Find out more about Papaya Global Payroll Mobile App ... We now have the capability to handle both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has obtained a different Chief Financial Officer specifically dedicated to handling payments. This supplies us with a secure and dependable technique of making payments to our 10,000 employees worldwide.}
The advanced global payroll management app streamlines my payroll procedure, saving me a substantial amount of time each month. With its easy to use interface, I have access to a single dashboard that efficiently manages my payroll, EOR, and contractors.
Worker Portal
Staff members have access to a Worker Website where they can see their pay slips, wage and tax statements and work files. The website is offered in numerous languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global helps companies use competitive advantages bundles to international staff members no matter the variety of workers in the business. The company can establish health insurance, short-term and long-lasting special needs, vision, dental and maternity leave while getting rid of the need to source local benefits companies in every nation, create regional accounts and have a minimum number of employees.
The HR abilities supplied by Global HR incorporate different functions such as keeping an eye on getaway time, ensuring compliance, facilitating the process of inviting new employees and bidding farewell to leaving ones, providing a safe and secure online platform for keeping workers' files, and providing assistance for work allow procedures in case your staff members need support in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, labor force diversity, overall employment expenses distributed per location, overall employment costs per cycle and far more.
environments around the world I supplied leadership and method to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll methods for as Mark said I work throughout the business handling and building external relationships supporting Business clients and services in addition to serving as a consultant for those of you that don't understand who papaya Global is papaya is the very first payroll and payments
As a worldwide company, we are honored to be included on the prestigious Time 100 list of the most prominent companies worldwide. We concentrate on providing payroll and labor force management services to staff members in more than 160 countries. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny present himself. Good day to all, despite your location. It's a satisfaction to satisfy you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our company. With over a decade of experience in the payments industry, I have actually concentrated on payroll and payment services for the past 7 years. The complexities and challenges of this field have always captivated me.
payroll payments and decided to kind of make a real go at that over the last five or 6 years where I've sort of had a range of various roles on the provider side and also on the supplier side from a payroll point of view so really anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we'll just provide everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we'll sort of let them do that so it 'd be rather intriguing and I can see it going on currently just to hear where everybody is um it's nice to to kind of like see where everybody originates from and I actually 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 very bleak and I want I was somewhere else at this moment in time all right so let's get started our agenda for today is as follows um we are going to be looking at the difficulty years of handling Worldwide payroll why business maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic asset uh we'll likewise go over a wrap-up which needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and handling them ends up being more and more complicated Global organizations are looking to find Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment perspective numerous organizations preserve different bank account just for payroll while some have multiple accounts in various nations does it make sense for business to preserve separate bank accounts in some cases in various countries it does but just for payroll exists a better way what function do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international business enhance the episode complex processes of
making payroll payments properly effectively firmly and on time throughout this webinar we'll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in enough in one country but when you're doing it internationally it's next level and Beyond it ends up being complex for a variety of reasons most importantly guidelines compliance information security and banking rules then there are the large numbers they add additional complexity the worldwide Workforce is presently 3 and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll design there's frequently a frustrating number of various systems leading to time-consuming manual procedures and silos the number of Combinations could be non-existent in big quantities and or really really standard there's no genuine consistency framework we're living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just 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 businesses state they have Labor force data in real time that's another number that provides me sleepless nights and quite frankly the more a service invests in international payroll the less of a photo they see a lack of presence also reaches payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of global services have actually revealed that they don't have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes improperly communicated hires and terminations along with lack management and system setups and after that when you round it all off and the information is shipped to the incorrect location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they count on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires 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 state what is it what doesn't require to be consisted of best and what does
it need to be considered there's differing Bank information so the length of an eye band a swift an account number routing code per country 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 intricacy any place you look right eventually building a knowledge base is definitely important however everywhere you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort of link in 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 allowing us to type of progress with that it likewise too to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and financing teams work closer together than ever um I'm constantly astonished when individuals say 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 divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to contribute to sort of the level of intricacy there's more and more benefits being organ or being provided by organizations throughout the world so again you're simply wanting to add increasingly more payments to this currently intricate landscape so if you sort of got any experience well I'm from your vast experience here and I'm sure but have you got any experience in kind of genuine difficulties or genuine tough sort of pay utilizes to play to pay people I believe yeah I imply over the last well yeah a number of decades I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are teams feeding info into the next function as it were that's really handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we run in they simply make them more timely they make them less effective and they do not make them what they require to be in in an age of tech and an era that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single biggest liability that any organization has from a cost viewpoint from an effect point of view on workers it is absolutely critical 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 greatest harmful effect on people's well-being and numerous other elements if people aren't paid uh I've always been astonished entering this Market kind of the last 5 to 10 years is how little thanks the
The payroll team may not have been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it's from all staff members or not. Payroll is an essential cycle, and people only discover when things fail. Nevertheless, when things go right, it's viewed as simply a routine task. This is how it's perceived externally as well. For that reason, it is necessary to ensure that tasks like Wi-Fi Global and other vital matters are done correctly. Utilizing the first International Payments very first payroll payment solution is a fantastic preliminary step towards offering an extensive payroll solution for employees worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and checking account needed for global payroll are crucial consider attaining organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things do not go as planned. Eventually, we don't do it for the gratitude.
anyhow we understand how how important a role 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 procedures and likewise so envision sorry I'm just I was just gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we're talking about hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I imply it 'd be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting 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 look through them and in fact see what was going on and sort of shot to return to everyone so proceeding look why do companies choose to primary different bank accounts there are companies out there doing precisely this for particular countries and I've operated in an organization or lots of companies doing exactly that I can state it does not always feel effective and it does produce more work I understand we're not purposely doing that we're not creating extra work for anyone where we don't need to and any person that's handling that procedure I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the amount that we are I believe numerous factors one is it's the requirement I believe people have got so utilized to we require a brand-new savings account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it's not a requirement so I believe it's simply been the requirement and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and many other methods um to to type of do it so I think there's a variety I think this is a procedure that requires taking a look at it needs altering however ultimately people are really stuck to what they recognize
with right um change is a tough thing all of us do not like modification um so I believe it's simply kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend certainly the advantages of having keeping numerous checking account however there's a substantial amount of complexity goes with setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it's established with the ideal user accesses for specific people so the intricacy is big but I believe the truthful response is modification um individuals have not had the ability to alter or haven't had necessarily the knowledge to actually make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or two there is a lot to track and this technique does present several obstacles um so Johnny might you inform us about those challenges yeah of course so there's a variety right there is so
I just did you switched our Enterprise 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 are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you
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