Find out more about Bonus Payroll Vs Off Cycle Payroll Papaya Global ... 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 actually obtained a different Chief Financial Officer specifically devoted to managing payments. This supplies us with a safe and secure and dependable approach of paying to our 10,000 employees worldwide.}
The innovative global payroll management app improves my payroll procedure, conserving me a considerable amount of time monthly. With its user-friendly user interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and professionals.
Employee Portal
Workers have access to a Worker Website where they can view their pay slips, wage and tax declarations and employment documents. The portal is available in multiple languages and can be accessed on a desktop or mobile device.
Benefits Administration
Papaya Global assists business use competitive advantages plans to global employees regardless of the variety of staff members in the business. The business can set up health insurance, short-term and long-term impairment, vision, dental and maternity leave while removing the need to source regional advantages suppliers in every country, develop regional accounts and have a minimum number of staff members.
The HR capabilities provided by Worldwide HR encompass numerous functions such as keeping track of vacation time, making sure compliance, facilitating the procedure of welcoming new workers and bidding goodbye to leaving ones, using a protected online platform for keeping workers' files, and supplying support for work allow procedures in case your workers require assistance in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, labor force diversity, overall employment expenses dispersed per place, total employment costs per cycle and much more.
environments around the world I supplied management and method to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll strategies for as Mark said I work throughout business handling and building external relationships supporting Business clients and options along with serving as a consultant for those of you that do not understand who papaya International is papaya is the very first payroll and payments
company to make the time 100 list for many prominent companies worldwide we provide payroll payments and workforce management to all employee enters 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 present yourself naturally thank you good morning good afternoon good evening depending on where you are in the world it's lovely to satisfy 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 remained in the payments industry for over 10 years and particularly dealing with the payroll and payment sector for over seven years um I was captivated by the intricacy the trouble in all of the above of
payroll payments and chose to type of make a genuine go at that over the last 5 or 6 years where I've type of had a range of different roles on the supplier side and also on the vendor side from a payroll viewpoint so truly looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll just give everybody another number of uh well one of the 30 seconds approximately to join we all 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 currently just to hear where everybody is um it's nice to to type of like see where everyone originates from and I actually do hope it's much sunnier than it is 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 really extremely uninspiring and I wish I was somewhere else at this moment in time alright so let's start our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies preserve separate
Virtual payroll accounts are an option to traditional savings account for managing payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will likewise provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively securely and on time during this webinar we'll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one nation but when you're doing it globally it's next level and Beyond it ends up being complex for a range of reasons most notably regulations compliance data security and banking guidelines then there are the sheer numbers they add additional intricacy the international Labor force is presently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the traditional payroll model there's often an overwhelming variety of different systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely very fundamental there's no real consistency framework we're living in a period of tech however 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 think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that's another number that gives me sleep deprived nights and quite honestly the more a service spends on global payroll the less of an image they see a lack of exposure likewise extends to payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of global services have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry errors badly communicated hires and terminations as well as 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 cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments don't run efficiently if they rely on the essential numerous processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they're paying to employees or otherwise that's an excellent question I always throw this back and say what is it what doesn't need to be included right and what does
it require to be considered there's differing Bank information so the length of an eye band a swift an account number routing code per nation there's payment time frames 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 any place you look right ultimately building a knowledge base is definitely critical but everywhere you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the type of link between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are absolutely essential and technology is enabling us to kind of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup procedures is absolutely essential that payroll and finance teams work better together than ever um I'm constantly amazed when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from computation 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 process it's the point of data collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on wellness and the payment landscape is becoming increasingly elaborate. Businesses are continuously introducing new advantages and payment alternatives, which contributes to the total complexity. Big corporations often divide their payroll and payment processing into separate groups, which can result in inefficiencies and bottlenecks. In my viewpoint, this doesn't have to be the case. In today's technologically advanced age, there's no reason for preserving troublesome treatments. Payroll, the company's biggest expenditure, need to be processed correctly and on time. Even small delays can negatively impact employees' well-being and have far-reaching consequences. Therefore, it's vital to prioritize precise and timely payments.
The payroll group may not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it's from all staff members or not. Payroll is a crucial cycle, and people just discover when things go wrong. However, when things go right, it's seen as simply a regular job. This is how it's viewed externally as well. Therefore, it is important to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done correctly. Using the very first Global Payments very first payroll payment solution is a terrific preliminary step towards offering a detailed payroll solution for workers worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and bank accounts essential for international payroll are crucial consider attaining service success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things do not go as prepared. Ultimately, we do not do it for the appreciation.
anyhow we understand how how crucial a role 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 associated with those procedures and also so envision sorry I'm just I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I'm sure we're talking about numerous thousands possibly Millions think of getting that numerous thank you notes um I mean it 'd be interesting to see the number of Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh definitely I can't picture the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to look through them and in fact see what was going on and sort of try to get back to everybody so proceeding look why do companies select to primary separate checking account there are companies out there doing precisely this for specific countries and I have actually worked in an organization or lots of businesses doing precisely that I can say it does not constantly feel effective and it does create more work I understand we're not intentionally doing that we're not developing extra work for anybody where we do not have to and any person that's dealing with that process I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the quantity that we are I think lots of factors one is it's the requirement I think people have got so utilized to we require a new savings account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it's not a requirement so I believe it's simply been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and many other ways um to to kind of do it so I think there's a variety I believe this is a procedure that needs looking at it needs altering however ultimately individuals are extremely stuck with what they're familiar
with best um modification is a tough thing all of us don't like change um so I believe it's just type of moving far from the standard as we've said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having preserving several checking account but there's a huge quantity of intricacy goes with setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it's set up with the ideal user accesses for private people so the complexity is substantial however I think the sincere answer is modification um individuals haven't had the ability to change or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I think you've struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we have actually always done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what might almost be determined to be the next Century or so there is a lot to keep track of and this method does pose numerous obstacles um so Johnny might you inform us about those difficulties yeah of course so there's a range right there is so
I just recently made a modification 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 gained another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your achievements.
Sure Payroll Vs Papaya Global