Find out more about Papaya Global Nauru ... 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 acquired a separate Chief Financial Officer specifically dedicated to managing payments. This offers us with a protected and reputable approach of making payments to our 10,000 staff members worldwide.}
the BEST worldwide payroll managment app, conserves me hours of time monthly, one single dashboard for my payroll, EOR and contractors
The Worker Portal supplies employees with the ability 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 provided in various languages.
Advantages Administration
Papaya Global assists business use competitive benefits plans to global employees no matter the number of staff members in the business. The company can set up medical insurance, short-term and long-term impairment, vision, dental and maternity leave while getting rid of the need to source regional advantages companies in every country, develop local accounts and have a minimum number of employees.
The HR capabilities offered by Worldwide HR incorporate different functions such as monitoring vacation time, making sure compliance, assisting in the process of inviting brand-new employees and bidding farewell to leaving ones, providing a safe and secure online platform for keeping employees' files, and providing assistance for work permit procedures in case your workers need assistance because area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce costs, workforce variety, total employment expenses dispersed per area, overall work costs per cycle and a lot more.
environments around the world I supplied management and method to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll techniques for as Mark stated I work across business handling and structure external relationships supporting Enterprise customers and services in addition to acting as an advisor for those of you that do not know who papaya Global is papaya is the first payroll and payments
As a global company, we are honored to be consisted of on the prestigious Time 100 list of the most influential companies worldwide. We concentrate on supplying payroll and labor force management services to staff members in more than 160 countries. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your place. It's a pleasure to satisfy you and thank you for your valuable time. As Ian discussed, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have concentrated on payroll and payment options for the past seven years. The complexities and obstacles of this field have always captivated me.
payroll payments and chose to kind of make a genuine go at that over the last five or six years where I have actually sort of had a range of different functions on the supplier side and likewise on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll just provide everybody another number of uh well one of the 30 seconds or two to join we all 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 just to hear where everybody is um it's nice to to type of like see where everybody comes from and I truly do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it's not no it's it's raining here it's very very bleak and I want I was somewhere else at this moment in time all right so let's begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business keep separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we'll likewise review a wrap-up and that needs to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more typical and managing them becomes a growing number of complex Global companies are looking to discover Solutions and new methods to simplify processes particularly from a payroll and cross-border payment perspective numerous organizations keep different checking account just for payroll while some have numerous accounts in different countries does it make sense for business to preserve separate bank accounts sometimes in different nations it does however just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business improve the episode complex procedures of
making payroll payments accurately effectively safely and on time during this webinar we'll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in sufficient in one country however when you're doing it worldwide it's next level and Beyond it ends up being complex for a variety of reasons most notably policies compliance data security and banking rules then there are the sheer numbers they add additional intricacy 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 people that number is currently 500 million just for for a scale then consider that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll design there's frequently an overwhelming variety of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or very really standard there's no genuine consistency framework we're living in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind whenever I I believe
about it to give 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 service invests in international payroll the less of a picture they see an absence of presence likewise extends to payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction almost half of global services have actually revealed that they don't have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes inadequately interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the information is delivered to the incorrect location the average 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 all over the world payroll and payments don't run efficiently if they rely on the needed several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles business face when they're paying to workers or otherwise that's a good question I always throw this back and state what is it what does not need to be consisted of right and what does
it require to be thought of there's differing Bank information so the length of an eye band a swift an account number routing code per nation there's payment time frames there's payment abilities 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 intricacy any place you look right ultimately developing a knowledge base is definitely critical however everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to sort of progress with that it likewise as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and financing teams work better together than ever um I'm constantly impressed when people state I have actually 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 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 eventually it's payroll is an end-to-end procedure it's the point of information 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 well-being being more and more essential to contribute to kind of the level of intricacy there's more and more benefits being organ or being offered by services across the world so again you're simply aiming to include more and more payments to this already complex landscape so if you kind of got any experience well I'm from your large experience here and I make certain but have you got any experience in kind of genuine difficulties or genuine difficult kind of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of decades I would definitely state that the bigger an organization 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 teams feeding information into the next function as it were that's in fact managing the payment side of things but you know in in my opinion and my experience that does not always require to be the case you know long gone are the times where we need to create additional handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single biggest liability that any company has from a cost perspective from an impact viewpoint on staff members it is absolutely vital that it's done correctly and on time so what we mean 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 effect on individuals's well-being and lots of other elements if people aren't paid uh I have actually always been astonished entering this Market type of the last five to 10 years is how little thanks the
payroll team get um so I'm uncertain anybody on this kind of webinar has been told 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 workers or not um but eventually payroll is such a crucial cycle all of us find out about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it's just a tick box exercise and I believe that's how it's seen from the external consider as well um so yeah it's likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the first Worldwide Payments very first payroll payment solution is a fantastic primary step um providing an end-to-end payroll solution for your employees worldwide once again I think is another huge um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of services and decreasing the variety of tools platforms and bank accounts 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 thousand of 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 really doing that for for the thanks
anyhow we understand 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 also so imagine sorry I'm just I was simply gon na say imagine 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 hundreds of thousands potentially Millions think of getting that numerous thank you keeps in mind um I imply it 'd be interesting to see the number of Post-it notes you got however it would definitely be an intriguing 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 require days of the week to attempt to look through them and really see what was going on and kind of shot to get back to everyone so carrying on look why do business pick to primary separate bank accounts there are organizations out there doing exactly this for particular countries and I've operated in a company or many businesses doing exactly that I can state it does not always feel effective and it does develop more work I know we're not purposely doing that we're not producing additional work for anybody where we don't have to and any person that's dealing with that procedure I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the amount that we are I believe numerous factors one is it's the standard I think individuals have got so used to we need a brand-new checking account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it's not a requirement so I think it's just been the standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other ways um to to sort of do it so I believe there's a variety I believe this is a process that needs taking a look at it needs altering but ultimately individuals are extremely stuck to what they recognize
with right um modification is a hard thing we all don't like change um so I believe it's just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having preserving numerous savings account but there's a huge amount of complexity opts for establishing a bank account keeping it ensuring it can send out International transfers guaranteeing it's established with the ideal user accesses for specific individuals so the complexity is big however I think the sincere response is change um people have not had the ability to alter or haven't had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I believe you've hit the nail on the head I think it is knowledge you understand and there is an aspect of resistance to change but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or so there is a lot to track and this method does present several challenges um so Johnny could you inform us about those difficulties yeah naturally so there's a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your achievements.
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