Find out more about Papaya Global Hr Partner ... We now have the capability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has gotten a separate Chief Financial Officer particularly devoted to handling payments. This provides us with a safe and reliable method of paying to our 10,000 workers worldwide.}
The advanced international payroll management app simplifies my payroll procedure, conserving me a substantial quantity of time each month. With its user-friendly interface, I have access to a single control panel that efficiently manages my payroll, EOR, and contractors.
The Staff member Portal offers workers with the ability to gain access to and view important files such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile phones and is offered in different languages.
Benefits Administration
Papaya Global assists companies offer competitive benefits packages to worldwide employees no matter the number of employees in the business. The company can establish health insurance, short-term and long-lasting impairment, vision, oral and maternity leave while getting rid of the need to source local advantages companies in every nation, develop local accounts and have a minimum number of workers.
International HR Performances
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' files and migration services if your employees need work license help.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, labor force variety, overall work costs dispersed per area, total work costs per cycle and a lot more.
environments around the world I offered management and method to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll methods for as Mark said I work across the business managing and building external relationships supporting Business customers and options along with acting as a consultant for those of you that do not know who papaya Worldwide is papaya is the very first payroll and payments
As a worldwide company, we are honored to be consisted of on the prominent Time 100 list of the most prominent business worldwide. We specialize in providing payroll and workforce management services to workers in more than 160 countries. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, despite your area. It's a pleasure to fulfill you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments industry, I have actually concentrated on payroll and payment services for the past seven years. The complexities and difficulties of this field have actually always mesmerized me.
payroll payments and chose to type of make a genuine go at that over the last 5 or 6 years where I have actually type of had a variety of different roles on the provider side and likewise on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll simply provide everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we'll kind of let them do that so it 'd be quite 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 originates 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 extremely dreary and I wish I was somewhere else at this moment in time all right so let's begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business maintain different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we'll also discuss a wrap-up which must leave his time at the extremely really 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 Global workforces become a growing number of typical and handling them ends up being a growing number of intricate International companies are aiming to discover Solutions and brand-new methods to simplify processes specifically from a payroll and cross-border payment viewpoint numerous companies maintain separate checking account just for payroll while some have numerous accounts in various countries does it make sense for companies to keep separate savings account often in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international companies improve the episode complex processes of
making payroll payments accurately 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 bank account how companies accurately forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in sufficient in one country however when you're doing it internationally it's next level and Beyond it ends up being intricate for a variety of factors most significantly guidelines compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the international Workforce is currently three and a half billion people by 2030 it's approximated that in Africa alone they will contribute and more 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 all over the world in the traditional payroll design there's typically a frustrating number of different systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or very really basic there's no genuine consistency structure we're residing in a period of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply 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 only 11 of businesses say they have Workforce information in real time that's another number that offers me sleepless nights and rather frankly the more an organization invests in international payroll the less of a photo they see an absence of visibility also extends to payroll payments and inability to precisely track these payments can result in compliance mishaps in the last mile of the transaction almost half of global businesses have actually expressed 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 due to time reporting poor HCM information data entry mistakes badly communicated hires and terminations as well as lack management and system configurations and then when you round all of it off and the data is shipped to the wrong location the average expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they rely on the required multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they're paying to workers or otherwise that's a great concern I always toss this back and state what is it what does not require to be consisted of right and what does
it need to be thought about there's varying Bank details 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 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 any place you look right eventually constructing a knowledge base is definitely important but all over you look with payroll payment they resemble very payments no if however some children 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 technology is enabling us to sort of progress with that it likewise as well to add to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely vital that payroll and financing teams work closer together than ever um I'm constantly impressed when people say I've 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 split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually 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 however likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on well-being and the compensation landscape is ending up being increasingly complex. Organizations are continually presenting brand-new advantages and payment options, which adds to the total intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can cause inefficiencies and traffic jams. In my opinion, this does not have to be the case. In today's technologically innovative period, there's no justification for maintaining cumbersome treatments. Payroll, the business's most significant cost, should be processed properly and on time. Even small hold-ups can adversely affect employees' wellness and have far-reaching effects. Therefore, it's crucial to prioritize accurate and prompt payments.
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it's from all employees or not. Payroll is a crucial cycle, and individuals just observe when things fail. However, when things go right, it's viewed as simply a regular task. This is how it's perceived externally also. Therefore, it is essential to make sure that jobs like Wi-Fi International and other essential matters are done properly. Using the very first Worldwide Payments first payroll payment service is a fantastic preliminary action towards supplying a comprehensive payroll service for staff members worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and savings account required for global payroll are essential consider accomplishing business success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few grievances when things don't go as prepared. Ultimately, we do not do it for the appreciation.
anyhow we know how how important a function 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 everybody that's associated with those procedures and also so imagine sorry I'm just I was just gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we're speaking about numerous thousands potentially Millions picture getting that many thank you keeps in mind um I indicate it 'd be interesting to see how many Post-it notes you got but it would certainly 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 require days of the week to attempt to browse them and really see what was going on and sort of try to return to everybody so proceeding appearance why do business select to primary different savings account there are organizations out there doing precisely this for specific countries and I've worked in an organization or numerous organizations doing exactly that I can state it doesn't always feel effective and it does create more work I know we're not intentionally doing that we're not developing additional work for anyone where we don't have to and anybody that's dealing with 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 reasons one is it's the requirement I believe individuals have got so used to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it's not a requirement so I believe it's simply been the requirement and the norm individuals have actually adopted and continue to do over years and years gone past to contribute to that people have actually 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 process that requires taking a look at it needs altering however ultimately individuals are extremely stuck with what they recognize
with ideal um change is a hard thing all of us don't like change um so I believe it's just kind of moving away from the norm as we've said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having maintaining multiple checking account but there's a big quantity of complexity opts for establishing a bank account maintaining it ensuring it can send International transfers ensuring it's set up with the ideal user accesses for specific people so the intricacy is huge but I believe the honest response is change um people have not had the ability to change or haven't had always the understanding to really make that change into alternate Solutions besides opening a savings account I believe you've struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to alter however we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to track and this method does pose several difficulties um so Johnny might you tell us about those obstacles yeah obviously 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 International employees you are worthy of a corner workplace with a better parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you
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