Find out more about Papaya Global Micronesia ... We now have the ability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has obtained a different Chief Financial Officer specifically dedicated to handling payments. This provides us with a protected and dependable technique of making payments to our 10,000 workers worldwide.}
the very best international payroll managment app, saves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and professionals
The Employee Website supplies staff members with the ability to access and view crucial files such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile devices and is provided in numerous languages.
Benefits Administration
Papaya Global helps business provide competitive advantages plans to worldwide employees regardless of the number of employees in the company. The company can set up health insurance, short-term and long-term impairment, vision, oral and maternity leave while getting rid of the requirement to source regional advantages companies in every country, produce local accounts and have a minimum variety of workers.
Worldwide HR Functionalities
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and migration services if your staff members need work permit support.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, workforce variety, total work expenses distributed per area, overall employment costs per cycle and much more.
Internationally, I have actually shown leadership and tactical knowledge in assisting massive populations of over 100,000 employees throughout 170 nations. Presently, I am responsible for supervising payroll techniques, as discussed by Mark. My role involves handling and developing external collaborations, supporting Business clients, and providing advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions service provider.
business to make the time 100 list for most prominent business in the world we supply payroll payments and workforce management to all worker enters over 160 nations I am pleased to state that we also have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning good afternoon great evening depending on where you are in the world it's beautiful 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've been in the payments industry for over 10 years and specifically dealing with the payroll and payment sector for over seven years um I was amazed by the intricacy the trouble in all of the above of
payroll payments and chose to sort of make a genuine go at that over the last five or six years where I've type of had a range of different roles on the supplier side and likewise on the vendor side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll just offer 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 kind of let them do that so it 'd be quite interesting and I can see it going on currently simply to hear where everyone is um it's nice to to sort of like see where everybody originates from and I truly do hope it's much sunnier than it is 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 very very uninspiring and I wish I was somewhere else at this moment in time fine so let's get going our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies preserve separate
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is especially helpful for worldwide companies with dispersed and remote workforces, as it streamlines the intricate process of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will check out the benefits of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time throughout this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in sufficient in one nation however when you're doing it worldwide it's next level and Beyond it ends up being complex for a variety of factors most notably guidelines compliance data security and banking rules then there are the large numbers they add additional complexity the global Labor force is presently 3 and a half billion individuals by 2030 it's estimated 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 companies and growing all doing their own thing around the world in the conventional payroll model there's often a frustrating variety of different systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in large quantities and or very extremely basic there's no genuine consistency framework we're living in a period of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services say they have Workforce data in real time that's another number that provides me sleepless nights and quite honestly the more an organization invests in global payroll the less of an image they see an absence of exposure also encompasses payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide companies have actually revealed that they don't have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors badly interacted hires and terminations as well as absence management and system setups and then when you round everything off and the data is delivered to the wrong place the average expense of a global 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 globe payroll and payments don't run efficiently if they rely on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they're making payments to employees or otherwise that's an excellent concern I constantly throw this back and say what is it what does not need 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 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 need to pay from the client's own in-country account so there's intricacy any place you look right ultimately developing a knowledge base is definitely important but everywhere 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 between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to kind of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely necessary that payroll and financing groups work more detailed together than ever um I'm always impressed when individuals state I've divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't work in the payroll profession would they split the payroll payment from computation 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 3rd parties so with the
world we reside in and wellness being a growing number of important to contribute to sort of the level of intricacy there's increasingly more advantages being organ or being used by companies across the world so again you're simply aiming to include more and more payments to this currently complex 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 tough kind of pay uses to play to pay people I think yeah I imply over the last well yeah a couple of years I would certainly say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the task there are teams feeding info into the next function as it were that's in fact handling the payment side of things however you know in in my opinion and my experience that doesn't necessarily need to be the case you understand long gone are the times where we require to create extra handoffs in the processes that we run in they just make them more prompt they make them less effective and they don't make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any service has from an expense viewpoint from an impact point of view on workers it is absolutely 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 have to be done right it has the most significant harmful result on people's wellness and numerous other factors if people aren't paid uh I've always been astonished entering into this Market sort of the last five to ten years is how little thanks the
payroll team get um so I'm unsure anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it 'd be excellent to hear your success story and whether that's been from all employees or not um however ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails however when it goes right it's simply a tick box workout 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 stuff is definitely important that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment option is a fantastic initial step um offering an end-to-end payroll service for your staff members globally once again I believe is another substantial um procedure once again aligning and guaranteeing you have standardization International processes all of those things are absolutely key to success success of businesses and minimizing the variety of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I've never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten or whatever it might be with the with the the problems where things have not gone rather where they're suggested to be um I do not believe 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 everyone that's associated with those processes and likewise so imagine sorry I'm just I was simply gon na say picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we're talking about numerous thousands potentially Millions picture getting that many thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got however it would absolutely be a fascinating task attempting to clean up all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that was the case um you 'd need days of the week to attempt to check out them and actually see what was going on and type of try to return to everybody so carrying on appearance why do companies select to primary different checking account there are organizations out there doing exactly this for particular nations and I've worked in an organization or many businesses doing exactly that I can say it does not always feel effective and it does produce more work I understand we're not deliberately doing that we're not producing extra work for any person 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 believe that we're doing that in in the in the amount that we are I think lots of factors one is it's the standard I think individuals have actually got so utilized to we require a brand-new savings account we open an entity and appropriately 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 requirement and the standard individuals have actually adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other methods um to to kind of do it so I think there's a range I think this is a process that requires looking at it needs altering but eventually individuals are really stuck to what they recognize
with right um change is a tough thing we all don't like modification um so I think it's simply sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having maintaining multiple savings account but there's a huge amount of complexity chooses establishing a savings account preserving it ensuring it can send out International transfers guaranteeing it's set up with the ideal user accesses for individual individuals so the complexity is huge however I believe the sincere answer is modification um individuals haven't had the ability to alter or haven't had always the understanding to really make that change into alternate Solutions other than opening a checking account I believe you've hit the nail on the head I think it is understanding you know and there is a component of resistance to change but we have actually 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 figured out to be the next Century or so there is a lot to track and this approach does pose a number of challenges um so Johnny might you inform us about those obstacles yeah obviously so there's a range right there is so
I just recently made a modification 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 actually gotten another CFO, and with this improved ability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements.
Papaya Global Bhutan