Find out more about Svb Papaya Global ... We now have the capability to manage both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer particularly devoted to handling payments. This supplies us with a safe and trustworthy approach of making payments to our 10,000 workers worldwide.}
the very best international payroll managment app, conserves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and professionals
Worker Website
Employees have access to a Worker Portal where they can see their pay slips, wage and tax statements and employment files. The website is available in multiple languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global helps companies use competitive advantages packages to worldwide employees no matter the variety of employees in the company. The business can set up medical insurance, short-term and long-lasting disability, vision, dental and maternity leave while removing the requirement to source regional advantages suppliers in every nation, produce regional accounts and have a minimum number of employees.
International HR Performances
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your workers require work authorization assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, labor force diversity, overall work costs dispersed per area, overall work costs per cycle and much more.
Globally, I have demonstrated management and strategic expertise in guiding massive populations of over 100,000 staff members throughout 170 nations. Currently, I are accountable for managing payroll techniques, as discussed by Mark. My role involves managing and establishing external partnerships, supporting Enterprise clients, and providing advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments services provider.
business to make the time 100 list for a lot of influential business in the world we provide payroll payments and workforce management to all staff member key ins 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 obviously thank you good morning great afternoon great evening depending upon where you remain in the world it's lovely to meet you and thank you very much 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 seven years um I was captivated by the complexity the trouble in all of the above of
payroll payments and chose to type of make a genuine go at that over the last five or 6 years where I have actually kind of had a range of different roles on the supplier side and also on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we'll just provide everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we'll kind 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 sort of like see where everyone comes from and I truly do hope it's much sunnier than it is 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 extremely really dreary and I wish I was elsewhere at this moment in time fine so let's get going our program for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies maintain separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a strategic asset uh we'll likewise discuss a wrap-up which must leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces become increasingly more typical and managing them ends up being a growing number of intricate International companies are looking to find Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment standpoint numerous companies preserve different bank account just for payroll while some have numerous accounts in various countries does it make sense for companies to keep separate bank accounts often in different countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies streamline the episode complex processes of
making payroll payments accurately effectively firmly and on time during this webinar we'll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in enough in one nation but when you're doing it internationally it's next level and Beyond it becomes complex for a range of factors most importantly regulations compliance information security and banking guidelines then there are the large numbers they add more intricacy the international Labor force is currently three and a half billion people by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion people 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 around the world in the standard payroll design there's often an overwhelming number of different systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely extremely standard there's no real consistency framework we're residing in an era of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind whenever I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that's another number that provides me sleep deprived nights and rather honestly the more a company spends on global payroll the less of a picture they see a lack of presence likewise extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of international companies have actually revealed that they don't have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes inadequately communicated hires and terminations in addition to absence management and system setups and after that when you round all of it off and the information is shipped to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the necessary several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they're making payments to staff members or otherwise that's an excellent concern I always throw this back and state what is it what doesn't require to be consisted of ideal and what does
it require to be considered there's varying Bank details so the length of an eye band a swift an account number routing code per nation there's payment time frames there's payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer's own in-country account so there's complexity anywhere you look ideal ultimately building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble extremely payments no if but some infants 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 think there's now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to sort of progress with that it likewise also to add to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely crucial that payroll and financing teams work closer together than ever um I'm constantly astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation 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 ultimately it's payroll is an end-to-end process it's the point of information collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high value on wellness and the settlement landscape is ending up being significantly intricate. Organizations are constantly introducing new benefits and payment alternatives, which contributes to the total intricacy. Large corporations often divide their payroll and payment processing into different groups, which can cause ineffectiveness and traffic jams. In my opinion, this doesn't need to be the case. In today's technologically advanced era, there's no justification for keeping cumbersome treatments. Payroll, the business's greatest expense, must be processed correctly and on time. Even slight delays can negatively impact employees' wellness and have far-reaching repercussions. For that reason, it's critical to focus on precise and prompt payments.
payroll team get um so I'm unsure anybody on this type of webinar has been informed thank you for processing my payroll correctly if you have it 'd be great to hear your success story and whether that's been from all workers or not um however eventually payroll is such a crucial cycle we all find out about it when it fails everyone jumps up and down when it fails however when it goes right it's simply 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 properly so leveraging the very first Worldwide Payments first payroll payment solution is a terrific initial step um offering an end-to-end payroll solution for your workers worldwide again I believe is another huge um process again aligning and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of organizations and decreasing the number of tools platforms and bank accounts they need for their Global 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 have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they're meant to be um I don't believe any of us are actually doing that for for the thanks
anyway we understand how how crucial 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 easy as possible for everybody that's involved in those processes and also so envision sorry I'm just I was simply gon na say think of 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 possibly Millions think of getting that many thank you keeps in mind um I indicate it 'd be interesting to see the number of Post-it notes you got however it would certainly be an intriguing task attempting to clean up all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to check out them and actually see what was going on and type of shot to return to everybody so carrying on appearance why do business choose to main different bank accounts there are businesses out there doing precisely this for particular countries and I have actually worked in a service or numerous services doing exactly that I can state it doesn't always feel effective and it does develop more work I understand we're not purposely doing that we're not creating extra work for any person where we don't need to and anybody that's handling that process I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the quantity that we are I believe lots of factors one is it's the standard I believe people have actually got so utilized to we require a new checking account we open an entity and appropriately 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 norm the people have actually embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other ways um to to kind of do it so I think there's a variety I believe this is a procedure that needs looking at it requires altering however ultimately individuals are extremely stuck to what they're familiar
with right um modification is a hard thing we all do not like change um so I believe it's just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having maintaining numerous savings account however there's a huge quantity of intricacy chooses establishing a checking account keeping it ensuring it can send International transfers ensuring it's set up with the right user accesses for private individuals so the complexity is substantial however I believe the truthful response is modification um individuals have not been able to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a savings 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 however we've constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or two there is a lot to track and this approach does pose several difficulties um so Johnny might you inform us about those obstacles yeah of course 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 tasks on one platform. It feels like our CFO has actually gotten another CFO, and with this improved capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your accomplishments.
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