Find out more about Correction Payroll In Papaya Global ... We now have the capability to handle both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer particularly committed to handling payments. This supplies us with a safe and secure and trusted approach of making payments to our 10,000 employees worldwide.}
The cutting-edge worldwide payroll management app improves my payroll procedure, conserving me a substantial quantity of time every month. With its user-friendly user interface, I have access to a single control panel that effectively handles my payroll, EOR, and specialists.
The Employee Website provides workers with the ability to access and view essential files such as pay slips, wage and tax statements, and work records. This portal is accessible on both desktop and mobile devices and is provided in various languages.
Benefits Administration
Papaya Global helps business use competitive benefits bundles to international staff members despite the variety of workers in the company. The company can establish health insurance, short-term and long-lasting impairment, vision, dental and maternity leave while removing the need to source regional benefits service providers in every nation, create local accounts and have a minimum number of employees.
Global HR Functionalities
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and immigration services if your workers require work permit help.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, labor force variety, total employment costs distributed per place, total employment costs per cycle and far more.
Globally, I have actually shown leadership and tactical proficiency in assisting large-scale populations of over 100,000 workers across 170 nations. Presently, I am responsible for managing payroll techniques, as pointed out by Mark. My function includes managing and establishing external partnerships, supporting Business customers, and supplying advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions supplier.
As an international business, we are honored to be consisted of on the prominent Time 100 list of the most influential business worldwide. We focus on supplying payroll and labor force management services to staff members in more than 160 nations. I am delighted to present Johnny Nash, as discussed by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your location. It's a satisfaction to meet you and thank you for your important time. As Ian discussed, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments industry, I have actually focused on payroll and payment options for the past 7 years. The intricacies and challenges of this field have constantly captivated me.
payroll payments and decided to kind of make a genuine go at that over the last 5 or 6 years where I have actually type of had a range of various roles on the company side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we'll just offer everybody another number of uh well one of the 30 seconds or so to join we all work back to back these days so we'll sort of let them do that so it 'd be rather fascinating and I can see it going on currently just to hear where everyone is um it's nice to to kind of like see where everybody originates from and I truly do hope it's much sunnier than it remains 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 dreary and I want I was elsewhere at this moment in time all right so let's get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business keep separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we'll also discuss 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 suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being a growing number of typical and handling them becomes a growing number of intricate International organizations are looking to discover Solutions and brand-new ways to streamline processes particularly from a payroll and cross-border payment standpoint numerous companies keep separate checking account just for payroll while some have multiple accounts in various countries does it make sense for business to preserve different bank accounts in some cases in various nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational companies simplify the episode complex processes of
making payroll payments accurately effectively safely and on time during this webinar we'll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how companies accurately forecast 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 hard in adequate in one country however when you're doing it globally it's next level and Beyond it ends up being complicated for a variety of reasons most notably guidelines compliance data security and banking rules then there are the large numbers they include more intricacy the international Labor force is currently three 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 services and growing all doing their own thing all over the world in the standard payroll model there's frequently an overwhelming number of various systems causing lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or extremely extremely basic there's no real consistency framework we're living in an era of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind whenever I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of services state they have Labor force information in real time that's another number that gives me sleepless nights and rather frankly the more a company spends on worldwide payroll the less of an image they see a lack of presence also reaches payroll payments and inability to properly track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international services have actually expressed 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 because of time reporting bad HCM information information entry errors inadequately interacted hires and terminations in addition to lack management and system configurations and after that when you round it all off and the data is delivered to the wrong location the typical cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they rely on the essential multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they're making payments to workers or otherwise that's a good question I always throw this back and say what is it what doesn't require to be included right and what does
it need to be considered 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 capabilities so can you pay it from International or do you need 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 constructing a knowledge base is absolutely important but all over you look with payroll payment they resemble super payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are absolutely essential and technology is enabling us to kind of move on with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup procedures is absolutely essential that payroll and financing teams work more detailed together than ever um I'm always astonished when individuals say I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't operate in the payroll occupation would they divide the payroll payment from calculation 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 eventually it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying people wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being a growing number of essential to add to kind of the level of complexity there's increasingly more advantages being organ or being used by organizations throughout the world so again you're simply wanting to include increasingly more payments to this already complicated landscape so if you type of got any experience well I'm from your huge experience here and I make sure but have you got any experience in kind of genuine obstacles or real tough type of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding info into the next function as it were that's in fact handling the payment side of things but you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an era that you understand that we are operating in today there is no reason that we are still making this as difficult as it needs to be agreed and rightly as you said payroll is the single biggest liability that any organization has from a cost point of view from an effect 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 greatest harmful result on individuals's wellness and lots of other aspects if people aren't paid uh I've always been surprised entering this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I'm unsure anybody on this sort of webinar has actually been told 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 but eventually payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it's just a tick box workout 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 definitely important that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment service is an excellent initial step um providing an end-to-end payroll option for your staff members worldwide again I believe is another huge um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are definitely essential to success success of businesses and decreasing the number of tools platforms and savings account they require for their Global payroll too couldn't agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they're meant to be um I don't think any of us are actually doing that for for the thanks
anyhow 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 everybody that's associated with those procedures and likewise so envision sorry I'm just I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we're talking about hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I indicate it 'd be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying to clean all those up for sure oh absolutely I can't picture the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to browse them and actually see what was going on and sort of shot to get back to everyone so proceeding look why do business select to main separate savings account there are businesses out there doing exactly this for particular nations and I have actually operated in a company or many organizations doing exactly that I can say it doesn't always feel effective and it does develop more work I understand we're not deliberately doing that we're not developing additional work for anybody where we do not need to and anybody that's managing 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 believe lots of factors one is it's the standard I think people have got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll functions however there are a variety of markets where it's not a requirement so I believe it's simply been the requirement and the standard individuals have embraced and continue to do over years and years passed by to contribute to that people have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there's a variety I think this is a process that requires taking a look at it requires altering however eventually people are very stuck with what they recognize
with right um modification 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 great deal of track of stuff um I understand clearly the benefits of having keeping numerous savings account but there's a huge quantity of intricacy goes with establishing a savings account preserving it guaranteeing it can send out International transfers guaranteeing it's established with the best user accesses for individual people so the intricacy is substantial but I think the sincere response is modification um people have not been able to alter or haven't had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to change but we've constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could practically be determined to be the next Century approximately there is a lot to keep track of and this technique does present numerous challenges um so Johnny could you tell us about those difficulties yeah naturally so there's a range right there is so
I recently made a change 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 gotten another CFO, and with this improved capability, I have actually effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments.
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