Find out more about Papaya Global Covid 19 ... 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 devoted to managing payments. This supplies us with a protected and trustworthy approach of making payments to our 10,000 employees worldwide.}
The advanced global payroll management app streamlines my payroll process, saving me a substantial quantity of time every month. With its user-friendly interface, I have access to a single dashboard that efficiently manages my payroll, EOR, and specialists.
The Employee Portal provides workers with the capability to access and view important documents such as pay slips, wage and tax statements, and work records. This portal is accessible on both desktop and mobile devices and is offered in various languages.
Advantages Administration
Papaya Global helps business provide competitive benefits plans to global workers no matter the variety of employees in the business. The company can set up medical insurance, short-term and long-term special needs, vision, oral and maternity leave while getting rid of the requirement to source regional advantages suppliers in every country, develop regional accounts and have a minimum variety of workers.
International HR Functionalities
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and migration services if your employees require work permit help.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, labor force diversity, total work costs distributed per location, total work costs per cycle and much more.
Internationally, I have actually demonstrated leadership and strategic knowledge in assisting massive populations of over 100,000 employees across 170 countries. Currently, I are accountable for supervising payroll strategies, as pointed out by Mark. My role includes handling and developing external partnerships, supporting Business customers, and supplying advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments services service provider.
As a worldwide business, we are honored to be included on the distinguished Time 100 list of the most prominent companies worldwide. We focus on supplying payroll and labor force management services to staff members in more than 160 countries. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your location. It's a satisfaction to fulfill you and thank you for your valuable time. As Ian discussed, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have concentrated on payroll and payment solutions for the past 7 years. The complexities and obstacles of this field have actually always captivated me.
payroll payments and decided to sort of make a real go at that over the last 5 or 6 years where I have actually sort of had a variety of different functions on the supplier side and also on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we'll simply offer everyone another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we'll type of let them do that so it 'd be quite interesting and I can see it going on currently just to hear where everybody 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 raining here it's very extremely dreary and I want I was elsewhere at this moment in time all right so let's start our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies maintain separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic property uh we'll likewise discuss a recap which ought to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more typical and handling them ends up being a growing number of complex Global companies are wanting to discover Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment standpoint numerous companies keep separate bank account just for payroll while some have several accounts in various nations does it make good sense for companies to keep different bank accounts often in different nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies improve the episode complex procedures of
making payroll payments accurately effectively firmly and on time throughout this webinar we'll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs 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 difficult in adequate in one country but when you're doing it worldwide it's next level and Beyond it becomes complex for a range of factors most notably policies compliance information security and banking guidelines then there are the sheer numbers they include further complexity the global 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 companies and growing all doing their own thing around the world in the traditional payroll model there's frequently a frustrating number of different systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or very extremely basic there's no genuine consistency structure we're living in a period of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind whenever I I believe
about it to provide you an idea 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 gives me sleep deprived nights and quite honestly the more a business invests in global payroll the less of an image they see a lack of presence likewise extends to payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of international businesses have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry mistakes improperly communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is delivered to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they rely on the essential multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they're making payments to employees or otherwise that's a good question I constantly toss this back and say what is it what does not require to be included right and what does
it need to be thought about there's differing Bank information so the length of an eye band a swift an account number routing code per nation there's payment timespan 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 consumer's own in-country account so there's complexity wherever you look ideal ultimately constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble very payments no if however 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 believe there's now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to sort of move forward with that it also too to add to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is definitely vital that payroll and finance teams work closer together than ever um I'm always amazed when individuals state I have actually split 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 divide the payroll payment from calculation 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 procedure it's the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on wellness and the compensation landscape is becoming significantly detailed. Services are continually introducing brand-new benefits and payment alternatives, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can cause inadequacies and bottlenecks. In my viewpoint, this does not need to hold true. In today's technologically advanced period, there's no validation for preserving cumbersome procedures. Payroll, the business's greatest expenditure, should be processed properly and on time. Even slight hold-ups can adversely impact workers' wellness and have far-reaching effects. Therefore, it's important to prioritize precise and prompt payments.
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it's from all employees or not. Payroll is an essential cycle, and individuals just notice when things fail. However, when things go right, it's seen as just a regular task. This is how it's perceived externally too. Therefore, it is vital to ensure that tasks like Wi-Fi Global and other essential matters are done properly. Using the first International Payments very first payroll payment solution is an excellent preliminary step towards supplying a comprehensive payroll solution for employees worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and bank accounts required for global payroll are crucial consider achieving business success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things do not go as planned. Eventually, we don't do it for the thankfulness.
anyway we understand how how important 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 procedures and likewise so imagine sorry I'm just I was simply gon na say picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I'm sure we're discussing hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I indicate it 'd be interesting to see how many Post-it notes you got however it would absolutely be an interesting job attempting to clean all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to check out them and actually see what was going on and type of try to get back to everyone so carrying on appearance why do business select to main different bank accounts there are services out there doing exactly this for specific nations and I've operated in a business or numerous organizations doing precisely that I can state it does not constantly feel effective and it does produce more work I understand we're not purposely doing that we're not developing extra work for anyone where we do not have to and any person that's handling 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 amount that we are I think lots of factors one is it's the standard I believe people have actually got so used to we require a brand-new checking account we open an entity and rightly 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 standard the people have adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there's a variety I think this is a procedure that needs taking a look at it requires changing however ultimately individuals are very stuck with what they're familiar
with best um modification is a hard thing we all do not like change um so I believe it's simply type of moving away from the norm as we've said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having preserving multiple savings account however there's a huge quantity of intricacy goes with establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it's established with the right user accesses for individual people so the intricacy is huge but I believe the truthful response is modification um people have not been able to alter or haven't had necessarily the understanding to truly make that change into alternate Solutions besides opening a bank account I think you've hit the nail on the head I think it is understanding you understand and there is a component of resistance to change however 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 know what might practically be identified to be the next Century or so there is a lot to track and this technique does pose a number of obstacles um so Johnny might you inform us about those difficulties yeah of course so there's a variety 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 actually gained another CFO, and with this improved ability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is better, considering your achievements.
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