Find out more about Papaya Global Barbados ... We now have the ability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has gotten a different Chief Financial Officer particularly committed to managing payments. This supplies us with a safe and reputable method of paying to our 10,000 workers worldwide.}
the very best international payroll managment app, conserves me hours of time each month, one single control panel for my payroll, EOR and professionals
The Staff member Portal provides workers with the ability to access and view crucial files such as pay slips, wage and tax statements, and work records. This portal is accessible on both desktop and mobile phones and is used in various languages.
Advantages Administration
Papaya Global assists companies use competitive benefits packages to international staff members regardless of the number of workers in the company. The business can establish medical insurance, short-term and long-term impairment, vision, dental and maternity leave while getting rid of the need to source regional benefits suppliers in every country, produce local accounts and have a minimum number of employees.
Worldwide HR Performances
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and migration services if your employees need work license help.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, labor force variety, overall employment expenses distributed per place, total work costs per cycle and a lot more.
environments across the globe I offered leadership and strategy to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll strategies for as Mark stated I work throughout business managing and building external relationships supporting Enterprise clients and solutions as well as functioning as an advisor for those of you that don't know who papaya Global is papaya is the very first payroll and payments
business to make the time 100 list for most influential companies worldwide we offer payroll payments and labor force management to all worker enters over 160 nations I am pleased to say that we also have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning good afternoon good night depending upon where you are in the world it's charming to satisfy 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 remained in the payments market for over ten years and specifically working on the payroll and payment sector for over 7 years um I was interested by the complexity the trouble in all of the above of
payroll payments and decided to type of make a genuine go at that over the last five or 6 years where I've sort of had a range of different functions on the service provider side and likewise on the vendor side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll simply provide 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 quite interesting and I can see it going on already just to hear where everyone is um it's nice to to sort of like see where everyone comes 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 raining here it's really very dreary and I wish I was elsewhere at this moment in time fine so let's start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies keep separate
Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is especially beneficial for global companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time throughout this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one nation but when you're doing it internationally it's next level and Beyond it becomes intricate for a variety of reasons most importantly policies compliance data security and banking guidelines then there are the sheer numbers they include further intricacy the international Labor force is currently three and a half billion people 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 consider that there are some 230 million organizations and growing all doing their own thing around the world in the standard payroll design there's typically a frustrating number of different systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in large quantities and or extremely extremely fundamental there's no real consistency framework we're living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that's another number that offers me sleepless nights and quite frankly the more a company spends on worldwide payroll the less of a photo they see a lack of exposure also encompasses payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide services have actually expressed that they don't have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes improperly communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the data is shipped to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don't run efficiently if they count on the required numerous processes 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 company face when they're making payments to workers or otherwise that's an excellent concern I constantly toss this back and state what is it what does not need to be consisted of ideal 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 nation there's payment amount of time 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 client's own in-country account so there's intricacy wherever you look best eventually developing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like very payments no if but some children 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 definitely fundamental and innovation is enabling us to sort of move forward with that it also also to add to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely necessary that payroll and financing groups work more detailed together than ever um I'm constantly amazed when people say I've divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market 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 data collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of crucial to contribute to sort of the level of intricacy there's a growing number of advantages being organ or being provided by companies throughout the world so again you're simply seeking to include more and more payments to this currently complicated landscape so if you sort of got any experience well I'm from your large experience here and I make certain however have you got any experience in kind of genuine difficulties or genuine tough sort of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that's actually handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they don't make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any organization has from a cost point of view from an effect point of view on employees it is absolutely critical that it's done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful result on people's well-being and many other factors if individuals aren't paid uh I have actually always been astonished entering into this Market sort of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has 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 individuals only discover when things fail. However, when things go right, it's viewed as simply a regular job. This is how it's viewed externally also. Therefore, it is vital to make sure that jobs like Wi-Fi Global and other vital matters are done properly. Utilizing the very first Global Payments first payroll payment option is an excellent preliminary step towards offering a thorough payroll option for staff members worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and savings account required for international payroll are crucial factors in accomplishing company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as prepared. Ultimately, we do not do it for the gratitude.
anyway 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 everybody that's involved in those procedures and also so imagine sorry I'm simply I was simply gon na state think of the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I'm sure we're discussing numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job trying to clean all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that was the case um you 'd need days of the week to attempt to look through them and actually see what was going on and sort of try to return to everybody so carrying on look why do business choose to main separate savings account there are organizations out there doing exactly this for specific countries and I've operated in an organization or many services doing precisely that I can state it does not constantly feel effective and it does produce more work I understand we're not intentionally doing that we're not developing extra work for anyone where we don't have to and anybody that's handling that process I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the quantity that we are I think numerous reasons one is it's the requirement I think individuals have actually got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it's not a requirement so I believe it's simply been the standard and the norm individuals have adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there's a variety I think this is a procedure that needs taking a look at it requires changing however eventually individuals are very stuck to what they recognize
with right um modification is a challenging thing all of us do not like modification um so I think it's just type of moving far from the standard as we've said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the advantages of having keeping several savings account but there's a substantial amount of intricacy goes with setting up a savings account keeping it guaranteeing it can send International transfers guaranteeing it's established with the ideal user accesses for individual individuals so the complexity is huge but I believe the truthful answer is change um individuals have not been able to alter or have not had always the knowledge to really make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we've constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on 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 technique does position a number of difficulties um so Johnny might you tell us about those challenges yeah obviously so there's a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements.
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