Find out more about Eynat Papaya Global ... We now have the capability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually obtained a different Chief Financial Officer specifically dedicated to handling payments. This supplies us with a protected and reliable approach of making payments to our 10,000 staff members worldwide.}
The advanced global payroll management app enhances my payroll process, saving me a substantial quantity of time every month. With its easy to use user interface, I have access to a single dashboard that efficiently manages my payroll, EOR, and contractors.
Worker Website
Staff members have access to a Staff member Website where they can see their pay slips, wage and tax statements and work documents. The website is offered in numerous languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global helps companies use competitive benefits plans to worldwide employees regardless of the number of workers in the company. The business can set up health insurance, short-term and long-term disability, vision, dental and maternity leave while eliminating the need to source local benefits companies in every nation, develop local accounts and have a minimum variety of workers.
The HR abilities offered by Worldwide HR include different functions such as keeping track of vacation time, ensuring compliance, helping with the process of welcoming brand-new workers and bidding goodbye to leaving ones, using a protected online platform for storing workers' files, and supplying assistance for work allow procedures in case your staff members need assistance in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, workforce diversity, overall employment costs distributed per area, overall work expenses per cycle and a lot more.
Globally, I have actually demonstrated management and tactical expertise in assisting massive populations of over 100,000 staff members throughout 170 nations. Presently, I am responsible for overseeing payroll strategies, as pointed out by Mark. My role includes managing and developing external collaborations, supporting Enterprise customers, and supplying advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments services provider.
business to make the time 100 list for many influential business on the planet we supply payroll payments and workforce management to all staff member types in over 160 nations I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning great afternoon great night depending upon where you remain in the world it's charming to fulfill you and thank you very much 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 seven years um I was fascinated by the complexity the trouble in all of the above of
payroll payments and decided to sort of make a genuine go at that over the last 5 or 6 years where I've sort of had a range of various roles on the company side and also on the supplier side from a payroll point of view so really looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we'll just give everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we'll kind of let them do that so it 'd be rather interesting and I can see it going on already simply to hear where everyone 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 remains in the UK today certainly not the peak of the sunlight is it it's not no it's it's drizzling here it's very very uninspiring and I want I was elsewhere at this moment in time all right so let's begin our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we'll also review a recap which needs to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more common and handling them becomes a growing number of intricate Global companies are aiming to find Solutions and brand-new ways to enhance processes particularly from a payroll and cross-border payment standpoint lots of companies keep separate bank account just for payroll while some have several accounts in various nations does it make sense for companies to preserve separate bank accounts in some cases in different countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business simplify the episode complex procedures of
making payroll payments accurately effectively safely and on time during this webinar we'll walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in enough in one country but when you're doing it worldwide it's next level and Beyond it ends up being complicated for a range of factors most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they include further complexity the global Workforce is currently 3 and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll design there's frequently a frustrating variety of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in large amounts and or very really basic there's no genuine consistency structure we're living 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 which simply 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 just 11 of companies say they have Workforce information in real time that's another number that gives me sleep deprived nights and rather frankly the more an organization spends on global payroll the less of a photo they see a lack of presence also encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of international companies have actually expressed 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 bad HCM information data entry mistakes poorly communicated hires and terminations along with absence management and system configurations and after that when you round it all off and the information is shipped to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments don't run efficiently if they depend on the necessary several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they're making payments to staff members or otherwise that's a good question I always toss this back and state what is it what does not need to be consisted of right and what does
it need to be thought of there's varying Bank details so the length of an eye band a swift an account number routing code per nation there's payment time frames 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 customer's own in-country account so there's intricacy anywhere you look ideal eventually building a knowledge base is absolutely important however everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are absolutely basic and innovation is allowing us to sort of move forward with that it also as well to add to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely crucial that payroll and financing teams work more detailed together than ever um I'm constantly impressed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't 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 typically split and cut up um eventually 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 3rd parties so with the
world we live in and wellness being a growing number of crucial to contribute to sort of the level of intricacy there's more and more benefits being organ or being offered by companies throughout the world so again you're simply aiming to add a growing number of payments to this currently complicated landscape so if you type of got any experience well I'm from your vast experience here and I'm sure however have you got any experience in kind of genuine obstacles or real challenging sort of pay uses to play to pay individuals I believe yeah I mean over the last well yeah a number of decades I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding info into the next function as it were that's actually handling the payment side of things however you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and a period that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be concurred and rightly as you said payroll is the single greatest liability that any business has from an expense perspective from an effect perspective on staff members it is absolutely crucial that it's done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental impact on individuals's wellness and lots of other factors if individuals aren't paid uh I have actually always been impressed coming into this Market type of the last five to ten years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it's from all staff members or not. Payroll is an essential cycle, and people just discover when things fail. However, when things go right, it's viewed as simply a regular job. This is how it's viewed externally also. Therefore, it is essential to make sure that tasks like Wi-Fi International and other crucial matters are done properly. Using the first Worldwide Payments first payroll payment option is a great preliminary action towards supplying an extensive payroll option for staff members worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and savings account necessary for worldwide payroll are essential factors in achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things don't go as planned. Ultimately, we do not do it for the appreciation.
anyway we know 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 procedures and likewise so think of sorry I'm just I was just gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we're discussing hundreds of thousands possibly Millions imagine getting that many thank you notes um I indicate it 'd be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task attempting to clean up 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 need days of the week to attempt to look through them and actually see what was going on and type of shot to get back to everybody so carrying on look why do business choose to main different savings account there are services out there doing exactly this for specific nations and I've worked in an organization or many businesses doing exactly that I can say it doesn't always feel efficient and it does develop more work I know we're not deliberately doing that we're not creating extra work for anyone where we don't have to and any person that's handling that process I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the quantity that we are I believe lots of reasons one is it's the requirement I think individuals have got so used to we require a brand-new savings account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it's not a requirement so I believe it's just been the standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to sort of do it so I believe there's a range I think this is a process that needs taking a look at it requires changing but eventually individuals are really stuck with what they recognize
with best um change is a difficult thing we all do not like modification um so I believe it's simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having maintaining multiple bank accounts but there's a huge amount of complexity goes with establishing a bank account maintaining it guaranteeing it can send out International transfers ensuring it's established with the right user accesses for private people so the complexity is substantial however I believe the truthful answer is modification um individuals have not had the ability to change or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I think you've hit the nail on the head I think it is knowledge you know and there is a component of resistance to change but we've always done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to keep an eye on and this approach does present numerous obstacles um so Johnny might you inform us about those challenges yeah obviously so there's a variety 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's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International workers you should have a corner workplace with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you
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