Find out more about Papaya Global U.S. Virgin Islands ... We now have the ability to handle both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually obtained a separate Chief Financial Officer particularly committed to managing payments. This supplies us with a safe and secure and trustworthy method of making payments to our 10,000 workers worldwide.}
the BEST global payroll managment app, saves me hours of time on a monthly basis, one single control panel for my payroll, EOR and professionals
Worker Website
Staff members have access to a Worker Website where they can view their pay slips, wage and tax statements and work documents. The portal is offered in numerous languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global helps business provide competitive advantages plans to international workers despite the variety of workers in the company. The business can set up health insurance, short-term and long-lasting impairment, vision, dental and maternity leave while eliminating the requirement to source regional advantages suppliers in every country, produce regional accounts and have a minimum number of staff members.
The HR abilities provided by Global HR incorporate numerous functions such as keeping track of getaway time, making sure compliance, facilitating the procedure of welcoming brand-new staff members and bidding goodbye to departing ones, providing a safe and secure online platform for keeping employees' documents, and providing support for work allow procedures in case your employees need assistance because location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, labor force variety, total work expenses dispersed per place, total employment costs per cycle and much more.
environments around the world I supplied management and technique to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll methods for as Mark stated I work throughout the business managing and structure external relationships supporting Enterprise clients and options along with acting as a consultant for those of you that do not know who papaya International is papaya is the very first payroll and payments
company to make the time 100 list for the majority of prominent business worldwide we offer payroll payments and labor force management to all worker key ins over 160 nations I am pleased to state that we also have as Mark said Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning excellent afternoon excellent night depending on where you remain in the world it's beautiful to satisfy you and thank you quite for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I've remained in the payments industry for over ten years and particularly dealing with the payroll and payment sector for over seven years um I was amazed by the complexity the problem in all of the above of
payroll payments and decided to type of make a genuine go at that over the last five or 6 years where I've type of had a variety of different roles on the supplier side and also on the vendor side from a payroll point of view so really looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we'll just offer everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we'll sort of let them do that so it 'd be quite fascinating and I can see it going on already simply to hear where everybody is um it's nice to to type of like see where everybody comes from and I really do hope it's much sunnier than it is 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 very extremely bleak and I want I was elsewhere at this moment in time alright so let's get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies maintain different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we'll also go over a wrap-up which ought to leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and managing them ends up being a growing number of intricate Global companies are looking to find Solutions and new methods to streamline processes specifically from a payroll and cross-border payment viewpoint many organizations preserve different bank account just for payroll while some have several accounts in different nations does it make sense for companies to keep separate bank accounts in some cases in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies streamline the episode complex procedures of
Guaranteeing accurate, efficient, and prompt payroll payments is a complex challenge for businesses operating globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, find out how companies forecast payroll costs to optimize working capital, and find how improving worldwide payroll payments can transform them from a difficult task into a tactical asset.
Handling payroll worldwide is an overwhelming job due to different regulations, compliance requirements, data security concerns, and banking rules. The large variety of staff members and businesses adds to the complexity, with an approximated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically result in manual processes, data silos, and an absence of combination, causing inconsistencies and ineffectiveness. Regardless of residing in a period of technological advancements, payroll management has been slow to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and solutions to streamline and optimize international payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that's another number that offers me sleepless nights and quite honestly the more a company invests in global payroll the less of an image they see an absence of visibility likewise extends to payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of global companies have expressed that they don't have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry mistakes badly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the data is delivered to the incorrect location the average expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the globe payroll and payments don't run efficiently if they depend on the necessary multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they're making payments to workers or otherwise that's a great question 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 of 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 customer's own in-country account so there's intricacy any place you look best ultimately developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble very payments no if but some babies about it you are all superheroes processing payments for payroll if you take a 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 enabling us to sort of move on with that it also also to contribute to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work better together than ever um I'm constantly surprised when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't work in the payroll occupation would they divide the payroll payment from estimation 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 ultimately it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to add to sort of the level of complexity there's a growing number of advantages being organ or being offered by businesses across the world so again you're just wanting to include increasingly more payments to this already complicated landscape so if you sort of got any experience well I'm from your large experience here and I'm sure however have you got any experience in kind of genuine challenges or real tough sort of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a couple of years I would certainly state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding details into the next function as it were that's really managing the payment side of things but you know in in my viewpoint and my experience that doesn't always require to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don't make them what they need to be in in an age of tech and an era that you understand that we are working in today there is no reason why we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single most significant liability that any organization has from an expense viewpoint from an effect viewpoint on employees it is definitely critical that it's done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest harmful result on people's well-being and many other factors if individuals aren't paid uh I have actually constantly been astonished coming into this Market kind of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it's from all employees or not. Payroll is an important cycle, and individuals just observe when things fail. However, when things go right, it's viewed as simply a regular job. This is how it's viewed externally too. Therefore, it is vital to ensure that tasks like Wi-Fi Global and other vital matters are done correctly. Using the very first International Payments first payroll payment option is an excellent preliminary action towards supplying a comprehensive payroll solution for workers worldwide. Standardization, worldwide processes, and reducing the number of tools, platforms, and bank accounts essential for global payroll are essential factors in achieving company success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few grievances when things don't go as planned. Eventually, we do not do it for the appreciation.
anyhow we understand how how important 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 everyone that's associated with those processes and likewise so envision sorry I'm just I was simply gon na say think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I'm sure we're speaking about numerous thousands potentially Millions think of getting that many thank you keeps in mind um I mean it 'd be interesting to see how many Post-it notes you got but it would definitely be a fascinating task trying to clean up all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that held true um you 'd require days of the week to try to check out them and actually see what was going on and sort of try to return to everybody so moving on look why do companies pick to main different checking account there are services out there doing precisely this for particular countries and I have actually operated in an organization or many companies doing precisely that I can say it does not constantly feel efficient and it does produce more work I know we're not deliberately doing that we're not developing additional work for anyone where we don't need to and anybody that's dealing with 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 believe many reasons one is it's the requirement I think people have got so used to we need a brand-new bank account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it's not a requirement so I think it's just been the standard and the standard individuals have embraced and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and numerous other methods um to to type of do it so I think there's a range I think this is a procedure that requires looking at it needs changing but eventually people are really stuck to what they're familiar
with right um modification is a challenging thing we all do not like modification um so I believe it's simply kind of moving away 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 maintaining numerous checking account but there's a huge quantity of intricacy opts for establishing a bank account preserving it guaranteeing it can send International transfers ensuring it's set up with the best user accesses for private people so the intricacy is huge but I think the honest answer is modification um individuals haven't been able to change or have not had always the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you've struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter but we've always done it that way is no genuine reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does pose a number of obstacles um so Johnny might you inform us about those obstacles yeah obviously so there's a variety right there is so
I simply did you switched our Enterprise 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 Global workers you deserve a corner office with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you
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