Find out more about Cost Papaya Global Payroll ... We now have the ability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has obtained a different Chief Financial Officer specifically devoted to managing payments. This supplies us with a protected and reliable technique of paying to our 10,000 workers worldwide.}
The cutting-edge worldwide payroll management app streamlines my payroll procedure, conserving me a considerable quantity of time every month. With its user-friendly interface, I have access to a single control panel that effectively manages my payroll, EOR, and contractors.
Worker Website
Employees have access to a Staff member Website where they can view their pay slips, wage and tax declarations and employment files. The portal is readily available in multiple languages and can be accessed on a desktop or mobile phone.
Benefits Administration
Papaya Global helps companies provide competitive advantages bundles to global employees no matter the number of staff members in the business. The business can set up health insurance, short-term and long-lasting disability, vision, dental and maternity leave while removing the need to source regional benefits companies in every country, develop local accounts and have a minimum number of workers.
The HR abilities offered by International HR encompass numerous functions such as monitoring getaway time, guaranteeing compliance, assisting in the process of inviting brand-new employees and bidding goodbye to departing ones, using a secure online platform for saving workers' documents, and supplying assistance for work allow treatments in case your staff members need support because location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, workforce diversity, overall work expenses distributed per location, overall employment costs per cycle and much more.
Worldwide, I have actually shown management and tactical expertise in assisting massive populations of over 100,000 staff members throughout 170 nations. Presently, I am responsible for managing payroll strategies, as pointed out by Mark. My role includes handling and developing external partnerships, supporting Business clients, and providing advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments options company.
company to make the time 100 list for many prominent business in the world we provide payroll payments and workforce management to all staff member enters over 160 countries I am pleased to say that we also have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself obviously thank you good morning good afternoon excellent evening depending on where you remain in the world it's lovely to fulfill 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 7 years um I was captivated by the intricacy the problem in all of the above of
payroll payments and decided to sort of make a genuine go at that over the last 5 or six years where I've kind of had a variety of different functions on the supplier side and likewise on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we'll just give everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we'll kind of let them do that so it 'd be quite intriguing and I can see it going on currently just to hear where everyone is um it's nice to to sort of like see where everybody originates 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 uninspiring and I want I was elsewhere at this moment in time fine so let's get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic possession uh we'll also review a wrap-up which needs to leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more typical and managing them becomes increasingly more intricate Global companies are looking to find Solutions and brand-new ways to enhance procedures particularly from a payroll and cross-border payment viewpoint numerous organizations keep different bank account just for payroll while some have several accounts in various nations does it make good sense for business to preserve separate bank accounts in some cases in various countries it does but just for payroll is there a better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business simplify the episode complex processes of
making payroll payments precisely effectively firmly and on time during this webinar we'll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical property so payroll can be tough in adequate in one nation but when you're doing it worldwide it's next level and Beyond it becomes intricate for a range of factors most significantly policies compliance information security and banking rules then there are the large numbers they include additional intricacy the worldwide Workforce is currently three and a half billion individuals by 2030 it's approximated 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 organizations and growing all doing their own thing all over the world in the standard payroll model there's often a frustrating number of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in big quantities and or very extremely standard there's no genuine consistency framework we're residing in an era 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 give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force information in real time that's another number that offers me sleep deprived nights and quite honestly the more a business invests in global payroll the less of an image they see a lack of exposure also encompasses payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of worldwide organizations have expressed 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 data data entry errors poorly communicated hires and terminations along with absence management and system configurations and then when you round it all off and the information is delivered to the wrong location the average expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments don't run efficiently if they depend on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they're making payments to employees or otherwise that's a great question I constantly throw this back and state what is it what doesn't require to be consisted of ideal and what does
it need to be thought about there's varying Bank information 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 intricacy anywhere you look right eventually constructing a knowledge base is definitely crucial however all over you look with payroll payment they are like extremely payments no if however some children 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 believe there's now a bit more acknowledgment that payroll payments are definitely basic and innovation is permitting us to sort of progress with that it also as well to contribute to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely crucial that payroll and finance groups work closer together than ever um I'm always surprised when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't operate in the payroll profession would they split the payroll payment from calculation 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 ultimately it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying individuals anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
The modern world puts a high value on wellness and the payment landscape is becoming significantly complex. Organizations are continually presenting brand-new benefits and payment alternatives, which adds to the total intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this doesn't need to hold true. In today's technologically advanced age, there's no validation for preserving cumbersome treatments. Payroll, the company's biggest cost, must be processed properly and on time. Even slight hold-ups can negatively impact staff members' well-being and have significant consequences. Therefore, it's vital to prioritize accurate and prompt payments.
The payroll group may not have actually been thanked for properly 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 individuals just notice when things go wrong. However, when things go right, it's viewed as simply a routine job. This is how it's perceived externally also. Therefore, it is vital to make sure that jobs like Wi-Fi Global and other essential matters are done correctly. Using the very first Worldwide Payments first payroll payment service is a great preliminary step towards providing a thorough payroll solution for employees worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and savings account necessary for global payroll are crucial factors in attaining company success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few complaints when things do not go as prepared. Ultimately, we don't do it for the gratitude.
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 everyone that's associated with those procedures and likewise so imagine sorry I'm simply I was just gon na state picture the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we're talking about hundreds of thousands possibly Millions imagine getting that numerous thank you notes 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 up 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 require days of the week to try to browse them and actually see what was going on and type of try to get back to everyone so carrying on look why do business choose to primary separate checking account there are businesses out there doing exactly this for specific countries and I have actually operated in an organization or many companies doing exactly that I can say it doesn't constantly feel effective and it does create more work I understand we're not intentionally doing that we're not creating additional work for anyone where we don't have to and anyone 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 believe numerous reasons one is it's the requirement I think individuals have got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it's not a requirement so I think it's simply been the standard and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that people have actually 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 believe this is a process that needs taking a look at it needs altering however ultimately people are very stuck with what they recognize
with ideal um modification is a hard thing we all don't like modification um so I think it's just type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having keeping numerous bank accounts however there's a substantial quantity of complexity chooses setting up a checking account keeping it ensuring it can send International transfers guaranteeing it's established with the best user accesses for specific people so the complexity is huge however I think the truthful answer is modification um people haven't been able to change or haven't had necessarily the understanding to actually make that change into alternate Solutions other than opening a bank account I believe you've struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however we've constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century or two there is a lot to keep track of and this approach does posture several obstacles um so Johnny might you inform us about those challenges yeah of course so there's a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has actually gained another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your accomplishments.
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