Find out more about Papaya Global Reddit ... We now have the ability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has actually acquired a different Chief Financial Officer particularly committed to handling payments. This supplies us with a safe and reputable technique of paying to our 10,000 employees worldwide.}
the very best global payroll managment app, conserves me hours of time on a monthly basis, one single control panel for my payroll, EOR and professionals
The Worker Website offers employees with the ability to access and view important files such as pay slips, wage and tax declarations, and work records. This portal is accessible on both desktop and mobile devices and is used in numerous languages.
Benefits Administration
Papaya Global assists companies use competitive advantages plans to worldwide staff members regardless of the variety of workers in the company. The business can set up health insurance, short-term and long-lasting disability, vision, dental and maternity leave while removing the requirement to source local advantages companies in every country, develop regional accounts and have a minimum number of staff members.
The HR abilities supplied by Global HR include various functions such as monitoring vacation time, ensuring compliance, facilitating the process of inviting brand-new staff members and bidding farewell to departing ones, offering a safe and secure online platform for storing workers' files, and offering assistance for work permit procedures in case your employees need support because location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, workforce diversity, overall work expenses dispersed per area, total employment expenses per cycle and much more.
Worldwide, I have actually demonstrated management and strategic proficiency in directing large-scale populations of over 100,000 staff members across 170 nations. Currently, I are accountable for managing payroll techniques, as discussed by Mark. My function involves handling and developing external collaborations, supporting Business clients, and providing advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments options service provider.
company to make the time 100 list for a lot of influential business worldwide we provide payroll payments and workforce management to all employee key ins over 160 nations I am pleased to state that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning excellent afternoon excellent evening depending on where you are in the world it's lovely to meet you and thank you very much 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 market for over 10 years and particularly working on the payroll and payment sector for over 7 years um I was amazed by the complexity the trouble in all of the above of
payroll payments and chose to kind of make a real go at that over the last five or six years where I have actually kind of had a range of different roles on the provider side and likewise on the vendor side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll just provide everyone another couple of uh well one of the 30 seconds or so 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 kind of like see where everyone originates from and I really do hope it's much sunnier than it is 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 very gloomy and I want I was elsewhere at this moment in time fine so let's begin 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 preserve different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we'll also review a recap which must leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more common and handling them ends up being more and more intricate International companies are looking to find Solutions and new ways to streamline processes particularly from a payroll and cross-border payment perspective numerous companies preserve separate savings account just for payroll while some have several accounts in various nations does it make good sense for business to maintain different savings account in some cases in various nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting international business streamline the episode complex processes of
making payroll payments precisely efficiently securely and on time throughout this webinar we'll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in enough in one country however when you're doing it globally it's next level and Beyond it ends up being intricate for a variety of factors most significantly policies compliance information security and banking guidelines then there are the large numbers they add further intricacy the international Workforce is currently three and a half billion individuals 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 factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the traditional payroll model there's often a frustrating number of different systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or extremely really standard there's no real consistency structure we're residing in an age of tech but 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 just blows my mind whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that's another number that gives me sleepless nights and rather frankly the more a company invests in worldwide payroll the less of an image they see an absence of presence likewise extends to payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide services have actually revealed that they don't have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes badly interacted hires and terminations along with lack management and system setups and then when you round all of it off and the information is shipped to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the world payroll and payments do not run smoothly if they rely on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they're making payments to workers or otherwise that's a good concern I always toss this back and state what is it what does not need to be consisted of right and what does
it need to be considered there's differing Bank information so the length of an eye band a swift an account number routing code per country there's payment timespan there's payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client's own in-country account so there's complexity wherever you look ideal eventually constructing a knowledge base is absolutely crucial however everywhere you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 basic and innovation is enabling us to type of progress with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is definitely imperative that payroll and financing groups work closer together than ever um I'm always amazed when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from computation 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 ultimately it's payroll is an end-to-end process it's the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being more and more crucial to add to kind of the level of complexity there's a growing number of advantages being organ or being used by businesses across the world so again you're simply aiming to add a growing number of payments to this currently intricate landscape so if you type of got any experience well I'm from your vast experience here and I make certain but have you got any experience in kind of real obstacles or genuine tough sort of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding info into the next function as it were that's in fact managing the payment side of things however you know in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we need to produce additional handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you understand that we are operating in today there is no reason we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any service has from an expense perspective from an effect viewpoint on workers it is absolutely critical that it's done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful result on people's wellness and many other aspects if people aren't paid uh I have actually constantly been astonished entering into this Market type of the last 5 to 10 years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it's from all employees or not. Payroll is a crucial cycle, and people only observe when things go wrong. Nevertheless, when things go right, it's viewed as simply a routine job. This is how it's perceived externally as well. For that reason, it is necessary to make sure that tasks like Wi-Fi Global and other important matters are done properly. Using the first International Payments very first payroll payment service is a fantastic initial action towards offering an extensive payroll option for workers worldwide. Standardization, worldwide procedures, and lowering the variety of tools, platforms, and bank accounts required for worldwide payroll are essential factors in attaining company success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few problems when things don't go as prepared. Ultimately, we don't do it for the gratitude.
anyway we understand how how crucial a function 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 everyone that's involved in those procedures and also so picture sorry I'm just I was just gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I'm sure we're discussing numerous thousands potentially Millions picture getting that numerous thank you notes um I suggest it 'd be interesting to see how many Post-it notes you got but 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 try to look through them and really see what was going on and sort of try to return to everyone so moving on look why do business select to primary different savings account there are businesses out there doing exactly this for specific countries and I have actually worked in a company or many businesses doing exactly that I can say it doesn't constantly feel effective and it does create more work I understand we're not purposely doing that we're not developing extra work for anybody where we do not need to and anybody that's dealing with 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 lots of reasons one is it's the requirement I think individuals have got so used to we require a new checking account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it's not a requirement so I think it's just been the requirement and the standard the people have actually adopted and continue to do over years and years gone past to add to that people have looked at things like trust accounts and many other ways um to to sort of do it so I believe there's a variety I believe this is a procedure that requires looking at it requires altering but eventually people are very stuck to what they're familiar
with best um modification is a tough thing we all do not like modification um so I believe it's just type of moving far from the standard as we've said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having maintaining multiple bank accounts but there's a substantial quantity of intricacy opts for establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it's established with the right user accesses for private people so the intricacy is big however I believe the honest response is change um people have not been able to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter however we've 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 almost be determined to be the next Century or two there is a lot to monitor and this technique does posture a number of obstacles um so Johnny might you inform us about those obstacles yeah obviously so there's a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements.
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