Find out more about Papaya Global 100M Series Capital ... We now have the capability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually gotten a different Chief Financial Officer specifically dedicated to handling payments. This offers us with a safe and secure and dependable technique of paying to our 10,000 workers worldwide.}
The innovative worldwide payroll management app improves my payroll process, saving me a considerable amount of time each month. With its easy to use user interface, I have access to a single dashboard that effectively manages my payroll, EOR, and specialists.
The Employee Website supplies employees with the ability to access 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 use competitive benefits packages to worldwide staff members regardless of the variety of workers in the company. The company can establish medical insurance, short-term and long-term impairment, vision, dental and maternity leave while eliminating the need to source regional advantages service providers in every country, produce local accounts and have a minimum variety of staff members.
International HR Functionalities
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your staff members require work license assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, labor force diversity, total work costs dispersed per location, total employment costs per cycle and far more.
environments across the globe I offered leadership and strategy 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 throughout the business managing and building external relationships supporting Business clients and solutions along with acting as a consultant for those of you that do not understand who papaya International is papaya is the very first payroll and payments
company to make the time 100 list for most prominent companies on the planet we supply payroll payments and labor force management to all staff member key ins over 160 countries I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself naturally thank you good morning excellent afternoon good night depending upon where you are in the world it's beautiful to meet you and thank you very much 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 ten years and specifically working on the payroll and payment sector for over 7 years um I was interested by the intricacy the problem in all of the above of
payroll payments and chose to kind of make a real go at that over the last 5 or 6 years where I have actually type of had a range of different roles on the service provider side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we'll just provide everybody another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we'll kind of let them do that so it 'd be quite interesting and I can see it going on already simply to hear where everybody 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 is 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 really very dreary and I want I was elsewhere at this moment in time okay so let's get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies maintain separate
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will also provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently securely and on time during this webinar we'll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one country but when you're doing it worldwide it's next level and Beyond it becomes complex for a variety of factors most importantly policies compliance information security and banking guidelines then there are the sheer numbers they add additional complexity the international Workforce is currently three and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll design there's often a frustrating number of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or extremely really fundamental there's no genuine consistency framework we're living in a period of tech however payroll has actually been sluggish 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 whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that's another number that provides me sleep deprived nights and rather honestly the more a service spends on worldwide payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of worldwide organizations have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes badly 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 wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they count on the required numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they're making payments to employees or otherwise that's a great question I constantly throw this back and say what is it what doesn't require to be included best 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 country there's payment time frames 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 eventually building a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like extremely 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 think there's now a bit more recognition that payroll payments are definitely fundamental and technology is permitting us to kind of move forward with that it also too to contribute to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely crucial that payroll and financing teams work better together than ever um I'm always surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so often 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 any place they are however also paying statutory authorities and on statutory third parties so with the
The modern world positions a high worth on wellness and the compensation landscape is ending up being progressively intricate. Companies are constantly presenting brand-new advantages and payment options, which adds to the total complexity. Big corporations often divide their payroll and payment processing into separate groups, which can cause inefficiencies and traffic jams. In my opinion, this does not need to be the case. In today's highly innovative era, there's no reason for keeping troublesome treatments. Payroll, the company's most significant cost, must be processed correctly and on time. Even minor delays can negatively affect employees' wellness and have far-reaching consequences. For that reason, it's vital to prioritize accurate and timely payments.
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it's from all workers or not. Payroll is a crucial cycle, and people only observe when things go wrong. However, when things go right, it's seen as simply a routine job. This is how it's perceived externally also. Therefore, it is necessary to ensure that jobs like Wi-Fi International and other important matters are done correctly. Utilizing the first Worldwide Payments first payroll payment solution is a terrific initial action towards providing a comprehensive payroll service for staff members worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and bank accounts essential for global payroll are essential consider accomplishing service success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of grievances when things do not go as planned. Ultimately, we do not do it for the thankfulness.
anyhow we know how how important 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 simple as possible for everyone that's involved in those procedures and likewise so think of sorry I'm simply I was just gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we're speaking about hundreds of thousands possibly Millions think of getting that numerous thank you notes um I suggest it 'd be interesting to see the number of Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that was the case um you 'd need days of the week to try to browse them and really see what was going on and kind of shot to get back to everyone so carrying on look why do business pick to primary different checking account there are businesses out there doing exactly this for particular nations and I have actually operated in an organization or lots of businesses doing precisely that I can say it does not constantly feel efficient and it does produce more work I know we're not deliberately doing that we're not creating extra work for anyone where we do not need to and anyone that's managing that process I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the quantity that we are I think lots of reasons one is it's the standard I think people have got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it's not a requirement so I believe it's just been the standard and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other methods um to to type of do it so I think there's a variety I think this is a procedure that needs taking a look at it requires changing but ultimately people are extremely stuck to what they recognize
with best um modification is a tough thing all of us don't like modification um so I believe it's just sort of moving away from the standard as we've said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having maintaining numerous bank accounts but there's a big amount of intricacy opts for establishing a checking account keeping it guaranteeing it can send International transfers ensuring it's set up with the ideal user accesses for specific people so the complexity is substantial however I believe the honest answer is modification um people have not been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions besides opening a savings account I believe you've struck the nail on the head I think it is understanding you know and there is an element of resistance to alter however 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 carrying on and moving into you know what could almost be determined to be the next Century or so there is a lot to keep an eye on and this approach does posture several obstacles um so Johnny might you tell us about those challenges yeah obviously so there's a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments.
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