Find out more about Papaya Global Eor ... We now have the ability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has gotten a separate Chief Financial Officer particularly dedicated to managing payments. This provides us with a safe and secure and dependable method of paying to our 10,000 workers worldwide.}
The cutting-edge worldwide payroll management app simplifies my payroll process, conserving me a substantial amount of time each month. With its easy to use interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and professionals.
The Worker Website provides staff members with the capability to gain access to and view important files such as pay slips, wage and tax declarations, and work records. This portal is accessible on both desktop and mobile phones and is offered in different languages.
Benefits Administration
Papaya Global helps business provide competitive benefits plans to global workers despite the number of workers in the business. The company can establish medical insurance, short-term and long-term impairment, vision, oral and maternity leave while removing the need to source regional advantages companies in every country, develop local accounts and have a minimum number of workers.
The HR abilities supplied by Worldwide HR incorporate numerous functions such as keeping an eye on getaway time, guaranteeing compliance, facilitating the process of welcoming brand-new workers and bidding farewell to departing ones, using a protected online platform for storing workers' files, and providing assistance for work allow procedures in case your workers need help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, workforce variety, overall employment expenses dispersed per place, total employment expenses per cycle and much more.
environments around the world I offered leadership and method to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll techniques for as Mark stated I work across the business managing and building external relationships supporting Business customers and options along with serving as a consultant for those of you that don't know who papaya Global is papaya is the first payroll and payments
As a worldwide company, we are honored to be consisted of on the prestigious Time 100 list of the most influential companies worldwide. We focus on supplying payroll and workforce management services to employees in more than 160 nations. I am delighted to present Johnny Nash, as pointed out by Mark. Now, I'll let Johnny present himself. Good day to all, regardless of your area. It's a satisfaction to satisfy you and thank you for your valuable time. As Ian discussed, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments market, I have actually focused on payroll and payment services for the past 7 years. The intricacies and challenges of this field have actually always captivated me.
payroll payments and decided to type of make a real go at that over the last 5 or 6 years where I've kind of had a range of different functions on the service provider side and likewise on the supplier side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll simply offer everyone another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we'll kind of let them do that so it 'd be quite fascinating and I can see it going on already simply to hear where everyone is um it's nice to to type of like see where everybody comes from and I really 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 very extremely bleak and I want I was elsewhere at this moment in time all right so let's start our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we'll likewise discuss a recap which must leave his time at the extremely 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 workforces become increasingly more common and handling them ends up being increasingly more intricate Global organizations are aiming to find Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment viewpoint lots of organizations keep separate checking account just for payroll while some have numerous accounts in various nations does it make sense for business to preserve separate checking account in some cases in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping international companies streamline the episode complex procedures of
Guaranteeing accurate, effective, and timely payroll payments is a complex difficulty for companies running internationally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to enhance working capital, and discover how simplifying global payroll payments can transform them from a burdensome task into a tactical asset.
Handling payroll worldwide is a challenging job due to different regulations, compliance requirements, information security issues, and banking rules. The sheer variety of workers and companies adds to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Traditional payroll systems often lead to manual procedures, information silos, and a lack of combination, resulting in inconsistencies and inadequacies. In spite of residing in an era of technological advancements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar objectives to offer insights and options to simplify and enhance worldwide payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that's another number that provides me sleep deprived nights and quite honestly the more a service invests in international payroll the less of an image they see a lack of presence also encompasses payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of international organizations have actually revealed that they don't have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes inadequately interacted hires and terminations along with lack management and system configurations and then when you round it all off and the data is delivered to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they rely on the required multiple processes 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 challenges business face when they're paying to employees or otherwise that's an excellent concern I always throw this back and say what is it what doesn't require to be consisted of right and what does
it require to be considered there's differing Bank details 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 need to pay from an in-country account do you need to pay from the client's own in-country account so there's complexity anywhere you look best eventually constructing a knowledge base is definitely important but everywhere you look with payroll payment they are like super 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 between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to kind of progress with that it also too to contribute to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is definitely important that payroll and financing groups work closer together than ever um I'm constantly surprised when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't work 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 often split and cut up um eventually it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world positions a high worth on wellness and the compensation landscape is ending up being significantly complex. Services are continually introducing brand-new benefits and payment alternatives, which adds to the overall intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can cause inadequacies and traffic jams. In my viewpoint, this doesn't have to hold true. In today's technically sophisticated period, there's no justification for maintaining cumbersome treatments. Payroll, the business's most significant cost, need to be processed correctly and on time. Even slight delays can adversely impact staff members' wellness and have significant effects. For that reason, it's vital to focus on accurate and prompt payments.
payroll team get um so I'm uncertain anyone on this type of webinar has been told thank you for processing my payroll correctly if you have it 'd be terrific to hear your success story and whether that's been from all workers or not um but eventually payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it fails however when it goes right it's simply a tick box exercise and I think 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 important that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment solution is a great primary step um supplying an end-to-end payroll solution for your employees worldwide again I think is another substantial um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of organizations and minimizing the number of tools platforms and checking account they need for their Global 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 do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven't gone quite where they're suggested to be um I don't believe any of us are actually doing that for for the thanks
anyway we know how how important 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 everybody that's involved in those processes and also so envision sorry I'm simply I was just gon na say picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I'm sure we're talking about hundreds of thousands potentially Millions think of getting that lots of thank you keeps in mind um I suggest it 'd be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job attempting to clean up all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that was the case um you 'd require days of the week to try to look through them and actually see what was going on and sort of shot to get back to everybody so moving on look why do companies select to primary different checking account there are companies out there doing exactly this for particular countries and I've operated in a service or lots of services doing exactly that I can say it doesn't always feel effective and it does create more work I know we're not purposely doing that we're not producing extra work for any person where we do not have to and anyone that's dealing with 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 amount that we are I think numerous factors one is it's the requirement I believe individuals have got so used to we require a brand-new savings account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it's not a requirement so I think it's just been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to contribute 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 believe this is a procedure that needs looking at it requires altering but eventually people are very stuck to what they recognize
with ideal um modification is a challenging thing we all do not like change um so I think it's simply kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having preserving multiple bank accounts but there's a huge amount of complexity chooses setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it's established with the best user accesses for private people so the intricacy is huge but I think the sincere response is modification um individuals have not been able to change or haven't had always the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you've struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or so there is a lot to track and this approach does position a number of difficulties um so Johnny might you inform us about those challenges yeah naturally so there's a range right there is so
I recently made a modification 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 gotten another CFO, and with this improved ability, I have 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 deserve a corner workplace with a parking space that is better, considering your achievements.
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