Find out more about Papaya Global Payroll Bank ... 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 acquired a different Chief Financial Officer specifically devoted to handling payments. This offers us with a safe and secure and trusted method of making payments to our 10,000 workers worldwide.}
the BEST global payroll managment app, conserves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and contractors
Employee Website
Staff members have access to a Worker Portal where they can view their pay slips, wage and tax declarations and employment documents. The portal is readily available in multiple languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global helps business use competitive benefits plans to global staff members despite the variety of employees in the business. The business can set up health insurance, short-term and long-term special needs, vision, dental and maternity leave while getting rid of the requirement to source local benefits companies in every country, create regional accounts and have a minimum variety of workers.
The HR abilities offered by Global HR include different functions such as monitoring holiday time, ensuring compliance, facilitating the process of inviting brand-new staff members and bidding farewell to departing ones, providing a secure online platform for keeping employees' documents, and offering assistance for work allow procedures in case your staff members require help in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force spending, labor force diversity, overall employment expenses distributed per location, overall employment costs per cycle and far more.
Internationally, I have shown leadership and strategic expertise in guiding massive populations of over 100,000 workers throughout 170 countries. Presently, I are accountable for managing payroll methods, as discussed by Mark. My role includes handling and establishing external collaborations, supporting Enterprise clients, and supplying advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments options service provider.
As a worldwide company, we are honored to be consisted of on the prestigious Time 100 list of the most influential business worldwide. We specialize in offering payroll and workforce management services to workers in more than 160 countries. I am delighted to present Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your area. It's a pleasure to satisfy 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 market, I have actually focused on payroll and payment services for the past 7 years. The complexities and challenges of this field have constantly captivated 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 range of different roles on the provider side and likewise on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody all right thanks Johnny uh we'll just give everybody another number 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 fascinating and I can see it going on already simply to hear where everyone is um it's nice to to kind of like see where everybody comes from and I truly 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 really extremely bleak and I want I was elsewhere at this moment in time fine so let's start our agenda for today is as follows um we are going to be looking at the obstacle years of handling International payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a tactical property uh we'll likewise go over a wrap-up which ought to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and handling them becomes increasingly more complex Worldwide organizations are seeking to find Solutions and brand-new ways to improve procedures specifically from a payroll and cross-border payment viewpoint many companies maintain separate savings account just for payroll while some have numerous accounts in various countries does it make good sense for companies to maintain different savings account often in various nations it does but just for payroll exists a much better method what function do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business improve the episode complex procedures of
making payroll payments accurately efficiently safely and on time during this webinar we'll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking 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 strategic property so payroll can be tough in adequate in one nation but when you're doing it worldwide it's next level and Beyond it becomes complex for a variety of factors most importantly regulations compliance information security and banking rules then there are the sheer numbers they add more intricacy the worldwide Labor force is currently 3 and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the conventional payroll model there's typically a frustrating variety of different systems resulting in lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely extremely fundamental there's no real consistency framework we're living in an era of tech but payroll has actually been sluggish 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 offer you an idea of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force information in real time that's another number that offers me sleepless nights and rather frankly the more an organization spends on international payroll the less of a picture they see a lack of exposure also encompasses payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal nearly half of global companies have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes badly interacted hires and terminations in addition to absence management and system setups and then when you round it all 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 as soon as payrolls are done we still need to move the cash around the globe payroll and payments don't run smoothly if they rely on the necessary numerous 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 company face when they're paying to employees or otherwise that's a good question I always throw this back and say what is it what doesn't require to be consisted of ideal and what does
it require to be thought about there's differing 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 have to pay from the customer's own in-country account so there's intricacy any place you look ideal ultimately constructing a knowledge base is definitely critical but all over you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are definitely fundamental and innovation is enabling us to type of progress with that it likewise too to add to that payroll and financing require to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely important that payroll and finance teams work better together than ever um I'm always astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation 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 ultimately it's payroll is an end-to-end process 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 modern world puts a high worth on well-being and the settlement landscape is ending up being progressively elaborate. Businesses are continuously presenting new advantages and payment options, which contributes to the total complexity. Large corporations frequently divide their payroll and payment processing into separate groups, which can result in inefficiencies and bottlenecks. In my opinion, this doesn't need to hold true. In today's technologically sophisticated age, there's no validation for preserving troublesome treatments. Payroll, the business's greatest cost, must be processed properly and on time. Even slight delays can adversely impact workers' wellness and have significant effects. For that reason, it's vital to prioritize accurate and timely payments.
payroll group get um so I'm unsure anybody on this sort of webinar has actually been informed 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 workers or not um however ultimately payroll is such an important cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails however when it goes right it's just a tick box exercise and I think that's how it's seen from the external view as well um so yeah it's also like why WI-Fi Global why all of this things is absolutely vital that all of this things is done properly so leveraging the first International Payments first payroll payment service is an excellent primary step um providing an end-to-end payroll solution for your employees internationally again I believe is another huge um procedure once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of companies and lowering the variety of tools platforms and savings account they need for their International 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 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 grievances where things have not gone rather where they're suggested to be um I don't believe any of us are really doing that for for the thanks
anyhow we know how how essential 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 simple as possible for everyone that's associated with those procedures and likewise so envision sorry I'm simply I was simply gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we're speaking about hundreds of thousands possibly Millions envision getting that numerous thank you notes um I imply it 'd be interesting to see how many Post-it notes you got however it would definitely be an intriguing task trying to clean all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that was the case um you 'd require days of the week to try to check out them and actually see what was going on and kind of try to get back to everyone so carrying on look why do business choose to primary separate checking account there are organizations out there doing exactly this for specific nations and I've worked in a service or lots of organizations doing exactly that I can state it doesn't always feel efficient and it does produce more work I know we're not purposely doing that we're not creating additional work for anyone where we do not need 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 amount that we are I think many reasons one is it's the requirement I believe people have got so utilized to we need a new checking account we open an entity and rightly so you need it for payroll purposes however 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 adopted and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to type of do it so I think there's a variety I believe this is a process that requires taking a look at it requires altering however eventually individuals are really stuck to what they recognize
with ideal um modification is a tough thing all of us don't like change um so I believe it's just type of moving far from the standard as we've said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having preserving several savings account but there's a substantial amount of intricacy opts for establishing a checking account maintaining it ensuring it can send out International transfers ensuring it's set up with the best user accesses for specific individuals so the complexity is huge but I think the sincere answer is change um people haven't had the ability to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a bank account I think you've struck the nail on the head I believe it is knowledge you know and there is a component of resistance to change however we've always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or so 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 challenges yeah obviously so there's a range 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 Worldwide employees you are worthy of a corner office with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you
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