Find out more about Papaya Global Marshall Islands ... 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 actually acquired a separate Chief Financial Officer particularly committed to handling payments. This supplies us with a protected and dependable technique of making payments to our 10,000 employees worldwide.}
the very best worldwide payroll managment app, conserves me hours of time every month, one single dashboard for my payroll, EOR and professionals
The Staff member Website provides workers with the capability to gain access to and view crucial documents such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile phones and is provided in different languages.
Advantages Administration
Papaya Global helps companies offer competitive benefits packages to global employees regardless of the variety of staff members in the business. The business can set up medical insurance, short-term and long-lasting special needs, vision, oral and maternity leave while removing the requirement to source regional advantages companies in every nation, produce regional accounts and have a minimum variety of staff members.
The HR capabilities offered by International HR incorporate different functions such as keeping track of getaway time, making sure compliance, assisting in the process of welcoming brand-new workers and bidding farewell to departing ones, using a protected online platform for keeping employees' files, and offering support for work allow treatments in case your employees require assistance in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, labor force variety, overall employment costs dispersed per place, total work expenses per cycle and a lot more.
environments around the world I offered leadership and strategy to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll strategies for as Mark said I work throughout business handling and structure external relationships supporting Enterprise customers and options along with functioning as an advisor for those of you that don't know who papaya Global is papaya is the first payroll and payments
company to make the time 100 list for many prominent companies in the world we supply payroll payments and labor force management to all worker key ins over 160 nations 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 on where you remain in the world it's lovely to meet you and thank you quite for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I have actually remained in the payments industry for over 10 years and specifically working on the payroll and payment sector for over seven years um I was amazed by the complexity the difficulty in all of the above of
payroll payments and chose to kind of make a genuine go at that over the last 5 or six years where I have actually kind of had a variety of different functions on the company side and also on the supplier side from a payroll point of view so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we'll simply give everybody another number of uh well among the 30 seconds or so 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 already just to hear where everybody is um it's nice to to type of like see where everyone originates from and I really do hope it's much sunnier than it is in the UK today certainly not the peak of the sunlight is it it's not no it's it's drizzling here it's very really gloomy and I wish I was somewhere else at this moment in time fine so let's get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we'll likewise discuss a recap and that must leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of common and handling them becomes more and more intricate International organizations are aiming to find Solutions and new methods to streamline processes especially from a payroll and cross-border payment perspective numerous organizations maintain separate savings account just for payroll while some have several accounts in various countries does it make sense for companies to maintain separate bank accounts often in different nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting multinational companies enhance the episode complex procedures of
Making sure precise, effective, and timely payroll payments is a complex challenge for organizations operating worldwide. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, learn how business anticipate payroll costs to optimize working capital, and find how simplifying global payroll payments can change them from a burdensome job into a strategic asset.
Handling payroll worldwide is an overwhelming task due to various guidelines, compliance requirements, information security concerns, and banking rules. The sheer variety of staff members and services adds to the intricacy, with an estimated 3.5 billion individuals in the international labor force, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems typically result in manual processes, information silos, and a lack of combination, leading to inconsistencies and ineffectiveness. In spite of living in an era of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar aims to offer insights and options to streamline and enhance global payroll payments.
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 gives me sleepless nights and rather honestly the more a service invests in worldwide payroll the less of a picture they see a lack of presence also encompasses payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of global businesses have actually expressed that they don't have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors poorly communicated hires and terminations in addition to absence management and system configurations and after that when you round everything off and the information is delivered to the wrong location the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments don't run efficiently if they rely on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they're making payments to employees or otherwise that's an excellent concern I constantly throw this back and state what is it what doesn't require to be consisted of right and what does
it require 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client's own in-country account so there's intricacy any place you look best eventually developing a knowledge base is definitely crucial however all over 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 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 definitely fundamental and technology is permitting us to kind of progress with that it also too to contribute to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely important that payroll and financing groups work closer together than ever um I'm always amazed when people say I've split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not 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 typically split and cut up um eventually it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more essential to contribute to kind of the level of intricacy there's increasingly more benefits being organ or being used by services throughout the world so again you're simply wanting to include a growing number of payments to this currently complicated landscape so if you kind of got any experience well I'm from your huge experience here and I make sure but have you got any experience in kind of real challenges or genuine challenging sort of pay utilizes to play to pay people I believe yeah I mean over the last well yeah a couple of decades I would certainly state that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are groups feeding details into the next function as it were that's really managing the payment side of things however you know in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and an era that you know that we are operating in today there is no reason we are still making this as difficult as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from an expense perspective from an impact viewpoint on staff members it is definitely critical that it's done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest destructive result on people's well-being and lots of other factors if people aren't paid uh I have actually always been astonished entering this Market sort of the last five to 10 years is how little thanks the
payroll group get um so I'm unsure anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it 'd be great to hear your success story and whether that's been from all workers or not um but eventually payroll is such an important cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it's just a tick box exercise and I believe that's how it's seen from the external deem well um so yeah it's likewise like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment service is a great initial step um offering an end-to-end payroll solution for your staff members globally once again I believe is another big um process once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely essential to success success of organizations and lowering the variety of tools platforms and savings account they require for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don't anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints 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
anyhow 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 simple as possible for everyone that's associated with those procedures and also 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'm sure we're discussing numerous thousands possibly Millions picture getting that lots of thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got but it would certainly be a fascinating job attempting to clean up all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that was the case um you 'd need days of the week to attempt to look through them and actually see what was going on and sort of shot to return to everyone so proceeding look why do business pick to main separate checking account there are businesses out there doing precisely this for particular countries and I've operated in a company or many services doing exactly that I can state it doesn't always feel efficient and it does develop more work I understand we're not intentionally doing that we're not producing extra work for anyone where we do not have to and any person that's managing that process I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the amount that we are I believe numerous factors one is it's the requirement I think people have got so used to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it's not a requirement so I believe it's simply been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to type of do it so I believe there's a variety I believe this is a procedure that needs taking a look at it requires altering however ultimately individuals are very stuck with what they're familiar
with best um change is a hard thing all of us do not like modification um so I believe it's simply kind of moving far from the norm as we've said so yeah so it keeps a lot of track of things um I understand clearly the advantages of having preserving numerous savings account but there's a big amount of intricacy goes with setting up a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it's set up with the right user accesses for individual individuals so the intricacy is substantial however I think the honest answer is modification um individuals haven't had the ability to change or haven't had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we've constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century or so there is a lot to keep track of and this technique does position several difficulties um so Johnny might you inform us about those difficulties yeah naturally so there's a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this enhanced ability, I have actually successfully protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is more detailed, considering your accomplishments.
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