Find out more about Papaya Global Bhutan ... We now have the capability to manage both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer particularly devoted to managing payments. This supplies us with a protected and reputable method of paying to our 10,000 workers worldwide.}
the very best international payroll managment app, conserves me hours of time every month, one single dashboard for my payroll, EOR and specialists
The Employee Website offers workers with the capability to gain access to 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 provided in numerous languages.
Benefits Administration
Papaya Global assists business offer competitive advantages bundles to worldwide employees no matter the number of workers in the business. The company can set up medical insurance, short-term and long-term special needs, vision, oral and maternity leave while removing the need to source regional advantages suppliers in every country, develop regional accounts and have a minimum variety of employees.
The HR capabilities offered by Worldwide HR encompass various functions such as keeping an eye on trip time, ensuring compliance, facilitating the procedure of inviting new workers and bidding farewell to departing ones, using a secure online platform for storing employees' files, and supplying assistance for work permit procedures in case your workers need support in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, workforce diversity, total work costs dispersed per area, total employment costs per cycle and much more.
environments around the world I offered management and method to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll techniques for as Mark stated I work across the business managing and structure external relationships supporting Enterprise clients and options in addition to functioning as a consultant for those of you that don't know who papaya Global is papaya is the first payroll and payments
business to make the time 100 list for most prominent business on the planet we provide payroll payments and workforce management to all worker key ins 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 naturally thank you good morning excellent afternoon good night depending upon where you are in the world it's charming to satisfy you and thank you quite for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I have actually been in the payments market for over ten years and specifically working on the payroll and payment sector for over seven years um I was interested by the complexity the problem in all of the above of
payroll payments and chose to kind of make a genuine go at that over the last five or six years where I have actually sort of had a variety of different roles on the provider side and also on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we'll simply give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we'll type of let them do that so it 'd be quite intriguing and I can see it going on currently just to hear where everyone is um it's nice to to sort of like see where everybody comes from and I truly do hope it's much sunnier than it is in the UK today definitely not the peak of the sunshine is it it's not no it's it's drizzling here it's very really gloomy and I want I was somewhere else at this moment in time alright so let's begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing International payroll why companies maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical possession uh we'll likewise go over a wrap-up which needs to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more common and managing them becomes a growing number of complicated Worldwide companies are aiming to discover Solutions and brand-new methods to simplify procedures especially from a payroll and cross-border payment perspective lots of organizations maintain separate savings account just for payroll while some have several accounts in various nations does it make sense for companies to preserve different bank accounts sometimes in various countries it does but just for payroll is there a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies improve the episode complex processes of
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for services running internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, find out how companies anticipate payroll expenses to enhance working capital, and discover how simplifying international payroll payments can transform them from a challenging job into a tactical asset.
Managing payroll globally is a difficult job due to various policies, compliance requirements, information security concerns, and banking rules. The sheer variety of staff members and companies contributes to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million services worldwide.
Traditional payroll systems frequently lead to manual processes, information silos, and a lack of combination, resulting in disparities and inadequacies. Despite residing in an age of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to supply insights and services to simplify and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce data in real time that's another number that offers me sleepless nights and rather honestly the more a business invests in worldwide payroll the less of an image they see a lack of visibility also reaches payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of global services have actually revealed that they don't have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry errors improperly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the information is shipped to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don't run efficiently if they rely on the needed multiple 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 difficulties service face when they're paying to employees or otherwise that's a good concern I constantly toss this back and state what is it what does not need to be included best and what does
it need to be thought about there's varying Bank information 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 capabilities 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 any place you look right eventually constructing a knowledge base is absolutely critical but all over you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are absolutely basic and technology is enabling us to type of progress with that it also also to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely important that payroll and finance teams work closer together than ever um I'm constantly impressed when individuals say I've split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't operate 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 ultimately it's payroll is an end-to-end process it's the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of important to add to kind of the level of intricacy there's more and more benefits being organ or being provided by services throughout the world so again you're just aiming to include increasingly more payments to this currently intricate landscape so if you kind of got any experience well I'm from your huge experience here and I'm sure however have you got any experience in kind of real obstacles or real challenging kind of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are groups feeding info into the next function as it were that's in fact managing the payment side of things but you know in in my viewpoint and my experience that doesn't always need to be the case you understand long gone are the times where we need to develop extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they do not make them what they need to be in in a period of tech and a period that you know that we are operating in today there is no reason we are still making this as challenging as it needs to be agreed and rightly as you said payroll is the single biggest liability that any service has from a cost point of view from an effect perspective on workers it is definitely crucial that it's done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the greatest detrimental effect on individuals's wellness and lots of other elements if individuals aren't paid uh I've always been astonished coming into this Market type of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it's from all staff members or not. Payroll is an essential cycle, and people just see when things fail. However, when things go right, it's viewed as simply a routine job. This is how it's perceived externally also. Therefore, it is important to ensure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the very first International Payments very first payroll payment solution is a terrific initial step towards supplying an extensive payroll service for workers worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and savings account required for global payroll are crucial consider attaining service success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things don't go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we understand how how essential 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 easy as possible for everyone that's associated with those procedures and also so imagine sorry I'm simply I was simply gon na say think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I'm sure we're talking about hundreds of thousands potentially Millions picture getting that numerous thank you notes um I mean it 'd be interesting to see how many Post-it notes you got but it would definitely be an interesting job attempting to clean 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 look through them and actually see what was going on and sort of shot to return to everybody so carrying on appearance why do companies pick to primary different bank accounts there are businesses out there doing precisely this for particular countries and I have actually operated in a company or numerous services doing exactly that I can say it doesn't constantly feel efficient and it does create more work I know we're not intentionally doing that we're not creating extra work for any person where we do not need to and anyone that's dealing with 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 amount that we are I believe many reasons one is it's the standard I believe individuals have actually got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it's not a requirement so I think it's just been the standard and the norm the people have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other ways um to to type of do it so I think there's a variety I think this is a process that requires looking at it requires changing but ultimately people are extremely stuck with what they recognize
with right um change is a tough thing we all don't like modification um so I think it's simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having keeping numerous bank accounts however there's a big amount of intricacy goes with setting up a checking account keeping it guaranteeing it can send International transfers ensuring it's established with the ideal user accesses for individual individuals so the intricacy is huge but I think the truthful response is modification um people have not been able to change or haven't had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we've always done it that way is no real reason for not looking at the the benefits 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 method does position several challenges um so Johnny could you inform us about those challenges yeah naturally 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global staff members you deserve a corner workplace with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you