Find out more about Papaya Global Automated Payroll ... We now have the ability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer specifically dedicated to managing payments. This supplies us with a secure and dependable technique of paying to our 10,000 employees worldwide.}
The cutting-edge worldwide payroll management app streamlines my payroll process, saving me a considerable quantity of time each month. With its user-friendly user interface, I have access to a single dashboard that effectively handles my payroll, EOR, and specialists.
The Staff member Portal provides employees with the ability to gain access to and view crucial files such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile devices and is offered in different languages.
Advantages Administration
Papaya Global helps business provide competitive benefits bundles to worldwide employees no matter the number of staff members in the company. The business can set up medical insurance, short-term and long-term impairment, vision, oral and maternity leave while getting rid of the requirement to source regional advantages suppliers in every country, produce regional accounts and have a minimum variety of staff members.
The HR capabilities supplied by International HR incorporate different functions such as keeping an eye on vacation time, guaranteeing compliance, helping with the procedure of welcoming brand-new workers and bidding goodbye to leaving ones, offering a protected online platform for storing employees' files, and supplying support for work permit treatments in case your workers require assistance because area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce spending, workforce diversity, overall work costs dispersed per place, total work expenses per cycle and much more.
Internationally, I have actually demonstrated management and strategic knowledge in guiding massive populations of over 100,000 employees throughout 170 nations. Currently, I are accountable for managing payroll strategies, as pointed out by Mark. My role includes managing and establishing external collaborations, supporting Enterprise customers, and supplying advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments options provider.
business to make the time 100 list for a lot of influential business worldwide we supply payroll payments and workforce management to all staff member types in over 160 nations I am pleased to state that we also have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning excellent afternoon excellent evening depending upon where you are in the world it's beautiful to fulfill you and thank you quite 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 specifically dealing with the payroll and payment sector for over seven years um I was captivated by the intricacy the difficulty 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 type of had a variety of different roles on the provider side and also on the vendor side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll just offer everybody another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we'll type of let them do that so it 'd be quite fascinating and I can see it going on already just to hear where everybody is um it's nice to to sort of like see where everybody originates from and I truly 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 drizzling here it's really really dreary and I wish I was somewhere else at this moment in time alright so let's get started our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why companies preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we'll likewise go over a wrap-up and that should leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being a growing number of typical and handling them ends up being a growing number of intricate Global organizations are looking to discover Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment viewpoint numerous companies keep separate bank account just for payroll while some have numerous accounts in various nations does it make good sense for companies to preserve separate checking account in some cases in different nations it does however just for payroll is there a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international companies simplify the episode complex procedures of
Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for organizations operating worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll savings account, discover how business anticipate payroll expenses to enhance working capital, and find how enhancing international payroll payments can transform them from a burdensome job into a strategic asset.
Managing payroll internationally is a daunting job due to various regulations, compliance requirements, data security issues, and banking rules. The sheer number of staff members and services contributes to the complexity, with an estimated 3.5 billion individuals in the global workforce, 500 million of whom are in Africa, and 230 million businesses worldwide.
Traditional payroll systems typically lead to manual procedures, information silos, and an absence of integration, leading to inconsistencies and ineffectiveness. Despite living in a period of technological improvements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to provide insights and options to streamline and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Labor force data in real time that's another number that offers me sleep deprived nights and quite honestly the more a company invests in worldwide payroll the less of a picture they see an absence of exposure also extends to payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of international businesses have revealed that they don't have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors improperly interacted hires and terminations as well as absence management and system setups and then when you round everything off and the data is shipped to the incorrect place the typical cost 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 all over the world payroll and payments do not run efficiently if they depend on the needed multiple processes 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 service face when they're making payments to employees or otherwise that's a good question I constantly throw this back and say what is it what doesn't need to be included best and what does
it need to be considered there's varying 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 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 customer's own in-country account so there's complexity wherever you look right ultimately developing a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble super payments no if but some infants 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 think there's now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to type of progress with that it also as well to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and financing teams work closer together than ever um I'm constantly astonished when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't 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 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 individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more important to add to type of the level of intricacy there's a growing number of benefits being organ or being offered by companies across the world so again you're just seeking to include increasingly more payments to this currently intricate landscape so if you type of got any experience well I'm from your large experience here and I'm sure but have you got any experience in kind of real challenges or genuine difficult sort of pay utilizes to play to pay individuals I think yeah I indicate over the last well yeah a couple of decades I would certainly say that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding details into the next function as it were that's actually managing the payment side of things however you understand in in my opinion and my experience that does not necessarily require to be the case you know long gone are the times where we require to develop extra handoffs at the same times that we operate in they just make them more prompt they make them less efficient and they don't make them what they need to be in in a period of tech and a period that you understand that we are operating in today there is no reason why we are still making this as tough as it needs to be agreed and rightly as you stated payroll is the single biggest liability that any company has from an expense perspective from an effect point of view on staff members it is absolutely important that it's done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest harmful effect on people's well-being and numerous other aspects if individuals aren't paid uh I have actually always been impressed entering this Market sort of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually 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 viewed as just a routine task. This is how it's perceived externally too. For that reason, it is necessary to make sure that jobs like Wi-Fi Global and other important matters are done correctly. Utilizing the very first Global Payments first payroll payment option is a terrific initial step towards offering a thorough payroll option for workers worldwide. Standardization, global procedures, and lowering the variety of tools, platforms, and checking account required for worldwide payroll are crucial consider attaining service success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a few problems when things do not go as planned. Eventually, we do not do it for the gratitude.
anyway we know how how important a function 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 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 could cover the quantity of individuals that we cover within this webinar I'm sure we're talking about hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I indicate it 'd be interesting to see the number of Post-it notes you got but it would definitely be an interesting task trying to clean all those up for sure oh definitely I can't think of 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 in fact see what was going on and sort of shot to get back to everyone so carrying on look why do business select to main separate savings account there are services out there doing exactly this for particular countries and I have actually operated in a service or lots of organizations doing exactly that I can state it does not constantly feel effective and it does develop more work I understand we're not intentionally doing that we're not developing additional work for any person where we do not need to and any person that's managing that procedure I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the amount that we are I think numerous reasons 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 appropriately so you need it for payroll purposes but there are a number of markets where it's not a requirement so I believe it's just been the requirement and the standard the people have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there's a range I believe this is a procedure that needs taking a look at it requires altering but eventually people are very stuck with what they're familiar
with right um modification is a hard thing we all don't like modification um so I think it's simply sort of moving away 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 maintaining several savings account but there's a substantial amount of complexity opts for establishing a savings account preserving it ensuring it can send out International transfers ensuring it's set up with the right user accesses for specific people so the complexity is big but I believe the sincere response is modification um individuals have not had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change however we've constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you know what could nearly be identified to be the next Century approximately there is a lot to track and this approach does posture numerous challenges um so Johnny could 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 handle our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your achievements.
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