Find out more about How Papaya Global Hr Software Helps With Budget Business Efficiency ... We now have the ability to handle both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer specifically committed to handling payments. This offers us with a protected and dependable approach of paying to our 10,000 employees worldwide.}
the very best worldwide payroll managment app, conserves me hours of time each month, one single control panel for my payroll, EOR and contractors
Staff member Portal
Employees have access to a Worker Website where they can view their pay slips, wage and tax declarations and employment files. The website is offered in multiple languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global helps business use competitive benefits plans to worldwide employees despite the variety of employees in the business. The business can set up medical insurance, short-term and long-lasting impairment, vision, dental and maternity leave while removing the requirement to source regional benefits companies in every nation, develop local accounts and have a minimum number of workers.
The HR abilities provided by Global HR incorporate various functions such as keeping an eye on holiday time, ensuring compliance, helping with the procedure of inviting brand-new workers and bidding farewell to departing ones, offering a protected online platform for saving workers' documents, and supplying support for work allow treatments in case your staff members need help because area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, workforce variety, overall work costs dispersed per location, overall work costs per cycle and far more.
Globally, I have actually shown management and strategic expertise in guiding large-scale populations of over 100,000 employees across 170 nations. Presently, I am responsible for overseeing payroll strategies, as mentioned by Mark. My role involves handling and establishing external collaborations, supporting Business clients, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments services company.
As a global business, we are honored to be included on the prominent Time 100 list of the most prominent business worldwide. We concentrate on providing payroll and workforce management services to workers in more than 160 countries. I am delighted to present Johnny Nash, as discussed by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your area. It's a pleasure to satisfy you and thank you for your valuable time. As Ian mentioned, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments market, I have focused on payroll and payment solutions for the past seven years. The intricacies and challenges of this field have actually always captivated me.
payroll payments and chose to kind of make a real go at that over the last 5 or 6 years where I've sort of had a range of various roles on the service provider side and likewise on the supplier side from a payroll point of view so actually 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 couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we'll type 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 type of like see where everyone originates from and I truly do hope it's much sunnier than it remains 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 bleak and I wish I was somewhere else at this moment in time alright so let's begin our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we'll also discuss a recap and that should leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and handling them becomes increasingly more complex Worldwide companies are seeking to find Solutions and brand-new ways to streamline processes particularly from a payroll and cross-border payment perspective lots of organizations preserve separate bank account just for payroll while some have several accounts in different countries does it make good sense for companies to keep separate bank accounts sometimes in different nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business enhance the episode complex procedures of
making payroll payments properly efficiently securely and on time during this webinar we'll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one country however when you're doing it worldwide it's next level and Beyond it ends up being intricate for a range of reasons most importantly regulations compliance information security and banking rules then there are the sheer numbers they add additional intricacy the global Workforce is presently three and a half billion people by 2030 it's estimated 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 factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll model there's typically an overwhelming number of various systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely extremely basic there's no real consistency framework we're residing in an era of tech but payroll has 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 simply blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that's another number that provides me sleepless nights and quite frankly the more an organization invests in worldwide payroll the less of an image they see a lack of exposure likewise reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide businesses have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes poorly communicated hires and terminations along with lack 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 global information 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 efficiently if they rely on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they're paying to staff members or otherwise that's an excellent concern I always throw this back and state what is it what doesn't need to be consisted of best and what does
it need to be thought about there's varying Bank details so the length of an eye band a swift an account number routing code per country there's payment timespan 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 complexity wherever you look ideal ultimately constructing a knowledge base is definitely important but all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a 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 technology is allowing us to kind of progress with that it likewise also to add to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely crucial that payroll and finance groups work closer together than ever um I'm constantly surprised when individuals state I have actually divided 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 calculation I would say no so why do we as a market 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 people wherever they are however also paying statutory authorities and on statutory third parties so with the
The modern world places a high value on wellness and the payment landscape is ending up being progressively detailed. Businesses are continuously presenting new benefits and payment options, which contributes to the overall intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can lead to inadequacies and bottlenecks. In my opinion, this does not need to be the case. In today's technologically innovative age, there's no justification for maintaining cumbersome procedures. Payroll, the company's greatest cost, need to be processed properly and on time. Even slight hold-ups can negatively impact workers' wellness and have far-reaching repercussions. For that reason, it's crucial to prioritize precise and prompt payments.
payroll team get um so I'm not exactly sure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it 'd be excellent to hear your success story and whether that's been from all workers or not um however eventually payroll is such an important cycle all of us become aware of it when it fails everyone jumps up and down when it fails however when it goes right it's simply a tick box workout and I think that's how it's seen from the external view as well um so yeah it's likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done properly so leveraging the first Global Payments very first payroll payment service is an excellent initial step um offering an end-to-end payroll solution for your staff members globally once again I believe is another huge um procedure again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely key to success success of services and reducing the variety of tools platforms and bank accounts they need for their Worldwide 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 anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone quite where they're indicated to be um I do not think any of us are really doing that for for the thanks
anyway we understand how how essential 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 imagine sorry I'm just I was just gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I'm sure we're speaking about numerous thousands potentially Millions envision getting that many thank you keeps in mind um I mean it 'd be interesting to see the number of Post-it notes you got however it would certainly be an interesting task attempting to clean up 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 try to check out them and actually see what was going on and sort of shot to return to everyone so proceeding look why do business select to main separate savings account there are organizations out there doing precisely this for particular nations and I've operated in a business or many organizations doing precisely that I can say it doesn't constantly feel effective and it does develop more work I know we're not deliberately doing that we're not creating extra work for any person where we do not have to and anybody that's dealing with that procedure I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the quantity that we are I believe numerous factors one is it's the standard I think people have got so utilized to we need a brand-new bank account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it's not a requirement so I think it's just been the requirement and the norm individuals have actually embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other methods um to to kind of do it so I think there's a range I think this is a process that requires looking at it needs changing however ultimately people are very stuck with what they recognize
with right um modification is a tough thing all of us do not like modification um so I think it's simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having keeping several savings account however there's a huge amount of complexity opts for establishing a savings account keeping it ensuring it can send out International transfers ensuring it's set up with the ideal user accesses for specific individuals so the intricacy is big but I believe the sincere response is change um individuals haven't been able to alter or haven't had always the knowledge to actually make that change into alternate Solutions besides opening a bank account I think you've struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we have actually 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 understand what could practically be determined to be the next Century approximately there is a lot to track and this technique does pose numerous difficulties um so Johnny could you inform us about those difficulties yeah naturally so there's a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this improved capability, I have successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments.
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