Find out more about Papaya Global Inc. ... 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 gotten a different Chief Financial Officer particularly devoted to handling payments. This provides us with a protected and dependable approach of paying to our 10,000 workers worldwide.}
The innovative international payroll management app enhances my payroll process, saving me a substantial quantity of time monthly. With its easy to use interface, I have access to a single dashboard that effectively handles my payroll, EOR, and professionals.
The Staff member Website provides staff members with the ability to access and view important files such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile phones and is provided in numerous languages.
Advantages Administration
Papaya Global helps business provide competitive benefits packages to international workers regardless of the variety of workers in the business. The company can establish medical insurance, short-term and long-term impairment, vision, oral and maternity leave while removing the requirement to source regional advantages providers in every nation, create regional accounts and have a minimum number of workers.
The HR capabilities offered by Worldwide HR incorporate numerous functions such as monitoring vacation time, making sure compliance, helping with the procedure of inviting brand-new workers and bidding goodbye to departing ones, using a protected online platform for saving employees' documents, and offering assistance for work allow procedures in case your employees need help in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce costs, labor force diversity, overall work costs dispersed per place, total work expenses per cycle and far more.
environments around the world I provided leadership and method to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll techniques for as Mark said I work throughout the business managing and structure external relationships supporting Business customers and options along with acting as a consultant for those of you that do not know who papaya International is papaya is the very first payroll and payments
company to make the time 100 list for most prominent business on the planet we provide payroll payments and labor force management to all staff member types in over 160 countries I am pleased to state that we likewise have as Mark stated 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 remain in the world it's charming to fulfill 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 10 years and specifically working on the payroll and payment sector for over seven years um I was fascinated by the intricacy the difficulty in all of the above of
payroll payments and chose to type of make a real go at that over the last 5 or six years where I've type of had a range of various functions on the company side and also on the vendor side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll just provide everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we'll type of let them do that so it 'd be quite intriguing and I can see it going on already simply to hear where everybody is um it's nice to to sort of like see where everybody comes from and I actually 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 really extremely bleak and I want I was elsewhere at this moment in time alright so let's get started our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why companies maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we'll likewise review a wrap-up which ought to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International workforces become a growing number of typical and handling them ends up being a growing number of intricate International organizations are aiming to find Solutions and brand-new methods to enhance processes especially from a payroll and cross-border payment standpoint lots of organizations maintain different savings account just for payroll while some have multiple accounts in different countries does it make sense for business to maintain different checking account often in various countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business simplify the episode complex procedures of
making payroll payments precisely efficiently safely and on time during this webinar we'll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies precisely anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one country however when you're doing it internationally it's next level and Beyond it ends up being complicated for a range of factors most significantly regulations compliance data security and banking rules then there are the large numbers they include more intricacy the worldwide Workforce is presently 3 and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll model there's often an overwhelming number of different systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in big amounts and or really extremely basic there's no real consistency structure we're residing in an age of tech however 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 think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce information in real time that's another number that gives me sleep deprived nights and quite frankly the more a company spends on global payroll the less of a photo they see a lack of visibility also reaches payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of worldwide services have revealed that they don't have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors poorly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is delivered to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they count on the necessary 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 obstacles company face when they're paying to staff members or otherwise that's a great concern I constantly throw this back and say what is it what does not need to be consisted of right and what does
it require to be thought about there's differing Bank details 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 need to pay from the customer's own in-country account so there's complexity anywhere you look best eventually developing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like 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 acknowledgment that payroll payments are absolutely basic and technology is allowing us to sort of progress with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely important that payroll and financing groups work closer together than ever um I'm always astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not 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 ultimately it's payroll is an end-to-end process it's the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of important to add to kind of the level of intricacy there's more and more advantages being organ or being used by businesses across the world so once again you're simply aiming to add more and more payments to this currently complex landscape so if you kind of got any experience well I'm from your huge experience here and I'm sure however have you got any experience in kind of genuine difficulties or genuine challenging type of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would definitely state 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 job there are teams 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 doesn't always need to be the case you know long gone are the times where we require to produce additional 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 require to be in in an age of tech and an age that you understand that we are operating in today there is no reason that we are still making this as difficult as it requires to be concurred and rightly as you stated payroll is the single most significant liability that any business has from a cost point of view from an impact viewpoint on employees it is absolutely 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 need to be done right it has the biggest destructive impact on individuals's well-being and many other elements if individuals aren't paid uh I've always been surprised coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I'm not sure anybody on this kind of webinar has been informed thank you for processing my payroll correctly if you have it 'd be excellent to hear your success story and whether that's been from all workers or not um but eventually payroll is such an essential cycle all of us become aware of it when it fails everybody jumps up and down when it fails but when it goes right it's just a tick box exercise and I think that's how it's seen from the external consider as well um so yeah it's likewise like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment service is a great primary step um supplying an end-to-end payroll option for your staff members worldwide once again I believe is another big um procedure again aligning and ensuring you have standardization Global processes all of those things are definitely key to success success of organizations and lowering the number 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've never ever had a hundred countless them within a payroll cycle don't anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they're indicated to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand how how essential a function 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 simple as possible for everyone that's involved in those processes and also so picture sorry I'm simply I was simply gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we're talking about hundreds of thousands possibly Millions imagine getting that numerous thank you keeps in mind um I mean it 'd be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job attempting to clean all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that held true um you 'd require days of the week to try to browse them and really see what was going on and type of shot to return to everyone so moving on look why do business choose to primary different bank accounts there are companies out there doing exactly this for specific nations and I've operated in a business or many companies doing exactly that I can state it doesn't constantly feel efficient and it does produce 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 any person that's managing that procedure 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 many reasons one is it's the standard I believe people have got so used to we need a new checking account we open an entity and appropriately so you require 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 standard and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other methods um to to type of do it so I believe there's a range I think this is a process that requires looking at it needs changing but eventually people are really stuck to what they recognize
with right um change is a difficult thing all of us do not like modification um so I think it's just sort of moving away from the standard as we've said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having preserving numerous savings account but there's a huge quantity of intricacy goes with establishing a bank account keeping it ensuring it can send out International transfers guaranteeing it's established with the ideal user accesses for individual people so the complexity is big but I believe the honest answer is change um individuals haven't been able to change or haven't had necessarily the understanding to really make that change into alternate Solutions besides opening a savings account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we've constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding 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 a number of difficulties um so Johnny might you tell us about those challenges yeah naturally so there's a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your achievements.
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