Find out more about Papaya Global Wallet Payroll ... We now have the ability to handle both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer specifically devoted to managing payments. This offers us with a protected and reputable technique of paying to our 10,000 employees worldwide.}
the very best international payroll managment app, conserves me hours of time monthly, one single dashboard for my payroll, EOR and contractors
The Worker Website supplies employees with the capability to access and view crucial documents such as pay slips, wage and tax statements, and employment records. This portal is accessible on both desktop and mobile phones and is used in different languages.
Benefits Administration
Papaya Global assists companies provide competitive advantages packages to global workers regardless of the number of workers in the business. The business can set up medical insurance, short-term and long-lasting disability, vision, dental and maternity leave while getting rid of the requirement to source local benefits suppliers in every nation, produce local accounts and have a minimum number of staff members.
The HR abilities offered by International HR incorporate different functions such as keeping track of getaway time, guaranteeing compliance, assisting in the procedure of welcoming brand-new staff members and bidding farewell to leaving ones, providing a secure online platform for keeping employees' documents, and offering assistance for work permit procedures in case your staff members require help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, workforce diversity, total employment costs dispersed per place, total employment costs per cycle and a lot more.
environments across the globe I offered leadership and technique to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll techniques for as Mark stated I work throughout business managing and structure external relationships supporting Enterprise clients and options in addition to functioning as a consultant for those of you that do not know who papaya International is papaya is the first payroll and payments
business to make the time 100 list for many influential business worldwide we offer payroll payments and labor force management to all worker key ins over 160 nations I am pleased to say that we also have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning good afternoon excellent night depending on where you remain in the world it's lovely to meet you and thank you very much for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I've been in the payments market for over ten years and particularly working on the payroll and payment sector for over 7 years um I was captivated by the complexity the difficulty in all of the above of
payroll payments and chose to sort of make a real go at that over the last 5 or 6 years where I have actually type of had a variety of different functions on the service provider side and also on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll simply offer everybody another couple of uh well among the 30 seconds or so to join all of us work back to back these days 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 everybody is um it's nice to to kind of like see where everyone comes from and I truly do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it's not no it's it's raining here it's extremely extremely gloomy and I want I was elsewhere at this moment in time okay so let's get going our agenda for today is as follows um we are going to be looking at the challenge years of handling International payroll why companies keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we'll also go over a recap which should leave his time at the extremely really 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 become a growing number of typical and managing them ends up being a growing number of complex Worldwide companies are wanting to discover Solutions and brand-new methods to improve procedures specifically from a payroll and cross-border payment viewpoint numerous companies preserve separate bank account just for payroll while some have numerous accounts in different countries does it make good sense for business to maintain separate bank accounts in some cases in different nations it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international companies streamline the episode complex processes of
making payroll payments precisely efficiently safely and on time throughout this webinar we'll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business precisely anticipate their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one country however when you're doing it globally it's next level and Beyond it becomes intricate for a range of factors most importantly policies compliance data security and banking guidelines then there are the sheer numbers they add more complexity the worldwide Labor force is presently 3 and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and additional 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 standard payroll model there's typically an overwhelming variety of different systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or extremely really basic there's no genuine consistency structure we're living in an age of tech but payroll has been slow 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 each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that's another number that gives me sleepless nights and rather honestly the more a business invests in global payroll the less of a photo they see a lack of presence also encompasses payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide organizations have actually expressed that they don't have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors badly interacted hires and terminations as well as lack management and system setups and after that when you round everything off and the data is delivered to the wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don't run efficiently if they count on the required 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 obstacles 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 does not need to be consisted of ideal and what does
it require to be thought about there's varying Bank details 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 have to pay from an in-country account do you need to pay from the consumer's own in-country account so there's complexity wherever you look ideal ultimately building a knowledge base is definitely crucial however all over you look with payroll payment they resemble extremely payments no if however some children about it you are all superheroes processing payments for payroll if you look at the sort 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 absolutely basic and technology is allowing us to sort of move forward with that it likewise also to add to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup processes is absolutely imperative that payroll and financing groups work more detailed together than ever um I'm constantly impressed when individuals say I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being a growing number of essential to add to kind of the level of complexity there's more and more benefits being organ or being provided by businesses throughout the world so again you're simply seeking to add increasingly more payments to this already complex landscape so if you sort of got any experience well I'm from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine challenging kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are teams feeding info into the next function as it were that's in fact handling the payment side of things but you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to develop additional handoffs at the same times that we operate in they simply make them more prompt they make them less efficient and they don't make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason why we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from an expense viewpoint from an impact perspective on staff members it is definitely critical that it's done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful impact on individuals's wellness and numerous other aspects if individuals aren't paid uh I have actually always been impressed coming into this Market type of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it's from all employees or not. Payroll is an important cycle, and people only notice when things go wrong. Nevertheless, when things go right, it's seen as just a routine job. This is how it's viewed externally too. For that reason, it is necessary to guarantee that tasks like Wi-Fi International and other important matters are done properly. Using the very first Worldwide Payments very first payroll payment option is a terrific preliminary step towards offering a detailed payroll service for workers worldwide. Standardization, worldwide procedures, and decreasing the variety of tools, platforms, and bank accounts necessary for global payroll are essential factors in attaining organization success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as prepared. Eventually, we do not do it for the appreciation.
anyway we understand how how essential 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 involved in those processes and also so envision sorry I'm simply I was simply gon na state picture the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I'm sure we're discussing hundreds of thousands potentially Millions think of getting that many thank you notes um I suggest it 'd be interesting to see the number of Post-it notes you got however it would certainly be an interesting job attempting to clean up all those up for sure oh absolutely I can't envision 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 really see what was going on and kind of try to get back to everyone so proceeding appearance why do business pick to primary different savings account there are businesses out there doing precisely this for specific nations and I have actually worked in an organization or many companies doing exactly that I can state it does not constantly feel effective and it does create more work I know we're not deliberately doing that we're not producing additional work for any person where we do not need to and anybody that's handling that procedure 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 reasons one is it's the standard I believe people have got so utilized to we require a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it's not a requirement so I think it's just been the standard and the norm the people have adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there's a range I think this is a procedure that requires taking a look at it needs altering however eventually individuals are extremely stuck to what they're familiar
with best um change is a tough thing we all do not like modification um so I believe it's simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend undoubtedly the benefits of having maintaining numerous savings account but there's a substantial amount of complexity opts for establishing a checking account keeping it guaranteeing it can send International transfers guaranteeing it's set up with the ideal user accesses for individual people so the complexity is huge however I think the truthful response is change um individuals have not had the ability to change or haven't had necessarily the knowledge to actually make that change into alternate Solutions aside from opening a bank account I believe you have actually 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 always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be identified to be the next Century approximately there is a lot to monitor and this approach does present several challenges um so Johnny might you inform us about those difficulties yeah naturally so there's a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It seems like our CFO has actually gained another CFO, and with this boosted ability, I have successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your accomplishments.
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