Find out more about Papaya Global Wiki ... We now have the capability 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 specifically devoted to handling payments. This supplies us with a secure and dependable approach of paying to our 10,000 workers worldwide.}
The cutting-edge worldwide payroll management app improves my payroll procedure, saving me a considerable quantity of time each month. With its easy to use user interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and professionals.
Employee Portal
Workers have access to a Worker Website where they can view their pay slips, wage and tax declarations and employment files. The website is readily available in several languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global helps business use competitive advantages bundles to worldwide workers despite the variety of workers in the business. The business can establish medical insurance, short-term and long-term special needs, vision, dental and maternity leave while eliminating the requirement to source regional advantages providers in every country, create regional accounts and have a minimum number of employees.
The HR abilities provided by Worldwide HR encompass different functions such as monitoring trip time, ensuring compliance, helping with the process of inviting new staff members and bidding farewell to leaving ones, using a protected online platform for keeping workers' files, and offering support for work allow treatments in case your staff members require assistance in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force spending, workforce variety, total work costs dispersed per location, overall employment costs per cycle and a lot more.
environments across the globe I provided leadership and strategy to populations of over a hundred thousand employees in more than 170 nations 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 serving as a consultant for those of you that don't understand who papaya Worldwide is papaya is the first payroll and payments
business to make the time 100 list for a lot of influential companies in the world we supply payroll payments and labor force management to all staff member types in over 160 countries I am pleased to state that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning great afternoon good night depending upon where you remain in the world it's charming 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 have actually remained in the payments market for over 10 years and specifically working on the payroll and payment sector for over 7 years um I was amazed by the intricacy the problem in all of the above of
payroll payments and decided to type of make a genuine go at that over the last 5 or 6 years where I've sort of had a range of different roles on the provider side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we'll just offer everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we'll sort of let them do that so it 'd be quite fascinating and I can see it going on currently just to hear where everybody is um it's nice to to kind of like see where everybody 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 drizzling here it's extremely really gloomy and I want I was somewhere else at this moment in time alright so let's get going our program for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why companies maintain different
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is particularly beneficial for international organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of keeping separate checking account for payroll in various nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming 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.
making payroll payments precisely effectively safely and on time during this webinar we'll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in adequate in one nation however when you're doing it worldwide it's next level and Beyond it becomes complex for a range of factors most notably regulations compliance data security and banking guidelines then there are the large numbers they include more intricacy the global Workforce is presently three and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll model there's often a frustrating variety of various systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely extremely fundamental there's no real consistency structure we're living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind whenever I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that's another number that offers me sleepless nights and rather honestly the more a company invests in international payroll the less of a picture they see an absence of presence likewise extends to payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of worldwide organizations have actually revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes improperly interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the information is shipped to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run efficiently if they rely on the necessary numerous procedures 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 business face when they're making payments to workers or otherwise that's an excellent concern I constantly throw this back and say what is it what doesn't need to be included best and what does
it need to be considered there's varying 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 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 wherever you look ideal eventually constructing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble extremely payments no if however some children 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 think there's now a bit more acknowledgment that payroll payments are absolutely essential 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 differing Savings account Particulars differing banking requirements and setup processes is definitely vital that payroll and financing groups work closer together than ever um I'm always amazed when individuals state I have actually divided 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 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 frequently 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 but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to add to kind of the level of intricacy there's increasingly more advantages being organ or being used by companies across the world so again you're just looking to add a growing number of payments to this already intricate landscape so if you sort of got any experience well I'm from your vast experience here and I make certain however have you got any experience in kind of real challenges or genuine difficult sort of pay utilizes to play to pay people I think yeah I imply over the last well yeah a number of decades I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding details into the next function as it were that's in fact managing the payment side of things however you understand in in my opinion and my experience that doesn't always require to be the case you know long gone are the times where we require to create additional handoffs at the same times that we operate in they just make them more prompt they make them less effective and they do not make them what they need to be in in an age of tech and an age that you know that we are working in today there is no reason that we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from a cost viewpoint from an impact perspective on workers it is definitely crucial that it's done properly and on time so what we imply 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 destructive effect on people's well-being and many other elements if individuals aren't paid uh I've always been surprised entering this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I'm uncertain anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it 'd be great to hear your success story and whether that's been from all staff members or not um however eventually payroll is such an essential cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it's just a tick box workout and I believe that's how it's seen from the external consider as well um so yeah it's likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done correctly so leveraging the first International Payments first payroll payment service is a fantastic first step um offering an end-to-end payroll service for your staff members internationally again I believe is another substantial um process once again aligning and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of organizations and reducing the number of tools platforms and checking account they need for their International payroll too couldn't agree with you more and on the the front in terms of of the thank yous for getting payroll done I've never ever had a hundred countless them within a payroll cycle don't anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven't gone quite where they're indicated to be um I don't think any of us are really doing that for for the thanks
anyway we know how how essential a role 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 easy as possible for everybody that's associated with those processes and also so imagine sorry I'm just I was just gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we're talking about hundreds of thousands potentially Millions envision getting that numerous thank you notes um I imply it 'd be interesting to see the number of Post-it notes you got however it would definitely be a fascinating 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 sort of try to get back to everyone so moving on look why do business choose to primary different bank accounts there are organizations out there doing precisely this for particular nations and I've worked in an organization or many businesses doing exactly that I can state it doesn't always feel effective and it does develop more work I know we're not purposely doing that we're not developing additional work for anybody where we don't have to and anybody that's dealing with 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 quantity that we are I think numerous reasons one is it's the standard I believe people have actually got so used to we require a new bank 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 standard individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have actually taken a look at things like trust accounts and lots of other methods um to to kind of do it so I think there's a variety I think this is a procedure that needs taking a look at it requires altering however ultimately individuals are very stuck to what they're familiar
with ideal um change is a tough thing we all do not 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 lot of track of things um I understand certainly the benefits of having keeping numerous bank accounts however there's a big amount of intricacy chooses setting up a bank account maintaining it guaranteeing it can send International transfers guaranteeing it's set up with the right user accesses for individual individuals so the intricacy is substantial however I believe the honest response is change um people have not been able to alter or have not had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you've struck the nail on the head I believe it is knowledge you know and there is an element of resistance to change but we've constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century or two there is a lot to monitor and this method does present several challenges um so Johnny could you tell us about those difficulties yeah obviously so there's a variety 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's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you are worthy of a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you
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