Find out more about Papaya Global Greenland ... We now have the capability to handle both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has gotten a separate Chief Financial Officer particularly devoted to handling payments. This offers us with a protected and reputable method of making payments to our 10,000 staff members worldwide.}
The cutting-edge global payroll management app enhances my payroll procedure, conserving me a substantial quantity of time every month. With its user-friendly interface, I have access to a single dashboard that effectively manages my payroll, EOR, and contractors.
The Staff member Website provides staff members with the capability to access 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 used in different languages.
Advantages Administration
Papaya Global helps companies use competitive advantages packages to international workers despite the variety of employees in the company. The company can set up health insurance, short-term and long-term special needs, vision, dental and maternity leave while getting rid of the need to source local benefits companies in every country, develop regional accounts and have a minimum number of workers.
Worldwide HR Performances
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and migration services if your staff members need work license assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, labor force variety, total work costs distributed per area, total work costs per cycle and far more.
environments across the globe I provided leadership and method to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll strategies for as Mark stated I work across business managing and structure external relationships supporting Enterprise customers and solutions along with acting as a consultant for those of you that do not know who papaya Worldwide is papaya is the first payroll and payments
company to make the time 100 list for many prominent business worldwide we provide payroll payments and workforce management to all employee types in over 160 nations I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to present yourself naturally thank you good morning great afternoon great night depending on where you remain in the world it's charming to meet you and thank you quite for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I have actually remained in the payments industry for over 10 years and particularly working on the payroll and payment sector for over seven years um I was fascinated by the intricacy the problem in all of the above of
payroll payments and chose to sort of make a genuine go at that over the last 5 or 6 years where I've sort of had a variety of different functions on the provider side and likewise on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we'll simply provide everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we'll kind of let them do that so it 'd be rather interesting and I can see it going on already just to hear where everybody is um it's nice to to sort of like see where everybody comes from and I truly 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 drizzling here it's extremely really bleak and I wish I was elsewhere at this moment in time alright so let's get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why companies preserve separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts simplifying papaya Global payroll payments as a tactical property uh we'll also go over a recap which must leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become increasingly more common and managing them becomes more and more complicated International organizations are wanting to discover Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment standpoint numerous companies maintain separate bank account just for payroll while some have multiple accounts in various nations does it make sense for business to preserve separate savings account sometimes in different countries 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 sure precise, effective, and prompt payroll payments is a complex challenge for services running globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, find out how companies anticipate payroll expenses to optimize working capital, and discover how simplifying global payroll payments can change them from a challenging job into a tactical asset.
Handling payroll internationally is a difficult task due to different policies, compliance requirements, data security concerns, and banking guidelines. The large variety of workers and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the international labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Traditional payroll systems typically lead to manual procedures, information silos, and an absence of integration, leading to inconsistencies and inefficiencies. Regardless of living in a period of technological advancements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to provide insights and options to streamline and optimize international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that's another number that offers me sleep deprived nights and rather honestly the more a business spends on worldwide payroll the less of an image they see an absence of exposure also reaches payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of international services have actually expressed that they don't have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is delivered to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the essential multiple 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 difficulties company face when they're paying to workers or otherwise that's a good concern I always toss this back and say what is it what does not need to be consisted of right and what does
it require to be thought about there's varying Bank information so the length of an eye band a swift an account number routing code per nation there's payment time frames there's payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client's own in-country account so there's intricacy any place you look ideal ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort 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 fundamental and innovation is allowing us to sort of progress with that it also also to add to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely vital that payroll and finance teams work better together than ever um I'm constantly impressed when people state I've split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't operate in the payroll occupation 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 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 any place they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world places a high worth on well-being and the compensation landscape is becoming significantly elaborate. Services are constantly presenting brand-new benefits and payment alternatives, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into different teams, which can lead to inefficiencies and bottlenecks. In my opinion, this does not need to be the case. In today's highly advanced age, there's no validation for keeping cumbersome procedures. Payroll, the company's biggest expenditure, must be processed properly and on time. Even small hold-ups can negatively affect employees' wellness and have far-reaching effects. For that reason, it's important to focus on accurate and prompt payments.
payroll group get um so I'm uncertain anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it 'd be fantastic to hear your success story and whether that's been from all workers or not um but ultimately payroll is such an important cycle we all find out about it when it fails everybody jumps up and down when it fails but when it goes right it's just a tick box exercise and I think that's how it's seen from the external deem well um so yeah it's also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment solution is a great initial step um offering an end-to-end payroll service for your workers worldwide again I think is another big um procedure once again aligning and ensuring you have standardization Global procedures all of those things are definitely essential to success success of businesses and minimizing the number of tools platforms and savings account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of 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 grievances where things have not gone quite where they're indicated to be um I do not think any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 easy as possible for everybody that's associated with those processes and likewise so imagine sorry I'm simply I was just gon na say imagine the amount 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 envision getting that lots of thank you notes um I suggest it 'd be interesting to see the number of Post-it notes you got however it would definitely be an interesting 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 need days of the week to try to check out them and actually see what was going on and sort of shot to get back to everyone so moving on appearance why do business pick to primary different bank accounts there are companies out there doing precisely this for particular nations and I've operated in a company or many companies doing exactly that I can say it doesn't constantly feel effective and it does produce more work I understand we're not deliberately doing that we're not creating extra work for any person where we do not need to and anyone that's handling that procedure I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the quantity that we are I believe numerous factors one is it's the requirement I think individuals have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it's not a requirement so I believe it's just been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there's a variety I think this is a procedure that needs taking a look at it requires altering however eventually individuals are very stuck with what they're familiar
with best um change is a hard thing we all do not like change um so I believe it's simply sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the benefits of having keeping multiple savings account but there's a substantial amount of intricacy chooses setting up a checking account keeping it guaranteeing it can send out International transfers guaranteeing it's set up with the best user accesses for individual individuals so the complexity is substantial but I think the honest answer is modification um individuals have not had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to change however we've constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or two there is a lot to keep track of and this technique does pose numerous obstacles um so Johnny might you inform us about those challenges yeah of course so there's a variety right there is so
I 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 acquired another CFO, and with this boosted capability, I have successfully 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 closer, considering your accomplishments.
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