Find out more about Papaya Global Cayman Islands ... We now have the capability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has actually gotten a different Chief Financial Officer particularly dedicated to handling payments. This supplies us with a secure and reputable technique of making payments to our 10,000 workers worldwide.}
The cutting-edge worldwide payroll management app streamlines my payroll process, conserving me a substantial quantity of time each month. With its easy to use user interface, I have access to a single dashboard that effectively handles my payroll, EOR, and professionals.
The Staff member Portal offers workers with the capability to access and view important documents such as pay slips, wage and tax statements, and work records. This portal is accessible on both desktop and mobile devices and is offered in different languages.
Benefits Administration
Papaya Global helps business offer competitive advantages bundles to worldwide staff members no matter the variety of workers in the business. The business can set up health insurance, short-term and long-lasting impairment, vision, dental and maternity leave while getting rid of the need to source local advantages providers in every nation, produce local accounts and have a minimum variety of staff members.
The HR capabilities provided by Global HR include different functions such as keeping track of getaway time, guaranteeing compliance, facilitating the process of welcoming brand-new staff members and bidding farewell to leaving ones, providing a safe and secure online platform for keeping employees' files, and supplying assistance for work permit treatments in case your staff members require support because location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, labor force variety, overall work expenses dispersed per location, overall work expenses per cycle and much more.
Globally, I have shown leadership and strategic competence in assisting large-scale populations of over 100,000 staff members throughout 170 countries. Presently, I are accountable for overseeing payroll methods, as mentioned by Mark. My role involves managing and developing external collaborations, supporting Business customers, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions company.
company to make the time 100 list for the majority of prominent business worldwide we provide payroll payments and labor force management to all employee types in over 160 nations I am pleased to state that we also have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself naturally thank you good morning great afternoon great night depending upon where you remain 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 been in the payments industry for over ten years and particularly working on the payroll and payment sector for over seven years um I was interested by the complexity the difficulty in all of the above of
payroll payments and decided to sort of make a genuine go at that over the last five or six years where I've kind of had a variety of different functions on the provider side and likewise on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we'll simply give everyone another couple of uh well among the 30 seconds or two to join we all work back to back these days so we'll type of let them do that so it 'd be rather fascinating and I can see it going on already just 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 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 extremely really uninspiring and I want I was elsewhere at this moment in time okay so let's get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies keep different
Virtual payroll accounts are an alternative to standard savings account for handling payroll payments. This is especially helpful for worldwide organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of preserving different checking account for payroll in different nations, virtual accounts and digital wallets offer a more structured option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time during this webinar we'll stroll you through the worldwide 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 simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one nation but when you're doing it worldwide it's next level and Beyond it ends up being complicated for a variety of reasons most importantly regulations compliance data security and banking rules then there are the sheer numbers they add more complexity the worldwide 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 presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll design there's typically an overwhelming number of different systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very extremely fundamental there's no real consistency structure we're residing in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that's another number that gives me sleep deprived nights and quite frankly the more a business spends on international payroll the less of a photo they see an absence of visibility also reaches payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of global services have expressed that they don't have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes badly interacted hires and terminations as well as lack management and system setups and after that when you round everything off and the information is shipped to the incorrect place the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they rely on the required several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties business face when they're paying to workers or otherwise that's an excellent concern I constantly throw this back and state what is it what does not require to be included right and what does
it need to be thought of there's varying Bank information so the length of an eye band a swift an account number routing code per country 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 client's own in-country account so there's intricacy anywhere you look ideal ultimately constructing a knowledge base is definitely crucial but all over you look with payroll payment they resemble 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 believe there's now a bit more acknowledgment that payroll payments are definitely basic and technology is allowing us to kind of progress with that it also also to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely important that payroll and financing groups work more detailed together than ever um I'm always surprised when individuals state I've divided payroll and payment um if you walk 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 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 information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world places a high value on well-being and the payment landscape is ending up being significantly elaborate. Companies are constantly introducing new benefits and payment choices, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into different teams, which can lead to inadequacies and bottlenecks. In my opinion, this does not have to hold true. In today's highly advanced era, there's no reason for preserving troublesome treatments. Payroll, the company's most significant expense, need to be processed properly and on time. Even minor hold-ups can negatively impact employees' wellness and have far-reaching effects. For that reason, it's crucial to prioritize precise and prompt payments.
payroll team get um so I'm not exactly sure anybody on this sort of webinar has actually been told thank you for processing my payroll properly if you have it 'd be terrific to hear your success story and whether that's been from all employees or not um but ultimately payroll is such an important cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it's simply a tick box workout and I think that's how it's seen from the external consider as well um so yeah it's also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment service is a fantastic primary step um providing an end-to-end payroll solution for your employees globally once again I think is another substantial um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely key to success success of businesses and reducing the number of tools platforms and checking account they need 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 ever had a hundred countless them within a payroll cycle don't expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things have not gone rather where they're implied to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we know 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 simple as possible for everyone that's involved in those procedures and likewise so imagine sorry I'm simply I was simply gon na state picture 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 speaking about hundreds of thousands possibly Millions think of getting that lots of thank you notes um I imply it 'd be interesting to see the number of Post-it notes you got however it would absolutely be an intriguing task trying to clean all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to check out them and in fact see what was going on and sort of try to return to everybody so carrying on appearance why do business pick to primary separate bank accounts there are services out there doing precisely this for specific countries and I've operated in an organization or lots of services doing precisely that I can state it doesn't constantly feel effective and it does produce more work I know we're not purposely doing that we're not producing additional work for any person where we don't have to and anyone that's handling 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 people have actually got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it's not a requirement so I believe it's simply been the requirement and the standard individuals 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 numerous other ways um to to type of do it so I believe there's a variety I believe this is a process that requires looking at it requires changing however eventually individuals are really stuck with what they're familiar
with best um modification is a hard thing we all do not like modification um so I believe it's just type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving several bank accounts but there's a huge amount of complexity opts for establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it's set up with the best user accesses for private people so the complexity is huge but I believe the sincere response is change um individuals haven't been able to alter or have not had always the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you've hit the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century or so there is a lot to keep track of and this method does present numerous obstacles um so Johnny could you tell us about those difficulties yeah of course so there's a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments.
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