Find out more about Papaya Global Hr 40M Series Partners ... 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 gotten a separate Chief Financial Officer particularly devoted to managing payments. This offers us with a protected and reliable method of making payments to our 10,000 employees worldwide.}
The innovative international payroll management app streamlines my payroll process, saving me a considerable quantity of time monthly. With its easy to use interface, I have access to a single control panel that effectively handles my payroll, EOR, and professionals.
The Worker Website provides staff members with the capability to gain access to and view important documents such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile devices and is provided in numerous languages.
Benefits Administration
Papaya Global assists business use competitive advantages plans to worldwide staff members despite the number of staff members in the company. The company can establish medical insurance, short-term and long-term disability, vision, dental and maternity leave while getting rid of the need to source regional benefits service providers in every country, create regional accounts and have a minimum number of workers.
The HR capabilities offered by Worldwide HR encompass numerous functions such as keeping track of getaway time, ensuring compliance, facilitating the process of welcoming brand-new staff members and bidding farewell to departing ones, offering a protected online platform for saving workers' documents, and supplying assistance for work permit treatments in case your employees need help in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, workforce diversity, overall work costs distributed per place, total work costs per cycle and far more.
Internationally, I have actually demonstrated management and strategic know-how in guiding massive populations of over 100,000 employees across 170 nations. Presently, I am responsible for overseeing payroll strategies, as mentioned by Mark. My role includes managing and developing external collaborations, supporting Business clients, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments services company.
company to make the time 100 list for a lot of prominent business in the world we provide payroll payments and workforce management to all worker 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 introduce yourself obviously thank you good morning great afternoon great evening depending on where you are in the world it's charming to meet you and thank you quite for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I've remained in the payments industry for over ten years and particularly dealing with the payroll and payment sector for over 7 years um I was fascinated by the intricacy the difficulty in all of the above of
payroll payments and chose to kind of make a real go at that over the last 5 or 6 years where I've type of had a range of different functions on the supplier side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we'll just give everybody another couple 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 intriguing and I can see it going on already just to hear where everyone is um it's nice to to sort of like see where everyone 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 extremely bleak and I want I was elsewhere at this moment in time all right so let's start our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya International payroll payments as a tactical possession uh we'll likewise go over a recap and that needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become more and more common and managing them becomes more and more complicated Global companies are seeking to discover Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment viewpoint many companies preserve different savings account just for payroll while some have several accounts in various countries does it make sense for companies to maintain separate checking account often in various countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business simplify the episode complex procedures of
making payroll payments precisely efficiently securely and on time during this webinar we'll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one nation but when you're doing it worldwide it's next level and Beyond it becomes complicated for a range of factors most notably regulations compliance information security and banking guidelines then there are the large numbers they add more intricacy the international Workforce is currently three and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll model there's often a frustrating variety of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or really extremely fundamental there's no real consistency framework we're living in a period of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that's another number that offers me sleepless nights and quite frankly the more an organization spends on global payroll the less of a picture they see a lack of presence likewise encompasses payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of global services have actually revealed that they don't have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes poorly interacted hires and terminations along with lack management and system setups and after that when you round it all off and the information is shipped to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don't run smoothly if they rely on the required several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they're making payments to workers or otherwise that's an excellent question I constantly toss this back and state what is it what does not require to be included ideal and what does
it require to be thought of there's differing Bank information so the length of an eye band a swift an account number routing code per country there's payment timespan there's payment abilities 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 customer's own in-country account so there's intricacy any place you look right eventually building a knowledge base is definitely vital but all over you look with payroll payment they are like extremely payments no if however some babies 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 sort of progress with that it likewise also to add to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely important that payroll and financing groups work better together than ever um I'm always surprised when individuals say I've divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't work in the payroll profession would they divide the payroll payment from calculation 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 eventually 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 but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more essential to add to kind of the level of intricacy there's a growing number of benefits being organ or being provided by businesses across the world so again you're simply aiming to add increasingly more payments to this currently complex landscape so if you sort of got any experience well I'm from your large experience here and I'm sure however have you got any experience in kind of genuine difficulties or genuine challenging type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would certainly say that the bigger an organization 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 teams feeding information into the next function as it were that's actually managing the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we run in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you understand that we are working in today there is no reason we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from a cost viewpoint from an impact viewpoint on employees it is definitely critical that it's done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive impact on individuals's wellness and numerous other factors if people aren't paid uh I have actually constantly been astonished entering into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I'm uncertain anyone on this sort 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 employees or not um but eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails but when it goes right it's simply a tick box exercise and I think that's how it's seen from the external consider as well um so yeah it's also like why WI-Fi Global why all of this things is absolutely important that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment option is a terrific first step um providing an end-to-end payroll option for your employees worldwide again I think is another big um process again lining up and ensuring you have standardization International processes all of those things are absolutely crucial to success success of services and lowering the variety of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they're implied to be um I do not believe any of us are actually doing that for for the thanks
anyway 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 simple as possible for everyone that's associated with those processes and also so picture sorry I'm simply I was just gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I'm sure we're talking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I imply it 'd be interesting to see the number of Post-it notes you got however it would certainly be an interesting task attempting to clean up all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to check out them and actually see what was going on and type of try to return to everybody so carrying on look why do companies choose to main separate bank accounts there are businesses out there doing exactly this for particular nations and I have actually operated in a company or many services doing exactly that I can state it does not always feel effective and it does create more work I understand we're not intentionally doing that we're not creating additional work for any person where we don't need to and anybody that's dealing with 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 numerous factors one is it's the requirement I believe people have actually got so used to we require a new savings account we open an entity and appropriately so you need 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 norm the people have adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there's a range I think this is a procedure that requires taking a look at it needs changing but ultimately individuals are extremely stuck to what they recognize
with ideal um modification is a hard thing all of us don't like modification um so I think it's just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having maintaining numerous bank accounts however there's a substantial quantity of intricacy opts for establishing a checking account preserving it ensuring it can send out International transfers ensuring it's set up with the right user accesses for individual individuals so the complexity is huge however I think the truthful answer is change um individuals haven't had the ability to change or have not had always the knowledge to really make that change into alternate Solutions aside from opening a bank account I believe you've struck the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century or two there is a lot to keep an eye on and this technique does position numerous obstacles um so Johnny might you inform us about those challenges yeah obviously so there's a range right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this improved capability, I have actually successfully secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your achievements.
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