Find out more about Papaya Global Palau ... 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 gotten a different Chief Financial Officer specifically dedicated to handling payments. This provides us with a safe and reputable approach of paying to our 10,000 staff members worldwide.}
The cutting-edge international payroll management app simplifies my payroll process, conserving me a considerable quantity of time every month. With its easy to use user interface, I have access to a single control panel that effectively manages my payroll, EOR, and specialists.
The Staff member Portal provides employees with the capability to gain access to and view important files such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile devices and is offered in different languages.
Advantages Administration
Papaya Global helps business offer competitive advantages bundles to worldwide employees despite the variety of staff members in the business. The company can set up health insurance, short-term and long-term impairment, vision, oral and maternity leave while eliminating the requirement to source regional advantages companies in every country, develop local accounts and have a minimum number of workers.
The HR capabilities offered by Global HR incorporate numerous functions such as keeping track of trip time, guaranteeing compliance, assisting in the process of inviting brand-new staff members and bidding farewell to departing ones, using a protected online platform for keeping workers' documents, and supplying support for work permit treatments in case your staff members need support in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, workforce variety, overall employment costs distributed per place, overall work costs per cycle and far more.
environments around the world I offered management and technique to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll strategies for as Mark said I work across the business handling and structure external relationships supporting Enterprise customers and options as well as acting as a consultant for those of you that don't understand who papaya Global is papaya is the first payroll and payments
business to make the time 100 list for many influential business worldwide we offer payroll payments and labor force management to all staff member key ins over 160 countries I am pleased to say that we also have as Mark stated Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning great afternoon good night depending upon where you are in the world it's lovely to meet you and thank you very much for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I have actually remained in the payments industry for over ten years and specifically working on the payroll and payment sector for over seven years um I was captivated by the intricacy the problem 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've type of had a variety of various functions on the supplier side and also on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll just give everyone another couple of uh well one of 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 rather intriguing and I can see it going on currently just to hear where everybody is um it's nice to to kind of like see where everybody originates from and I actually do hope it's much sunnier than it is in the UK today definitely not the peak of the sunlight is it it's not no it's it's drizzling here it's extremely very dreary and I wish I was elsewhere at this moment in time okay so let's begin our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we'll also review a recap which ought to leave his time at the very extremely 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 workforces end up being more and more common and managing them ends up being a growing number of complicated International companies are looking to discover Solutions and brand-new ways to streamline procedures particularly from a payroll and cross-border payment perspective numerous organizations keep different checking account just for payroll while some have numerous accounts in various nations does it make good sense for companies to preserve different bank accounts in some cases in different nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business simplify the episode complex procedures of
Making sure accurate, efficient, and prompt payroll payments is a complex difficulty for companies operating worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to enhance working capital, and discover how simplifying international payroll payments can change them from a challenging task into a tactical asset.
Handling payroll worldwide is a complicated task due to numerous policies, compliance requirements, data security issues, and banking rules. The large variety of employees and businesses contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Standard payroll systems often lead to manual processes, information silos, and a lack of combination, leading to inconsistencies and inadequacies. Despite living in a period of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to supply insights and services to streamline and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that's another number that offers me sleepless nights and rather frankly the more a business spends on global payroll the less of an image they see an absence of presence likewise encompasses payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of worldwide businesses have actually expressed that they don't 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 bad HCM information data entry errors inadequately interacted hires and terminations as well as lack management and system setups and then when you round everything off and the data is delivered to the incorrect location the average expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the world payroll and payments do not run smoothly if they depend on the needed several processes 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 difficulties service face when they're paying to workers or otherwise that's an excellent concern I constantly toss this back and say what is it what does not need to be consisted of right and what does
it need to be considered there's differing Bank information so the length of an eye band a swift an account number routing code per nation there's payment amount of time there's payment capabilities 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 consumer's own in-country account so there's intricacy wherever you look ideal eventually developing a knowledge base is absolutely vital but all over you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are definitely basic and technology is permitting us to kind of move forward with that it also as well to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars varying banking requirements and setup procedures is definitely imperative that payroll and financing groups work better together than ever um I'm constantly amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't operate in the payroll occupation 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 often 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 increasingly more crucial to contribute to kind of the level of complexity there's increasingly more benefits being organ or being used by businesses throughout the world so again you're simply looking to include more and more payments to this already intricate landscape so if you kind of got any experience well I'm from your vast experience here and I make certain but have you got any experience in kind of genuine obstacles or genuine difficult kind of pay uses to play to pay people I believe yeah I suggest over the last well yeah a number of years I would absolutely state that the larger 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 details into the next function as it were that's actually handling the payment side of things however you understand in in my opinion and my experience that doesn't necessarily need to be the case you know long gone are the times where we need to create extra handoffs in the processes that we run in they just make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and a period that you understand that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any service has from a cost viewpoint from an impact perspective on workers it is absolutely critical 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 have to be done right it has the greatest detrimental result on people's well-being and many other aspects if individuals aren't paid uh I have actually always been amazed entering this Market kind of the last five to 10 years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it's from all workers or not. Payroll is a crucial cycle, and people just see when things fail. Nevertheless, when things go right, it's seen as simply a regular task. This is how it's perceived externally too. For that reason, it is necessary to guarantee that tasks like Wi-Fi Global and other essential matters are done correctly. Utilizing the very first Worldwide Payments first payroll payment service is a terrific initial action towards providing an extensive payroll solution for workers worldwide. Standardization, global processes, and lowering the number of tools, platforms, and bank accounts necessary for worldwide payroll are essential factors in accomplishing organization success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things don't go as planned. Eventually, we don't do it for the appreciation.
anyhow we know how how essential 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 likewise so picture sorry I'm just I was simply gon na say envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we're speaking about hundreds of thousands potentially Millions envision getting that many thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got however it would certainly be an interesting task attempting to clean all those up for sure oh absolutely I can't picture the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to check out them and actually see what was going on and sort of try to return to everybody so proceeding appearance why do companies choose to primary different savings account there are services out there doing exactly this for particular countries and I have actually operated in an organization or numerous companies doing exactly that I can say it doesn't always feel effective and it does develop more work I know we're not deliberately doing that we're not developing additional work for any person where we don't have to and anyone that's handling 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 think many factors one is it's the standard I believe people have got so used to we need a new checking 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 standard individuals have embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there's a range I believe this is a process that requires taking a look at it requires changing but eventually people are very stuck with what they're familiar
with right um modification is a tough thing we all do not like modification um so I think it's simply sort of moving far from the norm as we've said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having preserving multiple savings account but there's a huge quantity of intricacy chooses setting up a bank account preserving it ensuring it can send International transfers guaranteeing it's established with the ideal user accesses for specific people so the intricacy is big but I believe the truthful response is change um people have not been able to alter or haven't had always the knowledge to really make that change into alternate Solutions besides opening a checking account I think you've hit the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to monitor and this method does pose several challenges um so Johnny might you tell us about those obstacles yeah of course so there's a range right there is so
I simply 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 are worthy of a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you
Papaya Global Bhutan