Find out more about Jamie Wheeler Papaya Global ... 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 gotten a separate Chief Financial Officer specifically devoted to managing payments. This offers us with a secure and trusted approach of making payments to our 10,000 workers worldwide.}
The cutting-edge international payroll management app improves my payroll procedure, conserving me a substantial amount of time each month. With its easy to use user interface, I have access to a single control panel that efficiently handles my payroll, EOR, and specialists.
Staff member Website
Staff members have access to an Employee Website where they can view their pay slips, wage and tax declarations and work files. The website is readily available in multiple languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global helps companies offer competitive advantages plans to worldwide staff members no matter the number of workers in the company. The business can set up medical insurance, short-term and long-lasting special needs, vision, dental and maternity leave while getting rid of the requirement to source regional advantages service providers in every nation, produce regional accounts and have a minimum number of staff members.
International HR Performances
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and immigration services if your staff members require work license assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, workforce variety, overall employment costs dispersed per area, total work costs per cycle and much more.
environments across the globe I provided management and technique to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll strategies for as Mark said I work throughout the business handling and structure external relationships supporting Business clients and solutions as well as serving as an advisor for those of you that don't understand who papaya Global is papaya is the very first payroll and payments
business to make the time 100 list for many influential companies on the planet we provide payroll payments and workforce management to all worker enters over 160 nations I am pleased to say that we also have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning great afternoon good night depending upon where you remain in the world it's beautiful 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've been in the payments industry for over 10 years and particularly working on the payroll and payment sector for over 7 years um I was fascinated by the complexity the trouble in all of the above of
payroll payments and chose to type of make a real go at that over the last 5 or six years where I have actually sort of had a variety of various roles on the supplier side and also on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everybody all right 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 rather intriguing and I can see it going on currently simply to hear where everyone is um it's nice to to type of like see where everyone originates from and I really do hope it's much sunnier than it is 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 extremely really bleak and I wish I was elsewhere at this moment in time okay so let's start our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a tactical asset uh we'll likewise review a wrap-up and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of common and handling them becomes more and more complicated Worldwide organizations are looking to find Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment standpoint lots of companies preserve separate savings account just for payroll while some have multiple accounts in different countries does it make sense for companies to maintain different checking account in some cases in various nations it does however just for payroll is there a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international companies simplify the episode complex processes of
making payroll payments precisely effectively firmly and on time throughout this webinar we'll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how business accurately anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one nation but when you're doing it internationally it's next level and Beyond it becomes complicated for a range of reasons most importantly guidelines compliance data security and banking rules then there are the sheer numbers they add additional intricacy the international Workforce is currently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion individuals 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 standard payroll model there's frequently a frustrating variety of different systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really extremely fundamental there's no genuine consistency structure we're living 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 and that just blows my mind every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Labor force information in real time that's another number that gives me sleep deprived nights and rather frankly the more an organization invests in international payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide services have revealed 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 bad HCM information data entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is shipped to the wrong location the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don't run efficiently if they rely on the necessary several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they're making payments to employees or otherwise that's a good question I constantly throw this back and say what is it what doesn't require to be included right and what does
it need to be considered there's differing Bank details 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 need to pay from an in-country account do you need to pay from the client's own in-country account so there's complexity any place you look ideal eventually developing a knowledge base is absolutely crucial but all over you look with payroll payment they are like very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are absolutely fundamental and technology is permitting us to type of progress with that it likewise also to add to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is definitely necessary that payroll and finance teams work more detailed together than ever um I'm constantly amazed when people say I've split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation 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 eventually it's payroll is an end-to-end procedure it's the point of data 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 modern world puts a high worth on well-being and the compensation landscape is becoming progressively complex. Services are constantly presenting brand-new advantages and payment alternatives, which contributes to the overall intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can lead to ineffectiveness and traffic jams. In my opinion, this doesn't have to be the case. In today's highly sophisticated period, there's no reason for keeping troublesome procedures. Payroll, the company's biggest expenditure, need to be processed correctly and on time. Even minor hold-ups can adversely affect staff members' well-being and have significant consequences. For that reason, it's critical to focus on precise and prompt payments.
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it's from all workers or not. Payroll is an essential cycle, and individuals only observe when things go wrong. Nevertheless, when things go right, it's seen as simply a regular job. This is how it's viewed externally as well. For that reason, it is vital to ensure that jobs like Wi-Fi Global and other essential matters are done correctly. Using the first Global Payments first payroll payment option is an excellent preliminary step towards supplying a comprehensive payroll option for workers worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and bank accounts necessary for worldwide payroll are essential consider attaining service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things do not go as prepared. Ultimately, we do not do it for the appreciation.
anyhow we understand how how important 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 procedures and likewise so think of sorry I'm simply I was simply gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we're discussing hundreds of thousands potentially Millions think of getting that many thank you notes um I imply it 'd be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to check out them and actually see what was going on and type of shot to return to everybody so carrying on appearance why do companies pick to main different savings account there are services out there doing exactly this for specific countries and I have actually worked in an organization or lots of organizations doing precisely that I can state it doesn't constantly feel efficient and it does produce more work I understand we're not deliberately doing that we're not producing extra work for any person where we don't need to and any person 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 quantity that we are I think many factors one is it's the standard I believe people have actually got so used to we need a new checking account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it's not a requirement so I think it's just been the requirement and the standard the people have adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and many other methods um to to sort of do it so I believe there's a variety I think this is a process that requires taking a look at it needs altering but eventually people are really stuck to what they're familiar
with ideal um change is a tough thing all of us don't like modification um so I think it's simply sort of moving away from the norm as we've said so yeah so it keeps a great deal of track of things um I understand obviously the advantages of having keeping multiple savings account however there's a huge amount of intricacy goes with setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it's established with the ideal user accesses for private people so the intricacy is big however I think the honest answer is change um people have not been able to alter or have not had always the understanding to truly 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 a component of resistance to change however we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century or two there is a lot to monitor and this technique does position several obstacles um so Johnny could you tell us about those challenges yeah obviously so there's a range right there is so
I recently made a change 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 actually acquired another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments.
Papaya Global Bhutan