Find out more about Papaya Global Worth ... We now have the ability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has gotten a separate Chief Financial Officer specifically devoted to handling payments. This supplies us with a safe and secure and reputable method of paying to our 10,000 staff members worldwide.}
The cutting-edge worldwide payroll management app simplifies my payroll process, saving me a considerable quantity of time each month. With its easy to use interface, I have access to a single dashboard that effectively handles my payroll, EOR, and contractors.
The Worker Website offers employees with the ability to access and view important files such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile phones and is provided in different languages.
Advantages Administration
Papaya Global assists companies offer competitive benefits plans to worldwide workers no matter the number of workers in the company. The business can establish medical insurance, short-term and long-term special needs, vision, oral and maternity leave while eliminating the need to source regional advantages suppliers in every nation, develop local accounts and have a minimum variety of employees.
Global HR Functionalities
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your staff members need work permit help.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, workforce diversity, total employment expenses distributed per area, overall work costs per cycle and much more.
Globally, I have actually demonstrated leadership and strategic competence in directing massive populations of over 100,000 employees across 170 countries. Presently, I are accountable for managing payroll strategies, as mentioned by Mark. My role includes handling and establishing external collaborations, supporting Enterprise customers, and supplying advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments services supplier.
As a worldwide company, we are honored to be included on the prestigious Time 100 list of the most influential business worldwide. We focus on providing payroll and labor force management services to employees in more than 160 nations. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your location. It's a satisfaction to meet you and thank you for your important time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have concentrated on payroll and payment solutions for the past seven years. The complexities and obstacles of this field have actually constantly mesmerized me.
payroll payments and decided to kind of make a real go at that over the last five or six years where I have actually sort of had a range of various roles on the company side and also on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we'll just give everyone another number of uh well among 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 already simply to hear where everybody is um it's nice to to sort of like see where everyone comes from and I truly do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it's not no it's it's raining here it's very extremely dreary and I wish I was somewhere else at this moment in time alright so let's get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why business preserve separate
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 Worldwide payroll payments as a strategic asset uh we'll likewise discuss a wrap-up which ought to leave his time at the really extremely 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 becomes more and more complicated Worldwide companies are aiming to find Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment perspective many organizations maintain separate savings account just for payroll while some have numerous accounts in different nations does it make good sense for companies to preserve different bank accounts sometimes in different nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international business improve the episode complex procedures of
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for companies operating internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, learn how companies forecast payroll expenses to optimize working capital, and find how improving global payroll payments can transform them from a burdensome job into a strategic possession.
Managing payroll globally is a complicated job due to various regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of workers and businesses contributes to the complexity, with an estimated 3.5 billion individuals in the worldwide labor force, 500 countless whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently result in manual procedures, information silos, and an absence of integration, leading to inconsistencies and ineffectiveness. Regardless of living in a period of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to offer insights and solutions to streamline and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce data in real time that's another number that provides me sleep deprived nights and quite frankly the more a business invests in global payroll the less of an image they see an absence of visibility also encompasses payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of international organizations have actually revealed that they do not 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 information data entry mistakes poorly interacted hires and terminations as well as absence management and system configurations and after that when you round it all off and the information is shipped to the wrong location the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they rely on the essential several 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 challenges service face when they're making payments to staff members or otherwise that's a good question I always throw this back and say what is it what does not require to be included right and what does
it need to be thought about there's varying Bank information 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 need to pay from the customer's own in-country account so there's complexity any place you look best eventually developing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link in 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 technology is permitting us to kind of move on with that it also also to add to that payroll and finance need to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely crucial that payroll and financing groups work more detailed together than ever um I'm always surprised when people say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't operate in the payroll profession 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 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 individuals anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to add to kind of the level of intricacy there's increasingly more benefits being organ or being provided by organizations throughout the world so once again you're simply aiming to include more and more payments to this already intricate landscape so if you sort of got any experience well I'm from your huge experience here and I make certain but have you got any experience in kind of real challenges or real tough kind of pay uses to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are teams feeding details into the next function as it were that's actually handling the payment side of things but you understand in in my viewpoint and my experience that doesn't necessarily need to be the case you know long gone are the times where we require to create additional handoffs at the same times that we run in they just make them more timely they make them less efficient and they don't make them what they require 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 challenging as it requires to be agreed and rightly as you said payroll is the single most significant liability that any company has from an expense point of view from an effect perspective on workers it is absolutely crucial that it's done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest destructive result on individuals's well-being and many other elements if individuals aren't paid uh I've constantly been amazed coming into this Market sort of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and individuals just discover when things fail. Nevertheless, when things go right, it's viewed as simply a routine task. This is how it's perceived externally too. For that reason, it is necessary to make sure that tasks like Wi-Fi Worldwide and other important matters are done correctly. Using the first International Payments very first payroll payment solution is a fantastic initial action towards supplying a thorough payroll service for workers worldwide. Standardization, global processes, and decreasing the variety of tools, platforms, and checking account necessary for international payroll are essential factors in achieving organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of complaints when things don't go as planned. Ultimately, we do not do it for the thankfulness.
anyway we understand how how important 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 everyone that's involved in those procedures and also so think of sorry I'm just I was simply gon na say picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we're speaking about numerous thousands possibly Millions picture getting that lots of thank you keeps in mind um I mean it 'd be interesting to see how many Post-it notes you got but it would certainly be a fascinating job trying to clean up all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that held true um you 'd need days of the week to try to check out them and in fact see what was going on and type of shot to get back to everyone so moving on appearance why do companies choose to primary separate savings account there are companies out there doing precisely this for specific countries and I have actually operated in a service or numerous businesses doing precisely that I can state it does not constantly feel efficient and it does produce more work I understand we're not intentionally doing that we're not developing extra work for any person where we don't have to and any person 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 amount that we are I believe lots of factors one is it's the standard I believe people have 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 number of markets where it's not a requirement so I think it's simply been the requirement and the standard the people have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other ways um to to sort of do it so I believe there's a variety I believe this is a process that requires looking at it requires altering however eventually people are very stuck to what they're familiar
with best um change is a tough thing all of us do not like modification um so I think it's simply kind of moving far from the standard as we've said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having keeping multiple savings account however there's a substantial quantity of complexity chooses establishing a checking account maintaining it guaranteeing it can send International transfers guaranteeing it's set up with the best user accesses for individual individuals so the intricacy is substantial however I think the sincere answer is modification um people have not had the ability to alter or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you've struck the nail on the head I believe it is understanding you understand and there is a component of resistance to change but we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century approximately there is a lot to track and this approach does posture numerous difficulties um so Johnny might you tell us about those obstacles yeah of course so there's a variety right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments.
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