Find out more about Enhance Business Efficiency On A Budget With Papaya Global ... We now have the ability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer specifically devoted to handling payments. This offers us with a secure and trusted method of making payments to our 10,000 employees worldwide.}
The innovative worldwide payroll management app enhances my payroll process, conserving me a substantial amount of time every month. With its user-friendly interface, I have access to a single dashboard that effectively handles my payroll, EOR, and specialists.
The Staff member Website supplies employees with the capability 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 phones and is provided in numerous languages.
Benefits Administration
Papaya Global helps companies provide competitive benefits packages to worldwide workers despite the variety of workers in the business. The business can set up medical insurance, short-term and long-term disability, vision, dental and maternity leave while getting rid of the need to source local benefits service providers in every nation, produce local accounts and have a minimum variety of workers.
The HR abilities provided by Global HR include different functions such as keeping track of holiday time, ensuring compliance, facilitating the procedure of welcoming new workers and bidding goodbye to departing ones, offering a safe online platform for storing workers' documents, and providing support for work permit procedures in case your employees need support in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, labor force variety, total employment expenses dispersed per area, total employment costs per cycle and much more.
Globally, I have actually shown leadership and tactical expertise in assisting large-scale populations of over 100,000 employees across 170 countries. Presently, I am responsible for supervising payroll strategies, as pointed out by Mark. My function includes managing and establishing external collaborations, supporting Business customers, and supplying advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments options provider.
business to make the time 100 list for the majority of prominent companies on the planet we provide payroll payments and labor force management to all worker types in over 160 nations I am pleased to say that we also have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning good afternoon great night depending on where you are in the world it's lovely 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 have actually remained in the payments industry for over ten years and specifically dealing with 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 decided to sort of make a genuine go at that over the last five or 6 years where I've kind of had a variety of different functions on the company side and also on the supplier side from a payroll perspective so truly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we'll simply offer everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we'll sort of let them do that so it 'd be quite intriguing and I can see it going on already just to hear where everyone is um it's nice to to kind of like see where everyone comes 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 raining here it's extremely very uninspiring and I wish I was somewhere else at this moment in time okay so let's get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies maintain different
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of keeping separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic possession for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time during this webinar we'll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one nation but when you're doing it globally it's next level and Beyond it becomes intricate for a variety of reasons most notably guidelines compliance data security and banking rules then there are the sheer numbers they add further intricacy the global Labor force is presently 3 and a half billion people by 2030 it's estimated 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 consider that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll design there's often a frustrating number of different systems causing time-consuming manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very extremely standard there's no real consistency structure we're residing in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind each time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that's another number that provides me sleepless nights and quite honestly the more a service invests in worldwide payroll the less of a picture they see an absence of visibility likewise reaches payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide companies have actually revealed that they do not 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 poor HCM information data entry errors badly communicated hires and terminations as well as lack management and system setups and then when you round all of it off and the information is shipped to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they depend on the required numerous 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 challenges organization face when they're making payments to workers or otherwise that's a good concern I always throw this back and say what is it what doesn't require to be included 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 abilities 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 any place you look best eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a 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 technology is allowing us to sort of move forward with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely imperative that payroll and finance teams work more detailed together than ever um I'm constantly surprised when individuals state 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 profession 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 frequently split and cut up um ultimately it's payroll is an end-to-end process it's the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on wellness and the payment landscape is ending up being progressively detailed. Services are continually introducing brand-new benefits and payment choices, which contributes to the general intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this does not have to hold true. In today's technologically sophisticated era, there's no justification for keeping cumbersome treatments. Payroll, the business's biggest expense, should be processed correctly and on time. Even slight hold-ups can negatively affect workers' wellness and have far-reaching repercussions. Therefore, it's important to prioritize accurate and timely payments.
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it's from all employees or not. Payroll is a crucial cycle, and individuals just see when things fail. However, when things go right, it's viewed as simply a regular task. This is how it's perceived externally as well. For that reason, it is necessary to ensure that tasks like Wi-Fi Global and other essential matters are done properly. Using the very first Worldwide Payments very first payroll payment option is a fantastic initial step towards providing a detailed payroll service for staff members worldwide. Standardization, global procedures, and minimizing the variety of tools, platforms, and bank accounts needed for global payroll are key factors in achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things don't go as prepared. Ultimately, we do not do it for the gratitude.
anyway we understand how how crucial a function 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 involved in those procedures and likewise so picture sorry I'm just I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we're talking about numerous thousands possibly Millions picture getting that many thank you notes um I suggest it 'd be interesting to see how many Post-it notes you got but it would certainly be an interesting job attempting to clean all those up for sure oh definitely I can't picture the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to check out them and really see what was going on and sort of shot to get back to everyone so proceeding appearance why do companies select to main separate checking account there are businesses out there doing exactly this for specific nations and I have actually worked in an organization or lots of services doing exactly that I can say it doesn't constantly feel efficient and it does produce more work I understand we're not intentionally doing that we're not creating extra work for anybody where we don't have to and anyone 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 many factors one is it's the standard I believe people have got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it's not a requirement so I think it's just been the standard and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there's a variety I believe this is a process that needs looking at it needs changing however eventually people are extremely stuck to what they're familiar
with right um change is a hard thing all of us don't like modification um so I think it's simply type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having keeping multiple checking account but there's a substantial amount of complexity opts for establishing a checking account keeping it ensuring it can send out International transfers guaranteeing it's established with the best user accesses for specific individuals so the complexity is huge but I think the sincere response is modification um people have not had the ability to change or haven't had always the understanding to actually make that change into alternate Solutions other than opening a bank account I think you've struck the nail on the head I believe it is understanding you know and there is an element of resistance to change however we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to monitor and this approach does present a number of difficulties um so Johnny could you tell us about those obstacles yeah obviously so there's a variety right there is so
I simply did you changed our Business 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 International employees you should have a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you
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