Find out more about Papaya Global Sweden ... We now have the capability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer specifically devoted to handling payments. This supplies us with a secure and trustworthy method of paying to our 10,000 workers worldwide.}
The innovative global payroll management app simplifies my payroll process, conserving me a considerable quantity of time monthly. With its user-friendly interface, I have access to a single dashboard that effectively manages my payroll, EOR, and specialists.
Worker Website
Workers have access to a Worker Website where they can see their pay slips, wage and tax declarations and work documents. The website is readily available in numerous languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global assists companies provide competitive advantages packages to global employees despite the number of workers in the company. The company can set up medical insurance, short-term and long-lasting impairment, vision, dental and maternity leave while eliminating the requirement to source local benefits service providers in every country, produce local accounts and have a minimum variety of staff members.
The HR capabilities provided by International HR encompass different functions such as monitoring vacation time, making sure compliance, assisting in the procedure of inviting new employees and bidding farewell to leaving ones, offering a safe online platform for saving workers' files, and offering assistance for work permit procedures in case your employees require support because location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, workforce diversity, overall work costs dispersed per place, total work costs per cycle and a lot more.
environments across the globe I offered management and technique to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll methods for as Mark stated I work across business managing and building external relationships supporting Enterprise customers and options as well as serving as a consultant for those of you that do not understand who papaya International is papaya is the first payroll and payments
business to make the time 100 list for many influential business worldwide we supply payroll payments and workforce management to all worker types in over 160 nations I am pleased to state that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning excellent afternoon great evening depending upon where you remain in the world it's beautiful to satisfy you and thank you quite for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've been in the payments market for over 10 years and particularly dealing with 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 chose to type of make a real go at that over the last 5 or 6 years where I've sort of had a range of different roles on the company side and also on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll just give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we'll kind of let them do that so it 'd be quite intriguing 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 originates from and I really do hope it's much sunnier than it remains 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 very gloomy and I want I was somewhere else at this moment in time okay so let's get started our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why business keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we'll likewise review a wrap-up which ought to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more typical and managing them ends up being a growing number of complex International companies are looking to discover Solutions and new methods to enhance processes especially from a payroll and cross-border payment standpoint lots of organizations maintain different checking account just for payroll while some have several accounts in various countries does it make good sense for business to maintain different savings account often in various countries it does however just for payroll exists a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business improve the episode complex procedures of
making payroll payments precisely effectively securely and on time throughout this webinar we'll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business properly forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in adequate in one country however when you're doing it globally it's next level and Beyond it becomes intricate for a variety of reasons most importantly guidelines compliance information security and banking guidelines then there are the large numbers they include more intricacy the international Workforce is presently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll model there's typically a frustrating variety of various systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in big quantities and or really really fundamental there's no real consistency structure 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 often with pen and paper and that just blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that's another number that provides me sleep deprived nights and quite frankly the more a business invests in international payroll the less of an image they see an absence of visibility also encompasses payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of global companies have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes badly communicated hires and terminations as well as absence management and system setups and after that when you round it all off and the data is delivered to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments don't run smoothly if they count on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles organization face when they're paying to employees or otherwise that's a good concern I always throw this back and say what is it what does not require to be consisted of best and what does
it need to be thought about there's differing Bank information 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 have to pay from an in-country account do you need to pay from the consumer's own in-country account so there's intricacy any place you look best eventually building a knowledge base is definitely crucial however everywhere you look with payroll payment they resemble incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind 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 fundamental and innovation is allowing us to kind of progress with that it likewise as well to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely crucial that payroll and financing teams work better together than ever um I'm constantly surprised when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often 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 individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of important to contribute to kind of the level of complexity there's more and more benefits being organ or being offered by organizations across the world so once again you're simply seeking to include a growing number of payments to this currently intricate landscape so if you type of got any experience well I'm from your large experience here and I make certain however have you got any experience in kind of genuine challenges or real challenging type of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a couple of decades I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments operates 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 but 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 require to develop extra handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they do not make them what they need to be in in an era 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 concurred and appropriately as you said payroll is the single greatest liability that any business has from a cost perspective from an impact perspective on staff members it is absolutely crucial 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 most significant destructive result on individuals's well-being and many other aspects if individuals aren't paid uh I've constantly been surprised entering this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I'm uncertain anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it 'd be excellent to hear your success story and whether that's been from all workers or not um but ultimately payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it fails but when it goes right it's simply a tick box exercise and I think that's how it's seen from the external deem well um so yeah it's likewise like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done properly so leveraging the first Global Payments first payroll payment service is a fantastic primary step um providing an end-to-end payroll service for your staff members globally once again I think is another huge um procedure once again aligning and guaranteeing you have standardization International processes all of those things are definitely key to success success of services and minimizing the number of tools platforms and savings account they need for their International 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 have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they're suggested to be um I do not think any of us are actually doing that for for the thanks
anyhow we know how how crucial a function 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 easy as possible for everyone that's associated with those procedures and also so imagine sorry I'm simply I was simply gon na state picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I'm sure we're talking about numerous thousands possibly Millions picture getting that many thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got but it would definitely 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 was the case um you 'd need days of the week to try to look through them and actually see what was going on and sort of shot to get back to everyone so moving on look why do companies choose to primary different checking account there are services out there doing exactly this for specific nations and I've worked in a service or numerous 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 extra work for anybody where we do not have to and any person that's managing that procedure 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 lots of factors one is it's the standard I think people have actually got so utilized to we require a new checking account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it's not a requirement so I think it's simply been the standard and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other ways um to to type of do it so I believe there's a variety I think this is a process that requires looking at it needs altering however eventually people are extremely stuck with what they're familiar
with ideal um change is a difficult thing all of us don't like modification um so I believe it's just type of moving far from the norm as we've said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having keeping several checking account but there's a huge amount of intricacy opts for establishing a savings account keeping it guaranteeing it can send International transfers ensuring it's set up with the best user accesses for individual individuals so the complexity is big but I believe the truthful response is change um people haven't been able to change or haven't had always the understanding to really make that change into alternate Solutions aside from opening a bank account I believe you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we have actually always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century approximately there is a lot to keep an eye on and this technique does present a number of difficulties um so Johnny could you inform us about those difficulties yeah obviously so there's a range right there is so
I just did you switched 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 International employees you should have a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you
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