Find out more about Papaya Global Crashing After Closing Program ... 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 particularly devoted to handling payments. This supplies us with a secure and dependable technique of making payments to our 10,000 employees worldwide.}
The advanced global payroll management app simplifies my payroll procedure, conserving me a considerable amount of time monthly. With its easy to use user interface, I have access to a single control panel that effectively handles my payroll, EOR, and contractors.
The Employee Website offers staff members with the capability to access and view important files 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 different languages.
Benefits Administration
Papaya Global helps business provide competitive advantages packages to worldwide employees regardless of the number of workers in the company. The business can establish health insurance, short-term and long-term disability, vision, dental and maternity leave while getting rid of the need to source local benefits companies in every nation, create regional accounts and have a minimum number of workers.
The HR capabilities supplied by Global HR encompass numerous functions such as keeping an eye on getaway time, ensuring compliance, helping with the procedure of inviting brand-new employees and bidding goodbye to leaving ones, offering a secure online platform for saving employees' documents, and supplying support for work permit procedures in case your staff members need support because area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce costs, labor force diversity, total employment expenses dispersed per place, total employment costs per cycle and a lot more.
environments across the globe I provided management and technique to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll strategies for as Mark stated I work throughout business handling and building external relationships supporting Enterprise clients and options along with functioning as an advisor for those of you that do not understand who papaya Global is papaya is the first payroll and payments
As a global business, we are honored to be consisted of on the distinguished Time 100 list of the most influential business worldwide. We focus on supplying payroll and workforce management services to workers in more than 160 nations. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny present himself. Good day to all, despite your area. It's a pleasure to meet you and thank you for your valuable time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have actually concentrated on payroll and payment options for the past seven years. The intricacies and challenges of this field have always mesmerized me.
payroll payments and decided to kind of make a real go at that over the last 5 or six years where I've kind of had a range of different roles on the company side and also on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll just provide everybody another couple of uh well among the 30 seconds or two to join we all work back to back these days so we'll sort of let them do that so it 'd be quite fascinating and I can see it going on currently simply to hear where everybody is um it's nice to to kind of like see where everybody comes from and I actually 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 drizzling here it's very very uninspiring and I wish I was somewhere else at this moment in time fine so let's get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we'll also go over a recap and that ought to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of typical and managing them ends up being a growing number of complex Global companies are aiming to discover Solutions and new methods to simplify procedures especially from a payroll and cross-border payment standpoint numerous organizations preserve separate checking account just for payroll while some have numerous accounts in different countries does it make sense for business to preserve different bank accounts often in various nations it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting international companies simplify the episode complex procedures of
making payroll payments properly effectively firmly and on time during this webinar we'll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in enough in one nation but when you're doing it globally it's next level and Beyond it ends up being intricate for a range of factors most significantly policies compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the international Labor force is currently 3 and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll model there's often an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or really very basic there's no genuine consistency framework we're residing in a period 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 typically with pen and paper which simply blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that's another number that provides me sleepless nights and quite frankly the more a business spends on worldwide payroll the less of a picture they see a lack of presence also reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of international organizations have revealed that they don't have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors badly communicated hires and terminations in addition to absence management and system setups and after that when you round everything off and the data is delivered to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments do not run efficiently if they count on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they're paying to staff members or otherwise that's a great concern I always toss this back and say what is it what does not require to be consisted of right 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 need to pay from an in-country account do you have to pay from the consumer's own in-country account so there's intricacy wherever you look best ultimately developing a knowledge base is definitely critical but all over you look with payroll payment they resemble super payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to type of move on with that it also as well to add to that payroll and financing require to work closer together um with varying Checking account Details varying banking requirements and setup processes is definitely important that payroll and financing groups work better together than ever um I'm constantly surprised when people state I've divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically 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 but also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more important to contribute to type of the level of complexity there's increasingly more benefits being organ or being used by businesses throughout the world so again you're just looking to include increasingly more payments to this already complicated landscape so if you kind of got any experience well I'm from your huge experience here and I make sure however have you got any experience in kind of real obstacles or genuine difficult type of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding info into the next function as it were that's in fact managing the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we operate in they just make them more timely 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 operating in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single most significant liability that any company has from an expense point of view from an effect viewpoint on staff members it is absolutely crucial that it's done properly and on time so what we imply 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 destructive effect on people's wellness and numerous other elements if people aren't paid uh I've constantly been surprised entering this Market kind of the last five to ten years is how little thanks the
payroll group get um so I'm unsure anyone on this type of webinar has been told thank you for processing my payroll correctly if you have it 'd be fantastic to hear your success story and whether that's been from all workers or not um but eventually payroll is such a crucial cycle we all hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it's just a tick box exercise and I think that's how it's seen from the external deem well um so yeah it's also like why WI-Fi Global why all of this things is definitely important that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment option is a terrific first step um providing an end-to-end payroll service for your workers globally once again I think is another big um procedure again lining up and guaranteeing you have standardization Worldwide procedures all of those things are definitely key to success success of services and reducing the number of tools platforms and savings account they need for their Worldwide payroll too couldn't agree with you more and on the the front in terms of of the thank yous for getting payroll done I've never had a hundred thousand of them within a payroll cycle don't anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone rather where they're indicated to be um I don't think any of us are in fact doing that for for the thanks
anyhow we understand how how crucial 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 easy as possible for everybody that's involved in those processes and also so picture sorry I'm just I was simply gon na state think of the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we're speaking about numerous thousands potentially Millions envision getting that lots of thank you notes um I mean it 'd be interesting to see how many Post-it notes you got however it would definitely be an interesting task trying to clean all those up for sure oh absolutely 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 really see what was going on and kind of shot to get back to everybody so moving on appearance why do companies choose to primary different checking account there are businesses out there doing precisely this for particular nations and I have actually worked in a business or many companies doing precisely that I can state it doesn't always feel efficient and it does develop more work I know we're not intentionally doing that we're not developing extra work for any person where we do not have to and any person that's managing that procedure I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the amount that we are I believe numerous factors one is it's the requirement I believe individuals have actually got so utilized to we need a new checking account we open an entity and appropriately so you need it for payroll purposes 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 actually adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to type of do it so I think there's a variety I think this is a process that requires taking a look at it requires altering but eventually individuals are very stuck to what they recognize
with best um change is a hard thing we all don't like modification um so I think it's simply kind of moving far from the norm as we've said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having preserving several checking account but there's a huge quantity of complexity opts for establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it's established with the right user accesses for private people so the intricacy is huge but I believe the truthful answer is modification um individuals haven't been able to alter or haven't had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we've constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or two there is a lot to keep track of and this approach does present numerous challenges um so Johnny could you inform us about those obstacles yeah naturally so there's a range right there is so
I simply did you changed 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 workers you are worthy of a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you
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