Find out more about Papaya Global Payroll State Registration ... We now have the ability to handle both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has obtained a separate Chief Financial Officer specifically committed to managing payments. This offers us with a secure and dependable approach of making payments to our 10,000 staff members worldwide.}
the BEST international payroll managment app, conserves me hours of time each month, one single dashboard for my payroll, EOR and professionals
The Employee Portal supplies workers with the ability to access and view essential files such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile devices and is provided in different languages.
Benefits Administration
Papaya Global assists companies offer competitive advantages bundles to global staff members despite the variety of staff members in the business. The business can set up health insurance, short-term and long-term special needs, vision, dental and maternity leave while removing the requirement to source regional benefits companies in every nation, develop local accounts and have a minimum number of employees.
The HR abilities supplied by Global HR incorporate numerous functions such as monitoring trip time, making sure compliance, assisting in the process of inviting new staff members and bidding goodbye to departing ones, providing a secure online platform for keeping workers' files, and providing assistance for work permit treatments in case your workers need help because area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, workforce variety, overall employment costs distributed per place, total employment costs per cycle and much more.
environments across the globe I supplied management and technique to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll strategies for as Mark stated I work throughout business handling and building external relationships supporting Enterprise clients and options as well as acting as an advisor for those of you that do not know who papaya International is papaya is the very first payroll and payments
business to make the time 100 list for most influential business worldwide we offer payroll payments and workforce management to all employee enters over 160 nations I am pleased to state that we also have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself naturally thank you good morning good afternoon good night depending on where you are in the world it's beautiful to meet 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 have actually remained in the payments market for over ten years and particularly working on the payroll and payment sector for over 7 years um I was amazed by the complexity the problem in all of the above of
payroll payments and chose to kind of make a real go at that over the last five or 6 years where I've kind of had a range of different roles on the company side and also on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we'll simply give everybody another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we'll type of let them do that so it 'd be rather intriguing and I can see it going on currently just to hear where everyone is um it's nice to to type 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 sunlight is it it's not no it's it's drizzling here it's extremely very uninspiring and I wish I was somewhere else at this moment in time fine so let's get started 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 maintain separate
Virtual payroll accounts are an option to standard checking account for handling payroll payments. This is especially helpful for worldwide companies with dispersed and remote workforces, as it streamlines the complicated procedure of cross-border payments. Instead of keeping different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a strategic asset for payroll executives. We will also supply a recap 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 walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies accurately forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one country however when you're doing it globally it's next level and Beyond it becomes complex for a range of factors most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they include further complexity the international Workforce is presently 3 and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the standard payroll design there's typically a frustrating variety of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or really really fundamental there's no real consistency framework we're living in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Workforce information in real time that's another number that gives me sleepless nights and quite frankly the more a service spends on global payroll the less of a picture they see a lack of exposure also encompasses payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of worldwide services have expressed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data data entry mistakes inadequately communicated hires and terminations along with absence management and system setups and after that when you round all of it off and the data is delivered to the wrong location the average cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments don't run efficiently if they rely on the necessary several processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they're paying to staff members or otherwise that's an excellent concern I constantly toss this back and state what is it what doesn't require to be included best and what does
it need to be thought about there's differing Bank information so the length of an eye band a swift an account number routing code per nation there's payment amount of time 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 best eventually developing a knowledge base is absolutely critical however all over you look with payroll payment they are like incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are absolutely essential and innovation is permitting us to kind of progress with that it likewise also to add to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely essential that payroll and finance groups work closer together than ever um I'm constantly amazed when individuals state I've split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't operate in the payroll profession would they split 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 eventually it's payroll is an end-to-end process it's the point of information collection all the way through to paying individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more crucial to contribute to sort of the level of complexity there's more and more advantages being organ or being used by companies throughout the world so once again you're just looking to include a growing number of payments to this currently complicated landscape so if you sort of got any experience well I'm from your vast experience here and I make sure but have you got any experience in kind of real challenges or real 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 certainly state that the bigger a business 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 details into the next function as it were that's actually managing the payment side of things however you understand in in my viewpoint and my experience that doesn't always require to be the case you understand long gone are the times where we need to create additional handoffs while doing sos 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 era of tech and a period that you know that we are operating in today there is no reason we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any service has from an expense viewpoint from an impact perspective on workers it is definitely critical that it's done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the biggest damaging effect on individuals's well-being and numerous other factors if individuals aren't paid uh I've constantly been surprised entering into this Market sort of the last five to ten years is how little thanks the
The payroll group may not have been thanked for properly processing payroll during a webinar. If anybody has actually 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 notice when things fail. However, when things go right, it's seen as simply a regular task. This is how it's viewed externally as well. Therefore, it is important to make sure that jobs like Wi-Fi International and other essential matters are done properly. Utilizing the first Worldwide Payments first payroll payment service is a great initial step towards offering an extensive payroll option for workers worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and savings account essential for worldwide payroll are crucial consider achieving organization success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things do not go as prepared. Eventually, we don't do it for the appreciation.
anyhow we know how how essential 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 everybody that's associated with those processes and also so picture sorry I'm just I was simply gon na state envision the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we're speaking about hundreds of thousands potentially Millions envision getting that many thank you notes um I suggest it 'd be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task 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 attempt to browse them and actually see what was going on and kind of shot to return to everybody so moving on appearance why do companies choose to main different bank accounts there are services out there doing precisely this for particular countries and I've operated in a company or lots of services doing exactly that I can state it does not constantly feel effective and it does develop more work I know we're not intentionally doing that we're not developing additional work for anyone where we do not need to and anybody that's handling 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 amount that we are I think many factors one is it's the standard I believe individuals have got so used to we require a new bank account we open an entity and appropriately so you need it for payroll functions but there are a variety of markets where it's not a requirement so I think it's just been the requirement and the standard individuals have adopted and continue to do over years and years gone past to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to kind of do it so I think there's a range I think this is a process that requires looking at it requires changing but ultimately individuals are very stuck with what they recognize
with right um modification is a tough thing all of us do not like modification um so I think it's simply type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having maintaining multiple bank accounts but there's a huge quantity of complexity opts for establishing a savings account keeping it guaranteeing it can send out International transfers ensuring it's set up with the right user accesses for individual people so the complexity is substantial however I think the truthful response is change um individuals haven't been able to change or haven't had necessarily the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you've hit the nail on the head I think it is knowledge you know and there is an element of resistance to alter however we've constantly done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could almost be figured out to be the next Century or so there is a lot to monitor and this approach does pose numerous difficulties um so Johnny could you tell us about those obstacles yeah naturally so there's a variety right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you are worthy of a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you
Papaya Global Art