Find out more about Papaya Global Martinique ... We now have the ability 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 specifically devoted to handling payments. This supplies us with a safe and reputable approach of paying to our 10,000 staff members worldwide.}
The cutting-edge worldwide payroll management app enhances my payroll procedure, saving me a considerable amount of time every month. With its easy to use interface, I have access to a single dashboard that effectively manages my payroll, EOR, and professionals.
Staff member Portal
Employees have access to an Employee Website where they can see their pay slips, wage and tax declarations and employment documents. The portal is available in multiple languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global helps companies offer competitive advantages packages to global employees no matter the variety of workers in the business. The company can set up medical insurance, short-term and long-lasting special needs, vision, dental and maternity leave while eliminating the need to source regional benefits suppliers in every country, produce local accounts and have a minimum variety of staff members.
Global HR Functionalities
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and immigration services if your staff members require work permit help.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, workforce variety, total work expenses distributed per area, overall work expenses per cycle and a lot more.
environments across the globe I supplied 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 stated I work throughout the business managing and building external relationships supporting Enterprise customers and solutions as well as functioning as a consultant for those of you that do not understand who papaya International is papaya is the first payroll and payments
As a global business, we are honored to be consisted of on the distinguished Time 100 list of the most prominent business worldwide. We focus on providing payroll and workforce management services to staff members in more than 160 countries. I am delighted to present Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, despite your place. It's a satisfaction to fulfill you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have actually focused on payroll and payment solutions for the past seven years. The complexities and obstacles of this field have constantly mesmerized me.
payroll payments and chose to sort of make a genuine go at that over the last 5 or 6 years where I have actually kind of had a range of different functions on the service provider side and also on the vendor side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll just give everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we'll type 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 sort of like see where everyone originates from and I truly do hope it's much sunnier than it remains 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 really extremely dreary and I want I was somewhere else at this moment in time alright so let's begin our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we'll likewise discuss a wrap-up and that must leave his time at the extremely really 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 Worldwide workforces end up being increasingly more typical and managing them becomes more and more complex Global organizations are looking to discover Solutions and brand-new methods to improve processes particularly from a payroll and cross-border payment viewpoint numerous companies preserve separate bank account just for payroll while some have multiple accounts in various nations does it make good sense for business to keep separate savings account often in various nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business streamline the episode complex procedures of
making payroll payments precisely efficiently safely and on time throughout this webinar we'll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in adequate in one nation but when you're doing it worldwide it's next level and Beyond it becomes intricate for a variety of reasons most notably policies compliance information security and banking rules then there are the sheer numbers they include further complexity the global Workforce is presently three and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the standard payroll model there's often an overwhelming variety of different systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or extremely very basic there's no real consistency framework we're living in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that's another number that gives me sleep deprived nights and quite frankly the more a company spends on international payroll the less of an image they see a lack of presence likewise extends to payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of international companies have expressed that they don't have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors poorly communicated hires and terminations in addition to lack management and system configurations and after that when you round everything off and the data is shipped to the incorrect place the average cost 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 around the world payroll and payments do not run smoothly if they count on the needed several procedures 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 obstacles organization face when they're making payments to employees or otherwise that's an excellent question I constantly toss this back and say what is it what doesn't require to be consisted of ideal and what does
it need to be thought about there's varying Bank information so the length of an eye band a swift an account number routing code per country there's payment timespan 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 customer's own in-country account so there's complexity anywhere you look best ultimately constructing a knowledge base is absolutely important however all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 absolutely essential and technology is allowing us to sort of move forward with that it likewise also to add to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely vital that payroll and financing groups work better together than ever um I'm constantly astonished when people say I've divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they split 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 however also paying statutory authorities and on statutory third parties so with the
The modern world places a high value on well-being and the payment landscape is ending up being progressively complex. Services are continuously introducing new benefits and payment options, which contributes to the total complexity. Large corporations frequently divide their payroll and payment processing into separate teams, which can result in inefficiencies and traffic jams. In my opinion, this does not have to hold true. In today's technically innovative era, there's no validation for keeping troublesome treatments. Payroll, the business's greatest expense, must be processed properly and on time. Even slight delays can negatively affect staff members' well-being and have significant repercussions. Therefore, it's important to prioritize precise and prompt payments.
payroll team get um so I'm unsure anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it 'd be fantastic to hear your success story and whether that's been from all employees or not um but ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everyone jumps up and down when it goes wrong but when it goes right it's simply a tick box workout and I believe that's how it's seen from the external view as well um so yeah it's also like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is a great first step um providing an end-to-end payroll service for your employees internationally once again I think is another big um procedure once again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of services and lowering the variety of tools platforms and savings account they need for their Global payroll too couldn't 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 do not expect to you do get the odd five or ten or whatever it might be with the with the the grievances where things haven't gone rather where they're suggested to be um I don't think any of us are in fact doing that for for the thanks
anyhow we understand how how important a function 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 also so envision sorry I'm simply I was just gon na say picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I'm sure we're talking about numerous thousands possibly Millions imagine getting that lots of 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 absolutely be an intriguing task trying to clean up all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that held true um you 'd need days of the week to try to check out them and really see what was going on and type of try to return to everyone so proceeding appearance why do companies select to main separate bank accounts there are companies out there doing exactly this for specific countries and I have actually operated in a service or many organizations doing exactly that I can state it doesn't always feel efficient and it does produce more work I understand we're not purposely doing that we're not creating additional work for anyone where we don't need to and anyone that's handling that process I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the quantity that we are I think lots of reasons one is it's the standard I believe individuals have actually got so utilized to we need 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 think it's just been the standard and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I think there's a range I believe this is a procedure that requires looking at it requires changing however eventually people are really stuck with what they recognize
with right um change is a challenging thing all of us don't like change um so I believe it's simply type of moving away from the standard as we've said so yeah so it keeps a lot of track of stuff um I understand obviously the benefits of having preserving multiple savings account however there's a substantial quantity of intricacy chooses establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it's established with the ideal user accesses for specific individuals so the intricacy is big but I think the sincere response is modification um individuals haven't been able to change or have not had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you've hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we've always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could nearly be identified to be the next Century or two there is a lot to keep track of and this method does present numerous challenges um so Johnny could you tell us about those difficulties yeah obviously so there's a range right there is so
I just did you switched 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 Global employees you should have a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you
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