Find out more about Papaya Global Covid-19 ... We now have the ability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has gotten a separate Chief Financial Officer particularly committed to managing payments. This provides us with a secure and trustworthy approach of paying to our 10,000 workers worldwide.}
The cutting-edge international payroll management app improves my payroll process, saving me a considerable quantity of time every month. With its user-friendly user interface, I have access to a single control panel that effectively handles my payroll, EOR, and contractors.
The Staff member Website supplies workers with the ability to access and view crucial documents such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile phones and is provided in various languages.
Advantages Administration
Papaya Global assists business offer competitive advantages packages to worldwide workers regardless of the variety of employees in the company. The company can set up medical insurance, short-term and long-term disability, vision, oral and maternity leave while removing the requirement to source regional advantages service providers in every country, produce local accounts and have a minimum variety of employees.
International HR Performances
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your employees need work permit help.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, labor force diversity, overall employment costs distributed per location, overall work expenses per cycle and far more.
environments around the world I provided leadership and strategy to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll strategies for as Mark said I work throughout business managing and structure external relationships supporting Enterprise customers and solutions as well as serving as an advisor for those of you that do not understand who papaya International is papaya is the very first payroll and payments
company to make the time 100 list for most influential companies on the planet we offer 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 present yourself of course thank you good morning good afternoon good night depending upon where you are in the world it's beautiful to fulfill you and thank you quite for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I've remained in the payments industry for over ten years and specifically working on the payroll and payment sector for over 7 years um I was captivated by the intricacy the problem in all of the above of
payroll payments and chose to kind of make a genuine go at that over the last five or 6 years where I've type of had a range of different roles on the service provider side and also on the vendor side from a payroll viewpoint so truly looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll simply give everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we'll kind of let them do that so it 'd be rather intriguing 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 everyone originates from and I actually do hope it's much sunnier than it is in the UK today definitely not the peak of the sunshine is it it's not no it's it's drizzling here it's extremely extremely dreary and I wish I was somewhere else at this moment in time fine so let's get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we'll likewise go over a wrap-up and that needs to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more common and handling them becomes a growing number of complicated International organizations are looking to discover Solutions and new ways to simplify procedures especially from a payroll and cross-border payment viewpoint lots of organizations maintain different checking account just for payroll while some have multiple accounts in different nations does it make sense for business to maintain separate bank accounts in some cases in various countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies enhance the episode complex procedures of
making payroll payments precisely efficiently securely and on time during this webinar we'll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one nation but when you're doing it globally it's next level and Beyond it ends up being complicated for a range of reasons most importantly guidelines compliance information security and banking rules then there are the sheer numbers they add more complexity the international Labor force is currently 3 and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll model there's typically a frustrating variety of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in large quantities and or extremely extremely standard there's no real consistency structure we're residing in an era 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 and that simply blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that's another number that gives me sleep deprived nights and rather honestly the more a business invests in worldwide payroll the less of an image they see a lack of exposure likewise extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide organizations have actually revealed 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 information data entry mistakes poorly interacted hires and terminations along with absence management and system setups and after that when you round all of it off and the data is shipped to the wrong location the average expense 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 money around the globe payroll and payments don't run efficiently if they rely on the needed 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 organization face when they're making payments to workers or otherwise that's an excellent question I always throw this back and say what is it what doesn't need to be consisted of ideal 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 abilities 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 wherever you look right ultimately constructing a knowledge base is definitely crucial however 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 type of link 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 innovation is allowing us to sort of progress with that it also as well to contribute to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work more detailed together than ever um I'm always surprised when people state I've divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not 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 frequently 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 people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more crucial to add to sort of the level of intricacy there's a growing number of advantages being organ or being used by organizations throughout the world so once again you're simply looking to add increasingly more payments to this currently complex landscape so if you sort 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 challenges or genuine challenging kind of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of years I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding details into the next function as it were that's in fact managing the payment side of things however you understand in in my opinion and my experience that doesn't necessarily need to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we run in they just make them more prompt they make them less effective and they don't make them what they require to be in in an age of tech and an age that you know that we are working in today there is no reason why we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any company has from an expense perspective from an effect point of view on employees it is absolutely critical that it's done correctly 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 biggest damaging impact on people's well-being and numerous other factors if individuals aren't paid uh I have actually constantly been astonished entering this Market sort of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it's from all workers or not. Payroll is an essential cycle, and individuals only notice when things go wrong. However, when things go right, it's seen as simply a routine job. This is how it's viewed externally as well. Therefore, it is important to make sure that jobs like Wi-Fi Global and other vital matters are done correctly. Utilizing the very first Global Payments very first payroll payment option is a fantastic preliminary action towards supplying an extensive payroll option for employees worldwide. Standardization, global procedures, and minimizing the number of tools, platforms, and checking account needed for international payroll are key consider accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as planned. Ultimately, we do not do it for the thankfulness.
anyway we understand 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 simple as possible for everyone that's involved in those processes and also so think of sorry I'm just I was simply gon na state envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we're speaking about numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I imply it 'd be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job attempting to clean up all those up for sure oh absolutely I can't think of the size of my my Outlook inbox if that was the case um you 'd require days of the week to try to look through them and in fact see what was going on and kind of shot to return to everybody so carrying on look why do business choose to main different bank accounts there are organizations out there doing exactly this for specific countries and I have actually worked in a company or numerous businesses doing precisely that I can state it does not always feel effective and it does develop more work I know we're not purposely doing that we're not producing extra work for anybody where we do not need to and any person that's dealing with that procedure I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the quantity that we are I think numerous factors one is it's the requirement I think people have got so used to we require a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it's not a requirement so I think it's just been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I think there's a variety I believe this is a procedure that needs taking a look at it needs changing but eventually people are really stuck with what they're familiar
with right um modification is a challenging thing all of us do not like change um so I believe it's just kind of moving far from the standard as we've said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having maintaining multiple savings account but there's a big amount of intricacy chooses establishing a checking account maintaining it guaranteeing it can send International transfers ensuring it's established with the best user accesses for individual individuals so the intricacy is huge however I think the sincere response is change um people haven't had the ability to alter or haven't had always the understanding to really make that change into alternate Solutions besides opening a checking account I believe you have actually hit 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 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 know what might almost be figured out to be the next Century approximately there is a lot to keep track of and this approach does posture numerous difficulties um so Johnny might you inform us about those challenges yeah obviously so there's a variety right there is so
I just 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 seems like our CFO has actually acquired another CFO, and with this improved ability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments.
Papaya Global Aeo