Find out more about Papaya Global New York ... We now have the capability to handle both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has acquired a different Chief Financial Officer specifically dedicated to handling payments. This provides us with a protected and reliable approach of making payments to our 10,000 workers worldwide.}
The advanced global payroll management app simplifies my payroll process, saving me a substantial quantity of time each month. With its easy to use interface, I have access to a single control panel that effectively manages my payroll, EOR, and specialists.
Employee Portal
Staff members have access to a Staff member Website where they can view their pay slips, wage and tax statements and work files. The website is readily available in multiple languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global assists business provide competitive benefits packages to worldwide staff members regardless of the variety of workers in the company. The company can set up medical insurance, short-term and long-lasting special needs, vision, oral and maternity leave while getting rid of the requirement to source regional benefits service providers in every nation, develop local accounts and have a minimum variety of workers.
The HR capabilities provided by Worldwide HR include numerous functions such as keeping track of getaway time, making sure compliance, assisting in the process of welcoming brand-new staff members and bidding farewell to departing ones, offering a secure online platform for saving workers' documents, and supplying support for work permit treatments in case your staff members require assistance in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, workforce diversity, total employment expenses distributed per place, total employment expenses per cycle and a lot more.
environments across the globe I offered leadership and method 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 across business managing and building external relationships supporting Enterprise clients and solutions along with serving as an advisor for those of you that do not understand who papaya Worldwide is papaya is the first payroll and payments
company to make the time 100 list for a lot of influential business worldwide we supply payroll payments and labor force management to all staff member types in 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 obviously thank you good morning excellent afternoon excellent evening depending on where you remain in the world it's lovely 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 market for over 10 years and particularly working on the payroll and payment sector for over 7 years um I was fascinated by the intricacy the trouble in all of the above of
payroll payments and decided to type of make a real go at that over the last 5 or 6 years where I have actually sort of had a variety of different roles on the provider side and likewise on the vendor side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll simply provide everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we'll sort of let them do that so it 'd be quite interesting and I can see it going on currently just to hear where everyone is um it's nice to to type of like see where everyone comes from and I really do hope it's much sunnier than it is 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 really extremely dreary and I want I was somewhere else at this moment in time alright so let's get going our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business keep separate
Virtual payroll accounts are an option to standard bank accounts for handling payroll payments. This is especially helpful for international organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of preserving separate savings account for payroll in different countries, virtual accounts and digital wallets use a more structured option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time during this webinar we'll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one country but when you're doing it globally it's next level and Beyond it becomes complicated for a variety of reasons most notably regulations compliance data security and banking rules then there are the large numbers they include further complexity the global Workforce is currently three and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and more 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 all over the world in the traditional payroll design there's often an overwhelming number of different systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or really very standard there's no real consistency framework we're living in an era of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply 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 only 11 of services state they have Workforce data in real time that's another number that provides me sleepless nights and quite honestly the more a business invests in worldwide payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide businesses have actually expressed that they do not 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 poor HCM data information entry errors poorly communicated hires and terminations along with lack management and system setups and after that when you round all of it off and the data is shipped to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don't run efficiently if they count 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 company face when they're making payments to employees or otherwise that's a good concern I always toss this back and state what is it what doesn't need to be consisted of right 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 amount of time there's payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the customer's own in-country account so there's complexity any place you look right eventually constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they resemble incredibly payments no if however some babies 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 recognition that payroll payments are absolutely essential and technology is permitting us to sort of move forward with that it likewise too to add to that payroll and finance require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely necessary that payroll and finance teams work more detailed together than ever um I'm constantly amazed when people say I've split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more essential to contribute to kind of the level of complexity there's a growing number of advantages being organ or being used by services throughout the world so once again you're simply aiming to add more and more payments to this already complex landscape so if you kind of got any experience well I'm from your huge experience here and I'm sure however have you got any experience in kind of real difficulties or genuine difficult type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding details into the next function as it were that's actually handling the payment side of things but you know in in my viewpoint and my experience that doesn't necessarily need to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you said payroll is the single greatest liability that any service has from a cost viewpoint from an effect point of view on workers it is definitely important 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 biggest destructive impact on people's well-being and lots of other elements if people aren't paid uh I've constantly been impressed coming into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be excellent to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and individuals only discover when things go wrong. However, when things go right, it's viewed as simply a routine task. This is how it's viewed externally as well. For that reason, it is vital to ensure that jobs like Wi-Fi International and other essential matters are done correctly. Using the first Worldwide Payments very first payroll payment solution is a terrific preliminary step towards providing a detailed payroll service for staff members worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and bank accounts essential for worldwide payroll are essential factors in achieving service success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things do not go as prepared. Eventually, we don't do it for the appreciation.
anyway we understand how how crucial 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 easy as possible for everyone that's involved in those processes and also so envision sorry I'm simply I was just gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we're speaking about hundreds of thousands potentially Millions envision getting that numerous 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 a fascinating job attempting to clean all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to browse them and actually see what was going on and type of shot to get back to everyone so moving on look why do business choose to primary separate checking account there are companies out there doing exactly this for particular nations and I've operated in a service or many services doing precisely that I can state it doesn't constantly feel efficient and it does create more work I understand we're not purposely doing that we're not creating additional work for anyone where we do not have to and anybody that's dealing with that process I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the quantity that we are I believe lots of factors one is it's the requirement I think people have actually got so utilized to we require a brand-new savings account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it's not a requirement so I think it's simply been the requirement and the norm individuals have embraced and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I think there's a variety I think this is a procedure that requires taking a look at it needs altering however eventually people are very stuck to what they're familiar
with right um modification is a hard thing we all don't like modification um so I think it's just sort of moving away from the norm as we've said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having preserving several bank accounts however there's a huge quantity of intricacy goes with establishing a checking account keeping it ensuring it can send out International transfers guaranteeing it's established with the ideal user accesses for individual people so the complexity is substantial but I believe the truthful answer is change um individuals haven't been able to alter or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I think you've struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter but we've always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be determined to be the next Century approximately there is a lot to keep track of and this technique does present a number of obstacles um so Johnny could you inform us about those challenges yeah of course 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's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you deserve a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you
Papaya Global Bhutan