Find out more about Papaya Global Payroll Card ... We now have the ability to handle both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer particularly devoted to handling payments. This provides us with a protected and reputable technique of paying to our 10,000 workers worldwide.}
the BEST worldwide payroll managment app, saves me hours of time on a monthly basis, one single control panel for my payroll, EOR and contractors
The Staff member Portal supplies staff members with the ability to access and view important files such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile devices and is used in various languages.
Advantages Administration
Papaya Global assists companies offer competitive benefits plans to international staff members despite the number of employees in the company. The business can establish medical insurance, short-term and long-term special needs, vision, dental and maternity leave while getting rid of the need to source local advantages suppliers in every country, develop local accounts and have a minimum variety of workers.
The HR abilities offered by International HR encompass various functions such as monitoring getaway time, ensuring compliance, facilitating the process of welcoming brand-new employees and bidding goodbye to departing ones, using a safe and secure online platform for keeping employees' files, and supplying assistance for work permit procedures in case your workers require assistance because location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, labor force diversity, total work costs dispersed per area, total employment expenses per cycle and much more.
environments around the world I provided management and method to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll strategies for as Mark stated I work throughout the business managing and building external relationships supporting Business customers and services in addition to functioning as an advisor for those of you that don't understand who papaya International is papaya is the first payroll and payments
business to make the time 100 list for many prominent companies worldwide we provide payroll payments and labor force management to all employee enters over 160 countries I am pleased to state that we also have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself naturally thank you good morning excellent afternoon good evening depending on where you remain in the world it's charming to fulfill 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've been in the payments market for over ten years and specifically working on 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 kind of make a real go at that over the last 5 or 6 years where I have actually sort of had a variety of various roles on the service provider side and likewise on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we'll just provide everyone another number of uh well one of the 30 seconds approximately 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 simply to hear where everybody 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 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 dreary and I wish I was elsewhere at this moment in time alright so let's get going our program for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we'll likewise review a wrap-up and that should leave his time at the really very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become more and more common and handling them becomes more and more complex International organizations are looking to discover Solutions and new ways to streamline procedures especially from a payroll and cross-border payment perspective numerous companies maintain separate checking account just for payroll while some have several accounts in different countries does it make good sense for business to preserve separate savings account sometimes in different countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational companies simplify the episode complex procedures of
making payroll payments properly effectively securely and on time during this webinar we'll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in adequate in one nation but when you're doing it worldwide it's next level and Beyond it ends up being complicated for a variety of reasons most importantly guidelines compliance information security and banking guidelines then there are the sheer numbers they add further intricacy the global Labor force 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 people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the standard payroll model there's typically an overwhelming variety of different systems leading to lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or really very basic there's no genuine consistency structure we're residing in an era of tech but payroll has been sluggish 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 each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce data in real time that's another number that offers me sleepless nights and quite frankly the more a business invests in worldwide payroll the less of a picture they see an absence of visibility also reaches payroll payments and inability to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide services have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes inadequately communicated hires and terminations in addition to absence management and system configurations and after that when you round it all off and the data is shipped to the wrong location the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they count on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties organization face when they're making payments to employees or otherwise that's a good concern I always throw this back and say what is it what does not require to be included ideal and what does
it require to be thought of there's differing Bank details so the length of an eye band a swift an account number routing code per nation there's payment time frames 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 client's own in-country account so there's intricacy any place you look ideal eventually constructing a knowledge base is absolutely crucial but all over you look with payroll payment they are like very payments no if however some infants 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 recognition that payroll payments are definitely essential and technology is permitting us to type of move on with that it likewise too to add to that payroll and finance need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely essential that payroll and finance teams work better together than ever um I'm constantly astonished when people 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 any place they are however also paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on well-being and the compensation landscape is becoming increasingly complex. Businesses are continually presenting brand-new benefits and payment choices, which adds to the total intricacy. Large corporations often divide their payroll and payment processing into separate teams, which can result in inadequacies and bottlenecks. In my opinion, this doesn't need to hold true. In today's technically advanced age, there's no reason for keeping cumbersome procedures. Payroll, the company's most significant expense, must be processed correctly and on time. Even slight hold-ups can negatively affect staff members' wellness and have far-reaching consequences. For that reason, it's important to prioritize accurate and timely payments.
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it's from all workers or not. Payroll is an important cycle, and individuals only observe when things go wrong. However, when things go right, it's viewed as simply a routine job. This is how it's viewed externally also. For that reason, it is important to ensure that jobs like Wi-Fi International and other vital matters are done properly. Using the very first International Payments first payroll payment option is a terrific preliminary action towards supplying a comprehensive payroll service for employees worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and checking account necessary for international payroll are crucial consider achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few problems when things do not go as prepared. Eventually, we do not do it for the thankfulness.
anyhow we understand how how crucial 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 everybody that's involved in those procedures and likewise so picture sorry I'm just I was simply gon na state envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we're talking about numerous thousands potentially Millions envision getting that many thank you keeps in mind um I mean it 'd be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task attempting to clean all those up for sure oh absolutely 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 attempt to look through them and really see what was going on and sort of try to get back to everybody so moving on look why do companies select to main separate checking account there are companies out there doing exactly this for particular nations and I've operated in a business or lots of companies doing exactly that I can say it doesn't constantly feel effective and it does create more work I understand we're not purposely doing that we're not developing additional work for anyone where we do not have to and anyone 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 requirement I think people have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it's not a requirement so I think it's just 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 many other ways um to to type of do it so I think there's a range I believe this is a process that needs taking a look at it needs changing but eventually individuals are really stuck to what they recognize
with best um change is a tough thing all of us do not like modification um so I think it's just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having keeping multiple savings account however there's a big amount of complexity chooses establishing a checking account keeping it guaranteeing it can send out International transfers guaranteeing it's established with the ideal user accesses for private individuals so the intricacy is huge however I believe the honest response is change um individuals have not been able to change or haven't had always the knowledge to actually make that change into alternate Solutions other than opening a checking account I believe you have actually hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we have actually always done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century approximately there is a lot to monitor and this method does pose numerous challenges um so Johnny might you tell us about those obstacles yeah obviously so there's a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments.
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