Find out more about Papaya Global Tiger ... 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 obtained a separate Chief Financial Officer particularly committed to handling payments. This supplies us with a safe and trusted approach of making payments to our 10,000 staff members worldwide.}
The innovative global payroll management app simplifies my payroll procedure, conserving me a substantial amount of time monthly. With its easy to use interface, I have access to a single control panel that efficiently manages my payroll, EOR, and specialists.
The Staff member Website offers employees with the capability to access and view important documents 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 different languages.
Benefits Administration
Papaya Global helps companies offer competitive advantages plans to worldwide employees despite the variety of workers in the business. The business can establish health insurance, short-term and long-term special needs, vision, oral and maternity leave while eliminating the requirement to source regional benefits companies in every nation, develop local accounts and have a minimum number of staff members.
International HR Functionalities
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your workers need work permit help.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, workforce diversity, overall work costs distributed per area, overall work expenses per cycle and far more.
environments around the world I supplied management and method to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll strategies for as Mark stated I work across the business managing and structure external relationships supporting Business clients and solutions as well as functioning as an advisor for those of you that do not understand who papaya International is papaya is the first payroll and payments
company to make the time 100 list for most influential companies worldwide we provide 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 naturally thank you good morning excellent afternoon excellent evening depending on where you are 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 have actually remained in the payments market for over ten years and specifically dealing with the payroll and payment sector for over 7 years um I was interested by the complexity the trouble 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 range of various roles on the provider side and also on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we'll simply give everyone another couple of uh well among the 30 seconds or two to join all of us work back to back nowadays so we'll kind of let them do that so it 'd be rather interesting and I can see it going on already just to hear where everyone is um it's nice to to sort of like see where everyone originates from and I actually do hope it's much sunnier than it is 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 very extremely gloomy and I want I was somewhere else at this moment in time alright so let's begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business keep separate
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining different checking account for payroll in various nations, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical possession for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and timely payroll payments is a complex obstacle for services operating worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, find out how business forecast payroll expenses to enhance working capital, and discover how streamlining international payroll payments can transform them from a challenging task into a tactical asset.
Handling payroll globally is a difficult job due to different policies, compliance requirements, information security issues, and banking guidelines. The large number of workers and organizations adds to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems frequently lead to manual processes, information silos, and a lack of integration, resulting in inconsistencies and inadequacies. In spite of residing in a period of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to provide insights and services to simplify and enhance global payroll payments.
about it to give 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 offers me sleep deprived nights and quite frankly the more an organization spends on global payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of international services 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 data information entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and after that when you round it all off and the data is delivered to the incorrect location the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they rely on the needed several 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 challenges business face when they're paying to employees or otherwise that's a great concern I always toss this back and say what is it what doesn't require to be consisted of ideal and what does
it need to be thought about there's varying 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 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 right eventually developing a knowledge base is definitely important however all over you look with payroll payment they are like incredibly payments no if however 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 acknowledgment that payroll payments are definitely fundamental and technology is permitting us to sort of move forward with that it also too to contribute to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely important that payroll and financing groups work closer together than ever um I'm constantly astonished when people say I've split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't 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 typically 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 people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on well-being and the payment landscape is ending up being significantly elaborate. Businesses are continuously introducing new advantages and payment alternatives, which adds to the total complexity. Big corporations frequently divide their payroll and payment processing into separate groups, which can lead to inefficiencies and traffic jams. In my viewpoint, this doesn't have to be the case. In today's technically innovative era, there's no reason for maintaining troublesome procedures. Payroll, the business's most significant expense, must be processed properly and on time. Even slight hold-ups can adversely affect staff members' well-being and have far-reaching repercussions. Therefore, it's vital to focus on accurate and timely payments.
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it's from all staff members or not. Payroll is a crucial cycle, and people just notice when things fail. Nevertheless, when things go right, it's viewed as just a routine task. This is how it's viewed externally as well. Therefore, it is essential to make sure that tasks like Wi-Fi Global and other crucial matters are done correctly. Utilizing the first Global Payments very first payroll payment option is a fantastic preliminary step towards offering a detailed payroll option for employees worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and checking account essential for worldwide payroll are crucial consider achieving business success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don't go as prepared. Eventually, we do not do it for the thankfulness.
anyway we understand 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 easy as possible for everybody that's involved in those procedures and also so picture sorry I'm simply I was simply gon na say envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we're talking about hundreds of thousands potentially Millions envision getting that lots of thank you notes um I mean it 'd be interesting to see how many Post-it notes you got but it would definitely be an interesting 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 attempt to look through them and really see what was going on and sort of try to get back to everybody so moving on appearance why do companies choose to main separate savings account there are businesses out there doing exactly this for specific nations and I've operated in a company or numerous companies doing exactly that I can state it doesn't constantly feel effective and it does create more work I understand we're not intentionally doing that we're not creating extra work for any person where we do not need to and anyone 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 numerous factors one is it's the requirement I believe people have got so utilized to we need a brand-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 believe it's simply been the requirement and the standard the people have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I think there's a variety I believe this is a procedure that needs looking at it requires altering but ultimately individuals are really stuck to what they're familiar
with right um modification is a tough thing all of us don't like change um so I believe it's just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the benefits of having keeping several savings account but there's a huge amount of complexity goes with establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it's set up with the best user accesses for specific individuals so the complexity is big however I believe the truthful response is modification um people haven't been able to alter or haven't had always the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century approximately there is a lot to track and this technique does position a number of difficulties um so Johnny might you inform us about those obstacles yeah of course so there's a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your achievements.
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