Find out more about Papaya Global Series Scale Venture 45M ... We now have the capability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has actually acquired a different Chief Financial Officer specifically devoted to handling payments. This offers us with a safe and secure and trusted technique of making payments to our 10,000 workers worldwide.}
the BEST international payroll managment app, saves me hours of time each month, one single dashboard for my payroll, EOR and specialists
The Staff member Website supplies workers with the ability to access and view important files such as pay slips, wage and tax statements, and work records. This portal is accessible on both desktop and mobile phones and is offered in various languages.
Benefits Administration
Papaya Global assists business offer competitive benefits bundles to international staff members no matter the number of workers in the company. The business can set up medical insurance, short-term and long-lasting impairment, vision, oral and maternity leave while getting rid of the need to source regional advantages providers in every nation, produce regional accounts and have a minimum variety of staff members.
The HR abilities supplied by Global HR encompass various functions such as keeping track of holiday time, making sure compliance, helping with the procedure of welcoming new employees and bidding goodbye to leaving ones, offering a safe and secure online platform for storing employees' documents, and supplying support for work permit procedures in case your staff members require support because area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, workforce variety, total work expenses distributed per place, overall work costs per cycle and far more.
Worldwide, I have demonstrated management and strategic proficiency in directing massive populations of over 100,000 staff members across 170 countries. Currently, I are accountable for supervising payroll strategies, as mentioned by Mark. My role includes handling and establishing external partnerships, supporting Business clients, and supplying advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments options provider.
As a global company, we are honored to be consisted of on the prominent Time 100 list of the most influential business worldwide. We specialize in supplying payroll and labor force management services to staff members in more than 160 countries. I am delighted to present Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your location. It's a satisfaction to satisfy you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments industry, I have focused on payroll and payment solutions for the past seven years. The complexities and challenges of this field have actually always captivated me.
payroll payments and chose to kind of make a real go at that over the last 5 or six years where I have actually sort of had a range of various functions on the company side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we'll just provide everyone another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we'll sort of let them do that so it 'd be rather intriguing and I can see it going on already just to hear where everybody 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 remains in the UK today certainly not the peak of the sunshine is it it's not no it's it's raining here it's very extremely uninspiring and I wish I was somewhere else at this moment in time alright so let's begin our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical asset uh we'll also review a wrap-up which needs to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and managing them ends up being increasingly more intricate International companies are aiming to discover Solutions and new methods to streamline processes specifically from a payroll and cross-border payment viewpoint many companies keep different bank account just for payroll while some have numerous accounts in different nations does it make good sense for business to preserve different bank accounts often in various countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting international business streamline the episode complex processes of
making payroll payments properly efficiently safely and on time during this webinar we'll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be hard in adequate in one country however when you're doing it worldwide it's next level and Beyond it ends up being intricate for a variety of factors most importantly guidelines compliance information security and banking rules then there are the large numbers they include additional complexity the global Labor force is currently three and a half billion individuals by 2030 it's approximated 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 worldwide in the conventional payroll design there's frequently an overwhelming number of various systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or very very standard there's no real consistency structure we're residing in an age 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 every time I I believe
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 sleep deprived nights and quite frankly the more a business invests in worldwide payroll the less of a picture they see a lack of visibility likewise reaches payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal almost half of international businesses have revealed that they don't have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes improperly interacted hires and terminations along with absence management and system setups and after that when you round it all off and the information is shipped to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don't run smoothly if they depend on the required numerous 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 organization face when they're making payments to workers or otherwise that's a great concern I always toss this back and say what is it what doesn't need to be consisted of best and what does
it require to be thought of 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 need to pay from an in-country account do you have to pay from the consumer's own in-country account so there's complexity wherever you look right ultimately building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble super payments no if but some children 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 think there's now a bit more acknowledgment that payroll payments are definitely fundamental and innovation is enabling us to kind of move forward with that it likewise as well to add to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely vital that payroll and financing groups work better together than ever um I'm always amazed when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't operate in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it's payroll is an end-to-end process it's the point of data collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on wellness and the compensation landscape is becoming progressively detailed. Services are constantly presenting brand-new benefits and payment alternatives, which contributes to the total intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can result in inadequacies and bottlenecks. In my opinion, this does not need to be the case. In today's technically sophisticated era, there's no justification for preserving troublesome treatments. Payroll, the company's most significant expenditure, need to be processed properly and on time. Even minor hold-ups can negatively impact staff members' well-being and have significant consequences. For that reason, it's vital to prioritize accurate and prompt payments.
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it's from all workers or not. Payroll is an essential cycle, and people only notice when things fail. However, when things go right, it's viewed as just a regular task. This is how it's viewed externally as well. Therefore, it is vital to guarantee that tasks like Wi-Fi Global and other vital matters are done properly. Using the first International Payments first payroll payment service is a terrific preliminary step towards supplying an extensive payroll service for workers worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and savings account needed for global payroll are essential consider attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don't go as prepared. Ultimately, we don't do it for the thankfulness.
anyhow we know how how crucial 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 everybody that's involved in those procedures and likewise so imagine sorry I'm simply I was just gon na state envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I'm sure we're discussing numerous thousands possibly Millions envision getting that numerous thank you notes um I imply it 'd be interesting to see how many Post-it notes you got but it would definitely be a fascinating job attempting to clean all those up for sure oh definitely I can't picture the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to check out them and in fact see what was going on and kind of try to get back to everybody so proceeding appearance why do companies pick to primary different bank accounts there are companies out there doing exactly this for particular countries and I've operated in an organization or numerous organizations doing exactly that I can state it doesn't constantly feel effective and it does develop more work I know we're not intentionally doing that we're not producing extra work for anybody where we do not need to and anybody that's handling 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 quantity that we are I believe lots of reasons one is it's the standard I believe individuals have got so used to we need a new bank account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it's not a requirement so I think it's just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to sort of do it so I believe there's a variety I think this is a process that requires looking at it requires altering but eventually people are very stuck with what they recognize
with right um modification is a challenging thing we all do not like modification um so I believe it's simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the advantages of having preserving multiple bank accounts however there's a substantial amount of intricacy opts for setting up a savings account maintaining it ensuring it can send International transfers ensuring it's set up with the right user accesses for individual people so the intricacy is big however I think the sincere response is change um people haven't been able to alter or haven't had always the understanding to truly make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change but we've constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be determined to be the next Century or two there is a lot to keep an eye on and this method does posture a number of obstacles um so Johnny could you inform us about those difficulties yeah of course so there's a range right there is so
I just did you changed our Enterprise 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 Global employees you are worthy of a corner office with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you
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