Find out more about Papaya Global Montserrat ... We now have the ability to handle both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has actually obtained a separate Chief Financial Officer specifically committed to handling payments. This provides us with a safe and trusted technique of paying to our 10,000 employees worldwide.}
The advanced worldwide payroll management app simplifies my payroll process, conserving me a significant amount of time every month. With its easy to use interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and contractors.
The Employee Portal provides employees with the ability to access and view essential documents such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile phones and is used in numerous languages.
Advantages Administration
Papaya Global helps business offer competitive benefits plans to global employees no matter the variety of employees in the business. The business can set up health insurance, short-term and long-term impairment, vision, oral and maternity leave while getting rid of the need to source regional benefits service providers in every nation, produce regional accounts and have a minimum variety of staff members.
International HR Functionalities
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and immigration services if your staff members require work authorization assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, labor force diversity, total employment costs distributed per place, overall employment expenses per cycle and a lot more.
environments across the globe I provided leadership and method to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll techniques for as Mark said I work across the business managing and structure external relationships supporting Enterprise clients and services as well as functioning as an advisor for those of you that do not understand who papaya International is papaya is the first payroll and payments
business to make the time 100 list for a lot of influential companies worldwide we supply payroll payments and workforce management to all employee types in over 160 nations I am pleased to say that we also have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself naturally thank you good morning good afternoon good night depending on where you are in the world it's charming to fulfill 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 been in the payments industry for over ten years and particularly dealing with 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 real go at that over the last five or six years where I've type of had a range of different functions on the supplier side and likewise on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll simply provide everyone another couple 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 kind of like see where everyone comes from and I actually 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 really very uninspiring and I wish I was somewhere else at this moment in time alright so let's start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business maintain different
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is especially beneficial for international companies with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a strategic possession for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely and on time during this webinar we'll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies properly forecast their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one nation but when you're doing it internationally it's next level and Beyond it ends up being intricate for a variety of reasons most importantly regulations compliance data security and banking guidelines then there are the large numbers they add further complexity the worldwide Labor force is currently three and a half billion people 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 consider that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll design there's frequently a frustrating variety of different systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or extremely very standard there's no genuine consistency framework we're residing in an era 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 typically with pen and paper and that simply blows my mind whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that's another number that offers me sleep deprived nights and quite frankly the more a service invests in international payroll the less of an image they see an absence of presence likewise reaches payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international companies have actually expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors improperly communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the data is shipped to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don't run efficiently if they depend on the required numerous 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 making payments to workers or otherwise that's an excellent question I constantly toss this back and state what is it what doesn't require to be included best and what does
it need to be considered there's differing Bank details so the length of an eye band a swift an account number routing code per country there's payment timespan 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 wherever you look right eventually constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind 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 basic and innovation is enabling us to type of move on with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely important that payroll and finance groups work more detailed together than ever um I'm constantly surprised when individuals state I've divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't work in the payroll profession 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 eventually it's payroll is an end-to-end process it's the point of information collection all the way through to paying individuals anywhere they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more crucial to add to type of the level of complexity there's a growing number of advantages being organ or being provided by organizations throughout the world so once again you're simply aiming to include increasingly more payments to this already intricate landscape so if you sort of got any experience well I'm from your vast experience here and I make certain however have you got any experience in kind of real obstacles or real challenging sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that's actually managing the payment side of things however you understand in in my viewpoint and my experience that doesn't necessarily need to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we run in they just make them more timely they make them less effective and they don't make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and rightly as you said payroll is the single biggest liability that any company has from an expense viewpoint from an impact perspective on employees it is absolutely vital that it's done correctly and on time so what we suggest 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 destructive impact on people's well-being and numerous other factors if individuals aren't paid uh I have actually constantly been amazed entering into this Market sort of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it's from all employees or not. Payroll is an essential cycle, and individuals just discover when things fail. Nevertheless, when things go right, it's seen as simply a routine task. This is how it's viewed externally too. Therefore, it is vital to ensure that jobs like Wi-Fi Global and other essential matters are done correctly. Utilizing the first Global Payments first payroll payment option is a terrific initial step towards offering an extensive payroll option for staff members worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and savings account required for global payroll are crucial consider attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things do not go as prepared. Ultimately, we do not do it for the appreciation.
anyway we understand how how essential a role it is which'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 also so picture sorry I'm just I was just gon na say think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we're talking about numerous thousands potentially Millions envision 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 certainly be an interesting job trying 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 require days of the week to try to look through them and in fact see what was going on and type of try to get back to everybody so moving on look why do business select to main separate savings account there are organizations out there doing exactly this for specific nations and I have actually operated in a business or lots of companies doing precisely that I can say it does not constantly feel effective and it does develop more work I know we're not deliberately doing that we're not producing extra work for any person where we do not need to and any person that's managing that process 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 believe lots of reasons one is it's the requirement I believe individuals have got so used to we need a new savings account we open an entity and rightly so you require it for payroll functions 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 individuals have embraced and continue to do over years and years gone past to add 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 believe there's a variety I think this is a process that requires looking at it requires altering however eventually people are extremely stuck to what they recognize
with best um change is a tough thing all of us don't like modification um so I think it's just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving several savings account but there's a huge quantity of intricacy goes with establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it's established with the best user accesses for individual individuals so the complexity is substantial however I believe the honest response is change um individuals have not been able to alter or have not had always the knowledge to really make that change into alternate Solutions besides opening a bank account I think you've hit the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century or two there is a lot to keep track of and this technique does present a number of challenges um so Johnny might you tell us about those difficulties yeah naturally so there's a variety right there is so
I just did you changed 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 Global staff members you should have a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you
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