Find out more about Israelbased Papaya Global Microsoft Intel 45M ... We now have the capability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has obtained a different Chief Financial Officer specifically dedicated to handling payments. This supplies us with a safe and trustworthy method of paying to our 10,000 employees worldwide.}
the very best international payroll managment app, conserves me hours of time on a monthly basis, one single control panel for my payroll, EOR and specialists
The Employee Portal supplies employees with the capability to access and view important files 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.
Advantages Administration
Papaya Global assists companies provide competitive benefits bundles to international staff members no matter the variety of employees in the business. The business can set up medical insurance, short-term and long-term impairment, vision, oral and maternity leave while removing the requirement to source regional advantages service providers in every nation, develop regional accounts and have a minimum variety of workers.
The HR capabilities provided by Worldwide HR encompass different functions such as monitoring getaway time, guaranteeing compliance, assisting in the process of welcoming new staff members and bidding goodbye to departing ones, offering a safe online platform for keeping employees' documents, and providing assistance for work allow treatments in case your staff members need help in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, workforce diversity, overall employment costs distributed per location, total work expenses per cycle and a lot more.
Worldwide, I have actually shown management and tactical know-how in assisting large-scale populations of over 100,000 workers throughout 170 nations. Currently, I am responsible for overseeing payroll methods, as mentioned by Mark. My role includes handling and developing external collaborations, supporting Business clients, and offering advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments options provider.
As an international business, we are honored to be consisted of on the prominent Time 100 list of the most prominent companies worldwide. We focus on offering payroll and labor force management services to workers in more than 160 nations. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, despite your area. It's an enjoyment to satisfy you and thank you for your important time. As Ian discussed, 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 solutions for the past 7 years. The complexities and challenges of this field have constantly captivated me.
payroll payments and decided to type of make a genuine go at that over the last five or six years where I've kind of had a variety of different functions on the supplier side and likewise on the supplier side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we'll simply offer everyone another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we'll type of let them do that so it 'd be rather interesting and I can see it going on currently just to hear where everybody is um it's nice to to kind of like see where everybody originates from and I really do hope it's much sunnier than it is in the UK today definitely not the peak of the sunlight is it it's not no it's it's drizzling here it's very extremely bleak and I want I was somewhere else at this moment in time alright so let's get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we'll also review a recap which should leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more typical and managing them ends up being increasingly more complex Global organizations are wanting to discover Solutions and new ways to improve procedures particularly from a payroll and cross-border payment viewpoint numerous companies keep separate bank account just for payroll while some have multiple accounts in different countries does it make sense for companies to keep separate bank accounts in some cases in different nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies simplify the episode complex processes of
making payroll payments precisely effectively safely and on time during this webinar we'll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one country but when you're doing it internationally it's next level and Beyond it ends up being complicated for a variety of reasons most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they include further complexity the worldwide Labor force is presently three and a half billion people by 2030 it's approximated 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 businesses and growing all doing their own thing worldwide in the standard payroll model there's frequently a frustrating variety of various systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or very very standard there's no real consistency structure we're living in an age of tech but 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 and that simply blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 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 an organization spends on international payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the transaction nearly half of global companies have actually 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 because of time reporting poor HCM information data entry mistakes badly communicated hires and terminations as well as lack management and system setups and after that when you round it all off and the data is shipped to the incorrect place 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 world payroll and payments don't run smoothly if they depend on the required multiple processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles business face when they're paying to employees or otherwise that's an excellent question I constantly toss this back and state what is it what does not require to be included best and what does
it need to be thought of there's varying Bank information so the length of an eye band a swift an account number routing code per nation 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 wherever you look ideal eventually building a knowledge base is definitely vital but all over you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you 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 absolutely fundamental and technology is allowing us to type of move on with that it also too to contribute to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is definitely crucial that payroll and financing teams work more detailed together than ever um I'm constantly astonished when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation 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 eventually 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 likewise paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on well-being and the payment landscape is becoming significantly detailed. Businesses are continuously introducing new benefits and payment alternatives, which contributes to the overall intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my opinion, this doesn't need to hold true. In today's highly sophisticated era, there's no justification for keeping troublesome treatments. Payroll, the company's greatest expenditure, should be processed properly and on time. Even slight hold-ups can negatively impact workers' well-being and have significant consequences. Therefore, it's crucial to prioritize accurate and prompt payments.
payroll team get um so I'm not exactly sure anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it 'd be great to hear your success story and whether that's been from all employees or not um but ultimately payroll is such an essential cycle all of us find out about 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 believe that's how it's seen from the external consider 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 stuff is done correctly so leveraging the first Worldwide Payments very first payroll payment solution is a terrific first step um providing an end-to-end payroll service for your workers internationally once again I believe is another big um procedure again aligning and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of companies and minimizing the number of tools platforms and bank accounts they need for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not anticipate 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 meant to be um I do not believe any of us are really doing that for for the thanks
anyway 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 simple as possible for everybody that's associated with those procedures and also so picture sorry I'm just I was just gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we're discussing numerous thousands possibly Millions imagine getting that numerous 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 intriguing job trying to clean 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 attempt to browse them and really see what was going on and type of try to return to everybody so proceeding look why do companies pick to primary different checking account there are businesses out there doing precisely this for particular countries and I've operated in a business or many companies doing exactly that I can say it doesn't constantly feel efficient and it does develop more work I understand we're not deliberately doing that we're not developing extra work for anybody where we don't need to and anyone that's handling that process I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the amount that we are I think numerous factors one is it's the standard I believe individuals have got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it's not a requirement so I think it's simply been the standard and the norm the people have adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there's a range I believe this is a procedure that needs taking a look at it needs altering however eventually people are really stuck to what they're familiar
with ideal um modification is a difficult thing all of us do not like change um so I believe it's just sort of moving away from the norm as we've said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having preserving numerous bank accounts but there's a substantial amount of intricacy goes with establishing a bank account preserving it ensuring it can send International transfers guaranteeing it's established with the best user accesses for specific people so the intricacy is big however I think the sincere answer is change um people haven't been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but 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 understand what might practically be figured out to be the next Century or so there is a lot to keep track of and this approach does pose a number of challenges um so Johnny could you tell us about those challenges yeah of course so there's a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this improved ability, I have successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your accomplishments.
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