Find out more about Papaya Global Value ... We now have the capability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has actually obtained a different Chief Financial Officer particularly dedicated to handling payments. This offers us with a safe and secure and trustworthy method of making payments to our 10,000 workers worldwide.}
The innovative worldwide payroll management app streamlines my payroll procedure, saving me a substantial amount of time each month. With its easy to use interface, I have access to a single control panel that effectively manages my payroll, EOR, and specialists.
The Staff member Portal provides employees with the ability to access and view important files such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile phones and is offered in various languages.
Benefits Administration
Papaya Global helps companies offer competitive benefits packages to global workers regardless of the variety of workers in the business. The business can set up health insurance, short-term and long-term impairment, vision, dental and maternity leave while eliminating the need to source regional benefits companies in every nation, create local accounts and have a minimum variety of staff members.
The HR abilities provided by Worldwide HR incorporate different functions such as monitoring trip time, guaranteeing compliance, facilitating the procedure of welcoming brand-new staff members and bidding farewell to leaving ones, offering a protected online platform for saving employees' files, and providing assistance for work allow treatments in case your staff members need support in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, labor force diversity, total employment costs dispersed per place, overall work expenses per cycle and far more.
environments across the globe I offered leadership and method to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll strategies for as Mark stated I work throughout business handling and building external relationships supporting Business clients and options along with serving as an advisor for those of you that don't know who papaya Global is papaya is the very first payroll and payments
As a worldwide business, we are honored to be included on the prominent Time 100 list of the most influential companies worldwide. We specialize in providing payroll and labor force management services to employees in more than 160 nations. I am delighted to present Johnny Nash, as discussed by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your location. It's an enjoyment to satisfy you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments industry, I have actually focused on payroll and payment services for the past 7 years. The complexities and obstacles of this field have actually always captivated me.
payroll payments and chose to kind of make a genuine go at that over the last five or six years where I've type of had a variety of different roles on the service provider side and likewise on the vendor side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll just give everyone another couple of uh well one of the 30 seconds or so 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 currently simply to hear where everyone 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 remains in the UK today certainly not the peak of the sunshine is it it's not no it's it's raining here it's really really dreary and I want I was elsewhere at this moment in time fine so let's begin our agenda for today is as follows um we are going to be looking at the challenge years of managing Global payroll why business keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical possession uh we'll also go over a recap and that should leave his time at the very very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of typical and managing them ends up being more and more complex Global organizations are aiming to discover Solutions and new ways to improve processes especially from a payroll and cross-border payment standpoint many companies preserve separate bank account just for payroll while some have numerous accounts in various nations does it make sense for business to keep different savings account often in different nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business streamline the episode complex processes of
making payroll payments properly effectively safely and on time throughout this webinar we'll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in enough in one nation but when you're doing it globally it's next level and Beyond it becomes complicated for a range of reasons most significantly policies compliance data security and banking rules then there are the sheer numbers they include further complexity the international Labor force is currently 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 currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll design there's frequently an overwhelming number of various systems resulting in time-consuming manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely very standard there's no genuine consistency structure we're living in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that's another number that provides me sleep deprived nights and rather frankly the more a business invests in global payroll the less of an image they see an absence of presence also reaches payroll payments and failure to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of global businesses have actually revealed that they don't have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry errors inadequately communicated hires and terminations along with lack management and system setups and then when you round all of it off and the data is shipped to the incorrect location the average expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they rely on the required multiple processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they're making payments to workers or otherwise that's a great concern I constantly toss this back and say what is it what doesn't require to be included right and what does
it need to be thought of there's varying Bank details 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 have to pay from the customer's own in-country account so there's complexity any place you look right ultimately developing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are absolutely essential and innovation is enabling us to type of progress with that it likewise too to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars differing banking requirements and setup processes is absolutely imperative that payroll and financing teams work closer together than ever um I'm constantly astonished when individuals say I've split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't work in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market 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 people wherever they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high worth on wellness and the settlement landscape is becoming increasingly detailed. Organizations are continually introducing new advantages and payment options, which adds to the general intricacy. Large corporations frequently divide their payroll and payment processing into separate groups, which can cause ineffectiveness and traffic jams. In my opinion, this does not have to hold true. In today's technologically advanced period, there's no justification for maintaining cumbersome treatments. Payroll, the company's greatest cost, need to be processed correctly and on time. Even slight hold-ups can negatively affect staff members' wellness and have significant repercussions. Therefore, it's crucial to prioritize accurate and timely payments.
payroll group get um so I'm not sure anybody on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it 'd be terrific to hear your success story and whether that's been from all employees or not um but ultimately payroll is such an essential cycle we all find out about it when it goes wrong everyone jumps up and down when it goes wrong however 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 likewise like why WI-Fi Global why all of this things is absolutely essential that all of this things is done properly so leveraging the first International Payments first payroll payment solution is a fantastic first step um providing an end-to-end payroll solution for your staff members worldwide once again I think is another huge um process again aligning and ensuring you have standardization Global procedures all of those things are definitely key to success success of businesses and decreasing the number of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I've never ever had a hundred countless them within a payroll cycle don't expect to you do get the odd five or 10 or whatever it might be with the with the the complaints where things have not gone rather where they're implied to be um I don't believe any of us are really doing that for for the thanks
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 everybody that's associated with those procedures and also so imagine sorry I'm just I was simply gon na state picture 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 talking about hundreds of thousands potentially Millions picture getting that lots of thank you notes um I indicate it 'd be interesting to see the number of Post-it notes you got but it would absolutely be an interesting task trying to clean all those up for sure oh absolutely I can't imagine 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 in fact see what was going on and kind of try to return to everybody so moving on appearance why do companies pick to main separate checking account there are companies out there doing precisely this for specific countries and I've worked in a service or lots of services doing exactly that I can say it doesn't constantly feel effective and it does produce more work I know we're not purposely doing that we're not developing extra work for any person where we don't need to and anyone that's handling that process I 'd be interested to hear your thoughts Johnny why do you think 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 new savings account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it's not a requirement so I believe it's simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I think there's a range I think this is a procedure that needs looking at it needs changing but ultimately individuals are really stuck with what they're familiar
with ideal um modification is a challenging thing we all don't like modification um so I think it's just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having keeping multiple bank accounts however there's a substantial amount of intricacy opts for setting up a checking account maintaining it guaranteeing it can send out International transfers ensuring it's established with the ideal user accesses for specific people so the complexity is big however I believe the honest response is change um individuals haven't been able to alter or haven't had always the knowledge to actually make that change into alternate Solutions aside from opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could practically be figured out to be the next Century approximately there is a lot to track and this method does position a number of challenges um so Johnny could you tell us about those challenges yeah of course so there's a range right there is so
I simply did you switched 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 deserve a corner workplace with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you
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