Find out more about Papaya Global Interview ... We now have the capability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer specifically devoted to handling payments. This supplies us with a protected and reliable method of paying to our 10,000 staff members worldwide.}
the very best international payroll managment app, saves me hours of time every month, one single dashboard for my payroll, EOR and contractors
Staff member Portal
Staff members have access to an Employee Website where they can view their pay slips, wage and tax declarations and work files. The website is available in numerous languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global assists companies use competitive benefits plans to global workers no matter the number of workers in the company. The business can establish health insurance, short-term and long-lasting special needs, vision, dental and maternity leave while getting rid of the requirement to source local advantages companies in every country, create local accounts and have a minimum number of staff members.
Worldwide HR Functionalities
's HR performances include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your employees need work license assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, labor force variety, total employment costs distributed per location, total employment expenses per cycle and much more.
environments across the globe I supplied leadership and strategy to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll strategies for as Mark stated I work across the business managing and structure external relationships supporting Business clients and options as well as functioning as a consultant for those of you that do not understand who papaya Global is papaya is the very first payroll and payments
As a global business, we are honored to be included on the prominent Time 100 list of the most influential business worldwide. We concentrate on providing payroll and labor force 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 location. It's a pleasure to satisfy you and thank you for your valuable time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have concentrated on payroll and payment services for the past seven years. The intricacies and challenges of this field have actually always captivated me.
payroll payments and decided to sort of make a real go at that over the last five or 6 years where I've type of had a variety of different functions on the provider side and also on the vendor side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we'll simply provide everybody another number of uh well one of the 30 seconds or two to join we all 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 currently simply to hear where everyone is um it's nice to to type of like see where everybody originates from and I truly do hope it's much sunnier than it remains 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 really extremely gloomy and I wish I was elsewhere at this moment in time okay so let's begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why business maintain different
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is especially helpful for global companies with dispersed and remote labor forces, as it streamlines the intricate process of cross-border payments. Instead of maintaining different savings account for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time during this webinar we'll stroll you through the global benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in sufficient in one country however when you're doing it internationally it's next level and Beyond it ends up being complex for a range of reasons most importantly policies compliance information security and banking rules then there are the large numbers they include additional complexity the worldwide Workforce is presently 3 and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the standard payroll design there's frequently an overwhelming number of different systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or extremely really basic there's no genuine consistency structure we're living in a period 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 just blows my mind every time I I think
about it to give you a concept 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 gives me sleep deprived nights and quite frankly the more a service invests in global payroll the less of a photo they see a lack of presence also extends to payroll payments and inability to accurately track these payments can result in compliance incidents in the last mile of the transaction almost half of international organizations have expressed that they don't have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes badly interacted hires and terminations along with absence management and system setups and after that when you round everything off and the information is delivered to the wrong place the typical expense of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don't run efficiently if they depend on the required several 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 challenges organization face when they're making payments to employees or otherwise that's an excellent question I always toss this back and state what is it what does not require to be consisted of best and what does
it need to be considered there's varying Bank information so the length of an eye band a swift an account number routing code per country there's payment timespan there's payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer's own in-country account so there's complexity any place you look best ultimately building a knowledge base is absolutely critical however everywhere you look with payroll payment they are like very payments no if but some children 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 innovation is enabling us to type of move forward with that it likewise too to add to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely necessary that payroll and finance teams work more detailed together than ever um I'm constantly surprised when individuals state I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll occupation would they split the payroll payment from calculation 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 data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on well-being and the payment landscape is ending up being progressively elaborate. Companies are continuously introducing new advantages and payment alternatives, which contributes to the general complexity. Large corporations often divide their payroll and payment processing into separate groups, which can cause inefficiencies and traffic jams. In my viewpoint, this doesn't need to hold true. In today's highly sophisticated era, there's no validation for preserving cumbersome treatments. Payroll, the business's greatest cost, should be processed correctly and on time. Even minor delays can negatively impact workers' wellness and have far-reaching effects. For that reason, it's critical to prioritize precise and prompt payments.
payroll team get um so I'm uncertain anybody on this type of webinar has been informed 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 workers or not um however ultimately payroll is such an important cycle we all hear about it when it goes wrong everyone jumps up and down when it fails but 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 stuff is absolutely important that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment service is a fantastic first step um providing an end-to-end payroll service for your employees globally once again I think is another huge um procedure once again aligning and ensuring you have standardization International processes all of those things are absolutely essential to success success of companies and minimizing the variety of tools platforms and checking account they require for their Worldwide payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle don't anticipate to you do get the odd 5 or ten 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 do not think 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 everyone that's associated with those processes and also so envision sorry I'm simply I was just gon na say picture 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 speaking about hundreds of thousands potentially Millions think of getting that many thank you keeps in mind um I indicate it 'd be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task trying to clean 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 require days of the week to attempt to browse them and actually see what was going on and sort of try to get back to everybody so carrying on look why do business pick to primary different savings account there are businesses out there doing exactly this for particular countries and I have actually operated in a service or lots of businesses doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we're not deliberately doing that we're not producing additional work for anyone where we do not need to and anybody that's handling that procedure 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 lots of reasons one is it's the standard I believe individuals have got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it's not a requirement so I think it's just been the requirement and the norm individuals have embraced and continue to do over years and years passed by to add 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 variety I think this is a process that requires looking at it needs changing however eventually individuals are really stuck to what they recognize
with right um modification is a difficult thing we all don't like change um so I believe it's just 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 understand clearly the benefits of having maintaining several savings account but there's a substantial amount of complexity chooses establishing a checking account preserving it ensuring it can send International transfers ensuring it's set up with the right user accesses for private people so the complexity is big but I think the truthful response is change um people have not had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we've always done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or two there is a lot to keep an eye on and this approach does pose a number of difficulties um so Johnny might you inform us about those obstacles yeah obviously so there's a variety right there is so
I simply did you switched 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 Global workers you should have a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you
Papaya Global Art