Find out more about Papaya Global Payroll Processing Time ... We now have the ability to manage both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually acquired a different Chief Financial Officer specifically committed to handling payments. This supplies us with a protected and reliable method of paying to our 10,000 employees worldwide.}
the very best worldwide payroll managment app, conserves me hours of time each month, one single control panel for my payroll, EOR and specialists
The Employee Portal offers workers 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 phones and is provided in numerous languages.
Benefits Administration
Papaya Global assists companies use competitive benefits bundles to worldwide employees no matter the variety of workers in the company. The company can set up health insurance, short-term and long-term special needs, vision, oral and maternity leave while getting rid of the requirement to source local benefits suppliers in every country, develop local accounts and have a minimum variety of staff members.
The HR abilities provided by Global HR encompass different functions such as keeping an eye on getaway time, guaranteeing compliance, helping with the procedure of inviting brand-new employees and bidding goodbye to leaving ones, using a secure online platform for storing workers' files, and offering support for work permit procedures in case your employees need assistance because location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, workforce diversity, overall employment expenses distributed per area, overall work costs per cycle and much more.
Globally, I have actually shown management and tactical proficiency in assisting massive populations of over 100,000 workers throughout 170 countries. Presently, I am responsible for overseeing payroll techniques, as pointed out by Mark. My function involves managing and developing external collaborations, supporting Enterprise clients, and providing advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments services company.
As a global business, we are honored to be included on the prominent Time 100 list of the most prominent companies worldwide. We specialize in providing payroll and labor force management services to staff members in more than 160 countries. I am delighted to present Johnny Nash, as mentioned by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your location. It's a satisfaction to fulfill you and thank you for your valuable 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 concentrated on payroll and payment options for the past 7 years. The intricacies and difficulties of this field have actually constantly captivated me.
payroll payments and chose to kind of make a real go at that over the last 5 or six years where I've type of had a range of various functions on the company side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody all right thanks Johnny uh we'll simply offer everybody another number of uh well one of the 30 seconds or two to join we all work back to back these days so we'll type 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 everybody comes from and I actually do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it's not no it's it's raining here it's extremely really bleak and I want I was somewhere else at this moment in time okay so let's get started our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a tactical asset uh we'll likewise discuss a recap which ought to leave his time at the very 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 Global workforces end up being more and more common and handling them becomes a growing number of complex Global organizations are wanting to discover Solutions and new methods to enhance processes especially from a payroll and cross-border payment standpoint many companies preserve different savings account just for payroll while some have numerous accounts in different countries does it make sense for companies to preserve different checking account often in different nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business enhance the episode complex processes of
making payroll payments accurately effectively firmly and on time throughout this webinar we'll walk you through the international pros and cons of a payroll wallet versus a payroll bank account how business precisely forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one nation but when you're doing it globally it's next level and Beyond it ends up being complex for a range of factors most notably regulations compliance data security and banking guidelines then there are the sheer numbers they add more intricacy the worldwide Workforce is presently three and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll model there's typically a frustrating variety of different systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely extremely standard there's no genuine consistency framework we're living in a period 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 often with pen and paper and that just blows my mind each time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services say they have Labor force data in real time that's another number that provides me sleepless nights and quite frankly the more a business spends on international payroll the less of a photo they see an absence of visibility also encompasses payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of worldwide companies have actually expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes inadequately communicated hires and terminations along with lack management and system configurations and then when you round everything off and the information is delivered to the incorrect place the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don't run smoothly if they rely on the essential numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges service 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 does not need to be included ideal and what does
it require to be thought about there's varying Bank information so the length of an eye band a swift an account number routing code per country there's payment timespan there's payment capabilities 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 anywhere you look best eventually developing a knowledge base is definitely vital however everywhere you look with payroll payment they are like super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to kind of progress with that it also as well to contribute to that payroll and financing require to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely important that payroll and financing groups work better together than ever um I'm constantly surprised when individuals state I've split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't operate in the payroll occupation would they divide the payroll payment from computation 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 information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the payment landscape is becoming significantly intricate. Companies are constantly presenting brand-new advantages and payment choices, which contributes to the overall complexity. Large corporations frequently divide their payroll and payment processing into different teams, which can lead to ineffectiveness and traffic jams. In my opinion, this does not have to be the case. In today's technologically advanced era, there's no reason for preserving troublesome procedures. Payroll, the company's greatest expense, need to be processed correctly and on time. Even minor delays can adversely affect workers' wellness and have far-reaching effects. For that reason, it's crucial to focus on precise and prompt payments.
The payroll team might not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it's from all employees or not. Payroll is an important cycle, and individuals only discover when things go wrong. However, when things go right, it's seen as simply a routine task. This is how it's viewed externally as well. Therefore, it is necessary to guarantee that jobs like Wi-Fi International and other important matters are done correctly. Utilizing the first International Payments very first payroll payment service is a terrific preliminary step towards providing a thorough payroll solution for workers worldwide. Standardization, worldwide processes, and minimizing the variety of tools, platforms, and bank accounts needed for worldwide payroll are crucial factors in achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of problems when things don't go as planned. Eventually, we don't do it for the appreciation.
anyway we understand how how essential 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 everybody that's involved in those processes and likewise so imagine sorry I'm just I was simply gon na state envision 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 speaking about hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I suggest it 'd be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task trying to clean up all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to browse them and in fact see what was going on and kind of shot to return to everybody so carrying on appearance why do business pick to primary different savings account there are organizations out there doing exactly this for particular nations and I have actually operated in a service or numerous businesses doing exactly that I can state it does not constantly feel efficient and it does develop more work I understand we're not purposely doing that we're not developing extra work for anybody where we do not need to and anyone that's managing that process I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the quantity that we are I believe lots of reasons one is it's the requirement I think people have actually got so used to we require a new savings account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it's not a requirement so I believe it's just been the requirement and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there's a variety I think this is a procedure that needs looking at it needs changing but ultimately individuals are very stuck to what they recognize
with right um change is a challenging thing we all do not like modification um so I believe it's simply type of moving away from the standard as we've said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having keeping numerous savings account but there's a huge amount of complexity chooses setting up a checking account keeping it guaranteeing it can send International transfers guaranteeing it's set up with the best user accesses for individual individuals so the intricacy is big but I believe the truthful response is modification um individuals have not had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you've hit the nail on the head I think it is knowledge you understand and there is an element of resistance to change however we've constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what might practically be identified to be the next Century or so there is a lot to keep track of and this method does present a number of obstacles um so Johnny could you tell us about those challenges yeah of course so there's a range 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 deserve a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you
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