Find out more about Papaya Global 100M Series Partners ... We now have the ability to handle both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has actually obtained a separate Chief Financial Officer particularly committed to handling payments. This offers us with a protected and trustworthy method of making payments to our 10,000 employees worldwide.}
the very best worldwide payroll managment app, saves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and contractors
The Staff member Website provides employees with the ability to gain access to and view crucial files such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile phones and is used in different languages.
Advantages Administration
Papaya Global assists companies provide competitive benefits bundles to international workers regardless of the variety of staff members in the company. The business can set up medical insurance, short-term and long-lasting impairment, vision, oral and maternity leave while eliminating the requirement to source regional benefits providers in every nation, create regional accounts and have a minimum variety of employees.
The HR abilities provided by Global HR include various functions such as keeping an eye on holiday time, making sure compliance, assisting in the procedure of welcoming brand-new staff members and bidding farewell to departing ones, providing a protected online platform for keeping employees' documents, and supplying support for work permit procedures in case your employees need support because location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, labor force diversity, overall employment costs distributed per area, total employment expenses per cycle and a lot more.
Worldwide, I have actually demonstrated leadership and strategic knowledge in directing massive populations of over 100,000 workers throughout 170 nations. Presently, I are accountable for supervising payroll methods, as pointed out by Mark. My role includes handling and developing external partnerships, supporting Enterprise customers, and offering advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments options service provider.
As a worldwide business, we are honored to be included on the distinguished Time 100 list of the most influential business worldwide. We focus on providing payroll and workforce management services to workers in more than 160 countries. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your place. It's a satisfaction to fulfill you and thank you for your valuable time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have actually concentrated on payroll and payment solutions for the past 7 years. The complexities and difficulties of this field have constantly captivated me.
payroll payments and decided to sort of make a real go at that over the last five or six years where I've kind of had a variety of various functions on the provider side and also on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we'll just give everyone another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we'll sort of let them do that so it 'd be rather intriguing and I can see it going on currently just 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 remains in the UK today certainly not the peak of the sunlight is it it's not no it's it's drizzling here it's really extremely gloomy and I wish I was somewhere else at this moment in time alright so let's start our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Global payroll payments as a tactical possession uh we'll likewise discuss a recap and that ought to leave his time at the extremely extremely 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 International labor forces end up being increasingly more common and handling them ends up being increasingly more intricate International organizations are aiming to discover Solutions and brand-new ways to streamline procedures especially from a payroll and cross-border payment viewpoint numerous organizations maintain separate bank account just for payroll while some have numerous accounts in different nations does it make good sense for business to maintain different bank accounts often in different nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies improve the episode complex processes of
Ensuring accurate, efficient, and prompt payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, discover how companies forecast payroll costs to optimize working capital, and find how enhancing international payroll payments can transform them from a troublesome task into a tactical property.
Handling payroll worldwide is a daunting task due to different policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of staff members and companies adds to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently lead to manual procedures, information silos, and an absence of integration, causing inconsistencies and inadequacies. Regardless of living in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar objectives to supply insights and solutions to streamline and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that's another number that provides me sleepless nights and quite frankly the more an organization invests in international payroll the less of a photo they see an absence of exposure also encompasses payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the deal nearly half of global services have expressed that they don't 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 information information entry mistakes badly communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is delivered to the incorrect location the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they count on the required numerous procedures 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 paying to workers or otherwise that's a great concern I always throw this back and state what is it what does not need to be consisted of right and what does
it need to be considered there's varying 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 need 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 best ultimately building a knowledge base is absolutely critical but everywhere you look with payroll payment they are like super 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 definitely fundamental and innovation is enabling us to type of progress with that it also too to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is definitely necessary that payroll and financing groups work better together than ever um I'm always impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anyone 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 often split and cut up um eventually it's payroll is an end-to-end process it's the point of data collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on wellness and the settlement landscape is ending up being progressively intricate. Organizations are continuously presenting brand-new benefits and payment alternatives, which adds to the general complexity. Big corporations typically divide their payroll and payment processing into different teams, which can result in inefficiencies and traffic jams. In my viewpoint, this doesn't have to be the case. In today's highly advanced period, there's no justification for preserving cumbersome procedures. Payroll, the company's most significant cost, need to be processed correctly and on time. Even minor hold-ups can negatively impact workers' well-being and have far-reaching effects. Therefore, it's important to focus on accurate and timely payments.
The payroll group may not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it's from all staff members or not. Payroll is a crucial cycle, and individuals only see when things go wrong. Nevertheless, when things go right, it's viewed as simply a regular job. This is how it's perceived externally as well. Therefore, it is vital to ensure that jobs like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the very first Worldwide Payments very first payroll payment option is a terrific initial action towards supplying an extensive payroll solution for employees worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and bank accounts required for international payroll are key consider attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things don't go as prepared. Eventually, we do not do it for the gratitude.
anyhow 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 simple as possible for everyone that's involved in those procedures and also so think of sorry I'm simply I was just gon na say envision the amount of thanks you got if you might 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 indicate it 'd be interesting to see how many Post-it notes you got however it would absolutely be an interesting task attempting to clean up all those up for sure oh absolutely I can't envision 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 in fact see what was going on and sort of try to return to everybody so carrying on look why do business pick to main separate savings account there are organizations out there doing exactly this for specific countries and I have actually worked in an organization or numerous companies doing exactly that I can say it doesn't constantly feel efficient and it does develop more work I know we're not deliberately doing that we're not developing extra work for anyone where we do not need to and anyone that's managing that procedure 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 many factors one is it's the requirement I believe individuals have actually got so utilized to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it's not a requirement so I think it's simply been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there's a variety I think this is a procedure that requires taking a look at it requires changing but eventually people are extremely stuck with what they're familiar
with ideal um modification is a tough thing all of us do not like modification um so I believe it's simply sort of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having maintaining several savings account but there's a big quantity of complexity chooses establishing a savings account keeping it ensuring it can send out International transfers guaranteeing it's established with the ideal user accesses for individual individuals so the complexity is substantial however I believe the truthful answer is change um people have not been able to alter or haven't had always the knowledge to truly make that change into alternate Solutions besides opening a checking account I think you've struck the nail on the head I think it is understanding you know and there is an element of resistance to change however we have actually always 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 could practically be identified to be the next Century approximately there is a lot to monitor and this approach does position numerous difficulties um so Johnny could you inform us about those challenges yeah obviously so there's a variety 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 International workers you deserve a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you
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