Find out more about Papaya Global Payroll Reversal ... We now have the capability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has gotten a different Chief Financial Officer particularly devoted to managing payments. This supplies us with a safe and secure and dependable approach of making payments to our 10,000 workers worldwide.}
The cutting-edge worldwide payroll management app simplifies my payroll process, conserving me a significant quantity of time every month. With its user-friendly user interface, I have access to a single control panel that effectively handles my payroll, EOR, and specialists.
The Staff member Portal supplies staff members with the capability to gain access to and view crucial files such as pay slips, wage and tax declarations, and work records. This portal is accessible on both desktop and mobile phones and is provided in different languages.
Advantages Administration
Papaya Global assists companies provide competitive benefits packages to global workers no matter the number of staff members in the company. The business can set up health insurance, short-term and long-term disability, vision, dental and maternity leave while getting rid of the need to source regional benefits suppliers in every nation, produce local accounts and have a minimum variety of workers.
The HR abilities supplied by Global HR incorporate different functions such as monitoring trip time, ensuring compliance, facilitating the procedure of welcoming new workers and bidding goodbye to departing ones, using a safe and secure online platform for saving employees' files, and offering assistance for work allow procedures in case your workers require assistance in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force spending, workforce diversity, overall employment costs dispersed per place, overall employment expenses per cycle and a lot more.
environments around the world I provided management and method to populations of over a hundred thousand staff members 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 clients and solutions in addition to acting as a consultant for those of you that don't understand who papaya Global is papaya is the first payroll and payments
business to make the time 100 list for many influential business on the planet we supply payroll payments and labor force management to all staff member key ins over 160 countries I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to present yourself naturally thank you good morning excellent afternoon excellent evening depending upon where you are in the world it's lovely to fulfill you and thank you quite for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've been in the payments market for over 10 years and specifically working on the payroll and payment sector for over seven years um I was fascinated by the intricacy the problem in all of the above of
payroll payments and chose to type of make a genuine go at that over the last five or six years where I have actually sort of had a range of various roles on the provider side and also on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we'll just offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we'll type of let them do that so it 'd be quite interesting and I can see it going on already just to hear where everyone is um it's nice to to type of like see where everyone comes from and I really do hope it's much sunnier than it is in the UK today certainly not the peak of the sunlight is it it's not no it's it's drizzling here it's extremely extremely gloomy and I wish I was somewhere else at this moment in time all right so let's begin our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business preserve separate
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly useful for worldwide organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time throughout this webinar we'll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how business precisely anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in sufficient in one nation however when you're doing it internationally it's next level and Beyond it becomes complicated for a variety of reasons most importantly regulations compliance information security and banking rules then there are the large numbers they include more complexity the worldwide Workforce is currently 3 and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and additional 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 around the world in the traditional payroll model there's often a frustrating number of various systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or very extremely fundamental there's no real consistency structure we're residing in an era 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 give you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that's another number that offers me sleepless nights and quite honestly the more a service spends on international payroll the less of a picture they see an absence of presence likewise reaches payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the deal nearly half of global companies have actually expressed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information data entry errors poorly communicated hires and terminations along with absence management and system configurations and then when you round it all off and the information is delivered to the incorrect place 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 worldwide payroll and payments do not run smoothly if they depend on the needed several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the difficulties service face when they're paying to employees or otherwise that's a good question I constantly throw this back and say what is it what does not need to be included ideal and what does
it need to be thought of there's varying Bank details 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 have to pay from an in-country account do you have to pay from the client's own in-country account so there's intricacy anywhere you look best eventually constructing a knowledge base is absolutely important but everywhere you look with payroll payment they resemble 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 believe there's now a bit more acknowledgment that payroll payments are absolutely basic and innovation is permitting us to sort of move forward with that it also also to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and finance teams work more detailed together than ever um I'm constantly astonished when individuals say I've divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession 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 often split and cut up um ultimately it's payroll is an end-to-end process it's the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being a growing number of essential to add to type of the level of complexity there's a growing number of benefits being organ or being provided by organizations across the world so once again you're just aiming to include more and more payments to this already complex landscape so if you type 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 real obstacles or genuine difficult kind of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would absolutely state 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 task there are groups feeding information into the next function as it were that's actually managing the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you understand long gone are the times where we require to create additional handoffs while doing sos that we run in they just make them more prompt they make them less effective and they don't make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason that we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any business has from an expense point of view from an effect viewpoint on employees it is definitely vital that it's done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the most significant destructive impact on people's well-being and lots of other factors if people aren't paid uh I've constantly been impressed coming into this Market kind of the last five to 10 years is how little thanks the
The payroll team might 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 individuals only discover when things fail. However, when things go right, it's viewed as just a regular task. This is how it's perceived externally also. Therefore, it is important to guarantee that jobs like Wi-Fi International and other crucial matters are done properly. Using the very first Global Payments first payroll payment option is a fantastic initial action towards offering a thorough payroll option for staff members worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and checking account needed for global payroll are key consider achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally receive a few grievances when things don't go as prepared. Eventually, we do not do it for the appreciation.
anyhow we understand how how crucial 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 easy as possible for everyone that's involved in those procedures and likewise so picture sorry I'm simply I was simply gon na say imagine the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we're speaking about hundreds of thousands potentially Millions picture getting that numerous thank you notes um I mean it 'd be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job trying to clean up 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 need days of the week to try to look through them and really see what was going on and type of shot to return to everyone so carrying on look why do business choose to main different savings account there are services out there doing precisely this for specific nations and I've worked in a service or numerous companies doing precisely that I can say it doesn't constantly feel effective and it does produce more work I know we're not intentionally doing that we're not creating extra work for any person where we do not need to and anybody that's managing that process I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the quantity that we are I believe many reasons one is it's the requirement I think individuals have got so used to we require a brand-new bank account we open an entity and appropriately so you need 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 standard and the standard individuals have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there's a variety I think this is a process that requires taking a look at it needs changing but ultimately people are very stuck with what they recognize
with ideal um change is a difficult thing all of us do not like change um so I think it's just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the benefits of having preserving numerous checking account however there's a substantial quantity of complexity goes with setting up a bank account preserving it guaranteeing it can send International transfers ensuring it's set up with the right user accesses for specific people so the intricacy is substantial but I think the honest response is change um individuals have not been able to alter or haven't had always the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you've struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what could practically be identified to be the next Century or so there is a lot to keep track of and this approach does position several challenges um so Johnny could you inform us about those challenges yeah naturally so there's a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments.
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