Find out more about Papaya Global Hr Software That Helps Businesses Improve Efficiency ... We now have the ability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has actually obtained a separate Chief Financial Officer specifically devoted to handling payments. This supplies us with a safe and secure and reliable technique of paying to our 10,000 workers worldwide.}
The innovative global payroll management app enhances my payroll process, saving me a significant amount of time every month. With its easy to use interface, I have access to a single control panel that efficiently handles my payroll, EOR, and contractors.
The Worker Website provides employees with the capability to access and view essential documents such as pay slips, wage and tax declarations, and work records. This portal is accessible on both desktop and mobile phones and is offered in numerous languages.
Benefits Administration
Papaya Global helps business offer competitive advantages packages to worldwide employees no matter 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 removing the need to source regional advantages providers in every nation, develop local accounts and have a minimum variety of staff members.
Worldwide HR Performances
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and migration services if your employees need work authorization assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce costs, labor force variety, overall employment costs distributed per location, total work costs per cycle and far more.
Internationally, I have demonstrated leadership and tactical know-how in assisting massive populations of over 100,000 workers throughout 170 nations. Currently, I am responsible for overseeing payroll strategies, as discussed by Mark. My role involves handling and establishing external collaborations, supporting Business clients, and offering advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions provider.
company to make the time 100 list for the majority of influential business on the planet we supply payroll payments and labor force management to all employee enters over 160 countries I am pleased to say that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning excellent afternoon great evening depending on where you are 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've been in the payments industry for over 10 years and particularly dealing with the payroll and payment sector for over 7 years um I was amazed by the complexity the problem in all of the above of
payroll payments and decided to kind of make a genuine go at that over the last 5 or six years where I've kind of had a variety of various roles on the supplier side and likewise on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we'll simply give everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we'll type of let them do that so it 'd be rather interesting and I can see it going on currently just to hear where everybody is um it's nice to to kind of like see where everybody originates from and I actually 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 raining here it's extremely really uninspiring and I wish I was elsewhere at this moment in time all right so let's start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies keep different
savings account 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 possession uh we'll likewise review a recap which needs to leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of typical and handling them ends up being a growing number of complex Worldwide companies are looking to find Solutions and brand-new methods to streamline processes particularly from a payroll and cross-border payment standpoint lots of organizations keep different savings account just for payroll while some have multiple accounts in different countries does it make sense for business to preserve separate bank accounts in some cases in different countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international business improve the episode complex procedures of
making payroll payments precisely effectively safely and on time during this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies properly forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in enough in one nation but when you're doing it globally it's next level and Beyond it ends up being complicated for a range of reasons most importantly policies compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the global Workforce is presently 3 and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the traditional payroll model there's frequently a frustrating variety of various systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in big quantities and or extremely extremely basic there's no genuine consistency framework we're residing in an era of tech however 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 and that simply blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that's another number that offers me sleepless nights and quite honestly the more a service spends on global payroll the less of an image they see an absence of exposure likewise encompasses payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global services have actually 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 information data entry mistakes inadequately communicated hires and terminations along with lack management and system setups and after that when you round everything off and the information is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they rely on the required multiple 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 paying to staff members or otherwise that's a great question I constantly toss this back and say what is it what doesn't require to be included ideal and what does
it need to be thought about there's differing Bank information so the length of an eye band a swift an account number routing code per nation there's payment timespan 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 consumer's own in-country account so there's intricacy any place you look right ultimately constructing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble very payments no if but 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 believe there's now a bit more recognition that payroll payments are absolutely essential and technology is allowing us to sort of move on with that it also too to add to that payroll and finance require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely necessary that payroll and financing teams work better together than ever um I'm constantly impressed when people say I've divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't operate in the payroll occupation would they divide the payroll payment from computation 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 any place they are but also paying statutory authorities and on statutory third parties so with the
The modern world positions a high worth on well-being and the payment landscape is ending up being significantly intricate. Companies are continually introducing new advantages and payment alternatives, which adds to the general intricacy. Big corporations frequently divide their payroll and payment processing into different groups, which can cause inefficiencies and traffic jams. In my opinion, this doesn't need to hold true. In today's technologically sophisticated era, there's no justification for maintaining troublesome procedures. Payroll, the company's most significant expense, should be processed properly and on time. Even minor hold-ups can negatively impact workers' well-being and have significant repercussions. For that reason, it's crucial to focus on accurate and prompt payments.
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and individuals only observe when things fail. However, when things go right, it's seen as just a routine job. This is how it's viewed externally as well. For that reason, it is essential to make sure that jobs like Wi-Fi Worldwide and other vital matters are done properly. Using the first Worldwide Payments very first payroll payment solution is a great initial step towards offering an extensive payroll option for workers worldwide. Standardization, worldwide procedures, and reducing the number of tools, platforms, and bank accounts required for international payroll are essential consider achieving service success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things don't go as planned. Ultimately, we do not do it for the gratitude.
anyhow we know how how important 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 involved in those procedures and likewise so picture sorry I'm just I was simply gon na say envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we're talking about numerous thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it 'd be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task trying to clean up all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to browse them and really see what was going on and sort of shot to get back to everybody so carrying on appearance why do companies choose to main separate savings account there are companies out there doing exactly this for particular nations and I have actually worked in a business or numerous organizations doing exactly that I can say it does not always feel effective and it does produce more work I understand we're not purposely doing that we're not creating extra work for anyone where we do not need to and anybody 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 think many factors one is it's the standard I think people have actually got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it's not a requirement so I think it's simply been the requirement and the norm the people have actually embraced and continue to do over years and years passed by to add 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 variety I think this is a process that needs taking a look at it requires changing but ultimately individuals are extremely stuck to what they recognize
with best um modification is a challenging thing we all don't like change um so I believe it's just kind 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 certainly the benefits of having maintaining several checking account however there's a huge quantity of complexity goes with establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it's set up with the best user accesses for individual individuals so the complexity is big however I think the honest answer is change um people haven't been able to change or haven't had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change however we've always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century or so there is a lot to keep track of and this technique does pose several challenges um so Johnny might you tell us about those difficulties yeah naturally so there's a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your accomplishments.
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