Find out more about Papaya Global Maldives ... We now have the ability to handle both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has gotten a separate Chief Financial Officer particularly dedicated to handling payments. This provides us with a protected and reliable technique of making payments to our 10,000 workers worldwide.}
The advanced global payroll management app streamlines my payroll procedure, saving me a significant quantity of time monthly. With its easy to use interface, I have access to a single control panel that effectively manages my payroll, EOR, and specialists.
The Employee Portal provides employees with the capability to gain access to and view essential files such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile devices and is offered in different languages.
Benefits Administration
Papaya Global assists companies offer competitive advantages bundles to international employees no matter the number of staff members in the company. The business can establish medical insurance, short-term and long-lasting special needs, vision, oral and maternity leave while removing the need to source regional advantages suppliers in every country, develop local accounts and have a minimum variety of workers.
The HR capabilities offered by Worldwide HR encompass numerous functions such as monitoring getaway time, ensuring compliance, assisting in the procedure of welcoming new workers and bidding goodbye to departing ones, using a protected online platform for saving workers' files, and supplying support for work allow treatments in case your staff members need assistance because area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, labor force diversity, total work expenses distributed per location, overall work costs per cycle and much more.
environments across the globe I offered leadership and strategy to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll methods for as Mark said I work across business managing and building external relationships supporting Enterprise clients and services as well as serving as an advisor for those of you that don't understand who papaya Global is papaya is the first payroll and payments
company to make the time 100 list for a lot of influential companies worldwide we offer payroll payments and workforce management to all worker types in over 160 nations I am pleased to state that we also have as Mark stated Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning great afternoon excellent night depending on where you remain in the world it's charming to satisfy you and thank you very much for your time as Ian said 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 captivated by the complexity 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 6 years where I've type of had a range of different roles on the service provider side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we'll just offer everyone another couple of uh well among 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 rather fascinating 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 everyone originates from and I really 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 raining here it's extremely really gloomy and I want I was somewhere else at this moment in time all right so let's get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic asset uh we'll also go over 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 relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more typical and handling them ends up being increasingly more intricate International companies are seeking to find Solutions and brand-new methods to improve processes specifically from a payroll and cross-border payment standpoint many companies keep different checking account just for payroll while some have multiple accounts in various nations does it make good sense for companies to preserve separate bank accounts in some cases in different countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies enhance the episode complex procedures of
making payroll payments precisely effectively securely and on time throughout this webinar we'll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in sufficient in one nation however when you're doing it internationally it's next level and Beyond it ends up being intricate for a variety of factors most significantly guidelines compliance data security and banking rules then there are the large numbers they add further complexity the worldwide Labor force is currently three and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll model there's often a frustrating number of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or really really standard there's no genuine consistency structure we're residing in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind each time I I think
about it to give you an idea 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 gives me sleep deprived nights and rather honestly the more a service invests in worldwide payroll the less of a photo they see an absence of presence also extends to payroll payments and failure to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of international companies have revealed that they don't have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes poorly communicated hires and terminations in addition to lack management and system configurations and after that when you round it all off and the information is delivered to the incorrect place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don't run efficiently if they depend on the needed multiple processes 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 business face when they're paying to staff members or otherwise that's an excellent question I constantly toss this back and say what is it what does not require to be included ideal and what does
it require to be thought about there's differing Bank information so the length of an eye band a swift an account number routing code per country there's payment time frames there's payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer's own in-country account so there's complexity anywhere you look best eventually building a knowledge base is definitely critical however all over you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 permitting us to type of move on with that it also also to contribute to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup procedures is definitely necessary that payroll and finance teams work closer together than ever um I'm constantly astonished when individuals say I've split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation 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 data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on well-being and the payment landscape is becoming progressively complex. Services are continuously presenting brand-new benefits and payment alternatives, which contributes to the total complexity. Large corporations typically divide their payroll and payment processing into different teams, which can result in inefficiencies and traffic jams. In my viewpoint, this does not need to be the case. In today's technically innovative age, there's no justification for preserving troublesome treatments. Payroll, the business's greatest cost, need to be processed correctly and on time. Even slight hold-ups can adversely impact staff members' well-being and have significant effects. For that reason, it's vital to prioritize accurate and prompt payments.
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific 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 regular job. This is how it's perceived externally too. For that reason, it is essential to guarantee that jobs like Wi-Fi Global and other crucial matters are done correctly. Using the very first Worldwide Payments very first payroll payment service is a fantastic initial step towards supplying a detailed payroll service for workers worldwide. Standardization, worldwide procedures, and decreasing the number of tools, platforms, and checking account essential for worldwide payroll are crucial consider achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things don't go as prepared. Eventually, we don't do it for the gratitude.
anyway we know how how important 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 simple as possible for everybody that's involved in those procedures and likewise so envision sorry I'm just I was just gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we're discussing hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I mean it 'd be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task attempting to clean up all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that was the case 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 everybody so proceeding look why do companies choose to main different savings account there are businesses out there doing precisely this for particular nations and I have actually operated in a business or lots of companies doing precisely that I can state it doesn't always feel efficient and it does develop more work I know we're not intentionally doing that we're not developing additional work for anybody 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 think many reasons one is it's the requirement I believe individuals have actually got so used to we need a new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it's not a requirement so I believe it's simply been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there's a range I think this is a procedure that requires taking a look at it needs changing however eventually individuals are really stuck to what they're familiar
with ideal um modification is a hard thing all of us don't like change um so I believe it's simply kind of moving far from the standard as we've said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having maintaining several checking account however there's a substantial quantity of complexity chooses establishing a bank account keeping it ensuring it can send International transfers ensuring it's established with the ideal user accesses for specific individuals so the intricacy is substantial however I think the honest answer is change um individuals haven't had the ability to change or have not had always the knowledge to really make that change into alternate Solutions besides opening a savings account I think you've struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might almost be determined to be the next Century approximately there is a lot to track and this approach does posture a number of challenges um so Johnny could you tell us about those difficulties yeah of course so there's a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your accomplishments.
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