Find out more about Papaya Global Change Payroll Day ... We now have the capability to manage both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has actually obtained a separate Chief Financial Officer specifically committed to managing payments. This supplies us with a secure and trustworthy method of making payments to our 10,000 staff members worldwide.}
The cutting-edge global payroll management app improves my payroll procedure, saving me a significant amount of time each month. With its user-friendly interface, I have access to a single control panel that effectively handles my payroll, EOR, and specialists.
The Worker Website provides staff members with the ability to access and view crucial documents such as pay slips, wage and tax statements, and work records. This website is accessible on both desktop and mobile phones and is used in numerous languages.
Benefits Administration
Papaya Global assists business use competitive advantages bundles to international workers despite the variety of employees in the company. The business can set up medical insurance, short-term and long-term disability, vision, oral and maternity leave while removing the need to source local advantages providers in every nation, produce local accounts and have a minimum variety of staff members.
The HR abilities provided by Global HR include numerous functions such as keeping track of trip time, guaranteeing compliance, helping with the procedure of inviting new staff members and bidding farewell to leaving ones, using a protected online platform for keeping workers' documents, and supplying assistance for work allow procedures in case your staff members require assistance because area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, labor force variety, total employment expenses dispersed per place, overall employment costs per cycle and a lot more.
Globally, I have actually shown management and tactical proficiency in guiding large-scale populations of over 100,000 employees across 170 countries. Currently, I am responsible for supervising payroll methods, as discussed by Mark. My role includes handling and establishing external partnerships, supporting Business customers, and offering advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions service provider.
As a worldwide company, we are honored to be consisted of on the distinguished Time 100 list of the most prominent business worldwide. We focus on offering payroll and labor force management services to workers in more than 160 countries. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your area. It's a pleasure to satisfy you and thank you for your important time. As Ian pointed out, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments market, I have focused on payroll and payment options for the past 7 years. The intricacies and challenges of this field have constantly mesmerized me.
payroll payments and decided to sort of make a real go at that over the last five or 6 years where I've kind of had a range of various functions on the company side and also on the supplier side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we'll simply offer everyone another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we'll sort 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 everyone comes from and I truly do hope it's much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it's not no it's it's drizzling here it's extremely very gloomy 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 looking at the obstacle years of managing Worldwide payroll why companies preserve separate
Virtual payroll accounts are an alternative to standard savings account for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are becoming a strategic asset for payroll executives. We will likewise supply a recap of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing accurate, effective, and prompt payroll payments is a complex difficulty for organizations running internationally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how business anticipate payroll expenses to optimize working capital, and find how simplifying global payroll payments can change them from a challenging job into a strategic property.
Managing payroll worldwide is a difficult job due to numerous policies, compliance requirements, data security concerns, and banking guidelines. The sheer number of workers and companies adds to the intricacy, with an estimated 3.5 billion individuals in the worldwide labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Traditional payroll systems frequently result in manual procedures, data silos, and an absence of combination, causing disparities and inefficiencies. Regardless of residing in an era of technological improvements, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar goals to supply insights and solutions to simplify and enhance international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that's another number that offers me sleepless nights and quite frankly the more a company invests in global payroll the less of a photo they see a lack of presence likewise extends to payroll payments and failure to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international businesses have expressed that they don't have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors improperly interacted hires and terminations as well as absence management and system configurations and after that when you round everything off and the information is shipped to the wrong place the average expense of a global data 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 don't run smoothly if they rely on the required multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they're paying to staff members or otherwise that's a great concern I always throw this back and say what is it what doesn't require to be included right and what does
it require to be thought about there's differing Bank information so the length of an eye band a swift an account number routing code per country 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 any place you look ideal ultimately developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like incredibly payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are absolutely fundamental and innovation is permitting us to kind of progress with that it likewise as well to contribute to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely important that payroll and finance teams work better together than ever um I'm constantly impressed when people state I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't work in the payroll profession would they divide the payroll payment from estimation 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 information collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world places a high worth on well-being and the compensation landscape is becoming increasingly intricate. Organizations are constantly presenting new advantages and payment alternatives, which adds to the total complexity. Big corporations typically divide their payroll and payment processing into separate groups, which can result in ineffectiveness and bottlenecks. In my viewpoint, this doesn't need to be the case. In today's highly sophisticated era, there's no justification for maintaining cumbersome treatments. Payroll, the company's most significant cost, must be processed properly and on time. Even small hold-ups can negatively affect employees' well-being and have significant repercussions. For that reason, it's important to prioritize precise and prompt payments.
payroll group get um so I'm unsure anyone on this type of webinar has been informed thank you for processing my payroll correctly if you have it 'd be fantastic to hear your success story and whether that's been from all workers or not um however ultimately payroll is such an essential cycle all of us hear about it when it fails everybody jumps up and down when it fails 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 stuff is absolutely important that all of this things is done correctly so leveraging the first International Payments first payroll payment service is a terrific primary step um providing an end-to-end payroll solution for your employees internationally again I think is another substantial um procedure once again lining up and guaranteeing you have standardization International processes all of those things are definitely crucial to success success of services and reducing the number of tools platforms and checking account they require for their Global payroll too couldn't agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone quite where they're meant to be um I don't think any of us are in fact doing that for for the thanks
anyhow we know how how crucial a function 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 everybody that's associated with those procedures and also so envision sorry I'm simply I was simply gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we're discussing hundreds of thousands possibly Millions picture getting that many thank you keeps in mind um I indicate it 'd be interesting to see how many Post-it notes you got however it would absolutely be an interesting job trying to clean all those up for sure oh definitely I can't think of the size of my my Outlook inbox if that was the case um you 'd require days of the week to try to browse them and in fact see what was going on and type of shot to get back to everyone so carrying on appearance why do companies choose to primary different savings account there are companies out there doing exactly this for particular countries and I've worked in a service or many organizations doing precisely that I can say it doesn't constantly feel efficient and it does create more work I understand we're not deliberately doing that we're not developing extra work for any person where we do not have to and anybody that's managing 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 think numerous reasons one is it's the requirement I believe individuals have got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it's not a requirement so I think it's just been the requirement and the norm individuals have adopted and continue to do over years and years passed by to contribute to that people have taken a look at things like trust accounts and many other methods um to to kind of do it so I think there's a range I believe this is a procedure that requires looking at it requires changing however eventually people are really stuck with what they recognize
with best um change is a hard thing all of us don't like modification um so I believe it's just type of moving far from the standard as we've said so yeah so it keeps a great deal of track of things um I understand clearly the advantages of having keeping several savings account however there's a huge amount of complexity opts for establishing a savings account keeping it guaranteeing it can send out International transfers guaranteeing it's established with the right user accesses for specific individuals so the complexity is huge but I think the truthful response is change um people have not been able to alter or have not had always the understanding to truly make that change into alternate Solutions aside from 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 alter however we have actually constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be identified to be the next Century or so there is a lot to keep track of and this method does posture several difficulties um so Johnny could you tell us about those challenges yeah of course so there's a range right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International employees you deserve a corner office with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you
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