Find out more about Papaya Global Canada ... We now have the ability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has obtained a different Chief Financial Officer specifically committed to handling payments. This supplies us with a safe and secure and reputable technique of paying to our 10,000 staff members worldwide.}
The cutting-edge global payroll management app streamlines my payroll procedure, conserving me a significant quantity of time monthly. With its user-friendly user interface, I have access to a single control panel that effectively manages my payroll, EOR, and professionals.
The Worker Website provides workers with the ability to gain access to and view important documents such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile devices and is offered in various languages.
Benefits Administration
Papaya Global assists business offer competitive benefits bundles to worldwide staff members regardless of the number of staff members in the business. The company can establish health insurance, short-term and long-term special needs, vision, oral and maternity leave while getting rid of the requirement to source local benefits service providers in every country, create local accounts and have a minimum number of staff members.
The HR capabilities offered by International HR incorporate different functions such as monitoring getaway time, ensuring compliance, facilitating the process of inviting brand-new workers and bidding farewell to leaving ones, offering a safe and secure online platform for storing employees' files, and supplying assistance for work allow treatments in case your staff members require assistance in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, workforce variety, total work costs dispersed per place, total employment expenses per cycle and much more.
Internationally, I have demonstrated management and strategic expertise in guiding large-scale populations of over 100,000 staff members throughout 170 nations. Currently, I are accountable for supervising payroll methods, as pointed out by Mark. My function involves managing and developing external collaborations, supporting Business clients, and offering advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments options supplier.
As a worldwide business, we are honored to be included on the prominent Time 100 list of the most influential companies worldwide. We specialize in supplying payroll and labor force management services to staff members in more than 160 countries. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your location. It's a satisfaction to fulfill you and thank you for your valuable time. As Ian discussed, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments industry, I have actually concentrated on payroll and payment options for the past seven years. The intricacies and obstacles of this field have constantly captivated me.
payroll payments and decided to sort of make a real go at that over the last 5 or 6 years where I've sort of had a variety of different functions on the provider side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll simply offer everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we'll type of let them do that so it 'd be rather 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 everybody originates from and I actually do hope it's much sunnier than it is in the UK today certainly not the peak of the sunshine is it it's not no it's it's raining here it's extremely extremely gloomy and I want I was elsewhere at this moment in time alright so let's get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we'll likewise review a recap and that ought to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more typical and handling them becomes a growing number of complex International organizations are seeking to discover Solutions and brand-new methods to simplify procedures especially from a payroll and cross-border payment perspective numerous companies preserve different bank account just for payroll while some have multiple accounts in various nations does it make good sense for companies to maintain different savings account sometimes in different countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting international business enhance the episode complex processes of
making payroll payments accurately efficiently firmly and on time during this webinar we'll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one country however when you're doing it worldwide it's next level and Beyond it ends up being complicated for a range of reasons most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they include more complexity the global Labor force is currently three and a half billion people by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the standard payroll model there's typically a frustrating variety of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or really extremely fundamental there's no real consistency structure we're living in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force data in real time that's another number that provides me sleep deprived nights and rather honestly the more a business invests in worldwide payroll the less of a picture they see an absence of exposure likewise reaches payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of global companies have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting bad HCM information information entry mistakes badly communicated hires and terminations in addition to lack management and system setups and after that when you round everything off and the data is delivered to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they depend on the essential several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they're paying to staff members or otherwise that's a great question I constantly toss this back and say what is it what doesn't require to be consisted of right and what does
it require to be thought about there's differing Bank details so the length of an eye band a swift an account number routing code per nation there's payment timespan there's payment capabilities so can you pay it from International or do you need 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 ideal ultimately developing a knowledge base is definitely vital but everywhere you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to sort of move forward with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely crucial that payroll and finance teams work closer together than ever um I'm constantly astonished when people state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry 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 but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on well-being and the compensation landscape is ending up being significantly detailed. Companies are continually presenting brand-new benefits and payment alternatives, which adds to the general intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can result in ineffectiveness and traffic jams. In my viewpoint, this does not have to be the case. In today's highly sophisticated period, there's no validation for preserving troublesome procedures. Payroll, the business's most significant cost, must be processed correctly and on time. Even slight delays can adversely impact staff members' wellness and have significant effects. For that reason, it's crucial to prioritize accurate and timely payments.
payroll group get um so I'm unsure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it 'd be great to hear your success story and whether that's been from all staff members or not um but ultimately payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it's simply a tick box exercise and I believe that's how it's seen from the external view as well um so yeah it's also like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment service is an excellent initial step um offering an end-to-end payroll service for your staff members globally once again I believe is another huge um process once again lining up and guaranteeing you have standardization International procedures all of those things are definitely essential to success success of businesses and minimizing the variety of tools platforms and savings account they need for their Global payroll too couldn't agree with you more and on the the front in terms of of the thank yous for getting payroll done I've never ever had a hundred thousand of them within a payroll cycle don't expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they're meant to be um I don't think any of us are really doing that for for the thanks
anyway we understand how how essential 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 easy as possible for everybody that's associated with those procedures and also so think of 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 people that we cover within this webinar I'm sure we're talking about hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got but it would certainly 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 held true um you 'd require days of the week to try to look through them and really see what was going on and kind of try to get back to everyone so proceeding look why do business choose to primary different savings account there are organizations out there doing exactly this for particular countries and I have actually worked in a company or lots of organizations doing precisely that I can say it doesn't constantly feel effective and it does create more work I know we're not intentionally doing that we're not producing additional work for any person where we do not have to and any person that's handling that procedure I 'd be interested to hear your thoughts Johnny why do you think 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 think people have got so used to we need a brand-new savings account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it's not a requirement so I think it's just been the requirement and the norm the people have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other methods um to to type of do it so I believe there's a range I think this is a procedure that requires taking a look at it needs changing but ultimately people are very stuck with what they're familiar
with best um modification is a hard thing we all don't like modification um so I believe it's just kind of moving far from the norm as we've said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving multiple bank accounts however there's a huge quantity of complexity chooses establishing a bank account keeping it ensuring it can send International transfers guaranteeing it's set up with the right user accesses for individual people so the intricacy is big but I think the sincere answer is modification um individuals haven't had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change however we've constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could practically be determined to be the next Century approximately there is a lot to track and this approach does present a number of difficulties um so Johnny might you inform us about those obstacles yeah of course so there's a variety right there is so
I just did you switched our Enterprise 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 International staff members you deserve a corner office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you
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