Find out more about Papaya Global Blog ... 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 acquired a separate Chief Financial Officer particularly dedicated to handling payments. This supplies us with a protected and reputable technique of making payments to our 10,000 workers worldwide.}
The advanced international payroll management app enhances my payroll procedure, saving me a considerable amount of time monthly. With its user-friendly interface, I have access to a single dashboard that efficiently manages my payroll, EOR, and contractors.
The Staff member Website offers workers with the ability to access and view essential files such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile devices and is provided in various languages.
Benefits Administration
Papaya Global assists business offer competitive advantages plans to worldwide staff members regardless of the number of staff members in the company. The business can establish medical insurance, short-term and long-term special needs, vision, oral and maternity leave while getting rid of the requirement to source local benefits providers in every nation, develop local accounts and have a minimum number of employees.
The HR capabilities offered by International HR encompass different functions such as keeping an eye on trip time, ensuring compliance, assisting in the process of welcoming brand-new staff members and bidding farewell to departing ones, using a secure online platform for storing workers' files, and supplying support for work permit procedures in case your employees require support because area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, workforce diversity, total employment expenses dispersed per area, total work costs per cycle and much more.
environments around the world I supplied management and strategy to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll techniques for as Mark stated I work throughout the business managing and structure external relationships supporting Enterprise customers and solutions in addition to serving as an advisor for those of you that don't understand who papaya International is papaya is the first payroll and payments
company to make the time 100 list for a lot of influential companies in the world we offer payroll payments and workforce management to all worker enters over 160 nations I am pleased to state that we also have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself naturally thank you good morning excellent afternoon great night depending upon where you are in the world it's charming 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 have actually been in the payments market for over 10 years and particularly working on the payroll and payment sector for over 7 years um I was amazed by the complexity the trouble in all of the above of
payroll payments and decided to kind of make a real go at that over the last five or 6 years where I have actually type of had a range of various functions on the provider side and also on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we'll simply offer everyone another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we'll type of let them do that so it 'd be quite intriguing and I can see it going on already simply to hear where everyone is um it's nice to to kind of like see where everyone originates from and I actually 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 raining here it's extremely extremely uninspiring and I wish I was elsewhere at this moment in time okay so let's begin our program for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain different
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is especially helpful for international organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of keeping separate savings account for payroll in different nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic property for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and timely payroll payments is a complex obstacle for companies operating globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, learn how companies anticipate payroll expenses to enhance working capital, and discover how streamlining worldwide payroll payments can change them from a burdensome task into a tactical possession.
Managing payroll internationally is a daunting task due to numerous regulations, compliance requirements, information security concerns, and banking guidelines. The large variety of workers and businesses adds to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems frequently result in manual processes, data silos, and an absence of integration, leading to inconsistencies and ineffectiveness. In spite of residing in an age of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar objectives to supply insights and services to streamline and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that's another number that gives me sleepless nights and quite frankly the more an organization invests in worldwide payroll the less of a picture they see a lack of presence also extends to payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide companies have actually revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry errors poorly interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the data is shipped to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don't run efficiently if they count on the essential 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 business face when they're paying to employees or otherwise that's a great question I constantly toss this back and state what is it what does not need to be consisted of right and what does
it require to be thought of there's differing 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 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 right ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they are like super payments no if however some children 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 think there's now a bit more recognition that payroll payments are absolutely essential and technology is allowing us to sort of move forward with that it also also to add to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely essential that payroll and financing teams work better together than ever um I'm constantly amazed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody 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 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 procedure 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 more and more important to contribute to sort of the level of intricacy there's increasingly more benefits being organ or being provided by organizations throughout the world so again you're simply wanting to add more and more payments to this already complicated landscape so if you kind of got any experience well I'm from your vast experience here and I'm sure however have you got any experience in kind of real difficulties or genuine challenging kind of pay uses to play to pay individuals I think yeah I imply over the last well yeah a number of decades I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding details into the next function as it were that's in fact managing the payment side of things but you understand in in my opinion and my experience that doesn't always require to be the case you understand long gone are the times where we require to develop additional handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they don't make them what they require to be in in a period of tech and an age that you understand that we are working in today there is no reason that we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any organization has from an expense point of view from an impact point of view on employees it is definitely important that it's done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental result on people's well-being and many other aspects if individuals aren't paid uh I have actually constantly been astonished entering into this Market type of the last 5 to 10 years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it's from all workers or not. Payroll is an important cycle, and people just observe when things go wrong. Nevertheless, when things go right, it's viewed as simply a routine job. This is how it's viewed externally as well. Therefore, it is vital to ensure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Utilizing the very first Global Payments first payroll payment option is a terrific initial action towards providing a detailed payroll option for workers worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and checking account needed for international payroll are key factors in accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things don't go as planned. Ultimately, we do not do it for the gratitude.
anyhow we know how how essential a role 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 likewise so think of sorry I'm just I was just gon na say think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I'm sure we're discussing numerous thousands potentially Millions picture getting that lots of thank you keeps in mind um I mean it 'd be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean 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 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 proceeding look why do business pick to primary separate savings account there are services out there doing exactly this for particular nations and I have actually operated in a company or numerous companies doing precisely that I can say it doesn't always feel effective and it does produce more work I know we're not purposely doing that we're not creating extra work for anyone where we do not have to and anybody that's dealing with that process I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the quantity that we are I think many factors one is it's the standard I think individuals have got so used to we need a new checking account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it's not a requirement so I believe it's just been the standard and the norm the people have 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 lots of other ways um to to sort of do it so I believe there's a variety I think this is a process that requires taking a look at it requires altering but eventually individuals are extremely stuck to what they're familiar
with right um modification is a tough thing all of us do not like change um so I think it's just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having maintaining multiple savings account but there's a huge quantity of complexity goes with setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it's set up with the best user accesses for specific individuals so the complexity is huge but I believe the sincere response is change um people have not been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to change but we've constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or so there is a lot to monitor and this approach does posture numerous difficulties um so Johnny might you inform us about those difficulties yeah naturally so there's a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments.
Papaya Global Bhutan