Find out more about Papaya Global For Budget-friendly Hr Operations ... We now have the ability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer particularly dedicated to managing payments. This provides us with a protected and trustworthy method of paying to our 10,000 staff members worldwide.}
The advanced global payroll management app improves my payroll process, saving me a considerable quantity of time monthly. With its user-friendly interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and contractors.
The Worker Website offers staff members with the ability to access and view crucial documents such as pay slips, wage and tax declarations, and work records. This portal is accessible on both desktop and mobile devices and is offered in numerous languages.
Benefits Administration
Papaya Global assists business provide competitive benefits packages to international workers despite the number of employees in the company. The company can set up health insurance, short-term and long-lasting disability, vision, oral and maternity leave while removing the need to source regional benefits providers in every nation, develop local accounts and have a minimum variety of workers.
Worldwide HR Performances
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and immigration services if your staff members require work permit support.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force spending, labor force diversity, total employment costs distributed per location, total work expenses per cycle and much more.
Globally, I have actually shown management and tactical know-how in guiding massive populations of over 100,000 workers throughout 170 nations. Presently, I are accountable for overseeing payroll strategies, as pointed out by Mark. My role involves handling and developing external collaborations, supporting Enterprise clients, and providing advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions provider.
As an international company, we are honored to be consisted of on the distinguished Time 100 list of the most influential business worldwide. We concentrate on supplying payroll and workforce management services to employees 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, regardless of your location. It's an enjoyment to satisfy you and thank you for your valuable time. As Ian mentioned, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments market, I have actually concentrated on payroll and payment services for the past 7 years. The intricacies and challenges of this field have actually always mesmerized me.
payroll payments and decided to kind of make a genuine go at that over the last 5 or 6 years where I have actually kind of had a variety of different functions on the supplier side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll simply give everybody another number of uh well among the 30 seconds or so to join we all work back to back these days so we'll sort of let them do that so it 'd be rather interesting and I can see it going on currently simply to hear where everybody is um it's nice to to kind of like see where everybody comes from and I truly do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it's not no it's it's drizzling here it's really very gloomy and I want I was somewhere else at this moment in time okay so let's get started our program for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we'll likewise go over a recap and that needs to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being increasingly more typical and handling them ends up being increasingly more complex Worldwide organizations are aiming to discover Solutions and brand-new methods to enhance processes specifically from a payroll and cross-border payment perspective many companies maintain separate checking account just for payroll while some have numerous accounts in different countries does it make sense for companies to maintain separate savings account in some cases in various nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business simplify the episode complex procedures of
making payroll payments properly efficiently firmly and on time during this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in adequate in one country but when you're doing it internationally it's next level and Beyond it ends up being complicated for a variety of reasons most importantly regulations compliance information security and banking guidelines then there are the large numbers they include more complexity the worldwide Workforce is presently 3 and a half billion individuals by 2030 it's approximated 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 worldwide in the conventional payroll model there's frequently an overwhelming number of different systems causing lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or really very standard there's no genuine consistency framework 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 frequently with pen and paper and that just blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that's another number that offers me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of global organizations have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors poorly interacted hires and terminations in addition to absence management and system setups and after that when you round everything off and the data is delivered to the wrong place the typical cost 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 all over the world payroll and payments do not run smoothly if they rely on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they're making payments to staff members or otherwise that's a good question I always toss this back and state what is it what doesn't require to be included right and what does
it need to be thought about there's varying Bank information 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 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 consumer's own in-country account so there's complexity any place you look best ultimately building a knowledge base is absolutely vital but all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 basic and innovation is permitting us to type of move forward with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely crucial that payroll and finance teams work closer together than ever um I'm always astonished when individuals state I've split payroll and payment um if you walk down the street and asked anyone what is payroll who does not 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 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 wherever they are however also paying statutory authorities and on statutory third parties so with the
The modern world places a high value on well-being and the compensation landscape is becoming increasingly elaborate. Companies are continually introducing brand-new advantages and payment options, which adds to the overall complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my viewpoint, this does not need to be the case. In today's technologically innovative era, there's no reason for maintaining troublesome procedures. Payroll, the company's biggest expense, must be processed properly and on time. Even small hold-ups can negatively affect staff members' well-being and have far-reaching effects. For that reason, it's important to prioritize accurate and timely payments.
The payroll group might not have actually been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it's from all workers or not. Payroll is a crucial cycle, and people just notice when things fail. However, when things go right, it's seen as just a regular task. This is how it's perceived externally also. Therefore, it is essential to ensure that tasks like Wi-Fi International and other vital matters are done correctly. Utilizing the very first International Payments first payroll payment service is a terrific preliminary step towards providing a thorough payroll solution for staff members worldwide. Standardization, international processes, and minimizing the number of tools, platforms, and checking account essential for worldwide payroll are key consider attaining organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things do not go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we know how how crucial 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 picture sorry I'm simply I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we're speaking about numerous thousands potentially Millions picture getting that many thank you keeps in mind um I indicate it 'd be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job attempting to clean up 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 try to look through them and really see what was going on and type of try to return to everyone so carrying on appearance why do business choose to primary separate savings account there are organizations out there doing precisely this for specific nations and I have actually worked in a company or numerous organizations doing exactly that I can say it does not always feel efficient and it does create more work I understand we're not purposely doing that we're not developing additional work for anyone where we don't need to and anybody that's managing that procedure I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the quantity that we are I think many factors one is it's the requirement 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 number of markets where it's not a requirement so I think it's simply been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there's a variety I think this is a process that needs looking at it needs altering however ultimately people are really stuck to what they're familiar
with ideal um modification is a difficult thing we all do not like change um so I think it's just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having preserving several bank accounts however there's a big quantity of intricacy chooses establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it's set up with the right user accesses for individual people so the complexity is huge however I believe the truthful answer is modification um people have not had the ability to change or haven't had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I believe you've hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter but we've constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or so there is a lot to keep track of and this technique does pose numerous obstacles um so Johnny could you tell us about those obstacles yeah obviously so there's a range right there is so
I just recently made a modification to our Enterprise 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 gotten another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your achievements.
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