Find out more about Papaya Global Inc ... We now have the ability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually acquired a different Chief Financial Officer particularly committed to handling payments. This supplies us with a secure and trustworthy technique of paying to our 10,000 employees worldwide.}
the very best global payroll managment app, saves me hours of time each month, one single control panel for my payroll, EOR and professionals
The Staff member Portal offers workers with the ability to access and view essential files such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile devices and is provided in numerous languages.
Advantages Administration
Papaya Global helps companies offer competitive benefits bundles to worldwide workers no matter the number of employees in the business. The business can set up health insurance, short-term and long-term impairment, vision, oral and maternity leave while eliminating the need to source local advantages suppliers in every country, produce regional accounts and have a minimum number of employees.
The HR abilities offered by International HR encompass numerous functions such as monitoring vacation time, making sure compliance, facilitating the procedure of inviting brand-new workers and bidding farewell to departing ones, offering a secure online platform for saving workers' documents, and supplying assistance for work permit treatments in case your workers require assistance because location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, labor force diversity, overall employment expenses dispersed per place, overall employment costs per cycle and a lot more.
Internationally, I have shown management and strategic expertise in guiding massive populations of over 100,000 workers throughout 170 countries. Currently, I am responsible for supervising payroll techniques, as mentioned by Mark. My function includes handling and establishing external partnerships, supporting Enterprise customers, and offering advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments services service provider.
As an international company, we are honored to be consisted of on the prestigious Time 100 list of the most influential companies worldwide. We concentrate on supplying payroll and workforce management services to employees in more than 160 nations. I am delighted to present Johnny Nash, as discussed by Mark. Now, I'll let Johnny present himself. Good day to all, regardless of your place. It's a pleasure to meet you and thank you for your valuable time. As Ian discussed, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments industry, I have actually focused on payroll and payment solutions for the past 7 years. The intricacies and difficulties of this field have actually always captivated me.
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 variety of various roles on the supplier side and also on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we'll simply give everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we'll sort of let them do that so it 'd be rather intriguing 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 everyone comes from and I truly do hope it's much sunnier than it is in the UK today definitely not the peak of the sunlight is it it's not no it's it's raining here it's extremely extremely gloomy and I want I was somewhere else at this moment in time fine so let's begin our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why business preserve separate
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of keeping different bank accounts for payroll in different nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently safely and on time throughout this webinar we'll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in sufficient in one country however when you're doing it internationally it's next level and Beyond it becomes intricate for a variety of factors most significantly policies compliance data security and banking rules then there are the sheer numbers they include more complexity the worldwide Workforce 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 businesses and growing all doing their own thing all over the world in the traditional payroll design 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 standard there's no real consistency structure we're living in an era of tech but payroll has actually 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 an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that's another number that gives me sleepless nights and quite frankly the more an organization spends on international payroll the less of a picture they see an absence of presence also extends to payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of global services have actually expressed 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 due to time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the information is delivered to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they depend on the essential numerous processes 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 obstacles company face when they're paying to workers or otherwise that's a great question I always throw this back and state what is it what doesn't need to be consisted of right and what does
it need to be considered there's varying Bank details so the length of an eye band a swift an account number routing code per nation there's payment time frames 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 complexity anywhere you look ideal eventually developing a knowledge base is absolutely vital but all over you look with payroll payment they are like very payments no if but some children 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 fundamental and innovation is allowing us to sort of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing teams work more detailed together than ever um I'm always amazed when people state I've split 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 split 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 eventually it's payroll is an end-to-end process it's the point of information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on well-being and the payment landscape is ending up being progressively intricate. Companies are continually introducing brand-new benefits and payment choices, which adds to the total complexity. Big corporations typically divide their payroll and payment processing into different teams, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this does not need to hold true. In today's technically sophisticated era, there's no justification for maintaining cumbersome procedures. Payroll, the company's biggest expenditure, must be processed correctly and on time. Even small delays can adversely impact staff members' well-being and have significant repercussions. Therefore, it's critical to focus on accurate and timely payments.
payroll team get um so I'm not exactly sure anyone on this sort of webinar has been informed thank you for processing my payroll properly if you have it 'd be great to hear your success story and whether that's been from all workers or not um but eventually payroll is such a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it's just a tick box workout and I believe that's how it's seen from the external deem well um so yeah it's likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this things is done properly so leveraging the first International Payments very first payroll payment service is a fantastic first step um providing an end-to-end payroll solution for your workers globally once again I think is another substantial um procedure once again aligning and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of services and decreasing the number of tools platforms and savings account they require for their Global payroll too couldn't agree with you more and on the the front in regards to of the thank yous for getting payroll done I've never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone quite where they're meant to be um I do not believe any of us are actually doing that for for the thanks
anyhow we know how how important a role 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 simple as possible for everybody that's involved in those procedures and also so think of sorry I'm just I was just gon na state picture the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we're discussing numerous thousands potentially Millions envision getting that lots of thank you notes um I indicate it 'd be interesting to see the number of Post-it notes you got however it would certainly be an interesting job trying to clean up all those up for sure oh definitely 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 check out them and actually see what was going on and sort of try to return to everyone so proceeding appearance why do business pick to main different savings account there are companies out there doing exactly this for specific countries and I have actually operated in a service or numerous businesses doing precisely that I can state it does not constantly feel efficient and it does produce more work I know we're not intentionally doing that we're not developing extra work for anybody where we don't need to and anybody that's handling that process I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the amount that we are I believe numerous reasons one is it's the requirement I think individuals have actually got so utilized to we require a brand-new checking account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it's not a requirement so I believe it's just been the standard and the standard the people have embraced and continue to do over years and years passed by to contribute to that people have 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 variety I believe this is a process that requires taking a look at it needs changing but ultimately individuals are really stuck to what they recognize
with ideal um modification is a hard thing all of us do not like modification um so I believe it's simply type of moving away from the norm as we've said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having keeping multiple bank accounts but there's a huge amount of complexity opts for setting up a savings account keeping it guaranteeing it can send out International transfers ensuring it's set up with the ideal user accesses for private individuals so the intricacy is substantial however I think the truthful answer is change um people haven't been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century or two there is a lot to monitor and this method does pose a number of difficulties um so Johnny might you tell us about those difficulties yeah of course so there's a range right there is so
I recently made a change 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 acquired another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 workers worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your achievements.
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