Find out more about Papaya Global Sosu ... We now have the capability to manage both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer specifically devoted to managing payments. This supplies us with a protected and trustworthy technique of paying to our 10,000 workers worldwide.}
The advanced worldwide payroll management app streamlines my payroll procedure, conserving me a substantial 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 contractors.
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 portal is offered in multiple languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global helps companies offer competitive benefits plans to worldwide workers despite the number of workers in the company. The business can establish health insurance, short-term and long-term disability, vision, dental and maternity leave while removing the requirement to source local advantages providers in every country, produce local accounts and have a minimum variety of employees.
The HR abilities supplied by Worldwide HR include different functions such as keeping an eye on vacation time, ensuring compliance, assisting in the procedure of welcoming brand-new workers and bidding farewell to departing ones, using a safe and secure online platform for keeping employees' files, and providing support for work permit procedures in case your staff members need help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, workforce variety, overall employment costs dispersed per area, overall work costs per cycle and much more.
environments around the world I provided leadership and method to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll strategies for as Mark stated I work throughout the business managing and structure external relationships supporting Business clients and solutions in addition to functioning as a consultant for those of you that don't know who papaya International is papaya is the first payroll and payments
As a global business, we are honored to be consisted of on the distinguished Time 100 list of the most prominent business worldwide. We focus on supplying payroll and workforce management services to employees in more than 160 countries. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your area. It's an enjoyment to fulfill you and thank you for your important 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 solutions for the past 7 years. The intricacies and difficulties of this field have actually always captivated me.
payroll payments and chose to kind of make a genuine go at that over the last 5 or six years where I've sort of had a variety of various functions on the supplier side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll simply provide everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we'll sort of let them do that so it 'd be rather fascinating 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 everyone originates from and I actually do hope it's much sunnier than it is in the UK today certainly not the peak of the sunlight is it it's not no it's it's drizzling here it's extremely really dreary and I wish I was somewhere else at this moment in time okay so let's start our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why business maintain separate
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially useful for global organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of preserving different savings account for payroll in various nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time during this webinar we'll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one nation but when you're doing it worldwide it's next level and Beyond it ends up being complicated for a variety of reasons most notably guidelines compliance data security and banking rules then there are the large numbers they add additional intricacy the worldwide Labor force is presently three and a half billion people by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 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 conventional payroll design there's typically a frustrating number of different systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or very very basic there's no real consistency structure we're living in an era of tech however 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 think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that's another number that offers me sleep deprived nights and quite honestly the more a service invests in global payroll the less of a photo they see a lack of presence also encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of global companies have actually revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes poorly interacted hires and terminations along with absence management and system setups and then when you round all of it off and the information is delivered to the wrong location the typical expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they rely on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they're paying to employees or otherwise that's an excellent concern I always throw this back and say what is it what does not require to be consisted of right and what does
it need to be thought of there's differing Bank details so the length of an eye band a swift an account number routing code per country there's payment time frames there's payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer's own in-country account so there's intricacy anywhere you look ideal eventually constructing a knowledge base is definitely critical but everywhere you look with payroll payment they are like very payments no if but some babies 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 think there's now a bit more recognition that payroll payments are definitely fundamental and technology is enabling us to kind of progress with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely vital that payroll and financing teams work better together than ever um I'm always surprised when individuals say I've split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 process it's the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to contribute to type of the level of complexity there's increasingly more benefits being organ or being used by services across the world so once again you're just wanting to add a growing number of payments to this currently intricate landscape so if you type of got any experience well I'm from your vast experience here and I make sure however have you got any experience in kind of real obstacles or genuine challenging kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info 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 does not always require to be the case you understand long gone are the times where we need to produce additional handoffs while doing sos that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an era that you understand that we are operating in today there is no reason that we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any business has from a cost point of view from an impact point of view on staff members it is definitely vital that it's done correctly and on time so what we indicate 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 damaging result on people's well-being and numerous other elements if people aren't paid uh I have actually constantly been amazed entering this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I'm not sure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it 'd be great to hear your success story and whether that's been from all workers or not um however eventually payroll is such an important cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it's simply a tick box exercise and I believe that's how it's seen from the external deem well um so yeah it's also like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a fantastic initial step um offering an end-to-end payroll option for your employees worldwide again I think is another substantial um process once again aligning and guaranteeing you have standardization International procedures all of those things are definitely key to success success of companies and decreasing the number of tools platforms and savings account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I've never ever had a hundred countless them within a payroll cycle don't anticipate to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things haven't gone rather where they're indicated to be um I do not believe any of us are really doing that for for the thanks
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 everybody that's involved in those procedures and also so envision sorry I'm simply I was just gon na state picture the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we're discussing hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got but it would certainly be an intriguing task trying to clean all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that was the case um you 'd need days of the week to attempt to check out them and actually see what was going on and sort of try to get back to everybody so moving on look why do business select to primary separate checking account there are companies out there doing exactly this for particular countries and I've operated in a service or numerous businesses doing precisely that I can state it does not constantly feel efficient and it does create more work I understand we're not intentionally doing that we're not producing extra work for anybody where we do not have to and any person that's handling 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 believe numerous factors one is it's the standard I believe people have actually got so used to we require a brand-new savings account we open an entity and rightly so you need 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 standard individuals have adopted and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to type of do it so I believe there's a range I think this is a procedure that needs looking at it requires altering however eventually individuals are extremely stuck with what they recognize
with best um change is a hard thing all of us do not like modification um so I think 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 stuff um I understand obviously the benefits of having keeping several savings account but there's a big amount of complexity opts for setting up a savings account preserving it guaranteeing it can send International transfers ensuring it's set up with the right user accesses for individual people so the intricacy is substantial but I think the honest response is change um people have not been able to change or have not had necessarily the understanding to truly make that change into alternate Solutions besides opening a checking account I think you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine 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 or so there is a lot to monitor and this approach does position numerous obstacles um so Johnny could you tell us about those difficulties yeah of course so there's a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this enhanced capability, I have successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your achievements.
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