Find out more about Papaya Global Hiring ... 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 committed to managing payments. This supplies us with a protected and reliable approach of paying to our 10,000 staff members worldwide.}
The cutting-edge global payroll management app simplifies my payroll process, saving me a significant quantity of time monthly. With its easy to use user interface, I have access to a single dashboard that effectively manages my payroll, EOR, and contractors.
The Worker Website provides workers with the ability to access and view important files such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile devices and is provided in numerous languages.
Benefits Administration
Papaya Global helps companies offer competitive benefits packages to global employees despite the number of workers in the business. The business can set up medical insurance, short-term and long-lasting impairment, vision, dental and maternity leave while eliminating the need to source regional benefits service providers in every nation, produce local accounts and have a minimum number of workers.
The HR capabilities provided by Global HR include various functions such as keeping an eye on getaway time, guaranteeing compliance, assisting in the procedure of inviting brand-new staff members and bidding goodbye to leaving ones, using a safe online platform for keeping workers' files, and providing support for work permit procedures in case your employees need help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, labor force variety, overall work expenses dispersed per area, total work expenses per cycle and far more.
Globally, I have demonstrated leadership and strategic knowledge in assisting large-scale populations of over 100,000 workers across 170 nations. Currently, I am responsible for supervising payroll methods, as mentioned by Mark. My role involves managing and establishing external collaborations, supporting Business clients, and offering advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions service provider.
company to make the time 100 list for most prominent business in the world we offer payroll payments and labor force management to all staff member key ins 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 introduce yourself naturally thank you good morning excellent afternoon great night depending upon where you remain in the world it's beautiful to satisfy 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 been in the payments market for over 10 years and particularly dealing with the payroll and payment sector for over seven years um I was fascinated by the complexity the difficulty in all of the above of
payroll payments and decided to type of make a real go at that over the last 5 or 6 years where I have actually sort of had a variety of different roles on the supplier side and also on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we'll just give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we'll sort of let them do that so it 'd be quite interesting and I can see it going on currently just to hear where everybody is um it's nice to to type of like see where everybody originates from and I truly do hope it's much sunnier than it is in the UK today certainly not the peak of the sunlight is it it's not no it's it's drizzling here it's very extremely dreary and I wish I was somewhere else at this moment in time okay so let's begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why companies maintain different
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly useful for international companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving separate bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and timely payroll payments is a complex difficulty for services running internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll checking account, find out how companies anticipate payroll expenses to enhance working capital, and discover how streamlining worldwide payroll payments can change them from a troublesome task into a strategic possession.
Managing payroll globally is a daunting job due to various guidelines, compliance requirements, data security concerns, and banking rules. The sheer variety of workers and organizations adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically result in manual processes, information silos, and a lack of combination, causing disparities and ineffectiveness. In spite of living in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar aims to provide insights and services 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 organizations say they have Workforce information in real time that's another number that offers me sleepless nights and rather frankly the more a business spends on worldwide payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal almost half of worldwide organizations have expressed 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 bad HCM data information entry errors inadequately communicated hires and terminations in addition to lack management and system configurations and after that when you round all of it off and the data is shipped to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don't run smoothly if they count 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 employees or otherwise that's a good question I constantly toss this back and state what is it what does not need to be included ideal 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 country there's payment amount of time there's payment capabilities 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 customer's own in-country account so there's intricacy any place you look ideal ultimately constructing a knowledge base is absolutely important however all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are definitely essential and technology is allowing us to type of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and financing teams work better together than ever um I'm always surprised when people state I have actually divided payroll and payment um if you walk down the street and asked anybody 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 often split and cut up um ultimately it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on well-being and the payment landscape is becoming progressively intricate. Organizations are continuously presenting new advantages and payment choices, which contributes to the general intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can cause inefficiencies and traffic jams. In my viewpoint, this doesn't have to be the case. In today's highly sophisticated age, there's no justification for preserving cumbersome treatments. Payroll, the business's greatest expense, need to be processed properly and on time. Even slight delays can adversely impact staff members' wellness and have far-reaching effects. For that reason, it's important to focus on accurate and timely payments.
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and people just see when things go wrong. However, when things go right, it's seen as just a regular task. This is how it's perceived externally also. Therefore, it is important to ensure that tasks like Wi-Fi Global and other crucial matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment option is a fantastic preliminary action towards offering an extensive payroll solution for employees worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and checking account essential for worldwide payroll are crucial factors in achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things don't go as prepared. Ultimately, we do not do it for the thankfulness.
anyhow we know how how essential a role 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 involved in those processes and also so envision sorry I'm just I was simply gon na state picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we're talking about hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I mean it 'd be interesting to see how many Post-it notes you got however it would certainly be an interesting job attempting to clean all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to look through them and in fact see what was going on and type of try to get back to everyone so carrying on look why do companies choose to main separate bank accounts there are services out there doing exactly this for specific countries and I have actually operated in an organization or numerous companies doing precisely that I can state it does not always feel efficient and it does create more work I know we're not deliberately doing that we're not developing extra work for anyone where we do not need to and anybody that's managing 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 think lots of reasons one is it's the standard I believe people have got so used to we need a new bank account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it's not a requirement so I believe it's just been the standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there's a variety I think this is a procedure that needs taking a look at it requires changing but ultimately individuals are extremely stuck with what they're familiar
with ideal um modification is a tough thing we all do not like change um so I believe it's just sort 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 obviously the benefits of having keeping multiple checking account however there's a substantial quantity of intricacy goes with establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it's set up with the ideal user accesses for specific individuals so the complexity is substantial however I believe the sincere answer is modification um people haven't been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to change but we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century or so there is a lot to monitor and this technique does pose a number of challenges um so Johnny might you inform us about those obstacles yeah naturally so there's a range right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved 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 office with a parking space that is closer, considering your achievements.
Papaya Global Bhutan