Find out more about Papaya Global Iceland ... We now have the ability to handle both our payroll and payments procedures 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 secure and trusted technique of making payments to our 10,000 staff members worldwide.}
the very best international payroll managment app, conserves me hours of time each month, one single control panel for my payroll, EOR and professionals
Employee Portal
Employees have access to a Worker Website where they can see their pay slips, wage and tax statements and employment documents. The website is readily available in numerous languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global assists business offer competitive benefits plans to international workers no matter the variety of staff members in the company. The company can set up medical insurance, short-term and long-term impairment, vision, dental and maternity leave while getting rid of the requirement to source regional advantages suppliers in every nation, develop regional accounts and have a minimum number of employees.
The HR capabilities provided by Worldwide HR encompass different functions such as keeping an eye on getaway time, guaranteeing compliance, helping with the process of welcoming new employees and bidding goodbye to leaving ones, providing a secure online platform for keeping employees' documents, and supplying support for work permit procedures in case your workers require assistance because location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce costs, labor force variety, total employment expenses distributed per place, total work expenses per cycle and far more.
environments across the globe I offered management and method to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll methods for as Mark said I work throughout the business managing and building external relationships supporting Business clients and options as well as acting as an advisor for those of you that do not understand who papaya International is papaya is the very first payroll and payments
business to make the time 100 list for a lot of influential companies in the world we offer payroll payments and workforce management to all worker enters 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 introduce yourself naturally thank you good morning great afternoon good night depending upon where you are in the world it's beautiful to meet 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 remained in the payments market for over 10 years and particularly working on the payroll and payment sector for over 7 years um I was interested by the intricacy the trouble in all of the above of
payroll payments and chose to type of make a real go at that over the last 5 or 6 years where I've type of had a variety of different functions on the supplier side and also on the supplier side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we'll just provide everyone another couple 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 everyone is um it's nice to to kind of like see where everybody originates 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 drizzling here it's really extremely bleak and I wish I was elsewhere at this moment in time okay so let's get started our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies maintain separate
Virtual payroll accounts are an option to conventional checking account for handling payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of keeping different checking account for payroll in various nations, virtual accounts and digital wallets use a more streamlined service. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring precise, efficient, and prompt payroll payments is a complex difficulty for companies operating internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll savings account, learn how business forecast payroll costs to optimize working capital, and discover how streamlining international payroll payments can transform them from a burdensome task into a strategic possession.
Handling payroll globally is a daunting task due to numerous guidelines, compliance requirements, data security concerns, and banking rules. The large number of workers and businesses adds to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems typically result in manual processes, data silos, and an absence of combination, resulting in inconsistencies and inadequacies. Despite residing in an age of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to provide insights and solutions to simplify and enhance international payroll payments.
about it to offer you an idea 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 rather honestly the more a business spends on global payroll the less of an image they see an absence of presence likewise reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of international organizations have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry errors poorly communicated hires and terminations in addition to lack management and system setups and then when you round everything off and the data is shipped to the wrong place the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don't run smoothly if they depend on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they're making payments to employees or otherwise that's an excellent concern I always toss this back and say what is it what doesn't require to be included best 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 country there's payment amount of time 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 client's own in-country account so there's complexity any place you look best ultimately building a knowledge base is definitely crucial but all over you look with payroll payment they are like very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is allowing us to kind of move on with that it likewise also to contribute to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance groups work closer together than ever um I'm constantly astonished when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more essential to contribute to sort of the level of complexity there's a growing number of advantages being organ or being provided by organizations across the world so again you're just seeking to include increasingly more payments to this currently complex landscape so if you kind of got any experience well I'm from your vast experience here and I make sure but have you got any experience in kind of genuine obstacles or real challenging kind of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of years I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding details into the next function as it were that's actually managing the payment side of things but you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to produce extra handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they don't make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason why we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any service has from a cost perspective from an impact point of view on workers it is definitely 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 greatest harmful effect on people's wellness and lots of other aspects if people aren't paid uh I've always been surprised coming into this Market type of the last five to 10 years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and people just discover when things fail. However, when things go right, it's seen as just a regular job. This is how it's viewed externally also. Therefore, it is necessary to guarantee that tasks like Wi-Fi Worldwide and other important matters are done properly. Utilizing the first Global Payments first payroll payment option is a great initial action towards providing a thorough payroll solution for workers worldwide. Standardization, international processes, and decreasing the number of tools, platforms, and bank accounts necessary for global payroll are essential consider accomplishing organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things don't go as planned. Eventually, we do not do it for the gratitude.
anyway we know how how crucial 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 likewise so envision sorry I'm simply I was simply 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 sure we're discussing hundreds of thousands possibly Millions picture getting that lots of thank you notes um I mean it 'd be interesting to see how many Post-it notes you got however it would certainly be an interesting 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 in fact see what was going on and sort of shot to return to everyone so moving on appearance why do companies choose to main different savings account there are companies out there doing precisely this for specific countries and I've worked in an organization or lots of businesses doing precisely that I can say it does not constantly feel effective and it does create more work I understand we're not intentionally doing that we're not developing additional work for anybody where we don't have to and anybody that's handling that process I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the amount that we are I think numerous factors one is it's the requirement I think people have actually got so used to we need a new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it's not a requirement so I believe it's just been the standard and the standard individuals have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there's a variety I think this is a procedure that needs taking a look at it needs altering however eventually people are very stuck with what they recognize
with best um modification is a difficult thing all of us don't like modification um so I think it's simply sort of moving away from the norm as we've said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having maintaining multiple checking account but there's a substantial amount of complexity goes with setting up a savings account preserving it ensuring it can send International transfers ensuring it's set up with the ideal user accesses for individual individuals so the complexity is huge however I believe the sincere answer is modification um people haven't had the ability to alter or haven't had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century or two there is a lot to monitor and this method does posture several obstacles um so Johnny could you inform us about those difficulties yeah obviously so there's a range right there is so
I just 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 gotten another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is closer, considering your accomplishments.
Papaya Global Bhutan