Find out more about Papaya Global Logo ... We now have the capability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer particularly dedicated to managing payments. This provides us with a protected and trusted approach of paying to our 10,000 employees worldwide.}
The advanced global payroll management app enhances my payroll process, saving me a significant amount of time monthly. With its user-friendly user interface, I have access to a single dashboard that effectively handles my payroll, EOR, and professionals.
Staff member Website
Employees have access to a Staff member Portal where they can see their pay slips, wage and tax statements and work documents. The website is available in several languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global helps companies use competitive advantages bundles to global staff members despite the variety of workers in the company. The business can set up medical insurance, short-term and long-term impairment, vision, dental and maternity leave while eliminating the requirement to source local advantages companies in every nation, create local accounts and have a minimum number of employees.
The HR abilities offered by International HR include numerous functions such as monitoring vacation time, guaranteeing compliance, helping with the process of welcoming brand-new employees and bidding farewell to leaving ones, offering a safe online platform for saving employees' files, and offering support for work permit treatments in case your employees require help in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, workforce variety, total employment costs distributed per place, overall work costs per cycle and much more.
environments around the world I offered leadership and strategy to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll strategies for as Mark said I work across the business managing and building external relationships supporting Enterprise clients and solutions as well as functioning as an advisor for those of you that do not understand who papaya Global is papaya is the very first payroll and payments
business to make the time 100 list for the majority of prominent companies worldwide we supply payroll payments and workforce management to all employee types in over 160 countries I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning excellent afternoon excellent evening depending on where you are in the world it's beautiful to meet 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 have actually been in the payments industry for over 10 years and particularly working on the payroll and payment sector for over seven years um I was interested by the complexity the difficulty in all of the above of
payroll payments and chose to sort of make a genuine go at that over the last five or six years where I have actually type of had a range of different functions on the company side and likewise on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we'll simply offer everybody another couple 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 currently simply to hear where everybody is um it's nice to to kind of like see where everybody comes from and I really 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 raining here it's very really bleak and I wish I was somewhere else at this moment in time okay so let's start our agenda 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
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is especially beneficial for worldwide organizations with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly efficiently securely and on time during this webinar we'll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one country but when you're doing it worldwide it's next level and Beyond it becomes intricate for a variety of reasons most significantly regulations compliance data security and banking rules then there are the large numbers they add more complexity the global Workforce is currently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the conventional payroll design there's often a frustrating number of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or very really standard there's no real consistency framework we're residing in an era of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I think
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 Workforce data in real time that's another number that offers me sleep deprived nights and rather honestly the more a business invests in international payroll the less of a photo they see a lack of visibility also encompasses payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of worldwide services have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes badly interacted hires and terminations along with lack management and system configurations and then when you round everything off and the data is shipped to the wrong location the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments don't run smoothly if they depend on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties company face when they're paying to staff members or otherwise that's an excellent concern I always toss this back and state what is it what does not need to be consisted of right and what does
it need 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 have to pay from the client's own in-country account so there's intricacy wherever you look right eventually developing a knowledge base is absolutely vital but everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort 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 basic and technology is enabling us to sort of move on with that it likewise too to contribute to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely essential that payroll and financing teams work more detailed together than ever um I'm always amazed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't operate 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 often split and cut up um ultimately it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying people anywhere 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 settlement landscape is ending up being increasingly detailed. Services are continually introducing brand-new advantages and payment options, which adds to the overall intricacy. Large corporations often divide their payroll and payment processing into different groups, which can result in inadequacies and bottlenecks. In my viewpoint, this does not have to hold true. In today's highly innovative era, there's no validation for maintaining cumbersome treatments. Payroll, the company's greatest expense, need to be processed correctly and on time. Even slight hold-ups can adversely affect employees' well-being and have significant effects. Therefore, it's important to prioritize precise and prompt payments.
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it's from all workers or not. Payroll is a crucial cycle, and individuals just observe when things fail. Nevertheless, when things go right, it's viewed as simply a regular task. This is how it's viewed externally as well. For that reason, it is important to guarantee that tasks like Wi-Fi Worldwide and other essential matters are done correctly. Utilizing the very first International Payments first payroll payment service is a great preliminary step towards providing a thorough payroll option for staff members worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and checking account required for international payroll are crucial consider accomplishing company success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things do not go as planned. Ultimately, we do not do it for the gratitude.
anyway 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 processes and likewise so think of sorry I'm just I was simply gon na say envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we're discussing hundreds of thousands possibly Millions think of 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 definitely be an interesting task trying to clean 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 require days of the week to attempt to check out them and actually see what was going on and kind of try to get back to everyone so carrying on appearance why do business pick to primary different checking account there are businesses out there doing exactly this for particular nations and I've operated in an organization or many organizations doing exactly that I can say it doesn't always feel effective and it does create more work I know we're not purposely doing that we're not creating additional work for anyone where we do not have to and anybody that's dealing with 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 lots of reasons one is it's the standard I believe individuals have got so used to we need a new savings account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it's not a requirement so I think it's simply been the requirement and the standard the people have adopted 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 lots of other methods um to to type of do it so I think there's a range I think this is a procedure that requires looking at it requires changing however ultimately individuals are very stuck with what they recognize
with best um modification is a hard thing all of us don't like change um so I believe it's just kind of moving far from the norm as we've said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having maintaining multiple bank accounts but there's a big amount of intricacy opts for setting up a bank account preserving it ensuring it can send International transfers ensuring it's established with the right user accesses for individual people so the intricacy is substantial however I believe the sincere response is modification um people have not been able to change or haven't had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we've constantly done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or two there is a lot to monitor and this approach does position several obstacles um so Johnny might you tell us about those obstacles yeah naturally so there's a variety right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you deserve a corner office with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you
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