Find out more about Papaya Global Hr Scale Venture 45M ... We now have the ability to handle both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer particularly dedicated to managing payments. This offers us with a safe and secure and reputable technique of paying to our 10,000 employees worldwide.}
The cutting-edge worldwide payroll management app simplifies my payroll procedure, conserving me a substantial amount of time each month. With its user-friendly interface, I have access to a single control panel that efficiently manages my payroll, EOR, and contractors.
The Worker Portal provides workers with the ability to access and view essential files such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile phones and is used in various languages.
Advantages Administration
Papaya Global helps business offer competitive benefits packages to worldwide employees no matter the number of workers in the company. The business can set up health insurance, short-term and long-lasting special needs, vision, dental and maternity leave while removing the requirement to source regional advantages companies in every nation, develop local accounts and have a minimum variety of employees.
Global HR Functionalities
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and migration services if your staff members need work license support.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, labor force variety, total employment costs distributed per place, total work costs per cycle and far more.
environments around the world I supplied leadership and strategy to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll techniques for as Mark stated I work throughout the business handling and building external relationships supporting Enterprise clients and services as well as serving as an advisor for those of you that don't know who papaya International is papaya is the very first payroll and payments
business to make the time 100 list for the majority of influential business on the planet we offer payroll payments and workforce management to all worker enters 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 naturally thank you good morning excellent afternoon good evening depending upon where you are in the world it's beautiful to meet 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've remained in the payments market for over ten years and particularly dealing with the payroll and payment sector for over 7 years um I was amazed by the intricacy the trouble in all of the above of
payroll payments and decided to sort of make a genuine go at that over the last five or 6 years where I've sort of had a variety of different roles on the company side and likewise on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we'll just offer everybody another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we'll kind of let them do that so it 'd be quite intriguing and I can see it going on currently just to hear where everyone 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 drizzling here it's very extremely dreary and I wish I was elsewhere at this moment in time all right so let's get going our program for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business maintain separate
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets offer a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time throughout this webinar we'll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in sufficient in one country but when you're doing it internationally it's next level and Beyond it ends up being complex for a variety of factors most importantly regulations compliance information security and banking rules then there are the sheer numbers they include additional complexity the international Workforce is currently three and a half billion people by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll model there's typically a frustrating number of different systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large quantities and or really very fundamental there's no genuine consistency structure we're residing in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force information in real time that's another number that provides me sleepless nights and rather frankly the more a company invests in global payroll the less of an image they see a lack of visibility also reaches payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of international businesses have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors improperly interacted hires and terminations as well as lack management and system configurations and then when you round it all off and the data is delivered to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don't run smoothly if they rely on the essential numerous procedures 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 making payments to employees or otherwise that's an excellent question I constantly toss this back and state what is it what does not require to be included right and what does
it require to be thought of there's varying Bank information 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 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 right eventually building a knowledge base is absolutely crucial however all over you look with payroll payment they are like incredibly payments no if but some babies 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 believe there's now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to sort of move on with that it likewise also to contribute to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely imperative that payroll and financing teams work more detailed together than ever um I'm constantly amazed when individuals say I've split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't operate in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of essential to add to sort of the level of intricacy there's increasingly more advantages being organ or being provided by organizations throughout the world so once again you're just aiming to add a growing number of payments to this currently intricate landscape so if you type of got any experience well I'm from your vast experience here and I'm sure but have you got any experience in kind of real challenges or genuine difficult type of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of years I would absolutely state that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding information into the next function as it were that's in fact managing the payment side of things but you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to develop additional handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they don't make them what they need to be in in an age of tech and an era that you understand that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any service has from a cost perspective from an impact perspective on workers it is absolutely critical 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 need to be done right it has the biggest detrimental result on people's wellness and lots of other elements if people aren't paid uh I have actually always been amazed entering into this Market type of the last 5 to ten years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it's from all workers or not. Payroll is an essential cycle, and individuals only observe when things fail. However, when things go right, it's viewed as just a routine task. This is how it's viewed externally also. For that reason, it is important to make sure that tasks like Wi-Fi International and other crucial matters are done properly. Using the first Global Payments first payroll payment solution is a great preliminary action towards offering a detailed payroll service for employees worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and checking account essential for international payroll are essential factors in accomplishing company success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things do not go as prepared. Eventually, we don't do it for the thankfulness.
anyway we understand how how essential 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 everybody that's involved in those procedures and likewise so envision sorry I'm simply I was just gon na say envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we're speaking about hundreds of thousands potentially Millions envision getting that many thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job trying to clean all those up for sure oh definitely I can't picture the size of my my Outlook inbox if that was the case um you 'd require days of the week to try to browse them and in fact see what was going on and type of shot to get back to everyone so carrying on look why do business select to main different checking account there are organizations out there doing precisely this for particular countries and I have actually operated in a company or many businesses doing exactly that I can say it doesn't always feel effective and it does produce more work I understand we're not deliberately doing that we're not producing extra work for any person where we don't need to and anyone 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 amount that we are I believe many factors one is it's the requirement I think people 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 functions however there are a number of markets where it's not a requirement so I think it's simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there's a range I believe this is a process that needs looking at it needs altering however ultimately individuals are really stuck to what they're familiar
with ideal um modification is a difficult thing we all don't like change um so I believe it's simply type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the advantages of having preserving several bank accounts however there's a big amount of intricacy opts for establishing a checking account preserving it ensuring it can send International transfers ensuring it's established with the best user accesses for private people so the complexity is big but I think the honest response is change um people haven't had the ability to alter or haven't had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you've struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what might nearly be determined to be the next Century or so there is a lot to track and this method does position several obstacles um so Johnny might you tell us about those difficulties yeah of course 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 handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your achievements.
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