Find out more about Papaya Global Western Sahara ... We now have the ability to handle both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually gotten a different Chief Financial Officer specifically dedicated to handling payments. This provides us with a secure and trustworthy technique of paying to our 10,000 employees worldwide.}
The advanced worldwide payroll management app improves my payroll procedure, conserving me a considerable amount of time monthly. With its user-friendly user interface, I have access to a single dashboard that effectively handles my payroll, EOR, and contractors.
The Employee Website offers workers with the capability to gain access to and view essential files 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 numerous languages.
Benefits Administration
Papaya Global helps companies provide competitive benefits packages to worldwide staff members no matter the number of employees in the company. The business can set up medical insurance, short-term and long-term impairment, vision, oral and maternity leave while removing the requirement to source local advantages suppliers in every country, create local accounts and have a minimum number of employees.
The HR capabilities offered by Worldwide HR encompass numerous functions such as keeping track of getaway time, ensuring compliance, facilitating the process of inviting new staff members and bidding farewell to leaving ones, using a secure online platform for saving employees' documents, and supplying assistance for work allow procedures in case your staff members require assistance because location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, labor force diversity, overall employment costs distributed per location, overall work costs per cycle and far more.
environments around the world I provided management and strategy 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 the business handling and building external relationships supporting Enterprise clients and solutions in addition to serving as an advisor for those of you that don't understand who papaya Global is papaya is the first payroll and payments
As an international company, we are honored to be consisted of on the distinguished Time 100 list of the most prominent companies worldwide. We concentrate on offering payroll and labor force management services to employees in more than 160 nations. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your place. It's a satisfaction to meet you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments market, I have concentrated on payroll and payment solutions for the past seven years. The intricacies and challenges of this field have actually always mesmerized me.
payroll payments and chose to kind of make a real go at that over the last 5 or six years where I've type of had a range of different roles on the company side and also on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we'll simply provide everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we'll type of let them do that so it 'd be rather fascinating and I can see it going on currently just to hear where everyone is um it's nice to to kind of like see where everyone comes from and I really 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 raining here it's extremely extremely gloomy and I wish I was elsewhere at this moment in time all right so let's get going our program for today is as follows um we are going to be looking at the challenge years of handling Global payroll why companies keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic asset uh we'll likewise discuss a recap which must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being a growing number of typical and managing them ends up being more and more intricate International companies are wanting to find Solutions and brand-new methods to streamline procedures specifically from a payroll and cross-border payment perspective numerous organizations keep different bank account just for payroll while some have several accounts in different countries does it make good sense for companies to keep different checking account sometimes in various nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business improve the episode complex processes of
making payroll payments precisely efficiently securely and on time during this webinar we'll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in enough in one nation however when you're doing it internationally it's next level and Beyond it ends up being complex for a range of factors most importantly regulations compliance information security and banking guidelines then there are the large numbers they add further complexity the international Labor force is currently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the standard payroll design there's frequently a frustrating number of various systems resulting in lengthy manual procedures and silos the number of Combinations could be non-existent in large amounts and or really very fundamental 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 frequently with pen and paper which just blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that's another number that gives me sleepless nights and quite honestly the more an organization spends on global payroll the less of an image they see a lack of visibility also encompasses payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of global organizations have actually expressed that they don't have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors improperly interacted hires and terminations along with absence management and system setups and then when you round it all off and the data is shipped to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don't run efficiently if they depend on the necessary several 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 obstacles business face when they're paying to employees or otherwise that's an excellent concern I always toss this back and state what is it what does not require to be consisted of ideal and what does
it require to be thought about there's varying Bank details so the length of an eye band a swift an account number routing code per nation there's payment amount of time 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 customer's own in-country account so there's complexity any place you look ideal ultimately constructing a knowledge base is definitely vital however everywhere you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to kind of progress with that it likewise too to add to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and finance teams work more detailed together than ever um I'm always amazed when individuals say I've 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 split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often 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 but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on well-being and the payment landscape is ending up being increasingly elaborate. Services are continually introducing brand-new benefits and payment alternatives, which contributes to the overall complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to inadequacies and bottlenecks. In my viewpoint, this does not have to hold true. In today's technically sophisticated era, there's no reason for maintaining cumbersome procedures. Payroll, the business's most significant expense, need to be processed properly and on time. Even small hold-ups can adversely affect staff members' well-being and have far-reaching repercussions. For that reason, it's critical to prioritize precise and prompt payments.
payroll group get um so I'm uncertain anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it 'd be terrific 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 everybody jumps up and down when it goes wrong but when it goes right it's simply a tick box workout and I think that's how it's seen from the external view as well um so yeah it's likewise like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done correctly so leveraging the first Global Payments first payroll payment service is a terrific first step um providing an end-to-end payroll service for your employees globally again I think is another substantial um procedure once again lining up and guaranteeing you have standardization Worldwide processes all of those things are definitely essential to success success of organizations and minimizing the variety 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 regards to of the thank yous for getting payroll done I've never had a hundred thousand of 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 grievances where things haven't gone quite where they're indicated to be um I don't believe any of us are actually doing that for for the thanks
anyway we know how how essential 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 simple as possible for everyone that's associated with those processes and also so think of sorry I'm simply I was simply gon na say think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we're talking about numerous thousands potentially Millions picture getting that many thank you notes um I imply it 'd be interesting to see how many Post-it notes you got but it would definitely be a fascinating job trying to clean up all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to look through them and in fact see what was going on and sort of shot to get back to everybody so moving on look why do companies choose to main separate bank accounts there are services out there doing precisely this for specific nations and I have actually worked in an organization or many organizations doing precisely that I can state it does not always feel efficient and it does produce more work I know we're not intentionally doing that we're not creating additional work for anyone where we don't need to and any person that's handling that procedure I 'd be interested to hear your ideas Johnny why do you think 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 think people have actually got so used to we require a new checking account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it's not a requirement so I think it's simply been the standard and the standard the people have embraced and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to sort of do it so I think there's a variety I believe this is a procedure that requires looking at it requires altering but eventually individuals are extremely stuck with what they recognize
with ideal um modification is a tough thing all of us don't like change 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 things um I understand obviously the advantages of having maintaining several checking account but there's a huge amount of complexity opts for setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it's set up with the right user accesses for specific individuals so the intricacy is huge but I think the sincere answer is change um people haven't been able to alter or have not had always the understanding to actually make that change into alternate Solutions other than opening a bank account I think you have actually struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change however 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 know what could practically be determined to be the next Century or so there is a lot to keep an eye on and this method does pose a number of obstacles um so Johnny might you inform us about those challenges yeah obviously so there's a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this boosted ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments.
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