Find out more about Papaya Global Singapore Office ... We now have the ability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer specifically devoted to managing payments. This supplies us with a secure and trustworthy approach of paying to our 10,000 workers worldwide.}
The innovative international payroll management app improves my payroll process, saving me a significant amount of time every month. With its easy to use interface, I have access to a single dashboard that effectively handles my payroll, EOR, and contractors.
The Worker Portal supplies employees with the ability to access and view crucial documents such as pay slips, wage and tax statements, and work records. This portal is accessible on both desktop and mobile phones and is provided in various languages.
Benefits Administration
Papaya Global assists companies use competitive benefits plans to worldwide staff members regardless of the number of employees in the company. The business can set up health insurance, short-term and long-term impairment, vision, oral and maternity leave while eliminating the requirement to source regional benefits companies in every country, develop local accounts and have a minimum number of employees.
The HR capabilities offered by International HR include different functions such as monitoring getaway time, making sure compliance, assisting in the procedure of inviting brand-new employees and bidding goodbye to departing ones, offering a protected online platform for saving employees' documents, and supplying support for work allow procedures in case your staff members need assistance because location.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, workforce diversity, total employment expenses dispersed per area, overall employment costs per cycle and much more.
environments around the world I offered management and method to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll techniques for as Mark stated I work throughout the business handling and structure external relationships supporting Enterprise customers and options as well as acting as an advisor for those of you that don't understand who papaya Global is papaya is the very first payroll and payments
business to make the time 100 list for many prominent business in the world we supply payroll payments and workforce management to all staff member enters 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 naturally thank you good morning excellent afternoon good evening depending upon where you are in the world it's lovely to fulfill 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 been in the payments market for over ten years and specifically working on the payroll and payment sector for over seven years um I was fascinated by the intricacy the difficulty in all of the above of
payroll payments and chose to kind of make a real go at that over the last 5 or 6 years where I have actually kind of had a range of different functions on the provider side and likewise on the supplier side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll just provide everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we'll type of let them do that so it 'd be rather intriguing and I can see it going on currently simply to hear where everyone is um it's nice to to sort of like see where everyone comes from and I really 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 extremely very uninspiring and I want I was somewhere else at this moment in time alright so let's get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why companies keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic possession uh we'll also go over a recap and that needs to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become more and more common and handling them becomes more and more intricate Worldwide companies are aiming to discover Solutions and new methods to enhance processes especially from a payroll and cross-border payment viewpoint many organizations maintain different bank account just for payroll while some have numerous accounts in different countries does it make sense for business to preserve different savings account sometimes in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational business simplify the episode complex procedures of
making payroll payments precisely effectively safely and on time throughout this webinar we'll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business precisely forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one country but when you're doing it globally it's next level and Beyond it becomes intricate for a variety of factors most significantly guidelines compliance information security and banking rules then there are the large numbers they include further intricacy 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 presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll design there's often an overwhelming variety of various systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or extremely very standard there's no genuine consistency structure we're living in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that's another number that gives me sleepless nights and rather frankly the more an organization invests in worldwide payroll the less of an image they see a lack of presence likewise extends to payroll payments and inability to properly track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide services have expressed that they don't have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes poorly interacted hires and terminations as well as absence management and system setups and then when you round everything 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 once payrolls are done we still need to move the money all over the world payroll and payments don't run efficiently if they count on the needed several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties service face when they're making payments to staff members or otherwise that's an excellent concern I always toss this back and state what is it what doesn't require to be consisted of best and what does
it require to be considered 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 have to pay from the consumer's own in-country account so there's intricacy any place you look ideal ultimately developing a knowledge base is absolutely important however all over you look with payroll payment they resemble very payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to kind of move on with that it also as well to add to that payroll and finance need to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely vital that payroll and finance groups work more detailed together than ever um I'm always surprised when individuals say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't work in the payroll occupation would they split the payroll payment from estimation 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 data collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on wellness and the compensation landscape is becoming progressively elaborate. Businesses are constantly introducing brand-new benefits and payment options, which adds to the total intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can cause inefficiencies and bottlenecks. In my opinion, this does not have to hold true. In today's highly innovative age, there's no justification for keeping cumbersome treatments. Payroll, the business's most significant cost, must be processed correctly and on time. Even small hold-ups can adversely impact workers' well-being and have far-reaching effects. Therefore, it's critical to focus on accurate and timely payments.
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be fantastic 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. Nevertheless, when things go right, it's seen as simply a regular job. This is how it's perceived externally too. For that reason, it is vital to ensure that tasks like Wi-Fi Worldwide and other vital matters are done properly. Using the first Worldwide Payments very first payroll payment option is a terrific initial step towards supplying a comprehensive payroll service for employees worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and checking account required for worldwide payroll are essential consider attaining organization success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things do not go as planned. Ultimately, we do not do it for the gratitude.
anyway we know how how important 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 everybody that's associated with those processes and likewise so envision sorry I'm simply I was just gon na say think of 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 discussing numerous thousands potentially Millions imagine getting that many thank you notes um I imply it 'd be interesting to see how many Post-it notes you got however it would certainly be a fascinating task attempting 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 look through them and in fact see what was going on and sort of shot to get back to everyone so moving on appearance why do companies select to primary different bank accounts there are organizations out there doing exactly this for specific countries and I have actually worked in a service or many services doing precisely that I can state it doesn't always feel efficient and it does produce more work I know we're not purposely doing that we're not creating additional work for any person where we do not need to and anyone 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 numerous factors one is it's the standard I believe people have got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it's not a requirement so I think it's simply been the standard and the norm individuals have actually embraced and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other ways um to to sort of do it so I think there's a variety I believe this is a process that requires taking a look at it requires altering but ultimately people are really stuck with what they're familiar
with ideal um change is a tough thing all of us don't like modification um so I think it's just sort of moving away from the norm as we've said so yeah so it keeps a lot of track of stuff um I comprehend clearly the benefits of having keeping multiple checking account however there's a substantial amount of intricacy opts for setting up a bank account maintaining it guaranteeing it can send out International transfers ensuring it's set up with the ideal user accesses for private people so the complexity is big however I think the sincere response is change um people haven't had the ability to alter or have not had always the understanding to really make that change into alternate Solutions aside from opening a bank account I think you've hit the nail on the head I believe it is knowledge you know and there is an element of resistance to change however we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to monitor and this method does position a number of obstacles um so Johnny could you inform us about those difficulties yeah naturally so there's a variety right there is so
I simply 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 deserve a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you
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