Find out more about Papaya Global Luxembourg ... 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 devoted to managing payments. This offers us with a safe and secure and trusted method of paying to our 10,000 workers worldwide.}
The cutting-edge global payroll management app simplifies my payroll procedure, conserving me a substantial amount of time each month. With its easy to use user interface, I have access to a single dashboard that efficiently manages my payroll, EOR, and professionals.
The Employee Portal provides staff members with the capability to access and view essential documents such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile devices and is used in numerous languages.
Advantages Administration
Papaya Global helps companies provide competitive advantages plans to global workers regardless of the variety of staff members in the company. The company can establish medical insurance, short-term and long-term disability, vision, oral and maternity leave while getting rid of the need to source local advantages providers in every country, produce regional accounts and have a minimum variety of employees.
Global HR Functionalities
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and immigration services if your employees require work permit assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, workforce diversity, overall work costs distributed per location, total work expenses per cycle and a lot more.
Internationally, I have actually shown management and tactical knowledge in assisting massive populations of over 100,000 employees throughout 170 countries. Currently, I am responsible for supervising payroll techniques, as mentioned by Mark. My function includes managing and developing external collaborations, supporting Business customers, and providing advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments services company.
As a global business, we are honored to be included on the prestigious Time 100 list of the most prominent business worldwide. We specialize in supplying payroll and workforce management services to staff members 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, no matter your location. It's a pleasure to fulfill you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have concentrated on payroll and payment options for the past seven years. The complexities and obstacles of this field have actually always mesmerized me.
payroll payments and decided 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 roles on the provider side and also on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you very much for your time everybody 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 kind of let them do that so it 'd be quite fascinating and I can see it going on already simply to hear where everyone is um it's nice to to kind of like see where everyone comes from and I actually do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it's not no it's it's drizzling here it's really extremely uninspiring and I wish 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 taking a look at the challenge years of handling Worldwide payroll why companies preserve different
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is particularly helpful for global companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of preserving different savings account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic possession for payroll executives. We will likewise supply a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time during this webinar we'll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one nation however when you're doing it globally it's next level and Beyond it ends up being intricate for a variety of reasons most significantly policies compliance information security and banking guidelines then there are the sheer numbers they include additional complexity the global Workforce is currently 3 and a half billion people by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll model there's typically a frustrating variety of various systems leading to time-consuming manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely very basic there's no genuine consistency structure we're living in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that's another number that gives me sleepless nights and rather frankly the more an organization invests in global payroll the less of an image they see an absence of visibility also reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide companies have actually expressed that they don't have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry errors badly interacted hires and terminations in addition to lack management and system setups and after that when you round all of it off and the data is delivered to the incorrect place the typical expense of a worldwide information 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 rely on the necessary several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the obstacles business face when they're making payments to staff members or otherwise that's a good concern I always toss this back and say what is it what does not need to be included 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 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 consumer's own in-country account so there's complexity any place you look right eventually developing a knowledge base is absolutely crucial but all over you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are definitely essential and technology is enabling us to kind of progress with that it also as well to add to that payroll and finance require to work closer together um with differing Checking account Particulars differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work better together than ever um I'm constantly amazed when people say I've divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't 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 eventually 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 likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to contribute to sort of the level of intricacy there's a growing number of benefits being organ or being used by services throughout the world so again you're simply looking to add increasingly more payments to this already complex landscape so if you sort of got any experience well I'm from your huge experience here and I make certain however have you got any experience in kind of real difficulties or genuine difficult kind of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of years I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding details into the next function as it were that's in fact managing the payment side of things but you know in in my opinion and my experience that doesn't always require to be the case you know long gone are the times where we need to develop additional handoffs in the processes that we operate in they simply make them more timely they make them less efficient and they don't make them what they need to be in in an age of tech and an era that you know that we are working in today there is no reason that we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any business has from an expense viewpoint from an effect point of view on staff members it is absolutely critical 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 have to be done right it has the biggest damaging impact on people's wellness and numerous other elements if people aren't paid uh I have actually always been surprised entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll group might not have actually been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it's from all staff members or not. Payroll is a crucial cycle, and people only discover when things fail. Nevertheless, when things go right, it's viewed as just a routine job. This is how it's perceived externally as well. Therefore, it is vital to make sure that tasks like Wi-Fi Worldwide and other vital matters are done correctly. Using the very first Global Payments very first payroll payment solution is a terrific preliminary action towards providing a comprehensive payroll solution for employees worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and bank accounts necessary for global payroll are essential factors in attaining business success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of problems when things do not go as planned. Ultimately, we don't do it for the appreciation.
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 simple as possible for everybody that's associated with those procedures and also so imagine sorry I'm just I was just gon na say picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we're talking about hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I indicate it 'd be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task 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 held true um you 'd need days of the week to attempt to look through them and in fact see what was going on and sort of try to return to everybody so moving on appearance why do companies select to primary different savings account there are organizations out there doing exactly this for particular nations and I have actually worked in a company or lots of companies doing exactly that I can say it doesn't always feel effective and it does produce more work I understand we're not purposely doing that we're not creating extra work for anybody where we do not need to and any person that's dealing with that procedure I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the quantity that we are I think many reasons one is it's the requirement I believe people have got so utilized to we need a new savings 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 norm the people have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other ways um to to sort of do it so I believe there's a variety I believe this is a procedure that needs looking at it requires altering but eventually people are extremely stuck with what they're familiar
with right um modification is a challenging thing we all do not like modification um so I believe it's just sort 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 certainly the benefits of having keeping several bank accounts but there's a substantial quantity of intricacy opts for setting up a bank account preserving it ensuring it can send International transfers ensuring it's set up with the best user accesses for specific individuals so the intricacy is big however I believe the honest answer is change um individuals have not had the ability to change or haven't had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you know 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 might practically be identified to be the next Century or two there is a lot to keep track of and this technique does posture several difficulties um so Johnny might you tell us about those challenges yeah obviously so there's a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you should have a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you
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