Find out more about Papaya Global Gowork ... We now have the capability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer particularly dedicated to handling payments. This provides us with a safe and secure and trusted technique of making payments to our 10,000 staff members worldwide.}
the very best worldwide payroll managment app, saves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and specialists
The Employee Portal offers employees with the capability to gain access to and view crucial files such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile devices and is used in different languages.
Benefits Administration
Papaya Global assists companies use competitive benefits packages to global employees regardless of the number of employees in the business. The business can set up medical insurance, short-term and long-term impairment, vision, oral and maternity leave while getting rid of the requirement to source regional advantages providers in every nation, develop local accounts and have a minimum number of workers.
International HR Functionalities
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and migration services if your workers need work license assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, labor force diversity, overall employment expenses dispersed per place, overall employment expenses per cycle and far more.
environments around the world I offered management and method to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll techniques for as Mark stated I work across business handling and building external relationships supporting Enterprise clients and solutions as well as serving as a consultant for those of you that do not understand who papaya Global is papaya is the very first payroll and payments
business to make the time 100 list for many prominent business in the world we supply payroll payments and labor force management to all worker enters over 160 countries I am pleased to say that we also have as Mark said Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning excellent afternoon good evening depending on where you are in the world it's charming to satisfy 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 been in the payments market for over ten years and particularly dealing with the payroll and payment sector for over seven years um I was fascinated by the complexity the trouble in all of the above of
payroll payments and decided to kind of make a real go at that over the last five or six years where I've kind of had a range of various functions on the supplier side and likewise on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll simply provide everyone another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we'll sort of let them do that so it 'd be quite fascinating and I can see it going on already just to hear where everyone is um it's nice to to kind of like see where everybody comes from and I really do hope it's much sunnier than it is in the UK today definitely not the peak of the sunshine is it it's not no it's it's raining here it's extremely really gloomy and I want I was elsewhere at this moment in time okay so let's get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why companies keep different
Virtual payroll accounts are an alternative to standard checking account for managing payroll payments. This is particularly helpful for worldwide companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of keeping different checking account for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time throughout this webinar we'll walk you through the global pros and cons of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be challenging in sufficient in one nation but when you're doing it worldwide it's next level and Beyond it becomes complex for a variety of reasons most notably policies compliance data security and banking rules then there are the large numbers they include additional intricacy the global Workforce is presently 3 and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing worldwide in the traditional payroll model there's typically an overwhelming variety of various systems leading to time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or very very standard there's no genuine consistency framework we're residing in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that's another number that provides me sleepless nights and quite frankly the more a company spends on global payroll the less of a photo they see an absence of exposure also encompasses payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of global services have actually expressed that they don't have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes poorly interacted hires and terminations along with lack management and system setups and then when you round everything off and the information is delivered to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don't run efficiently if they rely on the required numerous procedures 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 business face when they're making payments to employees or otherwise that's a good question I always throw this back and say what is it what does not require to be consisted of ideal 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 country there's payment time frames 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 intricacy any place you look ideal eventually constructing a knowledge base is definitely vital however all over you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to kind of move forward with that it also as well to add to that payroll and financing need to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely important that payroll and financing teams work closer together than ever um I'm always impressed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not 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 frequently 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 people any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high worth on wellness and the payment landscape is ending up being progressively elaborate. Organizations are constantly presenting brand-new advantages and payment choices, which adds to the general intricacy. Large corporations frequently divide their payroll and payment processing into different groups, which can lead to ineffectiveness and traffic jams. In my opinion, this does not need to hold true. In today's technologically advanced period, there's no reason for maintaining troublesome treatments. Payroll, the company's most significant expense, must be processed correctly and on time. Even minor hold-ups can adversely affect workers' well-being and have significant repercussions. For that reason, it's vital to focus on precise and timely payments.
payroll group get um so I'm not sure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it 'd be excellent to hear your success story and whether that's been from all employees or not um however ultimately payroll is such a crucial cycle all of us become aware of it when it fails everybody 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 deem well um so yeah it's also like why WI-Fi Global why all of this things is definitely essential that all of this things is done correctly so leveraging the first Global Payments first payroll payment option is a fantastic first step um offering an end-to-end payroll solution for your employees worldwide again I believe is another huge um process again aligning and ensuring you have standardization International procedures all of those things are definitely crucial to success success of services and minimizing the number of tools platforms and bank accounts they require for their Global 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 thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven't gone rather where they're implied 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 associated with those processes and likewise so picture sorry I'm just I was just gon na state think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I'm sure we're talking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I suggest it 'd be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job attempting to clean up all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that held true um you 'd need days of the week to try to look through them and in fact see what was going on and kind of try to get back to everyone so carrying on appearance why do business select to main different bank accounts there are organizations out there doing exactly this for specific nations and I've operated in an organization or numerous companies doing exactly that I can say it doesn't always feel effective and it does develop more work I understand we're not deliberately doing that we're not producing extra work for anyone where we do not need to and anybody that's dealing with that process I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the quantity that we are I think lots of reasons one is it's the standard I think people have got so used to we need a brand-new bank 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 standard the people have adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other ways 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 requires altering but ultimately people are very stuck to what they're familiar
with ideal um modification is a tough thing all of us do not like modification um so I think it's simply type of moving far from the standard as we've said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having maintaining numerous bank accounts however there's a substantial quantity of intricacy opts for setting up a bank account preserving it ensuring it can send out International transfers guaranteeing it's set up with the ideal user accesses for individual individuals so the intricacy is substantial however I think the sincere response is modification um individuals have not had the ability to alter or haven't 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 an aspect of resistance to change but we've constantly done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century or so there is a lot to monitor and this technique does position several obstacles um so Johnny might you inform us about those difficulties yeah of course so there's a variety 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 International workers you should have a corner office with a better parking space since I mastered Global payroll and payments with Papaya payroll OS did you
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