Find out more about Papaya Global Isle Of Man ... We now have the ability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually obtained a separate Chief Financial Officer particularly dedicated to handling payments. This offers us with a secure and reliable technique of making payments to our 10,000 workers worldwide.}
the very best worldwide payroll managment app, conserves me hours of time each month, 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 statements, and work records. This portal is accessible on both desktop and mobile devices and is offered in various languages.
Benefits Administration
Papaya Global helps business provide competitive benefits bundles to worldwide workers regardless of the variety 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 need to source regional benefits providers in every nation, create local accounts and have a minimum variety of employees.
The HR abilities provided by Global HR encompass numerous functions such as keeping track of holiday time, guaranteeing compliance, facilitating the process of inviting new staff members and bidding farewell to leaving ones, using a protected online platform for keeping employees' files, and providing assistance for work permit procedures in case your staff members need help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, labor force variety, overall employment costs dispersed per place, total work expenses per cycle and a lot more.
Worldwide, I have actually demonstrated management and tactical knowledge in assisting massive populations of over 100,000 employees across 170 nations. Currently, I am responsible for overseeing payroll methods, as mentioned by Mark. My function involves handling and establishing external collaborations, supporting Business clients, and providing advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments services provider.
business to make the time 100 list for many prominent business worldwide we offer payroll payments and labor force management to all employee key ins over 160 countries I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning good afternoon good night depending upon where you remain in the world it's beautiful to fulfill you and thank you very much for your time as Ian stated 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 seven years um I was fascinated by the complexity the difficulty in all of the above of
payroll payments and decided to kind of make a genuine go at that over the last five or six years where I've kind of had a range of different functions on the company side and likewise on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we'll simply provide everybody another couple of uh well one of the 30 seconds or two to join we all 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 currently just to hear where everybody is um it's nice to to sort of like see where everybody comes from and I really do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it's not no it's it's raining here it's very very gloomy and I want I was somewhere else at this moment in time alright so let's begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business maintain separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic asset uh we'll likewise discuss 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 transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being a growing number of typical and managing them becomes more and more intricate International organizations are looking to discover Solutions and brand-new methods to simplify processes particularly from a payroll and cross-border payment standpoint lots of companies maintain separate savings account just for payroll while some have multiple accounts in different nations does it make sense for business to preserve different savings account sometimes in different nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational companies simplify the episode complex processes of
making payroll payments accurately efficiently safely and on time throughout this webinar we'll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one country however when you're doing it worldwide it's next level and Beyond it ends up being complex for a range of reasons most notably guidelines compliance information security and banking guidelines then there are the sheer numbers they add further intricacy the international Workforce is presently 3 and a half billion people by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll model there's typically a frustrating number of different systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or extremely very standard there's no genuine consistency framework we're living in a period of tech but payroll has been sluggish 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 believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that's another number that offers me sleepless nights and rather honestly the more an organization spends on international payroll the less of a picture they see an absence of exposure likewise extends to payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of international 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 errors are because of time reporting poor HCM information data entry mistakes improperly interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is delivered to the wrong location the typical expense of an international 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 smoothly if they count on the necessary 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 challenges company face when they're paying to staff members or otherwise that's a good question I constantly throw this back and state what is it what doesn't require to be included best and what does
it need to be considered 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 complexity wherever you look ideal ultimately constructing a knowledge base is definitely important however everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to sort of progress with that it also too to contribute to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely necessary that payroll and finance groups work more detailed together than ever um I'm always astonished when individuals say I've divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate 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 often 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high value on wellness and the compensation landscape is becoming progressively intricate. Businesses are continuously presenting brand-new benefits and payment options, which adds to the general complexity. Large corporations frequently divide their payroll and payment processing into different groups, which can cause inadequacies and bottlenecks. In my viewpoint, this doesn't have to hold true. In today's highly sophisticated age, there's no justification for maintaining troublesome procedures. Payroll, the company's greatest cost, must be processed correctly and on time. Even small delays can negatively impact staff members' well-being and have significant repercussions. Therefore, it's important to prioritize precise and timely payments.
payroll team get um so I'm unsure anybody on this type of webinar has actually been told 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 employees or not um however ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it's simply a tick box exercise and I believe that's how it's seen from the external consider as well um so yeah it's also like why WI-Fi Global why all of this things is definitely essential that all of this things is done correctly so leveraging the very first Global Payments first payroll payment service is a fantastic primary step um offering an end-to-end payroll solution for your employees globally again I think is another huge um procedure once again lining up and ensuring you have standardization International procedures all of those things are absolutely key to success success of services and reducing the variety of tools platforms and savings account they need 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 have actually never ever had a hundred thousand of them within a payroll cycle do not expect 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 indicated to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how crucial 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 easy as possible for everyone that's involved in those processes and likewise so picture sorry I'm just I was simply gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I'm sure we're talking about numerous thousands possibly Millions picture getting that numerous thank you notes um I suggest it 'd be interesting to see how many Post-it notes you got however it would certainly be an interesting job attempting to clean all those up for sure oh absolutely I can't think of the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to check out them and actually see what was going on and type of shot to get back to everyone so proceeding look why do companies pick to main different checking account there are services out there doing precisely this for specific nations and I have actually worked in a business or many businesses doing precisely that I can state it doesn't constantly feel efficient and it does develop more work I know we're not intentionally doing that we're not developing extra work for anybody where we do not have to and anyone 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 quantity that we are I think lots of factors one is it's the standard I think individuals have got so used to we need a new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it's not a requirement so I believe it's just been the requirement and the standard the people have adopted and continue to do over years and years passed by to contribute to that individuals have looked at things like trust accounts and lots of other ways um to to sort of do it so I believe there's a variety I believe this is a process that needs looking at it requires altering but eventually individuals are very stuck to what they recognize
with right um change is a difficult thing all of us do not like change um so I believe it's simply type of moving far from the norm as we've said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having maintaining numerous savings account however there's a substantial amount of complexity chooses establishing a savings account preserving it guaranteeing it can send International transfers guaranteeing it's set up with the right user accesses for private individuals so the intricacy is big but I believe the truthful response is change um people haven't been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we have actually 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 understand what could practically be determined to be the next Century or so there is a lot to monitor and this method does pose a number of challenges um so Johnny might you tell us about those obstacles yeah naturally so there's a range right there is so
I just did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you should have a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you
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