Find out more about Papaya Global Payroll Wiki ... 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 obtained a different Chief Financial Officer specifically committed to handling payments. This supplies us with a secure and trusted technique of making payments to our 10,000 employees worldwide.}
The innovative global payroll management app simplifies my payroll procedure, saving me a considerable amount of time each month. With its user-friendly user interface, I have access to a single control panel that effectively manages my payroll, EOR, and specialists.
The Worker Website offers staff members with the capability to access and view crucial documents such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile devices and is offered in numerous languages.
Benefits Administration
Papaya Global assists business provide competitive benefits packages to global workers regardless of the number of employees in the business. 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 advantages suppliers in every nation, create local accounts and have a minimum variety of employees.
Global HR Performances
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and immigration services if your employees require work authorization support.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce costs, labor force diversity, overall work expenses dispersed per location, overall work expenses per cycle and much more.
Worldwide, I have actually demonstrated management and strategic proficiency in assisting large-scale populations of over 100,000 employees throughout 170 countries. Currently, I am responsible for managing payroll methods, as pointed out by Mark. My role involves managing and developing external collaborations, supporting Enterprise customers, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments services supplier.
business to make the time 100 list for the majority of influential companies in the world we provide payroll payments and workforce management to all employee types in over 160 nations I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself naturally thank you good morning good afternoon excellent evening depending upon where you are in the world it's charming 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 have actually remained in the payments market for over 10 years and specifically dealing with the payroll and payment sector for over 7 years um I was amazed 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 five or 6 years where I've type of had a range of various functions on the supplier side and also on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll just offer everyone another couple 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 intriguing and I can see it going on already just to hear where everyone is um it's nice to to sort of like see where everybody comes from and I really do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it's not no it's it's drizzling here it's extremely extremely uninspiring and I wish I was elsewhere at this moment in time all right so let's begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Global payroll why companies preserve different
Virtual payroll accounts are an alternative to traditional bank accounts for managing payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets use a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical asset for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time during this webinar we'll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in adequate in one country however when you're doing it globally it's next level and Beyond it ends up being complex for a range of reasons most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they include further complexity the international Labor force is currently 3 and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the standard payroll design there's frequently a frustrating number of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in big amounts and or very very fundamental there's no real consistency framework we're living in an era of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Workforce information in real time that's another number that offers me sleep deprived nights and rather frankly the more a business invests in global payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of global businesses have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes improperly communicated hires and terminations as well as absence management and system configurations and then when you round everything off and the data is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don't run efficiently if they rely on the necessary multiple 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 challenges business face when they're making payments to employees or otherwise that's an excellent question I constantly throw this back and state what is it what doesn't need to be included best and what does
it need to be thought of there's varying 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 customer's own in-country account so there's intricacy anywhere you look right ultimately constructing a knowledge base is definitely important but everywhere you look with payroll payment they resemble super payments no if however some infants 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 believe there's now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to sort of move on with that it also too to contribute to that payroll and financing require to work closer together um with differing Savings account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing teams work better together than ever um I'm constantly astonished when people state I've divided payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation 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 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
The contemporary world places a high value on wellness and the compensation landscape is ending up being increasingly elaborate. Services are continuously presenting new advantages and payment options, which adds to the overall complexity. Large corporations often divide their payroll and payment processing into different teams, which can lead to ineffectiveness and bottlenecks. In my opinion, this doesn't have to be the case. In today's highly sophisticated period, there's no reason for keeping cumbersome procedures. Payroll, the business's greatest cost, should be processed properly and on time. Even slight hold-ups can negatively affect workers' wellness and have far-reaching repercussions. Therefore, it's critical to prioritize precise and timely payments.
payroll group get um so I'm unsure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it 'd be great to hear your success story and whether that's been from all workers or not um however eventually payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it's simply a tick box exercise and I believe that's how it's seen from the external deem well um so yeah it's likewise like why WI-Fi Global why all of this things is definitely important that all of this things is done correctly so leveraging the very first International Payments very first payroll payment option is a terrific initial step um providing an end-to-end payroll solution for your employees internationally again I believe is another big um procedure again aligning and ensuring you have standardization Worldwide procedures all of those things are definitely crucial to success success of services and lowering the variety of tools platforms and checking account they need for their Global payroll too couldn't agree with you more and on the the front in regards to of the thank yous for getting payroll done I've never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they're meant to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how crucial a role 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 simple as possible for everybody that's involved in those processes and likewise so imagine sorry I'm simply I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we're speaking about numerous thousands potentially Millions think of getting that many thank you keeps in mind um I imply it 'd be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying to clean all those up for sure oh absolutely 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 check out them and in fact see what was going on and sort of shot to return to everybody so moving on appearance why do companies select to main separate checking account there are organizations out there doing precisely this for particular countries and I've worked in an organization or numerous services doing exactly that I can state it doesn't always feel effective and it does develop more work I understand we're not deliberately doing that we're not developing additional work for anybody where we don't need to and anyone that's handling 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 amount that we are I think lots of factors one is it's the standard I believe individuals have actually got so used to we need a new bank account we open an entity and rightly 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 standard and the standard individuals have adopted and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and many other ways um to to sort of do it so I think there's a range I believe this is a procedure that requires taking a look at it requires changing but ultimately people are extremely stuck with what they recognize
with right um modification is a hard thing we all do not like change um so I think it's simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the benefits of having maintaining several checking account but there's a big amount of complexity chooses establishing a savings account maintaining it ensuring it can send International transfers guaranteeing it's set up with the ideal user accesses for private people so the intricacy is substantial but I believe the sincere response is change um people have not been able to change or haven't had always the understanding to truly make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I think it is knowledge you know and there is a component of resistance to change however we've always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you know what could almost be determined to be the next Century or two there is a lot to keep track of and this approach does pose several challenges um so Johnny could you tell us about those challenges yeah of course so there's a variety right there is so
I simply did you switched 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 Global workers you should have a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you
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