Find out more about Papaya Global 40M Scale Partners 45M ... 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 obtained a different Chief Financial Officer particularly dedicated to handling payments. This supplies us with a safe and dependable technique of paying to our 10,000 employees worldwide.}
The cutting-edge international payroll management app simplifies my payroll process, conserving me a considerable quantity of time every month. With its user-friendly interface, I have access to a single control panel that effectively handles my payroll, EOR, and professionals.
The Staff member Portal supplies employees with the capability to access and view crucial files such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile devices and is used in different languages.
Advantages Administration
Papaya Global assists companies offer competitive benefits bundles to worldwide workers despite the variety of staff members in the company. The company can establish health insurance, short-term and long-lasting special needs, vision, dental and maternity leave while removing the requirement to source regional advantages providers in every nation, create regional accounts and have a minimum number of staff members.
The HR abilities provided by Global HR encompass numerous functions such as keeping an eye on getaway time, making sure compliance, helping with the process of welcoming brand-new employees and bidding goodbye to leaving ones, offering a protected online platform for saving employees' files, and offering support for work allow procedures in case your workers require support in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force spending, workforce variety, overall employment costs dispersed per place, overall work expenses per cycle and much more.
Worldwide, I have demonstrated management and strategic knowledge in directing massive populations of over 100,000 employees across 170 nations. Currently, I are accountable for supervising payroll strategies, as mentioned by Mark. My role includes handling and establishing external collaborations, supporting Enterprise clients, and providing advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments services provider.
business to make the time 100 list for most influential business on the planet we offer payroll payments and labor force management to all staff member enters over 160 countries I am pleased to say that we also have as Mark stated Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning excellent afternoon excellent night depending upon where you are in the world it's lovely to meet you and thank you very much for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I have actually remained in the payments market for over ten years and particularly working on the payroll and payment sector for over 7 years um I was amazed by the complexity the difficulty in all of the above of
payroll payments and chose to sort of make a real go at that over the last 5 or 6 years where I've type of had a range of different roles on the company side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll just provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we'll sort of let them do that so it 'd be rather interesting and I can see it going on already simply to hear where everyone is um it's nice to to type of like see where everyone originates from and I truly 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 really gloomy and I wish I was elsewhere at this moment in time okay so let's get started our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business preserve different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we'll also go over a recap which needs to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and managing them becomes a growing number of complicated International organizations are aiming to find Solutions and new ways to streamline processes particularly from a payroll and cross-border payment standpoint many organizations maintain separate savings account just for payroll while some have several accounts in different nations does it make sense for business to preserve separate savings account often in different nations it does but just for payroll is there a much better method 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 efficiently securely and on time throughout this webinar we'll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly forecast their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in sufficient in one country however when you're doing it globally it's next level and Beyond it becomes intricate for a range of factors most notably guidelines compliance data security and banking rules then there are the large numbers they add more complexity the worldwide Labor force is currently three and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll model there's frequently a frustrating variety of various systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or really really fundamental there's no genuine consistency structure we're living in an age 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 simply blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that's another number that provides me sleepless nights and rather frankly the more a business invests in worldwide payroll the less of an image they see an absence of presence also encompasses payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of international businesses have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and after that when you round everything off and the data is delivered to the wrong place the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they rely on the required several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles organization face when they're paying to staff members or otherwise that's a great concern I always toss this back and state what is it what doesn't require to be consisted of ideal and what does
it need to be thought of there's differing Bank details so the length of an eye band a swift an account number routing code per country there's payment timespan there's payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer's own in-country account so there's complexity wherever you look right ultimately building a knowledge base is definitely critical however everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 essential and innovation is enabling us to sort of progress with that it also as well to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and finance teams work more detailed together than ever um I'm always astonished when individuals say I've split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high worth on wellness and the settlement landscape is becoming progressively intricate. Businesses are continually presenting brand-new advantages and payment choices, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into different groups, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this doesn't have to be the case. In today's technically innovative era, there's no justification for keeping cumbersome treatments. Payroll, the company's greatest expenditure, should be processed correctly and on time. Even minor hold-ups can adversely impact employees' well-being and have far-reaching repercussions. Therefore, it's important to focus on precise and timely payments.
payroll team get um so I'm not sure anybody on this kind of webinar has been told 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 workers or not um but eventually payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it fails but when it goes right it's just a tick box exercise and I believe 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 absolutely crucial that all of this stuff is done correctly so leveraging the first International Payments first payroll payment solution is a great first step um offering an end-to-end payroll service for your employees internationally once again I think is another big um process once again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of services and lowering the variety of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don't expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they're implied to be um I don't believe any of us are in fact doing that for for the thanks
anyway we understand how how crucial a function 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 everyone that's associated with those procedures and likewise so think of sorry I'm just I was just gon na say imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we're speaking about numerous thousands possibly Millions picture getting that many thank you keeps in mind um I suggest it 'd be interesting to see the number of Post-it notes you got however it would certainly be a fascinating task trying to clean up all those up for sure oh definitely I can't picture the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to look through them and really see what was going on and sort of shot to return to everybody so moving on appearance why do business select to main separate checking account there are businesses out there doing exactly this for particular countries and I have actually worked in an organization or numerous businesses doing exactly that I can state it doesn't always feel efficient and it does develop more work I understand we're not purposely doing that we're not creating additional work for anyone where we don't need to and anybody that's handling that procedure I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the amount that we are I believe lots of factors one is it's the standard I believe individuals have actually got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it's not a requirement so I think it's simply been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and many other methods um to to kind of do it so I think there's a range I think this is a process that needs looking at it requires altering but ultimately individuals are extremely stuck to what they're familiar
with best um modification is a difficult thing we all do not like change um so I think it's simply kind of moving far from the norm as we've said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having preserving numerous checking account however there's a substantial quantity of complexity chooses establishing a checking account maintaining it ensuring it can send out International transfers ensuring it's set up with the ideal user accesses for individual people so the intricacy is huge but I believe the sincere response is change um people haven't had the ability to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you've struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter but we've always done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what could practically be identified to be the next Century or two there is a lot to keep an eye on and this technique does posture a number of challenges um so Johnny might you tell us about those challenges yeah naturally so there's a range 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 jobs on one platform. It feels like our CFO has actually gained another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your achievements.
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