Find out more about Improve Efficiency With Papaya Global Hr Software On A Budget ... We now have the ability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has obtained a different Chief Financial Officer specifically dedicated to handling payments. This provides us with a safe and secure and dependable technique of paying to our 10,000 workers worldwide.}
the very best global payroll managment app, conserves me hours of time each month, one single dashboard for my payroll, EOR and professionals
Employee Portal
Staff members have access to an Employee Website where they can view their pay slips, wage and tax statements and employment files. The portal is readily available in multiple languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global helps business offer competitive benefits bundles to global workers despite the variety of workers in the business. The business can set up medical insurance, short-term and long-lasting disability, vision, oral and maternity leave while eliminating the need to source regional benefits suppliers in every nation, create regional accounts and have a minimum variety of staff members.
The HR abilities offered by Worldwide HR incorporate various functions such as monitoring trip time, ensuring compliance, facilitating the process of inviting brand-new employees and bidding goodbye to departing ones, offering a safe and secure online platform for saving employees' documents, and providing assistance for work permit treatments in case your staff members require assistance in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, workforce diversity, overall work costs dispersed per location, overall employment expenses per cycle and far more.
environments around the world I provided management and method to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll methods for as Mark stated I work across the business managing and structure external relationships supporting Enterprise customers and options along with acting as a consultant for those of you that do not understand who papaya Global is papaya is the very first payroll and payments
business to make the time 100 list for many prominent companies worldwide we offer payroll payments and workforce management to all worker types in over 160 nations I am pleased to state that we also have as Mark stated Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning excellent afternoon great evening depending upon where you are in the world it's charming to satisfy 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 10 years and particularly dealing with the payroll and payment sector for over seven years um I was fascinated by the complexity the problem in all of the above of
payroll payments and decided to type of make a genuine go at that over the last 5 or 6 years where I've kind of had a range of different functions on the supplier side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we'll just offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we'll type of let them do that so it 'd be quite interesting and I can see it going on currently simply to hear where everyone is um it's nice to to kind 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 raining here it's really really bleak and I want I was elsewhere at this moment in time okay so let's get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic possession uh we'll likewise go over a wrap-up and that should leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being a growing number of typical and managing them ends up being more and more complicated International companies are looking to find Solutions and brand-new methods to enhance procedures especially from a payroll and cross-border payment standpoint lots of companies maintain different checking account just for payroll while some have several accounts in various countries does it make good sense for companies to maintain separate bank accounts sometimes in different nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies enhance the episode complex processes of
making payroll payments accurately effectively safely and on time throughout this webinar we'll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one country however when you're doing it worldwide it's next level and Beyond it becomes intricate for a range of reasons most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they include additional intricacy the worldwide Workforce is presently three and a half billion individuals by 2030 it's approximated 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 factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll design there's typically a frustrating number of various systems leading to lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or really very fundamental there's no real consistency framework we're residing in a period of tech however payroll has 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 just blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that's another number that gives me sleep deprived nights and quite honestly the more an organization invests in global payroll the less of an image they see an absence of visibility likewise reaches payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the deal nearly half of international services have actually expressed that they don't have the level of standardization they require in their processes or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes poorly interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is shipped to the incorrect place the average cost of an international data 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 do not run smoothly if they depend on the needed multiple procedures 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 difficulties company face when they're paying to employees or otherwise that's an excellent concern I always toss this back and state what is it what doesn't require to be consisted of ideal and what does
it need to be considered there's differing 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 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 customer's own in-country account so there's complexity wherever you look right ultimately building a knowledge base is definitely critical however everywhere you look with payroll payment they resemble very payments no if but 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 think there's now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to kind of move forward with that it also also to add to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely vital that payroll and financing teams work more detailed together than ever um I'm constantly impressed when individuals state I've split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't work in the payroll occupation would they split the payroll payment from computation 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 individuals wherever they are however likewise 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 more and more benefits being organ or being provided by organizations across the world so once again you're just wanting to include increasingly more payments to this already complex landscape so if you sort of got any experience well I'm from your large experience here and I make sure but have you got any experience in kind of genuine challenges or genuine difficult sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of years I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that's actually managing the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you know long gone are the times where we require to produce extra handoffs at the same times that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from a cost point of view from an effect perspective on employees it is definitely important that it's done correctly 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 most significant detrimental result on individuals's well-being and lots of other elements if individuals aren't paid uh I've constantly been surprised coming into this Market type of the last 5 to ten years is how little thanks the
payroll group get um so I'm unsure anybody on this kind of webinar has actually been informed thank you for processing my payroll properly if you have it 'd be terrific to hear your success story and whether that's been from all employees or not um but eventually payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it's simply a tick box workout and I believe 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 stuff is definitely essential that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment service is an excellent first step um offering an end-to-end payroll solution for your employees globally again I believe is another big um procedure once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of organizations and decreasing the variety of tools platforms and checking account they need for their Global 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 have actually never ever had a hundred countless them within a payroll cycle don't anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone quite where they're indicated to be um I do not think any of us are actually doing that for for the thanks
anyhow we understand how how crucial 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 easy as possible for everyone that's associated with those processes and likewise so envision sorry I'm simply I was simply gon na state picture the amount of thanks you got if you could cover the amount of people that we cover within this webinar I'm sure we're talking about numerous thousands potentially Millions imagine getting that numerous thank you notes um I imply it 'd be interesting to see how many Post-it notes you got but it would absolutely be an interesting job attempting to clean up all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to look through them and really see what was going on and kind of shot to return to everyone so moving on look why do companies choose to main different bank accounts there are services out there doing exactly this for particular nations and I have actually worked in a service or lots of services doing exactly that I can state it doesn't always feel efficient and it does create more work I understand we're not purposely doing that we're not creating extra work for any person where we don't have to and anybody that's dealing with 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 think many factors one is it's the requirement I think individuals have actually got so used to we require a new checking account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it's not a requirement so I think it's simply been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I think there's a range I think this is a procedure that needs looking at it needs changing but ultimately individuals are really stuck to what they recognize
with ideal um modification is a difficult thing all of us don't like modification um so I think it's simply sort of moving far from the norm as we've said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having preserving multiple checking account however there's a huge amount of complexity opts for setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it's set up with the ideal user accesses for specific people so the complexity is substantial but I think the sincere response is change um individuals have not had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a savings account I think you've struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we've always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or so there is a lot to monitor and this approach does pose several challenges um so Johnny might you tell us about those difficulties yeah obviously so there's a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments.
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