Find out more about ◊Ó◊Ë◊®◊™ Papaya Global ... We now have the ability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has acquired a different Chief Financial Officer specifically dedicated to handling payments. This offers us with a safe and reputable approach of paying to our 10,000 employees worldwide.}
the very best worldwide payroll managment app, conserves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and specialists
The Staff member Website provides staff members with the capability to access and view crucial files such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile phones and is provided in different languages.
Advantages Administration
Papaya Global assists business provide competitive advantages packages to global workers no matter the number of workers in the company. The company can set up medical insurance, short-term and long-lasting special needs, vision, dental and maternity leave while eliminating the requirement to source regional benefits service providers in every nation, create local accounts and have a minimum variety of staff members.
The HR capabilities provided by Worldwide HR include various functions such as keeping an eye on vacation time, guaranteeing compliance, assisting in the procedure of inviting new staff members and bidding goodbye to leaving ones, using a safe online platform for storing workers' documents, and supplying assistance for work permit procedures in case your employees require support in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, workforce variety, total employment costs distributed per place, overall employment costs per cycle and a lot more.
environments across the globe I offered management and strategy to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll techniques for as Mark stated I work across the business managing and building external relationships supporting Enterprise customers and options in addition to functioning as a consultant for those of you that don't understand who papaya Worldwide is papaya is the very first payroll and payments
business to make the time 100 list for a lot of influential business worldwide we provide payroll payments and workforce management to all employee key ins over 160 nations I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning excellent afternoon excellent evening depending on where you remain in the world it's charming to meet you and thank you quite for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've remained in the payments market for over 10 years and particularly dealing with the payroll and payment sector for over 7 years um I was interested by the complexity the problem in all of the above of
payroll payments and decided to type of make a genuine go at that over the last five or six years where I have actually sort of had a variety of various functions on the supplier side and likewise on the supplier side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we'll just provide everyone another number of uh well among 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 interesting and I can see it going on already just to hear where everybody is um it's nice to to type of like see where everybody comes from and I actually 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 really bleak and I wish I was elsewhere 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
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we'll likewise review a recap which should leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become a growing number of common and handling them ends up being a growing number of complex International organizations are wanting to discover Solutions and new methods to enhance procedures especially from a payroll and cross-border payment perspective many companies maintain separate checking account just for payroll while some have multiple accounts in various countries does it make good sense for business to preserve different bank accounts in some cases in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business enhance the episode complex processes of
making payroll payments properly efficiently securely and on time during this webinar we'll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies accurately anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in adequate in one country but when you're doing it globally it's next level and Beyond it ends up being complex for a range of reasons most significantly regulations compliance data security and banking guidelines then there are the large numbers they add further complexity the worldwide Labor force is presently three and a half billion people by 2030 it's approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll design there's typically an overwhelming variety of various systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or very really fundamental there's no genuine consistency structure we're living 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 often with pen and paper and that just blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that's another number that provides me sleepless nights and quite honestly the more a business spends on global payroll the less of a photo they see a lack of presence also encompasses payroll payments and failure to properly track these payments can result in compliance mishaps in the last mile of the deal nearly half of international services have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors poorly interacted hires and terminations along with lack management and system setups and then when you round everything off and the data is shipped to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments do not run smoothly if they depend 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 requires to be factored into the challenges service face when they're paying to employees or otherwise that's a great question I constantly toss this back and say what is it what doesn't require to be included best and what does
it require to be thought of 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 need 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 right eventually building a knowledge base is absolutely critical but everywhere you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind 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 essential and technology is allowing us to sort of move forward with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and finance teams work better together than ever um I'm constantly astonished when individuals say I've split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide the payroll payment from estimation 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 procedure 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 3rd parties so with the
The modern-day world positions a high value on well-being and the compensation landscape is becoming increasingly elaborate. Services are continually presenting new advantages and payment alternatives, which adds to the general complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my viewpoint, this does not need to be the case. In today's technologically sophisticated era, there's no justification for maintaining troublesome procedures. Payroll, the company's greatest cost, should be processed properly and on time. Even slight delays can adversely affect employees' wellness and have significant repercussions. For that reason, it's critical to prioritize accurate and timely payments.
payroll group get um so I'm not exactly sure anyone on this type 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 workers or not um but eventually payroll is such a crucial cycle we all hear about it when it fails everybody jumps up and down when it fails but when it goes right it's simply a tick box exercise and I believe that's how it's seen from the external view as well um so yeah it's also like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done correctly so leveraging the first Global Payments very first payroll payment service is an excellent initial step um providing an end-to-end payroll solution for your employees internationally once again I believe is another big um procedure again aligning and ensuring you have standardization International procedures all of those things are absolutely essential to success success of companies and decreasing the number of tools platforms and savings account they need for their Worldwide payroll too couldn't 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 don't anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven't gone rather where they're implied to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we know how how crucial 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 simple as possible for everyone that's associated with those procedures and likewise so think of sorry I'm simply I was just gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we're speaking about hundreds of thousands potentially Millions think of getting that numerous thank you notes um I suggest it 'd be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating job 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 need days of the week to attempt to look through them and actually see what was going on and type of shot to get back to everyone so moving on look why do business choose to main different checking account there are companies out there doing precisely this for particular nations and I've worked in a company or lots of companies doing precisely that I can say it does not always feel efficient and it does develop more work I know we're not purposely doing that we're not developing extra work for anybody where we do not need to and anyone that's handling 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 numerous factors one is it's the requirement I think people have got so used to we require a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it's not a requirement so I think it's just been the standard and the norm individuals have embraced and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there's a variety I think this is a procedure that requires taking a look at it requires altering but ultimately individuals are extremely stuck to what they're familiar
with ideal um change is a hard thing we all don't like change um so I think it's simply sort of moving away from the norm as we've said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having keeping numerous bank accounts but there's a huge amount of intricacy chooses setting up a checking account maintaining it ensuring it can send out International transfers guaranteeing it's set up with the ideal user accesses for specific people so the complexity is big however I think the truthful response is modification um individuals have not had the ability to change or haven't had necessarily the knowledge to actually make that change into alternate Solutions other than opening a bank account I think you have actually hit the nail on the head I think it is understanding you know and there is an element of resistance to alter but we've always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you know what could nearly be figured out to be the next Century or so there is a lot to monitor and this technique does position several 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 handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering worldwide payroll and payments utilizing 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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