Find out more about Papaya Global Integrations ... We now have the capability to handle both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually obtained a different Chief Financial Officer specifically committed to managing payments. This offers us with a secure and reliable technique of making payments to our 10,000 workers worldwide.}
the very best global payroll managment app, saves me hours of time on a monthly basis, one single control panel for my payroll, EOR and specialists
The Staff member Website supplies employees with the capability to gain access to and view important documents such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile phones and is offered in numerous languages.
Benefits Administration
Papaya Global helps companies offer competitive advantages bundles to international workers despite the number of staff members in the company. The company can set up health insurance, short-term and long-term disability, vision, oral and maternity leave while eliminating the requirement to source regional benefits companies in every nation, create regional accounts and have a minimum number of staff members.
The HR abilities provided by Worldwide HR include numerous functions such as monitoring vacation time, ensuring compliance, facilitating the process of welcoming brand-new workers and bidding farewell to departing ones, providing a protected online platform for saving workers' files, and offering assistance for work permit procedures in case your staff members require help because area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, labor force variety, overall employment expenses distributed per location, total employment costs per cycle and far more.
environments across the globe I offered leadership and technique to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll methods for as Mark stated I work across the business managing and structure external relationships supporting Enterprise clients and solutions in addition to acting as an advisor for those of you that don't know who papaya International is papaya is the first payroll and payments
business to make the time 100 list for most influential companies on the planet we supply payroll payments and workforce management to all worker key ins over 160 countries I am pleased to state that we also have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning great afternoon good evening depending upon where you are in the world it's lovely to satisfy 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 have actually been in the payments market for over ten years and specifically working on the payroll and payment sector for over seven years um I was amazed by the intricacy the difficulty in all of the above of
payroll payments and chose to kind of make a genuine go at that over the last five or 6 years where I have actually sort of had a variety of different roles on the company side and likewise on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everyone okay 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 sort of let them do that so it 'd be rather interesting and I can see it going on already simply to hear where everybody is um it's nice to to type of like see where everyone originates from and I really do hope it's much sunnier than it remains 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 very very dreary and I want I was elsewhere at this moment in time alright so let's get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why companies keep separate
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is especially beneficial for international companies with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a tactical asset for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure precise, efficient, and timely payroll payments is a complex obstacle for businesses running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, learn how business forecast payroll costs to enhance working capital, and discover how improving global payroll payments can change them from a burdensome job into a strategic possession.
Handling payroll worldwide is a challenging task due to different policies, compliance requirements, information security concerns, and banking guidelines. The large number of employees and businesses contributes to the complexity, with an estimated 3.5 billion people in the global labor force, 500 countless whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems frequently result in manual procedures, information silos, and an absence of integration, leading to disparities and inadequacies. In spite of residing in an era of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, often utilizing pen and paper. This webinar goals to offer insights and solutions to simplify and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce data in real time that's another number that provides me sleepless nights and rather frankly the more a service spends on international payroll the less of a picture they see an absence of visibility also reaches payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of worldwide services 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 mistakes are due to time reporting poor HCM information data entry errors improperly interacted hires and terminations in addition to lack management and system configurations and then when you round it all off and the data is delivered to the incorrect location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash worldwide payroll and payments don't run efficiently if they count on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties service face when they're paying to workers or otherwise that's a great concern I constantly throw this back and state what is it what does not require to be consisted of best and what does
it need to be thought of 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 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 wherever you look right ultimately building a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble super payments no if however some babies 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 believe there's now a bit more recognition that payroll payments are definitely basic and innovation is enabling us to sort of progress with that it also also to add to that payroll and financing need to work closer together um with differing Checking account Details varying banking requirements and setup processes is definitely imperative that payroll and finance teams work closer together than ever um I'm always impressed when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry 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 data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on wellness and the compensation landscape is becoming significantly elaborate. Services are constantly introducing new advantages and payment alternatives, which adds to the overall complexity. Large corporations often divide their payroll and payment processing into separate groups, which can lead to inefficiencies and traffic jams. In my viewpoint, this doesn't need to hold true. In today's highly advanced era, there's no justification for maintaining troublesome procedures. Payroll, the company's biggest expenditure, need to be processed correctly and on time. Even minor hold-ups can adversely affect staff members' wellness and have significant effects. Therefore, it's vital to prioritize precise and prompt payments.
payroll group get um so I'm uncertain anyone on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it 'd be terrific to hear your success story and whether that's been from all staff members or not um however ultimately payroll is such an important cycle all of us hear about it when it fails everyone jumps up and down when it fails but when it goes right it's just a tick box workout and I think that's how it's seen from the external deem well um so yeah it's also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment service is a terrific first step um offering an end-to-end payroll service for your workers worldwide once again I think is another substantial um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of businesses and lowering the number of tools platforms and bank accounts they require for their International 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 have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven't gone rather where they're suggested to be um I don't believe any of us are actually doing that for for the thanks
anyhow we know how how important 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 associated with 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 individuals that we cover within this webinar I make certain we're discussing numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got but it would definitely be an interesting job trying to clean up all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that was the case um you 'd need days of the week to try to browse them and actually see what was going on and sort of shot to return to everybody so proceeding look why do business select to primary different savings account there are organizations out there doing precisely this for particular countries and I have actually worked in a business or many companies doing exactly that I can say it doesn't constantly feel efficient and it does produce more work I know we're not purposely doing that we're not creating additional work for anybody where we don't have to and anybody that's managing that procedure I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the amount that we are I believe many factors one is it's the standard I think people have got so used to we need a new savings account we open an entity and rightly 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 just been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other ways 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 however ultimately individuals are very stuck to what they're familiar
with ideal um modification is a difficult thing all of us do not like modification um so I believe it's simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having preserving multiple checking account but there's a substantial quantity of intricacy chooses establishing a bank account keeping it guaranteeing it can send International transfers ensuring it's set up with the right user accesses for individual individuals so the complexity is substantial however I think the honest response is modification um people haven't had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I believe you've struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we've always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might almost be identified to be the next Century or two there is a lot to monitor and this method does posture several challenges um so Johnny could you tell us about those challenges yeah naturally so there's a range right there is so
I recently made a modification to our Business 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 effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements.
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