Find out more about Papaya Global G2 ... We now have the ability to manage both our payroll and payments procedures 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 secure and trustworthy technique of making payments to our 10,000 workers worldwide.}
The innovative worldwide payroll management app streamlines my payroll process, saving me a considerable quantity of time monthly. With its user-friendly user interface, I have access to a single control panel that effectively handles my payroll, EOR, and contractors.
Staff member Website
Staff members have access to an Employee Website where they can view their pay slips, wage and tax statements and work files. The portal is readily available in numerous languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global assists companies use competitive advantages bundles to global staff members regardless of the number of staff members in the business. The company can set up health insurance, short-term and long-term disability, vision, oral and maternity leave while removing the requirement to source local benefits providers in every country, develop regional accounts and have a minimum number of workers.
The HR capabilities offered by Worldwide HR include numerous functions such as monitoring holiday time, making sure compliance, facilitating the process of welcoming brand-new staff members and bidding goodbye to departing ones, offering a protected online platform for storing employees' documents, and offering assistance for work permit treatments in case your workers need assistance in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, labor force variety, total employment costs dispersed per location, overall employment expenses per cycle and a lot more.
environments across the globe I provided leadership and technique to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll strategies for as Mark said I work throughout the business managing and building external relationships supporting Enterprise clients and options along with serving as an advisor for those of you that do not know who papaya International is papaya is the very first payroll and payments
company to make the time 100 list for most prominent business on the planet we offer payroll payments and labor force management to all employee enters over 160 nations I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning good afternoon excellent night depending upon 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've been in the payments industry for over ten years and specifically dealing with the payroll and payment sector for over 7 years um I was captivated by the complexity the problem in all of the above of
payroll payments and chose to kind of make a real go at that over the last five or six years where I have actually kind of had a range of different roles on the company side and also on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we'll simply provide everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we'll kind of let them do that so it 'd be rather interesting and I can see it going on currently just to hear where everyone is um it's nice to to kind of like see where everyone comes from and I really 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 drizzling here it's really extremely uninspiring and I want I was elsewhere at this moment in time all right 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 business preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical 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 execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being increasingly more typical and managing them becomes a growing number of complex International companies are wanting to find Solutions and new methods to enhance processes especially from a payroll and cross-border payment standpoint numerous organizations preserve separate bank account just for payroll while some have multiple accounts in various nations does it make good sense for business to keep separate checking account sometimes in various nations it does but just for payroll is there a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies streamline the episode complex processes of
making payroll payments properly effectively securely and on time during this webinar we'll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one country but when you're doing it internationally it's next level and Beyond it ends up being intricate for a range of reasons most notably regulations compliance data security and banking rules then there are the sheer numbers they include more intricacy the global Labor force is presently 3 and a half billion people by 2030 it's estimated 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 services and growing all doing their own thing around the world in the traditional payroll design there's often a frustrating number of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or very extremely basic there's no real consistency structure we're residing in an age of tech however 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 simply blows my mind each time 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 data in real time that's another number that gives me sleep deprived nights and quite honestly the more a service invests in worldwide payroll the less of a photo they see a lack of visibility also extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction almost half of global services have revealed that they don't have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors badly interacted hires and terminations as well as lack management and system configurations and after that when you round everything off and the information is shipped to the incorrect place the typical expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the world payroll and payments don't run efficiently if they rely on the essential multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they're making payments to employees or otherwise that's an excellent concern I constantly throw this back and state what is it what doesn't need to be consisted of ideal 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 country 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 have to pay from the client's own in-country account so there's complexity any place you look best ultimately constructing a knowledge base is definitely crucial however 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 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 basic and technology is permitting us to type of progress with that it also also to contribute to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely important that payroll and financing groups work better together than ever um I'm always impressed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't work in the payroll profession 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 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 individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more crucial to contribute to kind of the level of intricacy there's a growing number of advantages being organ or being used by companies throughout the world so again you're simply aiming to include a growing number of payments to this already complicated landscape so if you type of got any experience well I'm from your large experience here and I make certain but have you got any experience in kind of genuine difficulties or real challenging sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would certainly state that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that's actually managing the payment side of things however you know in in my opinion and my experience that doesn't necessarily need to be the case you know long gone are the times where we need to produce extra handoffs in the processes that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you understand that we are working in today there is no reason why we are still making this as difficult as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any company has from a cost perspective from an effect viewpoint on workers it is definitely crucial that it's done properly and on time so what we suggest 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 destructive result on people's wellness and numerous other factors if people aren't paid uh I've always been surprised entering into this Market kind of the last five to 10 years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and individuals just observe when things fail. Nevertheless, when things go right, it's viewed as just a regular job. This is how it's perceived externally too. Therefore, it is essential to make sure that tasks like Wi-Fi International and other vital matters are done correctly. Utilizing the very first Global Payments very first payroll payment option is a great initial step towards providing a detailed payroll solution for employees worldwide. Standardization, international procedures, and minimizing the number of tools, platforms, and bank accounts needed for worldwide payroll are key factors in accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things do not go as prepared. Eventually, we do not do it for the gratitude.
anyhow we understand how how crucial 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 associated with those processes and likewise so think of sorry I'm simply I was just gon na state think of 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 discussing hundreds of thousands potentially Millions imagine getting that many thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got but it would absolutely be an interesting task trying to clean up all those up for sure oh absolutely I can't picture 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 kind of shot to return to everyone so moving on look why do companies select to primary different savings account there are businesses out there doing precisely this for specific countries and I've worked in a business or lots of businesses doing precisely that I can say it doesn't constantly feel efficient and it does develop more work I understand we're not deliberately doing that we're not developing extra work for anybody where we do not need to and any person that's handling that procedure I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the amount that we are I believe lots of factors one is it's the requirement I think individuals have actually got so utilized to we require a new checking 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 standard and the norm the people have actually embraced and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and numerous other methods um to to kind of do it so I believe there's a range I believe this is a process that requires looking at it needs changing however eventually individuals are very stuck with what they recognize
with ideal um modification is a hard thing we all don't like change um so I believe it's simply kind of moving far from the standard as we've said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having preserving numerous checking account but there's a big amount of intricacy goes with establishing a checking account preserving it guaranteeing it can send out International transfers ensuring it's set up with the ideal user accesses for specific people so the intricacy is big but I think the truthful response is change um individuals have not been able to change or have not had always the understanding to really make that change into alternate Solutions other than opening a checking account I think you've hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what could practically be determined to be the next Century or so there is a lot to keep track of and this method does position a number of difficulties um so Johnny could you tell us about those challenges yeah naturally so there's a range right there is so
I simply did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you should have a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you
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