Find out more about Papaya Global Hr Software For Workforce Efficiency ... We now have the capability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually obtained a separate Chief Financial Officer specifically dedicated to managing payments. This supplies us with a protected and reputable technique of paying to our 10,000 staff members worldwide.}
The innovative international payroll management app simplifies my payroll procedure, saving me a considerable quantity of time every month. With its easy to use user interface, I have access to a single dashboard that effectively handles my payroll, EOR, and contractors.
Staff member Portal
Workers have access to a Staff member Website where they can see their pay slips, wage and tax declarations and work documents. The website is readily available in numerous languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global assists companies use competitive advantages bundles to worldwide employees regardless of the number of employees in the company. The business can set up health insurance, short-term and long-term impairment, vision, oral and maternity leave while getting rid of the requirement to source regional advantages providers in every nation, produce regional accounts and have a minimum variety of staff members.
The HR abilities offered by International HR encompass numerous functions such as monitoring trip time, ensuring compliance, helping with the process of welcoming brand-new workers and bidding farewell to departing ones, providing a safe and secure online platform for storing workers' documents, and providing assistance for work allow procedures in case your workers need assistance because area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, labor force variety, overall employment expenses dispersed per area, total employment costs per cycle and far more.
Globally, I have actually shown leadership and tactical know-how in guiding massive populations of over 100,000 employees throughout 170 nations. Presently, I are accountable for managing payroll techniques, as discussed by Mark. My role involves handling and developing external partnerships, supporting Enterprise customers, and supplying advisory services. Additionally, 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 many influential companies worldwide we provide payroll payments and workforce management to all employee types in over 160 nations I am pleased to state that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning great afternoon excellent night depending on where you remain in the world it's lovely to fulfill 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've remained in the payments industry for over 10 years and specifically dealing with the payroll and payment sector for over 7 years um I was interested by the complexity the trouble in all of the above of
payroll payments and decided to sort of make a real go at that over the last 5 or 6 years where I've kind of had a variety of different roles on the supplier side and likewise on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we'll just give 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 sort of let them do that so it 'd be quite fascinating and I can see it going on already just to hear where everyone is um it's nice to to kind of like see where everybody originates from and I truly do hope it's much sunnier than it remains 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 extremely extremely uninspiring and I wish I was elsewhere at this moment in time fine so let's get started our agenda 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 separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we'll also discuss a wrap-up and that ought to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more typical and handling them becomes a growing number of complex International companies are aiming to discover Solutions and brand-new methods to improve procedures especially from a payroll and cross-border payment viewpoint lots of companies preserve different checking account just for payroll while some have several accounts in different countries does it make good sense for companies to keep separate bank accounts often in different nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business simplify the episode complex procedures of
making payroll payments accurately effectively securely 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 properly forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one nation but when you're doing it globally it's next level and Beyond it ends up being intricate for a variety of factors most notably policies compliance information security and banking rules then there are the large numbers they include further intricacy the international Labor force is presently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll model there's frequently an overwhelming number of various systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely really standard there's no genuine consistency structure we're living 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 frequently 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 organizations state they have Labor force information in real time that's another number that offers me sleep deprived nights and quite honestly the more a company spends on worldwide payroll the less of an image they see a lack of visibility also reaches payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of global businesses have actually revealed that they don't have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors inadequately communicated hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is delivered to the wrong place the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they rely on the essential several procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they're making payments to employees or otherwise that's a good concern I always throw this back and say what is it what does not require to be included right and what does
it need to be thought about there's varying Bank details so the length of an eye band a swift an account number routing code per country there's payment time frames there's payment abilities 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 wherever you look best ultimately building a knowledge base is definitely critical however all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 basic and technology is enabling us to kind of move forward with that it also too to add to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely crucial that payroll and finance teams work better together than ever um I'm constantly impressed when individuals state 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 divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of essential to contribute to kind of the level of complexity there's a growing number of advantages being organ or being provided by services across the world so again you're just looking to add a growing number of payments to this already complicated landscape so if you sort of got any experience well I'm from your large experience here and I'm sure but have you got any experience in kind of genuine difficulties or real challenging type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a number of years I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding details into the next function as it were that's really managing the payment side of things but you know in in my viewpoint and my experience that doesn't necessarily require to be the case you understand long gone are the times where we require to develop additional handoffs at the same times that we run in they simply make them more prompt they make them less effective and they don't make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an impact viewpoint on workers it is definitely vital that it's done properly and on time so what we suggest 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 damaging impact on people's wellness and many other factors if individuals aren't paid uh I have actually always been surprised entering into this Market sort of the last five to ten years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it's from all employees or not. Payroll is a crucial cycle, and individuals just discover when things go wrong. However, when things go right, it's seen as simply a routine job. This is how it's perceived externally also. For that reason, it is essential to ensure that jobs like Wi-Fi Global and other important matters are done properly. Using the very first Worldwide Payments first payroll payment service is a terrific preliminary step towards providing an extensive payroll solution for workers worldwide. Standardization, global processes, and lowering the number of tools, platforms, and bank accounts required for global payroll are key consider achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things don't go as prepared. Ultimately, we do not do it for the appreciation.
anyhow we know how how crucial 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 everyone that's associated with those processes and also so envision sorry I'm simply I was just gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we're discussing hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I imply it 'd be interesting to see how many Post-it notes you got however it would certainly be an intriguing job attempting to clean all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to check out them and really see what was going on and kind of shot to get back to everybody so moving on look why do business pick to primary different checking account there are companies out there doing exactly this for particular countries and I have actually operated in a business or many organizations doing exactly that I can state it does not constantly feel efficient and it does create more work I know we're not intentionally doing that we're not developing extra work for anyone where we don't have to and anyone that's handling 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 believe many reasons one is it's the standard I believe people have got so used to we need a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it's not a requirement so I think it's simply been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to add 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 believe there's a variety I believe this is a procedure that requires taking a look at it requires changing but eventually individuals are very stuck to what they're familiar
with right um change is a difficult thing we all do not like modification um so I think it's simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having preserving multiple checking account however there's a big quantity of intricacy opts for setting up a savings account keeping it ensuring it can send out International transfers guaranteeing it's set up with the ideal user accesses for private people so the complexity is substantial but I think the honest answer is modification um people have not been able to change or haven't had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you've struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we've always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century approximately there is a lot to track and this technique does pose several challenges um so Johnny might you inform us about those difficulties yeah naturally so there's a variety 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 feels like our CFO has gotten another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your achievements.
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