Find out more about Papaya Global Hungary ... 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 gotten a different Chief Financial Officer particularly committed to managing payments. This provides us with a safe and secure and dependable approach of making payments to our 10,000 employees worldwide.}
The innovative global payroll management app simplifies my payroll process, saving me a considerable quantity of time monthly. With its easy to use interface, I have access to a single control panel that efficiently handles my payroll, EOR, and professionals.
The Staff member Website supplies workers with the capability to access and view essential files such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile devices and is used in numerous languages.
Benefits Administration
Papaya Global assists business provide competitive advantages bundles to global workers regardless of the number of employees in the company. The company can set up medical insurance, short-term and long-term special needs, vision, oral and maternity leave while removing the requirement to source local benefits suppliers in every country, produce local accounts and have a minimum variety of workers.
The HR abilities supplied by Worldwide HR encompass various functions such as keeping track of trip time, guaranteeing compliance, assisting in the procedure of welcoming new staff members and bidding farewell to departing ones, offering a safe online platform for saving employees' files, and offering support for work allow treatments in case your workers need support because area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force spending, workforce diversity, total employment expenses distributed per place, total work expenses per cycle and far more.
Worldwide, I have actually shown management and tactical proficiency in guiding massive populations of over 100,000 workers across 170 nations. Currently, I am responsible for overseeing payroll techniques, as pointed out by Mark. My function involves managing and developing external collaborations, supporting Enterprise clients, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions company.
business to make the time 100 list for many influential business in the world we offer payroll payments and workforce management to all staff member types in over 160 countries I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to present yourself naturally thank you good morning great afternoon good night depending on where you are in the world it's beautiful to meet you and thank you very much for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I have actually remained in the payments industry for over 10 years and particularly dealing with the payroll and payment sector for over 7 years um I was captivated by the intricacy the trouble in all of the above of
payroll payments and chose to sort of make a genuine go at that over the last 5 or 6 years where I have actually type of had a range of various functions on the supplier side and also on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we'll simply offer everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we'll kind of let them do that so it 'd be quite interesting and I can see it going on currently just to hear where everybody is um it's nice to to kind of like see where everyone comes from and I actually 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 drizzling here it's really extremely gloomy and I wish I was somewhere else at this moment in time okay so let's get going our program for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we'll also go over a wrap-up and that needs to leave his time at the really very 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 Global workforces end up being a growing number of common and managing them becomes a growing number of complex Worldwide organizations are looking to discover Solutions and new methods to streamline procedures particularly from a payroll and cross-border payment perspective numerous companies preserve separate checking account just for payroll while some have numerous accounts in various countries does it make good sense for business to keep different checking account often in different nations it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business improve the episode complex procedures of
Ensuring precise, efficient, and prompt payroll payments is a complex difficulty for organizations operating globally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to optimize working capital, and find how simplifying international payroll payments can transform them from a troublesome job into a tactical property.
Handling payroll internationally is a complicated task due to various regulations, compliance requirements, data security concerns, and banking guidelines. The sheer number of workers and companies adds to the intricacy, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems often lead to manual procedures, data silos, and an absence of combination, causing inconsistencies and ineffectiveness. In spite of residing in an age of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar objectives to offer insights and solutions to simplify and optimize global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that's another number that offers me sleep deprived nights and quite honestly the more a business invests in global payroll the less of an image they see an absence of presence likewise extends to payroll payments and inability to properly track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide companies 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 mistakes are because of time reporting poor HCM information data entry errors inadequately communicated hires and terminations as well as lack management and system setups and after that when you round everything off and the information is delivered to the incorrect location the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they count on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges business face when they're making payments to workers or otherwise that's a good question I constantly toss this back and state what is it what doesn't require to be consisted of right and what does
it require 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 abilities 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 consumer's own in-country account so there's intricacy wherever you look right ultimately building a knowledge base is absolutely critical however all over you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a 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 absolutely fundamental and innovation is permitting us to sort of move forward with that it likewise also to add to that payroll and finance require to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and finance groups work better together than ever um I'm always surprised when people say I've split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it's payroll is an end-to-end process it's the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world places a high value on wellness and the settlement landscape is becoming increasingly intricate. Companies are continually presenting new advantages and payment options, which adds to the general complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can lead to ineffectiveness and traffic jams. In my viewpoint, this doesn't have to be the case. In today's highly sophisticated age, there's no justification for keeping troublesome procedures. Payroll, the business's greatest expenditure, should be processed correctly and on time. Even small hold-ups can adversely impact workers' wellness and have significant effects. For that reason, it's vital to focus on accurate and prompt payments.
payroll team get um so I'm not exactly sure anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it 'd be terrific to hear your success story and whether that's been from all employees or not um but ultimately payroll is such an important cycle we all hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it's just a tick box workout and I think that's how it's seen from the external view as well um so yeah it's likewise like why WI-Fi Global why all of this stuff is definitely essential that all of this things is done properly so leveraging the very first Global Payments first payroll payment option is a fantastic primary step um providing an end-to-end payroll option for your workers internationally once again I think is another substantial um process again lining up and guaranteeing you have standardization International processes all of those things are absolutely key to success success of services and minimizing the variety of tools platforms and savings account they require for their Global payroll too couldn't agree with you more and on the the front in terms of of the thank yous for getting payroll done I've never 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 grievances where things have not gone quite where they're indicated to be um I don't believe any of us are actually doing that for for the thanks
anyhow we understand how how crucial 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 simple as possible for everybody that's associated with those procedures and also so picture sorry I'm simply I was just gon na state envision the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I'm sure we're talking about numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I mean it 'd be interesting to see how many Post-it notes you got but it would definitely be an intriguing job attempting to clean up all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that was the case um you 'd require days of the week to try to browse them and really see what was going on and sort of shot to get back to everybody so proceeding look why do business pick to primary different savings account there are services out there doing precisely this for particular nations and I have actually operated in a company or numerous businesses doing precisely that I can state it does not always feel efficient and it does create more work I know we're not deliberately doing that we're not creating additional work for any person where we don't have to and anybody that's handling that procedure 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 believe many reasons one is it's the standard I think individuals have actually got so used to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it's not a requirement so I believe it's just been the standard and the norm the people have adopted and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there's a range I think this is a procedure that needs taking a look at it requires altering however ultimately people are very stuck with what they recognize
with ideal um modification is a challenging thing all of us do not like change um so I believe it's just kind of moving away from the standard as we've said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having preserving multiple bank accounts however there's a big quantity of complexity chooses setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it's set up with the ideal user accesses for specific people so the complexity is big however I think the sincere answer is change um individuals haven't had the ability to alter or have not had always the knowledge to really 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 know and there is an element of resistance to alter but we've always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what might nearly be determined to be the next Century or two there is a lot to monitor and this method does position numerous challenges um so Johnny could you inform us about those challenges yeah obviously so there's a variety right there is so
I simply did you switched our Enterprise 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 employees you should have a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you
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