Papaya Global Courses Leicestershire ... We now have the ability to handle both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually obtained a different Chief Financial Officer specifically committed to handling payments. This supplies us with a safe and trusted technique of making payments to our 10,000 staff members worldwide.}
the BEST global payroll managment app, saves me hours of time monthly, one single dashboard for my payroll, EOR and professionals
The Employee Website supplies workers with the capability to gain access to and view important documents such as pay slips, wage and tax declarations, and work records. This portal is accessible on both desktop and mobile phones and is provided in various languages.
Benefits Administration
Papaya Global assists companies use competitive benefits bundles to worldwide workers regardless of the variety of staff members in the company. The company can set up medical insurance, short-term and long-lasting special needs, vision, oral and maternity leave while removing the need to source local advantages service providers in every country, produce local accounts and have a minimum number of workers.
The HR capabilities provided by Worldwide HR incorporate numerous functions such as monitoring getaway time, guaranteeing compliance, helping with the process of welcoming brand-new employees and bidding farewell to leaving ones, offering a safe online platform for storing workers' documents, and supplying assistance for work allow treatments in case your staff members need assistance because location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, workforce variety, overall work expenses distributed per place, overall work costs per cycle and far more.
environments across the globe I offered leadership and technique 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 throughout business handling and building external relationships supporting Enterprise clients and solutions along with functioning as a consultant for those of you that do not understand who papaya International is papaya is the first payroll and payments
business to make the time 100 list for most influential business on the planet we supply payroll payments and workforce management to all employee key ins 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 introduce yourself naturally thank you good morning good afternoon excellent night depending on where you remain 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 have actually remained in the payments market for over ten years and particularly dealing with the payroll and payment sector for over 7 years um I was captivated by the complexity the problem in all of the above of
payroll payments and decided to kind of make a genuine go at that over the last five or 6 years where I've sort of had a range of various functions on the supplier 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 everyone okay 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 sort of let them do that so it 'd be rather interesting and I can see it going on already simply to hear where everyone is um it's nice to to sort of like see where everyone originates from and I actually do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it's not no it's it's drizzling here it's extremely very dreary and I want I was elsewhere at this moment in time alright so let's begin our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why business keep different
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is especially beneficial for international organizations with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping separate checking account for payroll in different countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time throughout this webinar we'll walk you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how business properly anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one nation but when you're doing it globally it's next level and Beyond it becomes complicated for a range of factors most notably policies compliance information security and banking rules then there are the large numbers they include further intricacy the worldwide Labor force is presently three and a half billion individuals 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 around the globe in the standard payroll design there's typically a frustrating number of different systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or very very fundamental there's no real consistency framework we're residing in an age 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 often with pen and paper which simply blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that's another number that offers me sleepless nights and quite frankly the more an organization spends on global payroll the less of a picture they see an absence of visibility also encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of international services have revealed that they don't 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 information data entry mistakes inadequately interacted hires and terminations along with lack 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 data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run efficiently if they rely on the needed multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they're making payments to workers or otherwise that's a great question I always throw this back and state what is it what does not require to be consisted of best and what does
it require to be thought of there's varying Bank information so the length of an eye band a swift an account number routing code per country there's payment time frames there's payment capabilities 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 any place you look best eventually developing a knowledge base is absolutely critical but all over 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 sort of link in between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to sort of move forward with that it also also to add to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely important that payroll and finance groups work closer together than ever um I'm constantly impressed when individuals say I've divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from estimation 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 data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to contribute to sort of the level of complexity there's increasingly more advantages being organ or being used by services across the world so again you're just seeking to include a growing number of payments to this already complicated landscape so if you kind of got any experience well I'm from your huge experience here and I'm sure but have you got any experience in kind of real obstacles or genuine difficult sort of pay uses to play to pay individuals I believe yeah I suggest over the last well yeah a couple of years I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding info into the next function as it were that's actually managing the payment side of things but 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 create additional handoffs in the processes that we run in they simply make them more timely they make them less efficient and they don't make them what they need to be in in an age of tech and an era that you know that we are working in today there is no reason we are still making this as difficult as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any company has from a cost viewpoint from an effect point of view on employees it is definitely vital that it's done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful result on individuals's wellness and numerous other aspects if people aren't paid uh I've always been astonished entering into 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 during a webinar. If anybody 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 observe when things go wrong. Nevertheless, when things go right, it's viewed as just a routine job. This is how it's viewed externally as well. Therefore, it is essential to guarantee that tasks like Wi-Fi Global and other crucial matters are done correctly. Utilizing the very first International Payments first payroll payment solution is a great initial step towards supplying a thorough payroll solution for staff members worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and savings account required for worldwide payroll are essential factors in accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things don't go as prepared. Ultimately, we do not do it for the thankfulness.
anyway we understand how how crucial a role it is which'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 processes and also so imagine sorry I'm simply 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 certain we're speaking about numerous thousands possibly Millions envision getting that lots of thank you notes um I suggest it 'd be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job attempting to clean all those up for sure oh definitely I can't picture 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 kind of try to return to everyone so proceeding appearance why do business pick to primary separate checking account there are businesses out there doing exactly this for specific nations and I've operated in a service or numerous companies doing exactly that I can state it does not constantly feel effective and it does create more work I know we're not purposely doing that we're not producing additional work for any person where we do not need to and anyone that's dealing with that procedure I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the quantity that we are I think numerous reasons one is it's the requirement I think individuals have actually got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it's not a requirement so I think it's just been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I think there's a variety I believe this is a procedure that needs looking at it requires altering but eventually people are really stuck with what they recognize
with ideal um change is a challenging thing all of us don't like change um so I believe it's just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having keeping several bank accounts however there's a huge quantity of intricacy goes with establishing a checking account preserving it ensuring it can send out International transfers ensuring it's established with the right user accesses for specific individuals so the intricacy is big however I believe the truthful response is change um people have not been able to change or haven't had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I think you've struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change but we've constantly 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 practically be figured out to be the next Century or two there is a lot to keep an eye on and this method does posture a number of difficulties um so Johnny might you inform us about those difficulties yeah obviously so there's a range 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 jobs on one platform. It feels like our CFO has gained another CFO, and with this improved ability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments.
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