Find out more about Papaya Global Payroll Deadline ... 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 gotten a different Chief Financial Officer specifically committed to managing payments. This supplies us with a secure and dependable technique of making payments to our 10,000 staff members worldwide.}
The advanced global payroll management app streamlines my payroll procedure, conserving me a substantial amount of time every month. With its user-friendly user interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and specialists.
Worker Portal
Staff members have access to an Employee Website where they can view their pay slips, wage and tax declarations and work documents. The website is offered in multiple languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global helps business provide competitive benefits bundles to international workers despite the number of employees in the business. The company can set up medical insurance, short-term and long-term disability, vision, dental and maternity leave while eliminating the requirement to source regional benefits suppliers in every country, produce regional accounts and have a minimum number of staff members.
The HR capabilities offered by International HR include numerous functions such as keeping track of vacation time, making sure compliance, facilitating the procedure of inviting new employees and bidding goodbye to leaving ones, providing a secure online platform for saving workers' files, and providing support for work allow procedures in case your staff members need help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, labor force variety, overall employment expenses distributed per location, overall employment costs per cycle and far more.
environments around the world I provided management and strategy to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll methods for as Mark said I work throughout business managing and building external relationships supporting Enterprise customers and options in addition to functioning as a consultant for those of you that do not understand who papaya Worldwide is papaya is the very first payroll and payments
As a global business, we are honored to be consisted of on the prestigious Time 100 list of the most influential companies worldwide. We focus on supplying payroll and labor force management services to employees in more than 160 nations. I am delighted to present Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, despite your location. It's a satisfaction to meet you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have focused on payroll and payment services for the past 7 years. The complexities and challenges of this field have actually constantly captivated me.
payroll payments and decided to kind of make a genuine go at that over the last five or 6 years where I've sort of had a variety of different functions on the company side and likewise on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll just offer everyone another couple of uh well one of the 30 seconds or two to join we all 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 simply to hear where everyone is um it's nice to to type of like see where everyone originates from and I really 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 raining here it's really extremely dreary and I want I was somewhere else at this moment in time fine so let's get started 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 separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya International payroll payments as a tactical asset uh we'll likewise discuss a recap and that ought to leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on moving 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 Worldwide organizations are wanting to find Solutions and brand-new ways to simplify procedures particularly from a payroll and cross-border payment viewpoint numerous companies preserve separate savings account just for payroll while some have several accounts in various countries does it make good sense for companies to maintain different bank accounts often in different nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping international business simplify the episode complex procedures of
Guaranteeing precise, efficient, and prompt payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll bank accounts, discover how business anticipate payroll costs to optimize working capital, and discover how simplifying worldwide payroll payments can transform them from a difficult job into a tactical possession.
Handling payroll globally is a daunting task due to various policies, compliance requirements, data security issues, and banking guidelines. The large variety of employees and businesses adds to the complexity, with an estimated 3.5 billion people in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems typically lead to manual procedures, information silos, and an absence of combination, causing disparities and ineffectiveness. Regardless of living in an era of technological developments, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to offer insights and services to simplify and enhance international payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that's another number that provides me sleepless nights and quite honestly the more a business spends on worldwide payroll the less of an image they see a lack of presence likewise extends to payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal almost half of international companies have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes inadequately interacted hires and terminations in addition to lack management and system setups and then when you round all of it off and the information is delivered to the incorrect location the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don't run efficiently if they rely on the necessary numerous 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 difficulties company face when they're paying to workers or otherwise that's a great question I constantly throw this back and state what is it what doesn't require to be consisted of best and what does
it need to be thought about there's varying Bank details 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 need to pay from an in-country account do you have to pay from the consumer's own in-country account so there's complexity anywhere you look best eventually constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they are like extremely payments no if however some infants 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 think there's now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to type of move on with that it likewise also to add to that payroll and financing need to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work more detailed together than ever um I'm always impressed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so frequently 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 however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more crucial to contribute to kind of the level of complexity there's a growing number of benefits being organ or being used by organizations across the world so again you're just aiming to add more and more payments to this already complicated landscape so if you sort 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 genuine obstacles or genuine tough sort of pay uses to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding information into the next function as it were that's in fact handling the payment side of things but you understand in in my opinion and my experience that doesn't necessarily need to be the case you understand long gone are the times where we require 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 a period that you know that we are working in today there is no reason why we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single greatest liability that any service has from an expense viewpoint from an effect perspective on staff members it is definitely crucial that it's done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging result on individuals's wellness and numerous other elements if people aren't paid uh I have actually constantly been astonished entering this Market type of the last five to ten years is how little thanks the
The payroll team might not have been thanked for properly processing payroll throughout a webinar. If anybody has been thanked, it would be terrific to hear their success story, whether it's from all staff members or not. Payroll is an important cycle, and people just discover when things fail. However, when things go right, it's seen as just a regular job. This is how it's perceived externally as well. For that reason, it is vital to guarantee that jobs like Wi-Fi Global and other vital matters are done properly. Using the first International Payments first payroll payment option is a great initial action towards offering a comprehensive payroll solution for workers worldwide. Standardization, worldwide procedures, and reducing the number of tools, platforms, and bank accounts necessary for worldwide payroll are crucial consider achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things do not go as prepared. Ultimately, we don't do it for the thankfulness.
anyway we know how how important a function it is and that'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 easy as possible for everyone that's involved in those processes and likewise so imagine sorry I'm simply I was just gon na state envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we're talking about numerous thousands possibly Millions think of getting that lots of thank you keeps in mind um I imply it 'd be interesting to see how many Post-it notes you got but it would definitely be an interesting job attempting to clean all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that held true um you 'd need days of the week to try to browse them and in fact see what was going on and kind of shot to get back to everyone so carrying on look why do companies pick to primary different savings account there are organizations out there doing precisely this for particular countries and I have actually operated in a service or many businesses doing precisely that I can state it doesn't constantly feel effective and it does produce more work I know we're not intentionally doing that we're not developing extra work for any person where we don't need to and any person that's dealing with that process I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the quantity that we are I think lots of reasons one is it's the requirement I believe individuals have got so utilized to we need a new checking 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 standard and the standard the people have adopted and continue to do over years and years gone past to add to that people have actually looked at things like trust accounts and many other ways um to to kind of do it so I think there's a variety I think this is a procedure that needs taking a look at it requires changing but eventually people are really stuck with what they're familiar
with right um change is a challenging thing we all do not like change um so I believe it's just kind of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend obviously the benefits of having preserving multiple checking account but there's a big quantity of complexity opts for establishing a savings account keeping it guaranteeing it can send International transfers ensuring it's established with the right user accesses for specific individuals so the intricacy is big however I believe the sincere response is modification um individuals have not had the ability to alter or haven't had always the knowledge to really make that change into alternate Solutions other than opening a savings account I think you've hit the nail on the head I think it is understanding you understand and there is an aspect of resistance to change however we've constantly done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century or two there is a lot to keep track of and this method does pose a number of challenges um so Johnny might you tell us about those obstacles yeah obviously so there's a variety right there is so
I just 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 seems like our CFO has actually gained another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements.
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