Find out more about Papaya Global Changes To Past Year Payroll ... We now have the ability to handle both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has acquired a different Chief Financial Officer particularly devoted to managing payments. This provides us with a secure and reliable method of making payments to our 10,000 workers worldwide.}
the BEST worldwide payroll managment app, saves me hours of time on a monthly basis, one single control panel for my payroll, EOR and professionals
The Employee Website provides workers with the capability to gain access to and view important documents such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile phones and is offered in different languages.
Benefits Administration
Papaya Global assists business offer competitive benefits packages to international workers no matter the number of workers in the company. The business can establish health insurance, short-term and long-lasting impairment, vision, oral and maternity leave while eliminating the requirement to source local benefits service providers in every nation, produce regional accounts and have a minimum variety of employees.
The HR abilities offered by Global HR include numerous functions such as keeping track of holiday time, making sure compliance, assisting in the procedure of welcoming brand-new staff members and bidding farewell to leaving ones, using a safe online platform for keeping employees' documents, and supplying assistance for work allow treatments in case your employees need support in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, labor force variety, total work expenses dispersed per location, overall work costs per cycle and a lot more.
environments across the globe I provided leadership and technique to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll strategies for as Mark said I work across the business managing and building external relationships supporting Business customers and solutions in addition to acting as a consultant for those of you that do not understand who papaya International is papaya is the very first payroll and payments
company to make the time 100 list for the majority of prominent business worldwide we supply payroll payments and labor force management to all employee types in over 160 countries I am pleased to state that we likewise have as Mark said Johnny Nash with us today Johnny would you like to present yourself of course thank you good morning good afternoon good night depending upon where you remain in the world it's beautiful to satisfy you and thank you very much 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 industry for over ten years and particularly working on the payroll and payment sector for over 7 years um I was fascinated by the complexity the trouble in all of the above of
payroll payments and decided to sort of make a real go at that over the last 5 or six years where I've kind of had a variety of various roles on the company side and also on the vendor side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we'll just provide everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we'll kind of let them do that so it 'd be quite fascinating and I can see it going on currently simply to hear where everybody is um it's nice to to type of like see where everyone comes from and I really 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 really uninspiring and I want I was elsewhere at this moment in time alright so let's get going our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business maintain different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical possession uh we'll also review a recap and that ought to leave his time at the very really 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 labor forces become increasingly more common and handling them becomes more and more intricate Worldwide companies are seeking to discover Solutions and brand-new ways to streamline procedures especially from a payroll and cross-border payment perspective lots of organizations keep separate savings account just for payroll while some have multiple accounts in various countries does it make sense for companies to maintain separate bank accounts often in various nations it does but just for payroll is there a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business streamline the episode complex procedures of
making payroll payments precisely effectively firmly and on time throughout this webinar we'll walk you through the global pros and cons of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one country however when you're doing it worldwide it's next level and Beyond it becomes complicated for a range of factors most importantly policies compliance data security and banking guidelines then there are the large numbers they add additional intricacy the worldwide Labor force is presently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and additional 1.1 billion people 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 traditional payroll model there's frequently a frustrating number of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or very extremely fundamental there's no genuine consistency structure we're living in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind each time I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that's another number that gives me sleepless nights and rather frankly the more a service spends on worldwide payroll the less of a picture they see a lack of exposure also encompasses payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the transaction almost half of international businesses have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors improperly communicated hires and terminations as well as absence management and system setups and then when you round it all off and the data is delivered to the incorrect location the typical expense of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money all over the world payroll and payments don't run efficiently if they count on the needed several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges business face when they're paying to staff members or otherwise that's an excellent concern I constantly toss this back and say what is it what doesn't need to be included right and what does
it require to be thought of 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 abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer's own in-country account so there's intricacy anywhere you look best eventually building a knowledge base is absolutely critical however all over you look with payroll payment they resemble extremely payments no if however 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 basic and innovation is permitting us to sort of move on with that it likewise also to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars differing banking requirements and setup processes is absolutely necessary that payroll and finance teams work closer together than ever um I'm constantly impressed when people state I've split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they split 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 anywhere they are but also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to contribute to type of the level of complexity there's more and more advantages being organ or being provided by businesses across the world so once again you're just looking to include increasingly more payments to this already complex landscape so if you sort of got any experience well I'm from your huge experience here and I'm sure however have you got any experience in kind of real challenges or genuine challenging kind of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would certainly state that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are teams feeding details into the next function as it were that's in fact managing the payment side of things however you understand in in my opinion and my experience that doesn't always need to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we operate in they just make them more timely they make them less efficient and they don't make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason we are still making this as challenging as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any organization has from an expense viewpoint from an effect perspective on employees it is definitely critical that it's done correctly and on time so what we imply 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 detrimental result on people's wellness and lots of other factors if individuals aren't paid uh I have actually constantly been amazed entering into this Market sort of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it's from all workers or not. Payroll is an essential cycle, and people just notice when things go wrong. However, when things go right, it's viewed as just a regular task. This is how it's viewed externally also. For that reason, it is essential to guarantee that jobs like Wi-Fi International and other important matters are done properly. Using the first Global Payments very first payroll payment service is a great preliminary step towards offering a comprehensive payroll service for staff members worldwide. Standardization, international processes, and minimizing the variety of tools, platforms, and checking account needed for worldwide payroll are key consider attaining business success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few grievances when things do not go as prepared. Eventually, we don't do it for the appreciation.
anyhow we know how how essential 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 easy as possible for everybody that's associated with those processes and also so envision sorry I'm simply I was simply gon na say envision 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 discussing hundreds of thousands possibly Millions think of getting that numerous thank you notes um I mean it 'd be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing task attempting to clean up all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that held true um you 'd need days of the week to try to check out them and really see what was going on and kind of try to return to everybody so carrying on appearance why do companies choose to primary separate bank accounts there are companies out there doing precisely this for particular nations and I've operated in a company or many businesses doing precisely that I can state it does not always feel effective and it does create more work I understand we're not deliberately doing that we're not creating extra work for any person where we don't need to and anybody that's dealing with that process 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 many factors one is it's the standard I believe people have actually got so utilized to we need a brand-new checking account we open an entity and rightly 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 simply been the requirement and the standard individuals have adopted 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 kind of do it so I think there's a range I believe this is a process that needs looking at it requires changing but ultimately individuals are extremely stuck with what they're familiar
with ideal um change is a challenging thing we all do not like modification um so I believe it's just sort of moving far from the standard as we've said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the benefits of having maintaining multiple checking account but there's a huge amount of complexity goes with establishing a checking account preserving it ensuring it can send International transfers ensuring it's set up with the best user accesses for private individuals so the intricacy is big but I think the honest answer is modification um individuals haven't had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you understand and there is an element of resistance to change but we've always done it that way is no real 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 figured out to be the next Century or two there is a lot to keep an eye on and this technique does pose several difficulties um so Johnny could you tell us about those challenges yeah naturally so there's a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this enhanced capability, I have successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is more detailed, considering your achievements.
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