Find out more about Papaya Global חברה ... We now have the capability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer specifically dedicated to managing payments. This offers us with a safe and reputable approach of making payments to our 10,000 staff members worldwide.}
The cutting-edge worldwide payroll management app streamlines my payroll process, conserving me a significant amount of time each month. With its easy to use user interface, I have access to a single control panel that efficiently handles my payroll, EOR, and professionals.
Employee Portal
Staff members have access to an Employee Portal where they can see their pay slips, wage and tax declarations and work documents. The website is readily available in several languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global assists companies provide competitive advantages plans to international employees no matter the variety of staff members in the business. The company can set up health insurance, short-term and long-term impairment, vision, dental and maternity leave while removing the need to source local advantages providers in every nation, develop local accounts and have a minimum variety of staff members.
The HR capabilities provided by International HR encompass numerous functions such as monitoring holiday time, guaranteeing compliance, helping with the procedure of welcoming new staff members and bidding goodbye to leaving ones, providing a safe and secure online platform for saving workers' documents, and offering assistance for work permit treatments in case your workers require help in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, workforce diversity, overall employment expenses dispersed per location, overall work expenses per cycle and a lot more.
Globally, I have actually shown management and strategic expertise in assisting large-scale populations of over 100,000 workers throughout 170 countries. Currently, I are accountable for managing payroll strategies, as pointed out by Mark. My role involves handling and developing external partnerships, supporting Enterprise customers, and offering advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments services service provider.
As an international company, we are honored to be included on the distinguished Time 100 list of the most prominent companies worldwide. We concentrate on supplying payroll and labor force management services to staff members in more than 160 countries. I am delighted to present Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your area. It's an enjoyment to meet you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments industry, I have focused on payroll and payment solutions for the past 7 years. The intricacies and obstacles of this field have actually always captivated me.
payroll payments and chose to type of make a genuine go at that over the last 5 or six years where I have actually kind of had a range of different roles on the provider side and likewise on the vendor side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we'll just provide everyone another couple of uh well one of the 30 seconds or so to join all of us 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 sort of like see where everybody originates 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 drizzling here it's very extremely bleak and I want I was elsewhere at this moment in time okay so let's get started our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why business maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we'll also discuss a recap and that needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll execs 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 handling them becomes increasingly more complicated Worldwide companies are looking to discover Solutions and brand-new methods to improve processes especially from a payroll and cross-border payment perspective many companies maintain different savings account just for payroll while some have multiple accounts in different nations does it make sense for companies to preserve different checking account often in various countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets also called virtual wallets play in helping international companies improve the episode complex procedures of
Making sure precise, efficient, and timely payroll payments is a complex obstacle for companies running internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, discover how companies anticipate payroll costs to enhance working capital, and find how enhancing global payroll payments can change them from a burdensome job into a strategic asset.
Managing payroll internationally is an overwhelming job due to various regulations, compliance requirements, information security issues, and banking rules. The large number of staff members and companies adds to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Conventional payroll systems often result in manual procedures, data silos, and a lack of combination, leading to disparities and inefficiencies. In spite of living in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed manually, frequently utilizing pen and paper. This webinar aims to supply insights and options to simplify and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that's another number that offers me sleepless nights and quite frankly the more an organization invests in worldwide payroll the less of an image they see an absence of presence likewise extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of global services have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors improperly communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the data is delivered to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don't run smoothly if they rely on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they're making payments to employees or otherwise that's a great concern I constantly toss this back and state what is it what does not require to be included right and what does
it need to be considered there's differing Bank information so the length of an eye band a swift an account number routing code per nation there's payment timespan 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 intricacy anywhere you look ideal eventually constructing a knowledge base is definitely vital however everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to sort of move on with that it also too to add to that payroll and financing need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and financing groups work more detailed together than ever um I'm constantly amazed when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of important to add to sort of the level of intricacy there's a growing number of advantages being organ or being provided by companies throughout the world so once again you're just aiming to include a growing number of payments to this currently complicated landscape so if you sort of got any experience well I'm from your vast experience here and I'm sure however have you got any experience in kind of genuine difficulties or real difficult sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a couple of years I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding details into the next function as it were that's in fact handling the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we run in they simply make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and an age that you understand that we are operating in today there is no reason we are still making this as challenging as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any organization has from an expense perspective from an impact point of view on employees it is absolutely important that it's done correctly 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 detrimental result on people's wellness and many other factors if people aren't paid uh I have actually always been surprised coming into this Market kind of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it's from all employees or not. Payroll is an essential cycle, and individuals only observe when things fail. Nevertheless, when things go right, it's viewed as just a routine job. This is how it's perceived externally as well. For that reason, it is essential to guarantee that jobs like Wi-Fi Global and other important matters are done properly. Using the very first International Payments first payroll payment service is an excellent initial action towards offering a detailed payroll service for staff members worldwide. Standardization, worldwide processes, and reducing the variety of tools, platforms, and savings account essential for worldwide payroll are crucial consider attaining company success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things don't go as prepared. Eventually, we do not do it for the appreciation.
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 simple as possible for everybody that's associated with those procedures and also so envision sorry I'm simply I was simply gon na say picture the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I'm sure we're discussing hundreds of thousands potentially Millions imagine getting that numerous thank you keeps in mind um I imply it 'd be interesting to see the number of Post-it notes you got but it would definitely be an interesting task trying to clean 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 need days of the week to attempt to browse them and in fact see what was going on and sort of shot to get back to everybody so moving on look why do business select to primary separate checking account there are companies out there doing exactly this for particular countries and I have actually worked in a business or many companies doing precisely that I can say it does not constantly feel effective and it does develop more work I know we're not intentionally doing that we're not producing extra work for anybody where we don't have to and anyone 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 many factors one is it's the standard I think people have got so utilized to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it's not a requirement so I think it's simply been the standard and the norm individuals have embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there's a variety I believe this is a process that requires taking a look at it needs changing but eventually people are extremely stuck with what they're familiar
with right um change is a challenging thing we all don't like change um so I think it's just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having preserving numerous checking account but there's a big amount of complexity opts for setting up a savings account keeping it ensuring it can send International transfers guaranteeing it's established with the best user accesses for specific individuals so the intricacy is big however I think the honest answer is change um people haven't had the ability to change or haven't had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to alter however we've 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 almost be figured out to be the next Century approximately there is a lot to track and this technique does pose several challenges um so Johnny could you tell us about those difficulties yeah obviously so there's a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is more detailed, considering your achievements.
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