Find out more about Papaya Global Countries ... We now have the ability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has gotten a different Chief Financial Officer specifically devoted to managing payments. This offers us with a protected and trustworthy technique of making payments to our 10,000 staff members worldwide.}
the BEST international payroll managment app, conserves me hours of time each month, one single control panel for my payroll, EOR and specialists
Worker Website
Workers have access to an Employee Portal where they can view their pay slips, wage and tax statements and employment files. The portal is readily available in numerous languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global assists business use competitive benefits bundles to worldwide employees regardless of the variety of staff members in the business. The company can establish health insurance, short-term and long-term disability, vision, dental and maternity leave while getting rid of the requirement to source local benefits companies in every country, develop regional accounts and have a minimum number of employees.
The HR abilities supplied by International HR incorporate various functions such as monitoring vacation time, guaranteeing compliance, assisting in the procedure of inviting brand-new staff members and bidding goodbye to leaving ones, providing a protected online platform for keeping employees' files, and providing assistance for work allow treatments in case your workers require assistance in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force spending, labor force variety, overall employment costs dispersed per area, total work expenses per cycle and far more.
environments around the world I provided management and strategy to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll techniques for as Mark stated I work throughout business managing and building external relationships supporting Business clients and solutions as well as functioning as a consultant for those of you that do not know who papaya Global is papaya is the very first payroll and payments
company to make the time 100 list for most prominent companies worldwide we supply payroll payments and labor force management to all staff member key ins 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 obviously thank you good morning excellent afternoon excellent night depending on where you are in the world it's beautiful to fulfill 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 10 years and specifically dealing with the payroll and payment sector for over seven years um I was fascinated by the complexity the difficulty in all of the above of
payroll payments and decided to kind of make a real go at that over the last 5 or six years where I have actually type of had a variety of various roles on the service provider side and also on the vendor side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we'll simply give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we'll kind of let them do that so it 'd be rather intriguing 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 everybody originates from and I truly do hope it's much sunnier than it remains 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 extremely really dreary and I want I was somewhere else at this moment in time all right so let's get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic asset uh we'll also review a recap and that needs to leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and handling them ends up being increasingly more intricate International organizations are seeking to find Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment viewpoint many companies preserve separate bank account just for payroll while some have multiple accounts in different countries does it make sense for companies to preserve different checking account often in various countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets also called virtual wallets play in assisting international companies simplify the episode complex processes of
making payroll payments precisely effectively safely and on time during this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one country but when you're doing it worldwide it's next level and Beyond it becomes intricate for a range of factors most notably regulations compliance data security and banking guidelines then there are the large numbers they include additional complexity the global Labor force is currently 3 and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the conventional payroll design there's frequently an overwhelming number of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very really fundamental there's no real consistency structure we're residing in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that's another number that gives me sleep deprived nights and rather honestly the more a service spends on worldwide payroll the less of a photo they see an absence of exposure also reaches payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction almost half of international businesses have expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes poorly interacted hires and terminations along with lack management and system configurations and then when you round everything off and the data is delivered to the wrong location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don't run smoothly if they rely on the required several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles company face when they're making payments to employees or otherwise that's an excellent concern I constantly toss this back and say what is it what doesn't require 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 country there's payment timespan there's payment abilities 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 consumer's own in-country account so there's intricacy wherever you look ideal ultimately developing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are definitely essential and innovation is permitting us to kind of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely vital that payroll and finance teams work better together than ever um I'm constantly impressed when people state I've divided payroll and payment um if you stroll down the street and asked anyone 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 an industry 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 information collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to contribute to kind of the level of complexity there's more and more benefits being organ or being provided by companies throughout the world so once again you're simply aiming to include increasingly more payments to this currently complicated landscape so if you type 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 genuine challenges or real challenging kind of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that's actually managing the payment side of things however you know in in my viewpoint and my experience that doesn't always need to be the case you know long gone are the times where we need to develop additional handoffs while doing sos that we run in they simply make them more timely 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 operating in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any business has from a cost point of view from an effect point of view on workers it is absolutely critical 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 biggest detrimental impact on individuals's well-being and numerous other aspects if people aren't paid uh I've constantly been impressed entering into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I'm not sure anybody on this type of webinar has actually 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 employees or not um but ultimately payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it's just a tick box workout 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 things is definitely essential that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment option is a fantastic primary step um providing an end-to-end payroll service for your workers globally again I believe is another huge um process once again aligning and ensuring you have standardization International processes all of those things are absolutely crucial to success success of services and reducing the variety of tools platforms and checking account they require for their Worldwide payroll too couldn't 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 complaints where things have not gone rather where they're suggested to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how crucial a function 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 associated with those procedures and also so imagine sorry I'm simply I was simply gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I'm sure we're speaking about numerous thousands possibly Millions envision getting that many thank you keeps in mind um I imply it 'd be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task attempting to clean up all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that was the case um you 'd need days of the week to try to check out them and in fact see what was going on and sort of shot to return to everybody so moving on look why do companies choose to primary separate savings account there are organizations out there doing precisely this for specific nations and I have actually operated in an organization or many companies doing exactly that I can state it doesn't constantly feel efficient and it does develop more work I know we're not deliberately doing that we're not developing additional work for anybody where we don't need to and anyone that's managing that process I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the quantity that we are I believe many reasons one is it's the requirement I believe people have actually got so utilized to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it's not a requirement so I think it's simply been the standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and many other ways um to to sort of do it so I think there's a variety I think this is a procedure that requires taking a look at it needs altering however ultimately individuals are really stuck to what they recognize
with right um modification is a challenging thing all of us do not 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 great deal of track of stuff um I comprehend obviously the benefits of having maintaining several savings account however there's a substantial quantity of intricacy goes with setting up a savings account keeping it guaranteeing it can send out International transfers ensuring it's set up with the ideal user accesses for specific individuals so the intricacy is substantial but I think the sincere answer is modification um individuals have not been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I think it is understanding you understand and there is an element of resistance to change but we have actually 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 know what could practically be figured out to be the next Century approximately there is a lot to keep track of and this approach does posture numerous obstacles um so Johnny might you tell us about those difficulties yeah obviously so there's a variety right there is so
I simply did you changed 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 Global workers you should have a corner office with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you
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