Find out more about Papaya Global Payroll With Credit Card ... We now have the capability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually gotten a different Chief Financial Officer specifically committed to handling payments. This supplies us with a secure and reliable approach of making payments to our 10,000 employees worldwide.}
The advanced global payroll management app streamlines my payroll process, conserving me a significant amount of time monthly. With its user-friendly interface, I have access to a single control panel that efficiently handles my payroll, EOR, and professionals.
The Employee Website provides workers with the capability to gain access to and view essential documents such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile devices and is offered in various languages.
Advantages Administration
Papaya Global assists companies provide competitive advantages bundles to international workers no matter the number of staff members in the business. The company can set up health insurance, short-term and long-lasting special needs, vision, dental and maternity leave while removing the requirement to source regional advantages service providers in every nation, produce regional accounts and have a minimum variety of employees.
The HR capabilities provided by Global HR include various functions such as keeping track of trip time, making sure compliance, helping with the process of welcoming new workers and bidding farewell to leaving ones, offering a protected online platform for keeping employees' documents, and providing assistance for work permit procedures in case your staff members require support because area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, workforce variety, total work costs distributed per location, total employment expenses per cycle and far more.
Worldwide, I have actually demonstrated management and strategic competence in assisting large-scale populations of over 100,000 employees across 170 countries. Currently, I am responsible for overseeing payroll methods, as discussed by Mark. My role includes managing and developing external collaborations, supporting Enterprise clients, and offering advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments options provider.
business to make the time 100 list for a lot of prominent companies on the planet we offer payroll payments and workforce management to all worker types in over 160 countries I am pleased to state that we also have as Mark stated Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning excellent afternoon excellent evening depending on where you remain in the world it's charming 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've remained in the payments industry for over 10 years and particularly dealing with the payroll and payment sector for over 7 years um I was interested by the complexity the difficulty in all of the above of
payroll payments and decided to kind of make a genuine go at that over the last five or 6 years where I have actually type of had a variety of various roles on the provider side and likewise on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everybody alright thanks Johnny uh we'll just give everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we'll kind of let them do that so it 'd be quite fascinating 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 everyone originates from and I actually 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 really extremely bleak and I wish I was elsewhere 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 difficulty years of handling Worldwide payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical property uh we'll also go over a wrap-up which needs to leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more typical and handling them ends up being increasingly more complex Global organizations are seeking to find Solutions and brand-new ways to streamline processes specifically from a payroll and cross-border payment perspective many companies keep separate checking account just for payroll while some have several accounts in various countries does it make sense for companies to maintain different checking account sometimes in different nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping multinational companies improve the episode complex procedures of
making payroll payments precisely efficiently safely and on time throughout this webinar we'll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in sufficient in one nation however when you're doing it globally it's next level and Beyond it ends up being complex for a variety of factors most significantly regulations compliance information security and banking guidelines then there are the sheer numbers they add more complexity the worldwide Labor force is currently 3 and a half billion people by 2030 it's approximated 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 factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the standard payroll model there's typically an overwhelming number of different systems leading to time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or extremely very standard there's no genuine consistency framework we're living in a period 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 which simply blows my mind whenever 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 state they have Workforce information in real time that's another number that provides me sleepless nights and quite honestly the more a company invests in global payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global services have revealed that they don't have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes improperly communicated hires and terminations as well as absence management and system setups and then when you round it all off and the data is shipped to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don't run smoothly if they rely on the required numerous processes 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 staff members 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 require to be thought of there's differing Bank information so the length of an eye band a swift an account number routing code per nation 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 customer's own in-country account so there's intricacy anywhere you look right eventually developing a knowledge base is absolutely vital but all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is enabling us to type of move forward with that it also also to add to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and financing teams work closer together than ever um I'm always surprised 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 a market accept that why our payroll and payments so typically split and cut up um eventually it's payroll is an end-to-end process it's the point of data collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high worth on wellness and the compensation landscape is ending up being increasingly elaborate. Organizations are continuously presenting brand-new advantages and payment choices, which contributes to the total complexity. Big corporations typically divide their payroll and payment processing into different groups, which can result in inadequacies and traffic jams. In my viewpoint, this doesn't have to hold true. In today's technologically innovative age, there's no justification for maintaining troublesome procedures. Payroll, the company's greatest expenditure, should be processed correctly and on time. Even slight delays can negatively impact staff members' wellness and have significant consequences. Therefore, it's vital to focus on precise and prompt payments.
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it's from all workers or not. Payroll is a crucial cycle, and individuals only notice when things fail. Nevertheless, when things go right, it's viewed as simply a routine task. This is how it's perceived externally too. For that reason, it is vital to make sure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the first International Payments first payroll payment option is a fantastic preliminary step towards offering a thorough payroll solution for workers worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and bank accounts essential for global payroll are crucial consider attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don't go as prepared. Ultimately, we do not do it for the thankfulness.
anyhow 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 everybody that's associated with those procedures and also so picture sorry I'm just I was simply gon na say envision the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I'm sure we're talking about numerous thousands potentially Millions picture getting that numerous thank you keeps in mind um I indicate it 'd be interesting to see how many Post-it notes you got but it would certainly be an interesting task attempting to clean up all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to look through them and actually see what was going on and kind of shot to get back to everyone so proceeding appearance why do companies select to primary different checking account there are organizations out there doing exactly this for specific nations and I have actually worked in an organization or numerous organizations doing exactly that I can state it does not constantly feel efficient and it does create more work I know we're not deliberately doing that we're not producing extra work for any person where we do not need to and anybody that's dealing with 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 numerous factors one is it's the standard I think individuals have actually got so utilized 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 believe it's just been the standard and the norm individuals have actually embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there's a range I think this is a procedure that needs looking at it requires altering however eventually individuals are extremely stuck to what they recognize
with right um modification is a hard thing we all don't like change um so I think it's just kind of moving away 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 maintaining several bank accounts however there's a big quantity of complexity chooses establishing a bank account keeping it guaranteeing it can send out International transfers ensuring it's set up with the right user accesses for private people so the intricacy is huge but I think the truthful response is modification um people have not been able to alter or haven't had necessarily the understanding to actually make that change into alternate Solutions aside from opening a checking account I think you've hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we've constantly 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 understand what could nearly be figured out to be the next Century approximately there is a lot to track and this technique does posture several challenges um so Johnny could you inform us about those challenges yeah naturally so there's a variety right there is so
I simply did you switched our Enterprise 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 International workers you are worthy of a corner workplace with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you
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