Find out more about Bonus Payroll Papaya Global ... We now have the ability to manage both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has actually acquired a different Chief Financial Officer specifically dedicated to handling payments. This offers us with a safe and secure and dependable method of making payments to our 10,000 workers worldwide.}
The cutting-edge global payroll management app streamlines my payroll process, conserving me a considerable amount of time every month. With its easy to use user interface, I have access to a single control panel that efficiently manages my payroll, EOR, and contractors.
The Worker Website supplies staff members with the ability to gain access to and view essential files such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile devices and is used in numerous languages.
Advantages Administration
Papaya Global assists companies provide competitive advantages plans to worldwide employees regardless of the number of employees in the business. The company can set up medical insurance, short-term and long-term disability, vision, dental and maternity leave while eliminating the requirement to source local advantages providers in every country, produce regional accounts and have a minimum variety of workers.
International HR Functionalities
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your staff members need work permit help.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, workforce variety, overall work expenses dispersed per area, overall employment costs per cycle and far more.
Internationally, I have actually shown leadership and strategic proficiency in guiding large-scale populations of over 100,000 employees across 170 countries. Presently, I are accountable for managing payroll techniques, as discussed by Mark. My role involves handling and developing external partnerships, supporting Enterprise clients, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments services company.
As an international business, we are honored to be included on the distinguished Time 100 list of the most influential companies worldwide. We focus on supplying payroll and workforce management services to employees in more than 160 countries. I am delighted to introduce Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your area. It's a pleasure to satisfy you and thank you for your valuable time. As Ian pointed out, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments market, I have focused on payroll and payment services for the past seven years. The intricacies and obstacles of this field have actually constantly captivated me.
payroll payments and decided to sort of make a real go at that over the last 5 or 6 years where I've type of had a range of different functions on the provider side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we'll just offer everyone another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we'll sort 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 originates from and I truly 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 really really gloomy and I wish I was somewhere else at this moment in time okay so let's get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we'll likewise go over a wrap-up which should leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of typical and managing them becomes a growing number of complex International companies are aiming to find Solutions and brand-new ways to improve procedures particularly from a payroll and cross-border payment perspective many organizations preserve separate bank account just for payroll while some have numerous accounts in various nations does it make good sense for companies to preserve different savings account in some cases in different nations it does however just for payroll is there a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping multinational business enhance the episode complex procedures of
making payroll payments precisely efficiently firmly and on time throughout this webinar we'll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one nation however when you're doing it worldwide it's next level and Beyond it ends up being complex for a variety of reasons most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they add further complexity the worldwide Labor force is presently three and a half billion people by 2030 it's estimated 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 factor in that there are some 230 million services and growing all doing their own thing worldwide in the traditional payroll model there's often a frustrating number of various systems resulting in time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely extremely fundamental there's no genuine consistency framework we're residing in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind every time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that's another number that offers me sleepless nights and quite frankly the more an organization invests in global payroll the less of a photo they see an absence of exposure also encompasses payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the transaction almost half of international businesses have revealed that they don't have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM information information entry mistakes improperly interacted hires and terminations along with lack management and system setups and then when you round all of it off and the data is shipped to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don't run efficiently if they count on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they're paying to staff members or otherwise that's an excellent concern I always toss this back and state what is it what doesn't need to be consisted of right and what does
it need to be thought of there's differing 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 anywhere you look right ultimately constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble super payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to type of move on with that it also also to contribute to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is definitely essential that payroll and finance groups work better together than ever um I'm always amazed when individuals state I've divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate 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 frequently 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 any place they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high worth on well-being and the compensation landscape is becoming progressively complex. Businesses are continually presenting new advantages and payment alternatives, which adds to the total intricacy. Large corporations typically divide their payroll and payment processing into different groups, which can result in inadequacies and traffic jams. In my opinion, this does not have to be the case. In today's technically innovative period, there's no reason for preserving cumbersome treatments. Payroll, the company's most significant cost, should be processed properly and on time. Even slight hold-ups can adversely affect staff members' well-being and have far-reaching repercussions. Therefore, it's important to prioritize accurate and prompt payments.
payroll team get um so I'm not sure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it 'd be fantastic to hear your success story and whether that's been from all staff members or not um however ultimately payroll is such an essential cycle we all become aware of it when it fails everyone jumps up and down when it fails but when it goes right it's simply a tick box exercise and I believe that's how it's seen from the external view as well um so yeah it's also like why WI-Fi Global why all of this things is absolutely crucial that all of this things is done properly so leveraging the very first International Payments first payroll payment option is an excellent primary step um offering an end-to-end payroll solution for your workers worldwide again I think is another big um process once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of services and lowering the number of tools platforms and checking account they require 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've never had a hundred thousand of them within a payroll cycle don't anticipate to you do get the odd five or 10 or whatever it might be with the with the the grievances where things haven't gone rather where they're implied to be um I don't believe any of us are really doing that for for the thanks
anyhow 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 easy as possible for everybody that's involved in those processes and also so think of sorry I'm simply I was just gon na state think of the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we're speaking about numerous thousands potentially Millions envision getting that many thank you keeps in mind um I mean it 'd be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task trying to clean all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to check out them and really see what was going on and sort of try to get back to everybody so proceeding appearance why do business choose to primary different checking account there are companies out there doing exactly this for specific countries and I've operated in a company or lots of companies doing precisely 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 developing additional work for anybody where we do not need to and anybody that's handling that process I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the quantity that we are I believe numerous reasons one is it's the standard I believe people have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it's not a requirement so I think it's just been the requirement and the norm the people have embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there's a variety I think this is a process that requires looking at it needs changing however ultimately individuals are very stuck to what they recognize
with right um modification is a hard thing we all don't like change um so I believe it's simply kind of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I comprehend certainly the advantages of having keeping multiple bank accounts but there's a huge quantity of intricacy chooses setting up a checking account maintaining it ensuring it can send International transfers ensuring it's set up with the ideal user accesses for specific people so the intricacy is big but I believe the truthful response is change um people have not been able to change or haven't had always the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you've struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we've constantly done it that way is no real reason for not looking at the the benefits and the possibilities of moving on and moving into you understand what might practically be determined to be the next Century or so there is a lot to monitor and this technique does posture numerous difficulties um so Johnny could you inform us about those challenges yeah obviously so there's a range right there is so
I simply did you switched 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 workers you are worthy of a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you
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