Find out more about Papaya Global Holy See ... 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 actually gotten a separate Chief Financial Officer specifically dedicated to managing payments. This provides us with a protected and trusted approach of paying to our 10,000 employees worldwide.}
The cutting-edge global payroll management app simplifies my payroll process, saving me a significant amount of time monthly. With its easy to use interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and professionals.
The Worker Website offers staff members 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 used in various languages.
Benefits Administration
Papaya Global assists companies offer competitive advantages plans to worldwide staff members despite the number of workers in the business. The business can establish health insurance, short-term and long-term impairment, vision, dental and maternity leave while eliminating the requirement to source regional advantages suppliers in every nation, produce local accounts and have a minimum variety of employees.
The HR capabilities offered by Worldwide HR incorporate various functions such as monitoring vacation time, making sure compliance, assisting in the process of welcoming new staff members and bidding goodbye to leaving ones, offering a protected online platform for storing workers' documents, and supplying support for work permit treatments in case your workers require assistance because area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, labor force variety, total employment costs distributed per location, total work expenses per cycle and far more.
environments across the globe I supplied leadership and method to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll methods for as Mark stated I work across the business handling and building external relationships supporting Enterprise clients and options in addition to serving as a consultant for those of you that do not know who papaya Worldwide is papaya is the first payroll and payments
business to make the time 100 list for most prominent business in the world we provide payroll payments and workforce management to all worker types in over 160 countries I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning great afternoon excellent evening depending upon where you remain in the world it's beautiful to satisfy you and thank you very much for your time as Ian stated 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 specifically working on the payroll and payment sector for over seven years um I was captivated by the complexity the difficulty in all of the above of
payroll payments and chose to sort of make a genuine go at that over the last 5 or six years where I have actually sort of had a variety of various roles on the company side and also on the vendor side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we'll just offer everyone another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we'll type of let them do that so it 'd be quite intriguing and I can see it going on already just to hear where everybody is um it's nice to to type of like see where everybody comes from and I really do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it's not no it's it's raining here it's really very uninspiring and I want I was somewhere else at this moment in time fine 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 Global payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we'll also review a recap which should leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of typical and handling them becomes increasingly more complex International companies are seeking to discover Solutions and new methods to streamline processes particularly from a payroll and cross-border payment perspective many organizations maintain separate bank account just for payroll while some have numerous accounts in different nations does it make good sense for companies to preserve different savings account in some cases in various nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies streamline the episode complex procedures of
Guaranteeing precise, effective, and prompt payroll payments is a complex obstacle for organizations operating internationally. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, find out how business anticipate payroll expenses to enhance working capital, and find how streamlining global payroll payments can change them from a challenging job into a strategic property.
Handling payroll worldwide is a daunting task due to various regulations, compliance requirements, information security issues, and banking rules. The sheer variety of staff members and businesses contributes to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Conventional payroll systems typically lead to manual processes, data silos, and a lack of integration, causing inconsistencies and inefficiencies. In spite of living in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar objectives to provide insights and services to streamline and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that's another number that offers me sleep deprived nights and quite honestly the more a service invests in worldwide payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of worldwide companies have actually expressed that they don't have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and then when you round all of it off and the data is shipped to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments don't run efficiently if they count on the needed multiple processes 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 organization face when they're paying to staff members or otherwise that's a great concern I always throw this back and state what is it what doesn't require to be included ideal and what does
it need to be considered there's differing Bank details so the length of an eye band a swift an account number routing code per nation 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 client's own in-country account so there's complexity wherever you look best eventually constructing a knowledge base is absolutely important however everywhere you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a 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 definitely basic and technology is allowing us to type of move on with that it also too to add to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing teams work better together than ever um I'm constantly surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market 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 data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high worth on wellness and the settlement landscape is becoming significantly detailed. Companies are continuously presenting brand-new advantages and payment alternatives, which contributes to the total intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can cause ineffectiveness and bottlenecks. In my viewpoint, this does not need to be the case. In today's technically sophisticated period, there's no reason for preserving cumbersome treatments. Payroll, the company's biggest expenditure, should be processed correctly and on time. Even minor hold-ups can adversely affect workers' wellness and have far-reaching repercussions. Therefore, it's vital to prioritize accurate and timely payments.
payroll team get um so I'm uncertain anybody on this kind of webinar has actually been informed thank you for processing my payroll correctly if you have it 'd be fantastic to hear your success story and whether that's been from all workers or not um but eventually payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it's just a tick box exercise and I believe that's how it's seen from the external consider as well um so yeah it's likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done correctly so leveraging the very first International Payments very first payroll payment service is a terrific initial step um providing an end-to-end payroll service for your employees globally again I believe is another big um procedure again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of companies and reducing the number of tools platforms and savings account they need for their Global payroll too couldn't agree with you more and on the the front in terms of of the thank yous for getting payroll done I've never had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven't gone quite where they're meant to be um I don't believe any of us are really doing that for for the thanks
anyhow we understand 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 involved in those processes and also so envision sorry I'm just I was just gon na say think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I'm sure we're talking about hundreds of thousands possibly Millions envision getting that many thank you notes um I imply it 'd be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating 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 attempt to browse them and actually see what was going on and kind of try to get back to everybody so carrying on appearance why do companies choose to primary different bank accounts there are services out there doing exactly this for particular nations and I have actually operated in a company or lots of companies doing precisely that I can say it does not constantly feel effective and it does create more work I understand we're not deliberately doing that we're not creating additional work for any person where we do not need to and anybody that's dealing with 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 amount that we are I think lots of factors one is it's the requirement I think individuals have actually got so utilized to we need 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 norm the people 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 many other ways um to to sort of do it so I think there's a range I think this is a process that needs looking at it requires altering however eventually individuals are very stuck with what they're familiar
with best um modification is a hard thing we all do not like modification um so I believe it's simply type of moving far from the standard as we've said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having preserving numerous checking account however there's a huge amount of intricacy chooses establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it's set up with the best user accesses for private people so the complexity is big however I believe the sincere response is modification um people haven't had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we've always done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century or so there is a lot to keep track of and this method does present numerous difficulties um so Johnny might you inform us about those challenges yeah naturally so there's a variety right there is so
I recently made a change 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 boosted ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your accomplishments.
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