Find out more about Papaya Global Payroll Template ... 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 acquired a different Chief Financial Officer specifically committed to managing payments. This provides us with a safe and reputable technique of paying to our 10,000 workers worldwide.}
The innovative global payroll management app streamlines my payroll procedure, conserving me a substantial quantity of time monthly. With its easy to use user interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and professionals.
The Staff member Website offers staff members with the capability to access and view important documents such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile phones and is provided in various languages.
Advantages Administration
Papaya Global assists companies offer competitive advantages bundles to global staff members no matter the number of employees in the company. The company can establish medical insurance, short-term and long-lasting special needs, vision, dental and maternity leave while eliminating the requirement to source regional benefits companies in every country, develop local accounts and have a minimum number of workers.
The HR capabilities provided by Worldwide HR include numerous functions such as keeping track of vacation time, guaranteeing compliance, facilitating the procedure of inviting brand-new employees and bidding goodbye to leaving ones, providing a secure online platform for storing workers' files, and supplying assistance for work allow treatments in case your staff members require assistance because area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, labor force diversity, overall work expenses distributed per location, total work costs per cycle and much more.
environments across the globe I offered management and strategy to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll methods for as Mark said I work across business handling and structure external relationships supporting Enterprise clients and services along with acting as a consultant for those of you that don't know who papaya Global is papaya is the very first payroll and payments
business to make the time 100 list for a lot of influential business worldwide we supply payroll payments and workforce management to all employee key ins over 160 countries I am pleased to say that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning great afternoon good night depending upon where you remain in the world it's lovely to fulfill you and thank you quite 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 dealing with the payroll and payment sector for over seven years um I was fascinated by the intricacy the trouble in all of the above of
payroll payments and chose to sort of make a real go at that over the last 5 or 6 years where I have actually type of had a variety of different roles on the supplier side and also on the vendor side from a payroll viewpoint so really anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we'll just provide everyone another number of uh well among the 30 seconds or so 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 already just to hear where everyone is um it's nice to to type of like see where everybody comes from and I truly 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 really really dreary and I wish I was elsewhere at this moment in time all right so let's start our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business keep separate
Virtual payroll accounts are an alternative to traditional checking account for handling payroll payments. This is especially useful for worldwide companies with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of keeping different savings account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will likewise provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time during this webinar we'll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one country but when you're doing it worldwide it's next level and Beyond it becomes complex for a range of reasons most notably regulations compliance data security and banking guidelines then there are the large numbers they include additional complexity the international Labor force is currently three and a half billion people 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 consider that there are some 230 million companies and growing all doing their own thing worldwide in the conventional payroll model there's frequently a frustrating variety of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in large amounts and or really really basic there's no genuine consistency structure we're living in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind whenever I I think
about it to offer you a concept 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 gives me sleep deprived nights and quite honestly the more a company invests in worldwide payroll the less of a picture they see a lack of visibility also extends to payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction nearly half of worldwide companies 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 poor HCM information information entry errors improperly interacted hires and terminations in addition to lack management and system setups and then when you round it all off and the data is shipped to the incorrect location the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide payroll and payments don't run smoothly if they rely on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties organization face when they're making payments to workers or otherwise that's an excellent question I always throw this back and say what is it what does not need to be included right and what does
it need to be thought about there's differing 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 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 best eventually constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the type 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 definitely basic and technology is permitting us to kind of move forward with that it likewise too to contribute to that payroll and finance need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely essential that payroll and financing groups work more detailed together than ever um I'm always surprised when people say I've divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work 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 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
world we reside in and well-being being increasingly more crucial to contribute to type of the level of complexity there's a growing number of advantages being organ or being used by businesses throughout the world so again you're simply wanting to include increasingly more payments to this currently complicated 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 type of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of decades I would certainly state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding details into the next function as it were that's really managing the payment side of things but 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 require to develop extra handoffs at the same times that we operate in they just make them more timely they make them less effective and they don't make them what they need to be in in a period of tech and a period that you know that we are working in today there is no reason why we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from a cost viewpoint from an impact perspective on employees it is absolutely important 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 have to be done right it has the greatest harmful effect on people's wellness and numerous other elements if individuals aren't paid uh I have actually constantly been surprised entering this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I'm unsure anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it 'd be fantastic to hear your success story and whether that's been from all staff members or not um but ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it's just a tick box exercise and I think that's how it's seen from the external view as well um so yeah it's likewise like why WI-Fi Global why all of this things is absolutely vital that all of this things is done properly so leveraging the first Global Payments first payroll payment option is a terrific initial step um offering an end-to-end payroll service for your staff members worldwide once again I think is another huge um procedure again lining up and ensuring you have standardization Global procedures all of those things are absolutely essential to success success of organizations and minimizing the number of tools platforms and checking account they need for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone rather where they're implied to be um I do not believe any of us are actually doing that for for the thanks
anyway we understand how how essential a function 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 also so picture sorry I'm just I was simply gon na say imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I'm sure we're talking about hundreds of thousands potentially Millions envision getting that lots of thank you notes um I suggest it 'd be interesting to see the number of Post-it notes you got however it would definitely be an interesting job attempting to clean all those up for sure oh absolutely I can't picture the size of my my Outlook inbox if that was the case um you 'd need days of the week to try to check out them and really see what was going on and kind of shot to return to everyone so carrying on look why do companies select to main separate savings account there are businesses out there doing precisely this for particular countries and I have actually worked in a company or lots of businesses doing precisely that I can state it doesn't always feel effective and it does create more work I know we're not purposely doing that we're not developing extra work for anybody where we don't have to and anyone that's handling that procedure I 'd be interested to hear your ideas Johnny why do you think 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 think individuals have got so used to we require a new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it's not a requirement so I think it's just been the requirement and the norm individuals have embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to type of do it so I believe there's a range I think this is a procedure that requires taking a look at it needs altering but ultimately people are very stuck with what they're familiar
with ideal um modification is a tough thing all of us do not like modification um so I believe it's just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having preserving several checking account however there's a substantial quantity of complexity opts for setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it's established with the right user accesses for individual people so the complexity is big but I think the sincere answer is modification um people have not been able to change or haven't had necessarily the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to alter however we've constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on 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 position a number of obstacles um so Johnny might you inform us about those difficulties yeah obviously so there's a range right there is so
I simply did you changed 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 Worldwide employees you deserve a corner office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you
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