Find out more about Papaya Global Ticker ... 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 obtained a separate Chief Financial Officer specifically committed to handling payments. This offers us with a safe and reputable method of making payments to our 10,000 workers worldwide.}
the very best worldwide payroll managment app, saves me hours of time each month, one single dashboard for my payroll, EOR and professionals
The Worker Website supplies employees with the capability to gain access to and view essential files such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile phones and is offered in different languages.
Advantages Administration
Papaya Global assists companies provide competitive benefits plans to international workers no matter the variety of staff members in the business. The business can set up medical insurance, short-term and long-term special needs, vision, dental and maternity leave while removing the need to source local advantages service providers in every country, develop regional accounts and have a minimum number of employees.
The HR capabilities offered by Worldwide HR incorporate numerous functions such as keeping track of vacation time, guaranteeing compliance, facilitating the process of welcoming brand-new workers and bidding goodbye to leaving ones, offering a safe online platform for storing workers' files, and supplying support for work permit treatments in case your employees require support in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, workforce diversity, total work expenses distributed per location, overall work expenses per cycle and a lot more.
Worldwide, I have actually demonstrated management and tactical know-how in assisting massive populations of over 100,000 staff members throughout 170 countries. Currently, I are accountable for managing payroll methods, as pointed out by Mark. My function involves managing and developing external partnerships, supporting Business clients, and offering advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions service provider.
business to make the time 100 list for many influential business on the planet we provide payroll payments and labor force management to all worker types in over 160 countries I am pleased to say 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 excellent evening depending on where you remain in the world it's beautiful to meet 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 remained in the payments industry for over ten years and specifically working on the payroll and payment sector for over seven years um I was amazed by the intricacy the trouble in all of the above of
payroll payments and chose to type of make a real go at that over the last 5 or 6 years where I've kind of had a range of different functions on the company side and also on the vendor side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you quite for your time everyone all right 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 nowadays so we'll kind of let them do that so it 'd be quite interesting and I can see it going on already just to hear where everybody is um it's nice to to sort of like see where everybody comes 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 raining here it's extremely very dreary and I want I was somewhere else at this moment in time fine so let's get started our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business keep different
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we'll likewise review a recap which must leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more typical and managing them becomes more and more intricate Global organizations are wanting to discover Solutions and new methods to simplify procedures specifically from a payroll and cross-border payment viewpoint numerous companies keep separate checking account just for payroll while some have numerous accounts in various countries does it make sense for companies to keep different bank accounts in some cases in different nations it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex processes of
making payroll payments accurately effectively firmly and on time during this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in sufficient in one country however when you're doing it internationally it's next level and Beyond it becomes complex for a range of factors most significantly regulations compliance information security and banking rules then there are the large numbers they include additional complexity the worldwide Workforce is currently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the traditional payroll design there's typically an overwhelming number of various systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in big quantities and or really extremely fundamental there's no genuine consistency structure we're living in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 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 a service invests in worldwide payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of worldwide businesses have actually revealed that they don't have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors badly interacted hires and terminations along with absence management and system setups and then when you round it all off and the information is delivered to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don't run smoothly if they depend on the necessary numerous processes 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 difficulties organization face when they're paying to staff members or otherwise that's an excellent concern I constantly toss this back and say what is it what does not need to be consisted of best and what does
it require to be thought of there's varying Bank information so the length of an eye band a swift an account number routing code per country there's payment time frames 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 complexity any place you look best eventually building a knowledge base is absolutely critical but everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind 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 essential and technology is enabling us to type of progress with that it also also to add to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely imperative that payroll and finance groups work better together than ever um I'm always surprised when people state I've divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation I would say no so why do we as a market 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 individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on wellness and the settlement landscape is ending up being progressively elaborate. Organizations are continually presenting brand-new benefits and payment alternatives, which adds to the overall intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can cause ineffectiveness and bottlenecks. In my opinion, this does not have to be the case. In today's technically innovative period, there's no validation for preserving troublesome treatments. Payroll, the company's greatest expense, need to be processed properly and on time. Even minor delays can negatively impact employees' well-being and have far-reaching repercussions. Therefore, it's vital to focus on accurate and timely payments.
payroll group get um so I'm uncertain anybody on this sort of webinar has been told thank you for processing my payroll properly if you have it 'd be excellent to hear your success story and whether that's been from all workers or not um however eventually payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong but when it goes right it's simply a tick box workout 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 stuff is done properly so leveraging the very first Global Payments very first payroll payment solution is an excellent first step um providing an end-to-end payroll solution for your staff members globally again I believe is another substantial um procedure once again aligning and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of businesses and reducing the variety of tools platforms and checking account they need for their Global 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 don't anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven't gone quite where they're implied to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how essential a role 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 simple as possible for everyone that's associated with those procedures and also so picture sorry I'm simply I was just gon na state imagine the amount of thanks you got if you could cover the quantity 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 notes um I suggest it 'd be interesting to see how many Post-it notes you got however it would certainly be an intriguing job trying to clean all those up for sure oh absolutely 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 try to look through them and actually see what was going on and kind of shot to get back to everyone so proceeding look why do business choose to primary separate savings account there are companies out there doing exactly this for specific nations and I've operated in a company or many businesses doing exactly that I can say it doesn't always feel effective and it does develop more work I know we're not intentionally doing that we're not creating extra work for anybody where we do not need to and any person that's handling that procedure 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 standard I think individuals have got so used to we need a new checking account we open an entity and appropriately 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 simply been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there's a range I believe this is a process that needs looking at it needs altering but eventually individuals are extremely stuck to what they recognize
with ideal um change is a difficult thing all of us do not like modification um so I think 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 stuff um I understand obviously the benefits of having maintaining numerous bank accounts however there's a big quantity of intricacy goes with setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it's established with the ideal user accesses for individual individuals so the complexity is substantial however I think the truthful answer is modification um people haven't had the ability to alter or have not had always the knowledge to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be figured out to be the next Century approximately there is a lot to keep track of and this approach does pose several challenges um so Johnny might you inform us about those challenges yeah of course so there's a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments.
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