Find out more about Papaya Global Payroll Referral ... We now have the capability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has obtained a different Chief Financial Officer specifically dedicated to handling payments. This provides us with a safe and secure and trustworthy technique of paying to our 10,000 employees worldwide.}
The advanced worldwide payroll management app streamlines my payroll procedure, conserving me a considerable quantity of time every month. With its easy to use user interface, I have access to a single control panel that efficiently manages my payroll, EOR, and contractors.
The Worker Website provides employees with the ability to gain access to and view important files such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile devices and is used in various languages.
Advantages Administration
Papaya Global helps companies use competitive benefits plans to global employees no matter the variety of staff members in the company. The business can set up medical insurance, short-term and long-lasting impairment, vision, oral and maternity leave while getting rid of the need to source local advantages companies in every country, develop local accounts and have a minimum variety of workers.
The HR abilities offered by International HR incorporate different functions such as monitoring getaway time, ensuring compliance, assisting in the process of welcoming new workers and bidding farewell to departing ones, providing a secure online platform for keeping workers' documents, and supplying support for work permit procedures in case your staff members need assistance in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, labor force variety, total work expenses distributed per location, overall work expenses per cycle and much more.
environments across the globe I offered leadership and technique to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll strategies for as Mark said I work throughout business handling and structure external relationships supporting Enterprise customers and solutions along with acting as a consultant for those of you that do not understand who papaya International is papaya is the very first payroll and payments
business to make the time 100 list for most influential companies in the world we offer payroll payments and workforce management to all worker key ins over 160 countries 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 great afternoon excellent evening depending upon where you remain in the world it's charming to meet 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 particularly working on the payroll and payment sector for over seven years um I was interested by the intricacy the problem in all of the above of
payroll payments and chose to sort of make a genuine go at that over the last 5 or six years where I've type of had a range of various roles on the provider side and likewise on the supplier side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we'll simply give everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days so we'll kind 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 everyone comes from and I truly do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it's not no it's it's drizzling here it's very very gloomy and I wish 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 taking a look at the challenge years of handling Worldwide payroll why business preserve different
Virtual payroll accounts are an option to standard bank accounts for managing payroll payments. This is especially useful for global companies with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a tactical possession for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
Ensuring accurate, effective, and prompt payroll payments is a complex challenge for services running worldwide. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll savings account, find out how business forecast payroll costs to optimize working capital, and discover how improving global payroll payments can transform them from a troublesome job into a tactical possession.
Handling payroll worldwide is an overwhelming task due to various regulations, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and companies adds to the complexity, with an estimated 3.5 billion people in the global labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems typically result in manual procedures, information silos, and a lack of integration, causing inconsistencies and inadequacies. In spite of residing in an age of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to provide insights and solutions to simplify and optimize global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that's another number that offers me sleep deprived nights and quite frankly the more a business invests in international payroll the less of an image they see a lack of visibility also extends to payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of worldwide organizations have revealed that they don't have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors badly interacted hires and terminations as well as absence management and system configurations and then when you round it all off and the data is shipped to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they count on the required numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they're making payments to employees or otherwise that's a good question I always throw this back and say what is it what doesn't require to be consisted of right 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 timespan there's payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client's own in-country account so there's complexity anywhere you look right ultimately constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 progress with that it also too to add to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is absolutely vital that payroll and financing teams work better together than ever um I'm always amazed when individuals 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 profession would they split 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 ultimately it's payroll is an end-to-end process it's the point of information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on wellness and the compensation landscape is ending up being progressively detailed. Services are constantly presenting new benefits and payment alternatives, which adds to the overall complexity. Large corporations often divide their payroll and payment processing into separate teams, which can cause inadequacies and bottlenecks. In my viewpoint, this does not need to hold true. In today's technically innovative age, there's no validation for maintaining troublesome procedures. Payroll, the business's biggest cost, should be processed properly and on time. Even slight hold-ups can negatively impact staff members' wellness and have far-reaching effects. For that reason, it's crucial to prioritize accurate and timely payments.
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it's from all workers or not. Payroll is an important cycle, and individuals only observe when things fail. However, when things go right, it's viewed as just a regular job. This is how it's viewed externally as well. Therefore, it is necessary to ensure that jobs like Wi-Fi International and other essential matters are done properly. Using the first International Payments very first payroll payment option is a great initial step towards offering an extensive payroll option for workers worldwide. Standardization, global procedures, and decreasing the variety of tools, platforms, and savings account required for global payroll are key factors in accomplishing service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few complaints when things don't go as prepared. Eventually, we do not do it for the appreciation.
anyway we understand 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 procedures and also so envision sorry I'm just I was simply gon na state 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 speaking about numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I indicate it 'd be interesting to see the number of Post-it notes you got however it would definitely be an interesting job trying to clean all those up for sure oh definitely 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 try to check out them and actually see what was going on and sort of shot to get back to everyone so carrying on look why do companies select to main different savings account there are services out there doing precisely this for particular nations and I have actually worked in a business or lots of companies doing precisely that I can say it does not always feel efficient and it does develop more work I understand we're not deliberately doing that we're not developing additional work for anyone where we do not have to and anybody that's handling 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 factors one is it's the standard I think people have actually got so used to we need a brand-new savings account we open an entity and rightly so you need it for payroll functions but there are a number of markets where it's not a requirement so I believe it's just been the requirement and the standard the people have actually embraced 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 many other methods um to to sort of do it so I believe there's a range I think this is a process that requires taking a look at it needs changing however eventually individuals are very stuck to what they're familiar
with best um change is a difficult thing we all don't like modification um so I believe it's simply sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand obviously the advantages of having maintaining several savings account however there's a substantial amount of intricacy goes with establishing a savings account keeping it ensuring it can send out International transfers ensuring it's set up with the best user accesses for individual people so the complexity is big but I think the truthful answer is change um individuals have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be identified to be the next Century or two there is a lot to monitor and this approach does posture numerous difficulties um so Johnny might you inform us about those difficulties yeah naturally so there's a range right there is so
I just recently made a change to our Business 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 actually gotten another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is more detailed, considering your accomplishments.
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