Find out more about Papaya Global Bonus Vs Off Cycle Payroll ... We now have the capability to manage 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 committed to managing payments. This provides us with a safe and dependable approach of paying to our 10,000 employees worldwide.}
The cutting-edge global payroll management app streamlines my payroll procedure, conserving me a significant amount of time monthly. With its user-friendly user interface, I have access to a single dashboard that effectively manages my payroll, EOR, and specialists.
The Employee Website offers employees with the ability to gain access to and view important documents such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile devices and is used in numerous languages.
Benefits Administration
Papaya Global helps companies provide competitive benefits packages to international staff members regardless of the variety of staff members in the company. The business can establish health insurance, short-term and long-lasting disability, vision, dental and maternity leave while eliminating the need to source local advantages companies in every nation, produce regional accounts and have a minimum variety of employees.
The HR capabilities offered by Global HR incorporate different functions such as keeping an eye on holiday time, making sure compliance, facilitating the procedure of inviting brand-new staff members and bidding farewell to departing ones, providing a safe and secure online platform for saving employees' files, and offering assistance for work allow treatments in case your employees need assistance because location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into workforce spending, workforce variety, total work expenses dispersed per area, overall employment costs per cycle and much more.
environments across the globe I supplied leadership and technique to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll techniques for as Mark stated I work throughout business handling and building external relationships supporting Business customers and services as well as serving as a consultant for those of you that do not understand who papaya Worldwide is papaya is the very first payroll and payments
company to make the time 100 list for a lot of influential companies on the planet we provide payroll payments and labor force management to all worker enters over 160 countries I am pleased to say that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning excellent afternoon great evening depending on where you are in the world it's lovely to meet you and thank you very much for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've remained in the payments market for over 10 years and specifically working on the payroll and payment sector for over seven years um I was captivated by the complexity the difficulty in all of the above of
payroll payments and chose to type of make a real go at that over the last 5 or six years where I have actually kind of had a range of various roles on the company side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll just provide everybody another number of uh well among the 30 seconds or two to join all of us work back to back these days so we'll type of let them do that so it 'd be rather interesting and I can see it going on already simply to hear where everyone is um it's nice to to kind of like see where everybody comes from and I truly do hope it's much sunnier than it is 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 very extremely gloomy and I want I was somewhere else at this moment in time fine so let's begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies preserve different
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it simplifies the complex procedure of cross-border payments. Instead of maintaining separate bank accounts for payroll in various nations, virtual accounts and digital wallets use a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will likewise offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently safely and on time throughout this webinar we'll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one nation however when you're doing it internationally it's next level and Beyond it ends up being intricate for a range of reasons most notably policies compliance information security and banking rules then there are the sheer numbers they add more complexity the global Workforce 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 currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the globe in the traditional payroll design there's often an overwhelming variety of various systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or very extremely standard there's no real consistency structure we're residing in an era of tech but 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 just blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that's another number that offers me sleepless nights and rather frankly the more an organization invests in global payroll the less of a photo they see a lack of visibility likewise extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of global organizations have expressed that they don't have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM information data entry errors improperly interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the information is delivered to the wrong location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they count on the essential numerous 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 difficulties company face when they're making payments to staff members or otherwise that's an excellent concern I constantly throw this back and say what is it what does not need to be consisted of best and what does
it require to be thought of there's differing Bank information so the length of an eye band a swift an account number routing code per country there's payment time frames there's payment abilities 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 ideal ultimately constructing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble incredibly payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are definitely basic and innovation is allowing us to type of move on with that it also also to add to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely imperative that payroll and financing groups work more detailed together than ever um I'm always astonished when people state I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't operate in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it's payroll is an end-to-end procedure it's the point of data collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on well-being and the settlement landscape is becoming increasingly complex. Businesses are continuously presenting new benefits and payment choices, which contributes to the total complexity. Big corporations frequently divide their payroll and payment processing into separate teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this does not need to be the case. In today's technologically advanced era, there's no justification for preserving cumbersome procedures. Payroll, the business's greatest cost, must be processed properly and on time. Even slight hold-ups can negatively impact employees' wellness and have far-reaching repercussions. Therefore, it's vital to focus on precise and prompt payments.
payroll team get um so I'm not exactly sure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it 'd be great to hear your success story and whether that's been from all staff members or not um but ultimately payroll is such a crucial cycle all of us find out about it when it fails everybody jumps up and down when it goes wrong however when it goes right it's simply a tick box exercise and I believe that's how it's seen from the external deem well um so yeah it's likewise like why WI-Fi Global why all of this things is definitely essential that all of this things is done correctly so leveraging the first International Payments first payroll payment service is a fantastic primary step um providing an end-to-end payroll solution for your workers internationally once again I believe is another substantial um process once again lining up and guaranteeing you have standardization Global procedures all of those things are definitely crucial to success success of companies and reducing the variety of tools platforms and checking account they need for their International 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've never 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 haven't gone quite where they're meant to be um I do not think any of us are actually doing that for for the thanks
anyhow we understand 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 easy as possible for everyone that's associated with those processes and also so envision sorry I'm just I was simply gon na state imagine the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we're discussing hundreds of thousands possibly Millions picture getting that numerous thank you keeps in mind um I imply it 'd be interesting to see how many Post-it notes you got however it would absolutely be an interesting task trying to clean all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that held true um you 'd need days of the week to try to browse them and actually see what was going on and kind of try to get back to everybody so carrying on appearance why do business choose to primary separate bank accounts there are services out there doing precisely this for specific countries and I've operated in a service or lots of companies 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 additional work for anyone where we don't need to and any person that's handling that procedure I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the quantity that we are I believe numerous reasons one is it's the requirement I believe people have got so utilized to we require a new checking account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it's not a requirement so I believe it's simply been the standard and the norm the people have actually adopted 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 sort of do it so I believe there's a variety I believe this is a process that requires taking a look at it needs changing however ultimately people are very stuck with what they're familiar
with ideal um modification is a challenging thing we all do not like change um so I think it's just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the benefits of having keeping multiple checking account however there's a substantial amount of complexity goes with setting up a checking account preserving it ensuring it can send out International transfers ensuring it's set up with the right user accesses for private individuals so the intricacy is substantial however I believe the sincere response is change um people have not had the ability to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I think you've hit the nail on the head I believe it is knowledge you know and there is a component 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 might nearly be identified to be the next Century approximately there is a lot to keep track of and this approach does posture a number of difficulties um so Johnny might you inform us about those obstacles yeah of course so there's a range right there is so
I just did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it's like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner workplace with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you
Sure Payroll Vs Papaya Global