Find out more about Papaya Global Grenada ... We now have the capability to handle both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has gotten a separate Chief Financial Officer specifically dedicated to managing payments. This supplies us with a protected and trusted approach of making payments to our 10,000 employees worldwide.}
The advanced global payroll management app improves my payroll process, saving me a considerable quantity of time every month. With its user-friendly interface, I have access to a single dashboard that efficiently manages my payroll, EOR, and contractors.
The Worker Website offers staff members with the ability to gain access to and view crucial files such as pay slips, wage and tax statements, and work records. This portal is accessible on both desktop and mobile phones and is provided in numerous languages.
Advantages Administration
Papaya Global helps companies offer competitive benefits plans to worldwide employees despite the number of employees in the business. The business can set up medical insurance, short-term and long-term special needs, vision, oral and maternity leave while removing the requirement to source local advantages providers in every nation, develop regional accounts and have a minimum number of workers.
The HR capabilities offered by Global HR incorporate different functions such as keeping an eye on trip time, guaranteeing compliance, assisting in the procedure of welcoming new workers and bidding goodbye to leaving ones, providing a protected online platform for storing workers' documents, and providing support for work allow procedures in case your employees need support because area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, workforce variety, total employment expenses dispersed per location, overall employment expenses per cycle and a lot more.
environments across the globe I supplied management 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 said I work across the business handling and structure external relationships supporting Enterprise customers and solutions as well as serving as an advisor for those of you that don't know who papaya International is papaya is the first payroll and payments
business to make the time 100 list for many influential business on the planet we offer payroll payments and labor force management to all worker key ins over 160 countries I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning good afternoon excellent night depending upon where you remain in the world it's charming to meet you and thank you very much 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 market for over 10 years and particularly working on the payroll and payment sector for over 7 years um I was amazed by the intricacy the difficulty in all of the above of
payroll payments and chose to sort of make a genuine go at that over the last five or six years where I have actually type of had a range of various functions on the company side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll simply provide everyone another number of uh well one of the 30 seconds or two to join we all work back to back these days 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 everybody is um it's nice to to kind of like see where everybody comes from and I really do hope it's much sunnier than it is in the UK today definitely not the peak of the sunshine is it it's not no it's it's raining here it's really really gloomy and I wish I was somewhere else at this moment in time okay so let's get going our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we'll likewise review a recap and that ought to leave his time at the really very 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 end up being more and more typical and handling them ends up being more and more complicated Worldwide companies are seeking to discover Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment viewpoint numerous organizations maintain separate checking account just for payroll while some have numerous accounts in various countries does it make sense for companies to maintain different savings account often in different nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies simplify the episode complex processes of
Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for organizations operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, discover how companies forecast payroll expenses to enhance working capital, and discover how simplifying global payroll payments can transform them from a difficult job into a strategic possession.
Managing payroll internationally is a complicated job due to various regulations, compliance requirements, data security concerns, and banking guidelines. The sheer number of workers and services adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems typically result in manual procedures, information silos, and an absence of integration, leading to disparities and inefficiencies. In spite of living in an age of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to provide insights and options to simplify and enhance worldwide payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that's another number that provides me sleep deprived nights and quite frankly the more an organization spends on global payroll the less of an image they see an absence of visibility likewise reaches payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of international organizations have revealed that they don't have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes improperly interacted hires and terminations as well as lack management and system setups and then when you round it all off and the information is delivered to the incorrect location the average cost 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 money around the globe payroll and payments do not run efficiently if they count on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they're making payments to employees or otherwise that's an excellent question I always toss this back and state what is it what does not require to be consisted of best and what does
it require to be considered there's varying Bank details so the length of an eye band a swift an account number routing code per nation there's payment timespan 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 customer's own in-country account so there's intricacy any place you look ideal eventually building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble incredibly payments no if however some infants 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 think there's now a bit more recognition that payroll payments are absolutely fundamental and technology is enabling us to kind 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 absolutely vital that payroll and financing teams work more detailed together than ever um I'm always impressed when people state I've divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't work 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 data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being more and more essential to add to type of the level of complexity there's increasingly more benefits being organ or being provided by businesses across the world so once again you're just aiming to include increasingly more payments to this currently complex landscape so if you type of got any experience well I'm from your large experience here and I make certain but have you got any experience in kind of real obstacles or real difficult type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding information into the next function as it were that's in fact handling the payment side of things however you know in in my opinion and my experience that doesn't necessarily need to be the case you know long gone are the times where we need to create extra handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they don't make them what they need to be in in a period of tech and an era that you understand that we are working in today there is no reason that we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any business has from an expense point of view from an effect viewpoint on employees it is definitely vital that it's done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive result on individuals's well-being and numerous other elements if people aren't paid uh I have actually always been surprised entering this Market type of the last five to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it's from all employees or not. Payroll is an essential cycle, and individuals only discover when things fail. However, when things go right, it's viewed as just a routine task. This is how it's perceived externally as well. For that reason, it is vital to ensure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Using the first Worldwide Payments first payroll payment solution is a great preliminary action towards providing a thorough payroll solution for staff members worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and bank accounts required for global payroll are key factors in achieving company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things do not go as planned. Eventually, we do not do it for the gratitude.
anyhow 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 easy as possible for everyone that's associated with those processes and also so picture sorry I'm just I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I'm sure we're speaking about hundreds of thousands possibly Millions think of getting that numerous thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task trying to clean all those up for sure oh absolutely I can't think of the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to browse them and in fact see what was going on and kind of shot to get back to everybody so moving on appearance why do companies pick to main separate checking account there are businesses out there doing precisely this for particular countries and I have actually operated in a service or many businesses doing exactly that I can state it does not constantly feel effective and it does create more work I know we're not purposely doing that we're not creating additional work for any person where we do not need to and anybody that's dealing with that process I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the amount that we are I believe many reasons one is it's the requirement I believe individuals have actually got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it's not a requirement so I believe it's just been the requirement and the standard the people have embraced and continue to do over years and years passed by to add 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 think there's a range I think this is a procedure that needs looking at it needs altering but ultimately people are really stuck with what they're familiar
with ideal um modification is a tough thing we all don't like modification um so I believe it's just sort of moving away from the norm as we've said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having maintaining numerous savings account however there's a huge quantity of complexity goes with establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it's established with the ideal user accesses for private individuals so the intricacy is huge but I believe the truthful answer is change um individuals have not had the ability to alter or have not had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we've always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century approximately there is a lot to track and this approach does present a number of difficulties um so Johnny could you inform us about those obstacles yeah naturally so there's a range right there is so
I simply did you switched 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 International workers you should have a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you
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