Find out more about Papaya Global Core Payroll Fearures ... We now have the ability to handle both our payroll and payments processes on one combined platform. It's as if our Chief Financial Officer has actually acquired a different Chief Financial Officer specifically devoted to handling payments. This provides us with a protected and reputable method of paying to our 10,000 workers worldwide.}
the BEST global payroll managment app, saves me hours of time every month, one single dashboard for my payroll, EOR and contractors
The Worker Website supplies staff members with the capability to access and view crucial documents such as pay slips, wage and tax declarations, and work records. This portal is accessible on both desktop and mobile phones and is offered in various languages.
Advantages Administration
Papaya Global helps business offer competitive advantages packages to international employees regardless of the variety of employees in the business. The company can set up health insurance, short-term and long-lasting disability, vision, oral and maternity leave while getting rid of the need to source regional advantages companies in every nation, produce regional accounts and have a minimum variety of employees.
The HR capabilities offered by Worldwide HR encompass numerous functions such as monitoring holiday time, making sure compliance, assisting in the process of inviting new employees and bidding farewell to leaving ones, using a protected online platform for keeping workers' files, and supplying assistance for work allow treatments in case your staff members need assistance because area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, workforce variety, total employment expenses dispersed per place, overall employment expenses per cycle and much more.
Globally, I have actually demonstrated leadership and tactical knowledge in guiding massive populations of over 100,000 employees throughout 170 countries. Presently, I are accountable for managing payroll techniques, as pointed out by Mark. My function includes managing and developing external collaborations, supporting Enterprise customers, and supplying advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments services provider.
business to make the time 100 list for many prominent companies on the planet we offer payroll payments and labor force management to all staff member types in over 160 nations I am pleased to state 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 great afternoon good evening depending on where you remain in the world it's charming 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 have actually remained in the payments market for over 10 years and specifically dealing with the payroll and payment sector for over 7 years um I was interested by the complexity the difficulty in all of the above of
payroll payments and decided to type of make a real go at that over the last five or 6 years where I've sort of had a variety of various roles on the company side and likewise on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we'll just give everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we'll kind of let them do that so it 'd be quite intriguing and I can see it going on already simply to hear where everybody is um it's nice to to type of like see where everyone comes 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 really really uninspiring and I want I was somewhere else at this moment in time all right so let's begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why business preserve separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic possession uh we'll likewise go over a wrap-up which must leave his time at the really extremely end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and managing them becomes more and more intricate International companies are wanting to find Solutions and new methods to enhance procedures specifically from a payroll and cross-border payment perspective many companies keep different savings account just for payroll while some have numerous accounts in various countries does it make sense for business to maintain different bank accounts in some cases in various nations it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies streamline the episode complex processes of
making payroll payments precisely efficiently safely and on time throughout this webinar we'll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business precisely forecast their payroll expenses to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in adequate in one country but when you're doing it worldwide it's next level and Beyond it becomes intricate for a variety of reasons most notably policies compliance information security and banking rules then there are the large numbers they include more complexity the global Workforce is currently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll model there's often a frustrating variety of different systems causing lengthy manual procedures and silos the variety of Combinations could be non-existent in large quantities and or really really fundamental there's no genuine consistency framework we're living in an era of tech however 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 which simply blows my mind every time I I think
about it to offer 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 gives me sleepless nights and quite honestly the more an organization invests in international payroll the less of an image they see an absence of exposure also encompasses payroll payments and inability to accurately track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide services have actually revealed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data data entry errors badly communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the data is shipped to the incorrect location the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they count on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties business face when they're paying to employees or otherwise that's a great concern I always toss this back and state what is it what does not need to be included right and what does
it need 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 capabilities 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 client's own in-country account so there's intricacy anywhere you look ideal ultimately constructing a knowledge base is absolutely vital however all over you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 absolutely essential and innovation is enabling us to kind of move on with that it likewise too to add to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and financing teams work more detailed together than ever um I'm constantly amazed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work 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 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 people any place they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world places a high worth on wellness and the payment landscape is becoming increasingly detailed. Businesses are continuously introducing brand-new benefits and payment options, which contributes to the overall complexity. Big corporations typically divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my viewpoint, this does not have to be the case. In today's technically advanced era, there's no validation for preserving cumbersome procedures. Payroll, the company's greatest cost, must be processed correctly and on time. Even minor hold-ups can adversely affect staff members' well-being and have far-reaching consequences. Therefore, it's important to focus on precise and timely payments.
payroll team get um so I'm unsure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it 'd be fantastic to hear your success story and whether that's been from all workers or not um however eventually payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails but when it goes right it's simply a tick box workout and I think that's how it's seen from the external consider as well um so yeah it's also like why WI-Fi Global why all of this stuff is absolutely essential that all of this stuff is done correctly so leveraging the first International Payments very first payroll payment option is a fantastic first step um providing an end-to-end payroll service for your employees worldwide once again I believe is another big um procedure again aligning and ensuring you have standardization Global procedures all of those things are definitely essential to success success of companies and lowering the variety of tools platforms and checking account they need for their Global payroll too could not 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 thousand of them within a payroll cycle don't anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven't gone rather where they're indicated to be um I do not think any of us are in fact doing that for for the thanks
anyway we know 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 everybody that's involved in those procedures and likewise so picture sorry I'm simply I was simply gon na state envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we're talking about numerous thousands possibly Millions think of getting that many 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 certainly be an intriguing task attempting to clean up all those up for sure oh absolutely I can't picture the size of my my Outlook inbox if that was the case um you 'd need days of the week to attempt to look through them and really see what was going on and sort of try to return to everyone so carrying on appearance why do business select to primary separate checking account there are services out there doing precisely this for particular nations and I have actually worked in an organization or many organizations doing precisely that I can say it does not always feel effective and it does produce more work I know we're not purposely doing that we're not producing extra work for anyone where we do not have to and anybody that's managing that process I 'd be interested to hear your ideas Johnny why do you believe that we're doing that in in the in the quantity that we are I believe many factors one is it's the standard I think people have got so used to we need a new bank account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it's not a requirement so I believe it's simply been the requirement and the norm individuals have adopted and continue to do over years and years passed by to contribute to that individuals have actually looked at things like trust accounts and numerous other ways um to to type of do it so I believe there's a variety I believe this is a process that needs taking a look at it needs changing but ultimately individuals are very stuck with what they recognize
with right um change is a difficult thing we all don't like change um so I believe it's just sort of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the advantages of having maintaining multiple bank accounts but there's a substantial amount of intricacy opts for establishing a savings account keeping it ensuring it can send International transfers ensuring it's established with the best user accesses for private individuals so the complexity is huge however I believe the truthful response is change um individuals haven't been able to alter or have not had always the understanding to really make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you know what could practically be figured out to be the next Century or so there is a lot to track and this technique does posture a number of obstacles um so Johnny could you inform us about those obstacles yeah obviously so there's a variety right there is so
I just 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 are worthy of a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you
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