Find out more about Papaya Global Covid Ssp ... We now have the capability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has obtained a different Chief Financial Officer specifically devoted to managing payments. This provides us with a protected and trustworthy approach of paying to our 10,000 staff members worldwide.}
the BEST global payroll managment app, conserves me hours of time monthly, one single dashboard for my payroll, EOR and specialists
The Worker Website offers workers with the ability to gain access to and view essential documents such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile devices and is used in numerous languages.
Advantages Administration
Papaya Global assists companies provide competitive benefits plans to global employees regardless of the number of employees in the business. The company can set up health insurance, short-term and long-term special needs, vision, oral and maternity leave while getting rid of the need to source regional benefits suppliers in every country, develop local accounts and have a minimum variety of workers.
The HR capabilities supplied by Global HR encompass different functions such as monitoring getaway time, guaranteeing compliance, helping with the process of welcoming brand-new employees and bidding goodbye to leaving ones, offering a safe and secure online platform for saving workers' documents, and supplying support for work permit treatments in case your workers require assistance because location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, labor force variety, total employment expenses distributed per area, total work expenses per cycle and far more.
environments around the world I offered leadership and method to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll strategies for as Mark said I work across the business managing and structure external relationships supporting Business customers and options as well as acting as an advisor for those of you that don't know who papaya Global is papaya is the very first payroll and payments
As an international company, we are honored to be included on the distinguished Time 100 list of the most influential companies worldwide. We specialize in offering payroll and labor force management services to staff members in more than 160 countries. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your area. It's an enjoyment to meet you and thank you for your important time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments industry, I have actually focused on payroll and payment options for the past seven years. The intricacies and challenges of this field have actually constantly mesmerized me.
payroll payments and chose to kind 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 roles on the provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll just offer everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we'll sort of let them do that so it 'd be rather intriguing and I can see it going on currently just to hear where everyone is um it's nice to to type of like see where everyone originates from and I truly 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 extremely really uninspiring and I want I was elsewhere at this moment in time alright so let's get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we'll also review a recap and that ought to leave his time at the extremely very 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 become more and more typical and handling them becomes a growing number of complex Global organizations are wanting to find Solutions and new ways to enhance processes particularly from a payroll and cross-border payment viewpoint lots of companies preserve separate checking account just for payroll while some have numerous accounts in different nations does it make good sense for companies to maintain different bank accounts sometimes in various nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business streamline the episode complex procedures of
making payroll payments accurately efficiently safely and on time during this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in sufficient in one country but when you're doing it globally it's next level and Beyond it becomes complex for a variety of factors most significantly policies compliance information security and banking rules then there are the sheer numbers they add more complexity the worldwide Workforce is currently three and a half billion people by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the conventional payroll model there's often an overwhelming variety of various systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or very very standard there's no real consistency structure we're residing in a period of tech but 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 and that 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 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 company spends on worldwide payroll the less of a photo they see a lack of exposure also encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international services have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry errors badly communicated hires and terminations along with absence management and system setups and after that when you round everything off and the information is shipped to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don't run smoothly if they count on the needed multiple processes 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 obstacles organization face when they're paying to staff members or otherwise that's an excellent concern I constantly throw this back and state what is it what doesn't require to be included right and what does
it require to be considered there's varying Bank details 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 have to pay from an in-country account do you have to pay from the consumer's own in-country account so there's intricacy anywhere you look right ultimately constructing a knowledge base is definitely vital however everywhere you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is allowing us to sort of move on with that it also also to contribute to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely imperative that payroll and finance teams work closer together than ever um I'm constantly surprised when individuals state I have actually split 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 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 typically split and cut up um ultimately it's payroll is an end-to-end process it's the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more crucial to contribute to sort of the level of intricacy there's increasingly more advantages being organ or being provided by businesses across the world so again you're simply seeking to include more and more payments to this currently complex landscape so if you type of got any experience well I'm from your large experience here and I'm sure however have you got any experience in kind of real difficulties or genuine challenging kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding information into the next function as it were that's really handling the payment side of things however you understand in in my opinion and my experience that does not necessarily need to be the case you know long gone are the times where we need to create additional handoffs in the processes that we operate in they just make them more timely they make them less effective and they don't make them what they need to be in in a period of tech and an age that you know that we are operating in today there is no reason that we are still making this as difficult as it requires to be concurred and appropriately as you stated payroll is the single biggest 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 mean 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 impact on people's well-being and lots of other factors if people aren't paid uh I've constantly been surprised entering this Market type of the last five to 10 years is how little thanks the
payroll group get um so I'm unsure anyone on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it 'd be excellent to hear your success story and whether that's been from all employees or not um however eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everyone jumps up and down when it fails however when it goes right it's just a tick box exercise and I think that's how it's seen from the external view as well um so yeah it's also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the first Global Payments very first payroll payment option is a terrific primary step um offering an end-to-end payroll service for your employees internationally once again I think is another substantial um process once again lining up and ensuring you have standardization International processes all of those things are definitely crucial to success success of services and lowering the number of tools platforms and savings account they need for their International payroll too couldn't agree with you more and on the the front in regards to of the thank yous for getting payroll done I've never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven't gone quite where they're implied to be um I do not think any of us are in fact doing that for for the thanks
anyhow we understand how how important 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 simple as possible for everyone that's associated with those procedures and likewise so envision 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'm sure we're talking about hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I imply it 'd be interesting to see how many Post-it notes you got however it would certainly be an intriguing job attempting to clean all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to look through them and in fact see what was going on and sort of shot to return to everyone so moving on look why do business pick to primary different bank accounts there are organizations out there doing exactly this for specific nations and I have actually operated in a business or lots of businesses doing exactly that I can say it doesn't always feel effective and it does create more work I understand we're not purposely doing that we're not creating extra work for anybody where we do not need to and anybody 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 quantity that we are I think lots of reasons one is it's the standard I think people have got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it's not a requirement so I believe it's just been the requirement and the norm the people have embraced 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 lots of other methods um to to sort of do it so I believe there's a variety I believe this is a procedure that needs looking at it needs changing however ultimately people are extremely stuck to what they recognize
with best um change is a challenging thing we all don't like modification um so I believe it's simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand clearly the benefits of having preserving several savings account however there's a big quantity of complexity chooses establishing a savings account maintaining it ensuring it can send International transfers ensuring it's established with the best user accesses for specific people so the complexity is substantial but I think the sincere response is modification um individuals have not been able to alter or haven't had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking 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 alter but we've constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century approximately there is a lot to keep an eye on and this approach does present numerous difficulties um so Johnny might you tell us about those difficulties yeah naturally so there's a range right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you should have a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you
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