Find out more about Papaya Global Payroll Cost ... We now have the ability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has acquired a different Chief Financial Officer particularly committed to handling payments. This offers us with a safe and secure and dependable approach of making payments to our 10,000 employees worldwide.}
The advanced international payroll management app improves my payroll procedure, saving me a considerable quantity of time monthly. With its easy to use user interface, I have access to a single control panel that efficiently manages my payroll, EOR, and specialists.
The Staff member Portal provides employees with the capability to access and view important files such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile devices and is offered in numerous languages.
Benefits Administration
Papaya Global assists companies use competitive advantages bundles to global staff members regardless of the number of workers in the company. The business can establish medical insurance, short-term and long-term disability, vision, oral and maternity leave while getting rid of the requirement to source local benefits suppliers in every nation, develop local accounts and have a minimum variety of staff members.
Global HR Functionalities
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and immigration services if your workers need work license support.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, workforce diversity, total work expenses dispersed per area, total employment expenses per cycle and a lot more.
environments around the world I offered leadership and strategy to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll techniques for as Mark stated I work throughout business managing and structure external relationships supporting Business clients and options as well as functioning as an advisor for those of you that don't know who papaya Global is papaya is the very first payroll and payments
company to make the time 100 list for the majority of prominent business worldwide we supply payroll payments and labor force management to all employee types in over 160 nations I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself naturally thank you good morning good afternoon good night depending on where you are in the world it's charming to meet you and thank you very much for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've remained in the payments industry for over 10 years and specifically dealing with the payroll and payment sector for over 7 years um I was amazed by the complexity the difficulty in all of the above of
payroll payments and chose to sort of make a real go at that over the last 5 or six years where I've sort of had a variety of different functions on the supplier side and also on the supplier side from a payroll perspective 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 offer everybody another number of uh well among 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 intriguing and I can see it going on already simply to hear where everyone is um it's nice to to type of like see where everyone originates from and I truly do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it's not no it's it's drizzling here it's very extremely bleak and I wish I was somewhere else at this moment in time alright so let's get going our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business keep separate
Virtual payroll accounts are an option to traditional bank accounts for managing payroll payments. This is especially beneficial for worldwide companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving different checking account for payroll in various nations, 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 tactical property for payroll executives. We will likewise offer a recap of the main points covered and leave time for a Q&A session at the end.
Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for services running internationally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, discover how business forecast payroll costs to enhance working capital, and discover how simplifying global payroll payments can transform them from a challenging job into a strategic property.
Handling payroll worldwide is a complicated job due to different guidelines, compliance requirements, information security issues, and banking rules. The large variety of workers and services adds to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Standard payroll systems frequently lead to manual procedures, information silos, and a lack of integration, causing disparities and inadequacies. Despite residing in an era of technological developments, payroll management has been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to supply insights and solutions to streamline and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data 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 an image they see a lack of presence also encompasses payroll payments and inability to accurately track these payments can cause compliance mishaps in the last mile of the deal nearly half of international organizations have revealed that they don't have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes poorly communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is shipped to the wrong location the typical expense of a global data 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 smoothly if they depend on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they're making payments to employees or otherwise that's an excellent question I constantly toss this back and say what is it what doesn't require to be consisted of best and what does
it require to be considered 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 need to pay from the client's own in-country account so there's complexity any place you look right ultimately building a knowledge base is absolutely critical however everywhere you look with payroll payment they resemble incredibly payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 innovation is permitting us to sort of progress with that it also too to contribute to that payroll and financing need to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely crucial that payroll and finance teams work better together than ever um I'm constantly impressed when individuals state I've split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from estimation 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 eventually it's payroll is an end-to-end process it's the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to add to type of the level of complexity there's increasingly more advantages being organ or being used by services across the world so again you're simply aiming to add increasingly more payments to this already complicated landscape so if you type of got any experience well I'm from your vast experience here and I make certain but have you got any experience in kind of real challenges or genuine challenging sort of pay uses to play to pay people I think yeah I imply over the last well yeah a number of years I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that's actually handling the payment side of things but you know in in my viewpoint and my experience that doesn't necessarily require to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we operate in they just make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason we are still making this as tough as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any company has from an expense perspective from an impact point of view on staff members it is definitely important that it's done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful result on people's wellness and many other aspects if individuals aren't paid uh I have actually always been astonished entering into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I'm not sure anyone on this type of webinar has actually 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 staff members or not um however eventually payroll is such a crucial cycle all of us hear about it when it fails everybody jumps up and down when it fails but when it goes right it's simply a tick box exercise and I think that's how it's seen from the external deem well um so yeah it's likewise like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment solution is an excellent first step um offering an end-to-end payroll solution for your employees globally once again I believe is another huge um process once again lining up and guaranteeing you have standardization International processes all of those things are absolutely essential to success success of organizations and reducing the variety of tools platforms and checking account they need for their Worldwide payroll too couldn't agree with you more and on the the front in regards to 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 five or ten or whatever it might be with the with the the problems where things haven't gone quite where they're implied to be um I don't believe any of us are actually doing that for for the thanks
anyway we understand how how important 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 imagine sorry I'm just I was just gon na say think of 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 discussing numerous thousands possibly Millions envision getting that lots of thank you notes um I imply it 'd be interesting to see how many Post-it notes you got but it would certainly be a fascinating task 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 held true um you 'd require days of the week to try to look through them and in fact see what was going on and kind of shot to return to everybody so carrying on look why do companies select to main separate bank accounts 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 say it does not constantly feel effective and it does produce more work I understand we're not purposely doing that we're not creating additional work for any person where we do not need to and anybody that's dealing with 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 think many reasons one is it's the requirement I think people have got so used to we need a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it's not a requirement so I believe it's simply been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I believe there's a variety I think this is a procedure that needs taking a look at it needs changing however eventually people are extremely stuck with what they recognize
with best um change is a hard thing we all do not like change um so I think it's simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the advantages of having preserving multiple bank accounts however there's a substantial amount of complexity goes with setting up a bank account preserving it guaranteeing it can send out International transfers ensuring it's established with the ideal user accesses for private people so the intricacy is huge however I think the truthful response is change um individuals haven't been able to alter or haven't had always the understanding to really make that change into alternate Solutions besides opening a savings account I think you've hit the nail on the head I think it is understanding you understand and there is a component of resistance to alter however we've constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century or two there is a lot to track and this technique does pose numerous challenges um so Johnny might you tell us about those obstacles yeah of course so there's a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has gotten another CFO, and with this improved ability, I have successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your achievements.
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