Find out more about Papaya Global Falkland Islands ... We now have the capability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has obtained a separate Chief Financial Officer specifically dedicated to managing payments. This offers us with a secure and dependable technique of paying to our 10,000 workers worldwide.}
The cutting-edge worldwide payroll management app enhances my payroll procedure, saving me a significant amount of time monthly. With its user-friendly interface, I have access to a single control panel that efficiently handles my payroll, EOR, and professionals.
Worker Website
Staff members have access to an Employee Website 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 device.
Advantages Administration
Papaya Global helps business use competitive benefits bundles to global workers no matter the variety of employees in the company. The company can establish medical insurance, short-term and long-term impairment, vision, oral and maternity leave while getting rid of the need to source regional advantages providers in every country, produce local accounts and have a minimum number of employees.
Global HR Functionalities
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and immigration services if your employees require work license support.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, workforce variety, total work expenses dispersed per location, overall employment costs per cycle and far more.
environments across the globe I provided leadership and technique to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll techniques for as Mark said I work across business managing and building external relationships supporting Enterprise customers and solutions in addition to serving as a consultant for those of you that don't know who papaya International is papaya is the very first payroll and payments
As a global company, we are honored to be included on the prominent Time 100 list of the most influential companies worldwide. We concentrate on supplying payroll and labor force management services to workers in more than 160 nations. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, despite your location. It's a satisfaction to fulfill you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments industry, I have actually concentrated on payroll and payment options for the past seven years. The intricacies and challenges of this field have always mesmerized me.
payroll payments and chose to kind of make a genuine go at that over the last five or six years where I have actually type of had a range of different functions on the provider side and likewise on the vendor side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we'll simply give everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we'll type of let them do that so it 'd be rather fascinating and I can see it going on already simply to hear where everybody 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 is in the UK today definitely not the peak of the sunlight is it it's not no it's it's drizzling here it's extremely really dreary and I wish I was somewhere else at this moment in time fine so let's begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we'll likewise review a wrap-up and that needs 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 moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and managing them ends up being a growing number of complex International companies are aiming to find Solutions and new ways to streamline processes particularly from a payroll and cross-border payment standpoint lots of organizations preserve separate checking account just for payroll while some have multiple accounts in various nations does it make good sense for companies to preserve different bank accounts often in different nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business streamline the episode complex processes of
making payroll payments accurately effectively safely and on time throughout this webinar we'll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property 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 complicated for a range of reasons most significantly guidelines compliance data security and banking guidelines then there are the sheer numbers they add further 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 currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the conventional payroll model there's typically a frustrating number of various systems resulting in time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or really really basic there's no genuine 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 frequently with pen and paper which just blows my mind every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Labor force data in real time that's another number that provides me sleep deprived nights and quite honestly the more a business invests in global payroll the less of a picture they see an absence of exposure also reaches payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global companies have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes poorly interacted hires and terminations along with absence management and system configurations and after that when you round everything off and the information is shipped to the incorrect location the typical expense of a worldwide 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 do not run efficiently if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles company face when they're making payments to workers or otherwise that's an excellent concern I always throw this back and state what is it what does not need to be included right and what does
it need to be thought about there's varying Bank details so the length of an eye band a swift an account number routing code per country there's payment amount of time 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 complexity wherever you look ideal eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to type of move on with that it likewise too to add to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is absolutely vital that payroll and financing teams work better together than ever um I'm always impressed when people say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't work 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 eventually it's payroll is an end-to-end process it's the point of data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more crucial to add to kind of the level of complexity there's more and more benefits being organ or being provided by businesses across the world so again you're simply looking to include increasingly more payments to this already complicated landscape so if you kind of got any experience well I'm from your large experience here and I make sure but have you got any experience in kind of real obstacles or real difficult kind of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of years I would absolutely state that the bigger a service 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 information into the next function as it were that's in fact managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to produce additional handoffs in the processes that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an era that you understand that we are working in today there is no reason why we are still making this as tough as it needs to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from a cost viewpoint from an effect point of view on employees it is absolutely crucial that it's done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging result on individuals's well-being and lots of other factors if people aren't paid uh I've always been astonished entering into this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I'm not exactly sure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it 'd be excellent to hear your success story and whether that's been from all employees or not um however eventually payroll is such a crucial cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it's just a tick box exercise 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 definitely crucial that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment option is a fantastic first step um offering an end-to-end payroll service for your staff members globally again I think is another huge um procedure again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of companies and decreasing the variety of tools platforms and bank accounts they need 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 do not anticipate 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 implied to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we understand how how crucial a function 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 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 think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we're talking about numerous thousands possibly Millions imagine getting that lots of thank you keeps in mind um I indicate it 'd be interesting to see the number of Post-it notes you got however it would certainly be an interesting task attempting to clean all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that was the case um you 'd need days of the week to attempt to browse them and really see what was going on and kind of try to get back to everybody so carrying on look why do companies pick to primary separate savings account there are services out there doing precisely this for specific nations and I have actually operated in an organization or lots of companies doing precisely that I can say it does not always feel effective and it does develop more work I know we're not deliberately doing that we're not creating extra work for anybody where we don't have to and any person that's handling 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 think numerous factors one is it's the standard I believe individuals have got so used to we require 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 believe it's simply been the standard and the standard the people have adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there's a range I believe this is a procedure that requires looking at it needs changing but ultimately individuals are really stuck with what they recognize
with ideal um change is a challenging thing we all don't like change um so I believe it's just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the benefits of having keeping several bank accounts however there's a huge amount of intricacy opts for setting up a checking account keeping it ensuring it can send out International transfers guaranteeing it's set up with the ideal user accesses for specific individuals so the complexity is substantial but I think the sincere answer is modification um people have not had the ability to change or haven't had always the understanding to really make that change into alternate Solutions besides opening a savings account I believe you've struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century approximately there is a lot to monitor and this technique does posture numerous difficulties um so Johnny might you tell us about those difficulties yeah naturally so there's a variety right there is so
I just did you changed our Business 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 workers you deserve a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you
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