Find out more about Papaya Global Silicon Valley Bank ... We now have the capability to handle both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has obtained a different Chief Financial Officer particularly committed to handling payments. This provides us with a secure and dependable method of making payments to our 10,000 staff members worldwide.}
the BEST worldwide payroll managment app, saves me hours of time monthly, one single dashboard for my payroll, EOR and professionals
The Worker Website provides employees with the ability to gain access to and view important files such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile devices and is offered in numerous languages.
Advantages Administration
Papaya Global assists business offer competitive benefits packages to worldwide workers no matter the number of employees in the company. The business can set up medical insurance, short-term and long-term special needs, vision, dental and maternity leave while eliminating the need to source local advantages providers in every country, produce local accounts and have a minimum number of workers.
International HR Performances
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your employees require work authorization support.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, labor force diversity, total employment expenses dispersed per area, overall work costs per cycle and a lot more.
Worldwide, I have actually shown management and strategic competence in assisting large-scale populations of over 100,000 staff members across 170 nations. Currently, I am responsible for managing payroll strategies, as discussed by Mark. My function includes managing and establishing external collaborations, supporting Enterprise clients, and offering advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments services supplier.
business to make the time 100 list for most influential business on the planet we offer payroll payments and workforce management to all employee key ins over 160 nations I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning good afternoon great night depending on where you remain in the world it's charming to satisfy 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've remained in the payments market 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 difficulty in all of the above of
payroll payments and decided to sort of make a genuine go at that over the last 5 or 6 years where I have actually type of had a variety of various roles on the provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we'll just offer everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we'll kind of let them do that so it 'd be quite fascinating and I can see it going on already simply to hear where everyone is um it's nice to to kind of like see where everyone originates from and I really 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 drizzling here it's extremely very uninspiring and I wish I was somewhere else at this moment in time okay so let's get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies maintain separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is particularly useful for international companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a tactical possession for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time throughout this webinar we'll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one nation but when you're doing it globally it's next level and Beyond it becomes intricate for a variety of factors most significantly policies compliance information security and banking rules then there are the sheer numbers they add further complexity the global Labor force is presently 3 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 presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll model there's frequently an overwhelming variety of different systems causing time-consuming manual procedures and silos the variety of Integrations could be non-existent in large amounts and or really extremely standard there's no genuine consistency framework we're residing in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which 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 companies say they have Labor force data in real time that's another number that gives me sleepless nights and quite frankly the more a service invests in worldwide payroll the less of an image they see an absence of visibility also reaches payroll payments and inability to accurately track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide businesses have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes improperly interacted hires and terminations as well as lack management and system setups and then when you round it all off and the information is delivered to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don't run efficiently if they rely on the needed several processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles company face when they're paying to employees or otherwise that's a great concern I constantly throw this back and say what is it what does not need to be included ideal and what does
it require to be considered there's varying Bank information so the length of an eye band a swift an account number routing code per country 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 client's own in-country account so there's complexity wherever you look ideal ultimately building a knowledge base is definitely crucial but everywhere you look with payroll payment they are like super payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 fundamental and technology is permitting us to kind of progress with that it also too to add to that payroll and financing require to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely imperative that payroll and financing groups work better together than ever um I'm always surprised when people say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation 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 wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more important to add to kind of the level of intricacy there's more and more advantages being organ or being provided by businesses throughout the world so once again you're just wanting to add a growing number of payments to this already complicated landscape so if you type of got any experience well I'm from your vast experience here and I'm sure but have you got any experience in kind of genuine obstacles or real challenging sort of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding details into the next function as it were that's in fact managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to develop additional handoffs at the same times that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and a period that you understand that we are working in today there is no reason why we are still making this as tough as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any company has from an expense viewpoint from an impact point of view on staff members it is definitely critical 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 biggest detrimental result on people's wellness and lots of other elements if people aren't paid uh I have actually constantly been surprised entering into this Market kind of the last 5 to ten years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it's from all staff members or not. Payroll is a crucial cycle, and individuals just see when things fail. Nevertheless, when things go right, it's seen as just a routine task. This is how it's viewed externally too. For that reason, it is essential to guarantee that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Using the very first International Payments first payroll payment solution is an excellent initial step towards offering a detailed payroll solution for workers worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and checking account essential for international payroll are essential consider accomplishing business success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things don't go as prepared. Ultimately, we don't do it for the thankfulness.
anyway we know how how essential a function 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 associated with those processes and also so envision sorry I'm simply I was just gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I'm sure we're talking about hundreds of thousands potentially Millions picture getting that many thank you keeps in mind um I imply it 'd be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task attempting to clean all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that held true um you 'd need days of the week to try to browse them and actually see what was going on and kind of try to return to everybody so proceeding look why do business pick to primary different checking account there are organizations out there doing exactly this for particular countries and I've worked in a service or numerous companies doing precisely that I can state it doesn't always feel efficient and it does develop more work I know we're not deliberately doing that we're not developing additional work for anybody where we don't have to and anyone that's managing that process I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the amount that we are I think numerous reasons one is it's the requirement I think individuals have actually got so used to we require a new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it's not a requirement so I believe 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 people have taken a look at things like trust accounts and lots of other methods um to to type of do it so I think there's a variety I believe this is a procedure that needs looking at it needs altering but ultimately people are really stuck to what they recognize
with ideal um modification is a hard thing all of us do not like change um so I think it's just kind of moving far from the standard as we've said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving multiple savings account but there's a substantial amount of complexity chooses establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it's set up with the right user accesses for specific individuals so the complexity is huge however I think the sincere response is change um individuals haven't been able to alter or haven't had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you have actually hit the nail on the head I believe it is understanding you know and there is a component of resistance to alter but we've constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what might almost be figured out to be the next Century approximately there is a lot to keep an eye on and this technique does present several challenges um so Johnny might you tell us about those difficulties yeah obviously so there's a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you
Papaya Global Bhutan