Find out more about Papaya Global Fintech ... We now have the capability to handle 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 devoted to handling payments. This provides us with a safe and dependable technique of paying to our 10,000 employees worldwide.}
the BEST global payroll managment app, saves me hours of time on a monthly basis, one single control panel for my payroll, EOR and specialists
The Staff member Portal supplies employees with the ability to access and view essential files such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile devices and is offered in various languages.
Advantages Administration
Papaya Global helps business provide competitive benefits packages to worldwide staff members no matter the number of employees in the company. The business can set up medical insurance, short-term and long-term special needs, vision, oral and maternity leave while getting rid of the need to source regional benefits service providers in every country, develop local accounts and have a minimum number of staff members.
International HR Performances
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and migration services if your staff members require work permit assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, labor force diversity, overall employment costs dispersed per place, total employment costs per cycle and far more.
Internationally, I have demonstrated leadership and tactical competence in guiding large-scale populations of over 100,000 workers across 170 countries. Currently, I are accountable for supervising payroll strategies, as pointed out by Mark. My function involves managing and developing external collaborations, supporting Business clients, and supplying advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments services supplier.
business to make the time 100 list for most prominent companies on the planet we provide payroll payments and workforce management to all staff member types in over 160 nations I am pleased to say that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself naturally thank you good morning good afternoon good evening depending on where you remain in the world it's charming to fulfill you and thank you very much for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I have actually remained in the payments market for over ten years and specifically dealing with the payroll and payment sector for over seven years um I was fascinated by the complexity the problem in all of the above of
payroll payments and decided to kind of make a genuine go at that over the last five or six years where I have actually sort of had a range of various functions on the supplier side and likewise on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we'll just offer everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we'll kind of let them do that so it 'd be rather fascinating 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 everyone comes from and I actually do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it's not no it's it's raining here it's really very gloomy and I want I was elsewhere at this moment in time okay so let's start our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies preserve different
bank accounts 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 strategic asset uh we'll also review a recap and that should leave his time at the really really 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 International workforces become a growing number of common and managing them ends up being a growing number of intricate Worldwide organizations are seeking to find Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment viewpoint lots of organizations keep separate checking account just for payroll while some have several accounts in various countries does it make good sense for companies to keep separate savings account sometimes in different countries it does but just for payroll exists a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business improve the episode complex processes of
making payroll payments precisely efficiently firmly and on time throughout this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one nation however when you're doing it internationally it's next level and Beyond it ends up being complicated for a range of factors most significantly regulations compliance data security and banking guidelines then there are the large numbers they add further complexity the global Workforce is presently three and a half billion individuals by 2030 it's estimated 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 conventional payroll model there's frequently an overwhelming variety of various systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or extremely very fundamental there's no real consistency framework we're residing in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently 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 companies state they have Labor force information in real time that's another number that offers me sleep deprived nights and rather frankly the more a service invests in international payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and failure to properly track these payments can result in compliance accidents in the last mile of the deal nearly half of worldwide organizations have 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 data entry errors inadequately interacted hires and terminations in addition to absence management and system setups and after that when you round all of it off and the data is delivered to the wrong location the typical expense of an international information 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 efficiently if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the difficulties organization face when they're making payments to employees or otherwise that's a great question I constantly toss this back and say what is it what doesn't need to be consisted of right and what does
it need 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 need to pay from the client's own in-country account so there's intricacy anywhere you look ideal eventually building a knowledge base is absolutely vital but everywhere you look with payroll payment they resemble super payments no if however some babies about it you are all superheroes processing payments for payroll if you take a 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 absolutely essential and technology is permitting us to kind of move forward with that it likewise as well to contribute to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely imperative that payroll and finance teams work better together than ever um I'm constantly impressed when people state I've split payroll and payment um if you walk down the street and asked anyone 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 a market accept that why our payroll and payments so typically 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 people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of essential to contribute to sort of the level of complexity there's more and more benefits being organ or being used by companies across the world so again you're simply wanting to include increasingly more payments to this already complicated landscape so if you kind of got any experience well I'm from your large experience here and I make sure but have you got any experience in kind of genuine challenges or genuine difficult sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a couple of years I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding information into the next function as it were that's in fact managing the payment side of things however you know in in my opinion and my experience that does not always need to be the case you know long gone are the times where we need to develop additional handoffs at the same times that we operate in they simply 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 a period that you know that we are working in today there is no reason why we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any organization has from a cost perspective from an impact perspective on staff members it is absolutely vital 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 greatest destructive impact on individuals's well-being and many other aspects if people aren't paid uh I have actually always been amazed entering this Market sort of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it's from all employees or not. Payroll is an important cycle, and individuals only discover when things go wrong. However, when things go right, it's viewed as simply a regular task. This is how it's viewed externally also. Therefore, it is essential to ensure that tasks like Wi-Fi International and other vital matters are done correctly. Using the first Global Payments very first payroll payment option is an excellent initial action towards providing an extensive payroll option for employees worldwide. Standardization, international processes, and reducing the number of tools, platforms, and checking account necessary for worldwide payroll are key factors in accomplishing business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things do not go as planned. Eventually, we do not do it for the appreciation.
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 everybody that's associated with those procedures and likewise so envision sorry I'm simply I was simply gon na say envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I'm sure we're discussing hundreds of thousands potentially Millions imagine 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 an interesting job attempting to clean all those up for sure oh definitely I can't picture the size of my my Outlook inbox if that was the case um you 'd need days of the week to attempt to browse them and actually see what was going on and kind of try to return to everybody so moving on look why do business choose to primary separate savings account there are businesses out there doing precisely this for specific nations and I've worked in a company or numerous businesses doing precisely that I can say it doesn't constantly feel efficient and it does create more work I understand we're not intentionally doing that we're not developing additional work for any person where we don't have to and anyone that's dealing with that procedure I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the amount that we are I believe lots of reasons one is it's the requirement I believe people have actually got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it's not a requirement so I think it's simply been the standard and the norm individuals have actually adopted 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 methods um to to sort of do it so I believe there's a range I think this is a process that requires looking at it requires changing but ultimately people are very stuck to what they're familiar
with right um change is a hard thing all of us do not like change um so I think it's simply kind of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having preserving multiple savings account however there's a substantial quantity of intricacy chooses establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it's set up with the best user accesses for individual individuals so the intricacy is huge but I think the truthful answer is change um individuals have not been able to alter or have not had always the understanding to truly make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be determined to be the next Century approximately there is a lot to keep track of and this method does posture numerous difficulties um so Johnny could you inform us about those difficulties yeah naturally so there's a range right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you are worthy of a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you
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