Find out more about Papaya Global Macao ... 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 different Chief Financial Officer specifically dedicated to handling payments. This provides us with a secure and trusted approach of making payments to our 10,000 employees worldwide.}
the BEST global payroll managment app, conserves me hours of time every month, one single control panel for my payroll, EOR and contractors
The Employee Website provides workers with the capability to gain access to and view important files such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile phones and is offered in different languages.
Benefits Administration
Papaya Global assists companies use competitive benefits plans to international staff members regardless of the variety of staff members in the business. The company can set up health insurance, short-term and long-term impairment, vision, oral and maternity leave while eliminating the requirement to source local advantages companies in every country, produce regional accounts and have a minimum variety of staff members.
International HR Functionalities
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your employees need work permit support.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, labor force diversity, total work expenses dispersed per place, overall employment expenses per cycle and a lot more.
environments across the globe I supplied management 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 stated I work throughout the business managing and structure external relationships supporting Enterprise clients and services in addition to acting as a consultant 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 influential business worldwide we offer payroll payments and labor force management to all employee enters 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 obviously thank you good morning good afternoon great night depending upon where you are in the world it's lovely to fulfill you and thank you quite for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've been in the payments market for over 10 years and specifically dealing with the payroll and payment sector for over seven years um I was fascinated by the intricacy the trouble in all of the above of
payroll payments and decided to type of make a real go at that over the last five or six years where I have actually kind of had a variety of various functions on the supplier side and also on the supplier side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll just offer everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we'll sort of let them do that so it 'd be quite fascinating and I can see it going on currently just to hear where everybody is um it's nice to to type of like see where everyone comes from and I truly 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 extremely very gloomy and I wish 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 challenge years of managing Global payroll why business keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we'll likewise review a wrap-up which must leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of typical and handling them becomes more and more complicated Worldwide organizations are looking to discover Solutions and new methods to simplify processes specifically from a payroll and cross-border payment perspective lots of companies maintain different bank account just for payroll while some have numerous accounts in various countries does it make sense for companies to maintain different bank accounts often in various countries it does but just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies enhance the episode complex processes of
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for organizations operating globally. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll bank accounts, learn how companies anticipate payroll expenses to optimize working capital, and find how streamlining global payroll payments can change them from a troublesome task into a strategic asset.
Handling payroll worldwide is a daunting task due to numerous policies, compliance requirements, information security concerns, and banking rules. The large variety of staff members and organizations adds to the complexity, with an estimated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems typically result in manual procedures, information silos, and a lack of integration, causing inconsistencies and inadequacies. Despite residing in a period of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar aims to offer insights and solutions to streamline and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Workforce information in real time that's another number that gives me sleepless nights and rather frankly the more a company invests in worldwide payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of global companies have expressed that they don't have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the data is shipped to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they rely on the required several procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they're paying to workers or otherwise that's an excellent concern I constantly throw this back and say what is it what does not require to be included ideal and what does
it require to be thought of there's differing 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 need to pay from an in-country account do you need to pay from the client's own in-country account so there's complexity anywhere you look ideal ultimately developing a knowledge base is definitely crucial but all over you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it's closer than ever I believe 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 also too to add to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup procedures is absolutely important that payroll and finance teams work better together than ever um I'm constantly astonished when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't operate in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically 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 individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more important to contribute to sort of the level of complexity there's increasingly more advantages being organ or being used by companies throughout the world so again you're simply looking to add increasingly more payments to this currently intricate landscape so if you kind 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 genuine difficulties or real difficult type of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that's actually managing the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to create extra handoffs while doing sos that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason that we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single biggest liability that any company has from a cost point of view from an effect viewpoint on staff members it is definitely vital that it's done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest detrimental result on people's wellness and many other elements if individuals aren't paid uh I've constantly been amazed entering into this Market type of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it's from all workers or not. Payroll is a crucial cycle, and people only observe when things go wrong. However, when things go right, it's seen as simply a routine task. This is how it's viewed externally also. For that reason, it is necessary to guarantee that jobs like Wi-Fi Global and other essential matters are done correctly. Utilizing the very first International Payments very first payroll payment option is a terrific preliminary action towards providing a thorough payroll service for employees worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and checking account required for worldwide payroll are essential consider achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of complaints when things do not go as prepared. Eventually, we don't do it for the appreciation.
anyway we know how how essential 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 easy as possible for everyone that's associated with those processes and likewise so imagine sorry I'm just I was simply gon na say think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we're discussing hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I mean it 'd be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task trying to clean all those up for sure oh definitely I can't imagine 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 in fact see what was going on and type of shot to return to everybody so proceeding appearance why do business choose to main different savings account there are services out there doing precisely this for particular nations and I have actually operated in a company or lots of organizations doing precisely that I can say it does not constantly feel effective and it does produce more work I understand we're not intentionally doing that we're not creating additional work for anyone where we don't have to and anybody that's dealing with that process I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the quantity that we are I believe numerous factors one is it's the standard I believe people have actually got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it's not a requirement so I believe it's just been the standard and the norm the people have actually embraced and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and numerous other ways um to to type of do it so I think there's a variety I think this is a procedure that requires looking at it requires changing however eventually people are really stuck to what they recognize
with right um change is a tough thing we all don't like modification um so I believe it's just kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having keeping multiple bank accounts but there's a huge quantity of intricacy opts for setting up a checking account preserving it ensuring it can send International transfers guaranteeing it's set up with the right user accesses for private individuals so the intricacy is huge however I believe the sincere answer is change um people have not had the ability to alter or haven't had always the understanding to really 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 knowledge you understand and there is an element of resistance to alter however we've always 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 might nearly be figured out to be the next Century or so there is a lot to keep an eye on and this method does position numerous obstacles um so Johnny could you tell us about those obstacles yeah of course so there's a variety 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 International employees you are worthy of a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you
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