Find out more about Improve Hr Efficiency And Save Money Papaya Global ... We now have the capability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has gotten a different Chief Financial Officer particularly committed to handling payments. This supplies us with a safe and dependable method of paying to our 10,000 staff members worldwide.}
The cutting-edge international payroll management app enhances my payroll procedure, conserving me a significant quantity of time every month. With its easy to use user interface, I have access to a single control panel that efficiently manages my payroll, EOR, and specialists.
The Employee Portal provides staff members with the ability to gain access to and view important files such as pay slips, wage and tax declarations, and work records. This portal is accessible on both desktop and mobile devices and is used in numerous languages.
Benefits Administration
Papaya Global helps business offer competitive benefits plans to global staff members no matter the variety of workers in the company. The company can set up medical insurance, short-term and long-lasting special needs, vision, oral and maternity leave while getting rid of the need to source regional advantages providers in every nation, develop local accounts and have a minimum variety of workers.
The HR capabilities provided by Global HR incorporate different functions such as monitoring vacation time, making sure compliance, facilitating the procedure of inviting brand-new staff members and bidding farewell to leaving ones, providing a secure online platform for saving employees' documents, and supplying support for work permit procedures in case your workers require support in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force spending, workforce diversity, overall employment expenses distributed per area, total employment expenses per cycle and far more.
Globally, I have actually demonstrated leadership and strategic expertise in guiding large-scale populations of over 100,000 workers across 170 countries. Presently, I am responsible for overseeing payroll strategies, as pointed out by Mark. My function involves managing and developing external partnerships, supporting Business clients, and providing advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments options company.
As a worldwide business, we are honored to be included on the distinguished Time 100 list of the most prominent companies worldwide. We concentrate on offering payroll and workforce management services to staff members in more than 160 countries. I am delighted to present Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your area. It's a pleasure to fulfill you and thank you for your important time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have concentrated on payroll and payment services for the past seven years. The intricacies and obstacles of this field have actually constantly mesmerized me.
payroll payments and chose to kind of make a real go at that over the last 5 or 6 years where I've kind of had a variety of different functions on the provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll just provide everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we'll kind of let them do that so it 'd be quite fascinating and I can see it going on currently simply to hear where everyone is um it's nice to to sort of like see where everybody 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 drizzling here it's very extremely uninspiring and I wish I was somewhere else at this moment in time okay so let's begin our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business maintain different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya International payroll payments as a tactical property uh we'll also review a recap which should leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more typical and handling them ends up being increasingly more complex Worldwide companies are aiming to discover Solutions and new ways to improve processes specifically from a payroll and cross-border payment viewpoint numerous organizations keep separate savings account just for payroll while some have several accounts in different countries does it make good sense for companies to preserve separate bank accounts in some cases in various nations it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business streamline the episode complex processes of
making payroll payments properly effectively securely and on time throughout this webinar we'll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll savings account how companies properly forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one nation but when you're doing it internationally it's next level and Beyond it becomes intricate for a range of reasons most significantly policies compliance information security and banking rules then there are the large numbers they add more complexity the international Labor force is currently 3 and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion people 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 design there's typically an overwhelming variety of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or really really basic there's no real consistency framework we're residing in an era of tech however payroll has actually been slow 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 whenever I I think
about it to offer you a concept 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 provides me sleep deprived nights and quite honestly the more an organization spends on international payroll the less of a picture they see an absence of visibility likewise encompasses payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide organizations 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 errors are due to time reporting poor HCM data information entry mistakes poorly communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is shipped to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments don't run efficiently if they count on the necessary numerous processes 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 obstacles company face when they're paying to staff members or otherwise that's a good concern I constantly throw this back and state what is it what does not need to be consisted of ideal 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 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 ideal ultimately developing a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort 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 fundamental and innovation is allowing us to kind of move on with that it likewise also to add to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely imperative that payroll and financing groups work more detailed together than ever um I'm always impressed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody 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 a market accept that why our payroll and payments so typically 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 any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more important to contribute to kind of the level of intricacy there's more and more benefits being organ or being provided by services across the world so again you're just aiming to add increasingly more payments to this currently complicated landscape so if you type of got any experience well I'm from your vast experience here and I make sure but have you got any experience in kind of real obstacles or genuine tough sort of pay uses to play to pay people I think yeah I imply over the last well yeah a number of decades I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding details into the next function as it were that's really handling the payment side of things however you know in in my viewpoint and my experience that doesn't necessarily need to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they don't make them what they require to be in in an age of tech and an era that you know that we are operating in today there is no reason that we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any service has from an expense viewpoint from an effect perspective on workers it is definitely critical that it's done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful impact on individuals's well-being and many other factors if individuals aren't paid uh I've always been amazed coming into this Market type of the last five to 10 years is how little thanks the
payroll group get um so I'm unsure anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it 'd be fantastic to hear your success story and whether that's been from all staff members or not um however ultimately payroll is such a crucial cycle we all hear about it when it goes wrong everybody jumps up and down when it fails 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 likewise 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 solution is an excellent initial step um supplying an end-to-end payroll solution for your employees internationally again I think is another big um procedure again lining up and guaranteeing you have standardization International processes all of those things are definitely essential to success success of organizations and lowering the number of tools platforms and bank accounts they require 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've never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they're indicated to be um I do not think any of us are actually doing that for for the thanks
anyway we understand how how crucial a role 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 everyone that's associated with those procedures and likewise so envision sorry I'm simply I was simply gon na say imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we're discussing numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I mean it 'd be interesting to see how many Post-it notes you got but it would absolutely be an interesting task trying to clean up all those up for sure oh definitely 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 try to browse them and actually see what was going on and kind of try to return to everybody so carrying on appearance why do business select to main separate checking account there are organizations out there doing precisely this for specific countries and I've worked in a service or numerous services doing exactly that I can state it doesn't constantly feel efficient and it does create more work I understand we're not intentionally doing that we're not producing extra work for anyone where we don't have to and anyone that's handling 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 people have got so used to we require a brand-new checking account we open an entity and rightly 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 simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other methods um to to type of do it so I think there's a variety I think this is a process that needs taking a look at it requires altering however eventually people are extremely stuck with what they're familiar
with best um change is a challenging thing all of us don't like change um so I think it's simply sort of moving far from the standard as we've said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving multiple checking account however there's a huge amount of complexity goes with setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it's set up with the right user accesses for private people so the intricacy is huge but I think the honest answer is modification um individuals haven't had the ability to change or haven't had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter however we've constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or two there is a lot to keep an eye on and this approach does pose a number of challenges um so Johnny might you inform us about those difficulties yeah naturally so there's a range right there is so
I just did you switched our Business 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 Global workers you should have a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you
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