Find out more about Papaya Global Makes Managing 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 obtained a different Chief Financial Officer particularly devoted to handling payments. This offers us with a protected and reputable method of making payments to our 10,000 employees worldwide.}
the BEST worldwide payroll managment app, conserves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and specialists
The Worker Website provides workers with the ability to access and view essential files such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile devices and is offered in different languages.
Advantages Administration
Papaya Global helps companies use competitive benefits plans to worldwide employees 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 regional advantages companies in every country, produce local accounts and have a minimum variety of workers.
The HR capabilities provided by Worldwide HR include various functions such as monitoring vacation time, guaranteeing compliance, helping with the procedure of inviting new staff members and bidding goodbye to departing ones, offering a safe and secure online platform for storing employees' files, and offering support for work permit treatments in case your workers need support because area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, labor force variety, overall employment expenses distributed per place, total work expenses per cycle and a lot more.
Globally, I have actually shown management and strategic competence in guiding large-scale populations of over 100,000 employees across 170 countries. Presently, I are accountable for overseeing payroll methods, as discussed by Mark. My function includes managing and developing external partnerships, supporting Enterprise customers, and providing advisory services. In addition, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions company.
business to make the time 100 list for most prominent companies in the world we offer payroll payments and workforce management to all employee key ins over 160 countries I am pleased to state that we likewise have as Mark stated Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning good afternoon great evening depending upon where you remain in the world it's lovely to fulfill 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 have actually remained in the payments market for over ten years and particularly dealing with the payroll and payment sector for over seven years um I was interested by the complexity the trouble in all of the above of
payroll payments and decided to type of make a real go at that over the last 5 or 6 years where I've type of had a range of different functions on the service provider side and also on the supplier side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we'll simply provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we'll kind of let them do that so it 'd be quite intriguing 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 sunshine is it it's not no it's it's drizzling here it's really extremely uninspiring and I want I was somewhere else at this moment in time fine so let's start our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business keep separate
Virtual payroll accounts are an option to traditional checking account for handling payroll payments. This is especially beneficial for worldwide companies with dispersed and remote labor forces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining different checking account for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the benefits of using virtual payroll accounts and discuss why they are ending up being a strategic asset for payroll executives. We will likewise provide a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time during this webinar we'll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll expenses to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in adequate in one nation but when you're doing it internationally it's next level and Beyond it becomes complicated for a variety of reasons most significantly guidelines compliance data security and banking rules then there are the large numbers they add additional complexity the international Workforce is presently 3 and a half billion individuals 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 factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the conventional payroll model there's typically an overwhelming variety of various systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely extremely standard there's no real consistency framework we're living in an age of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply 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 only 11 of companies state they have Workforce information in real time that's another number that provides me sleep deprived nights and rather frankly the more an organization invests in worldwide payroll the less of a photo they see an absence of presence likewise reaches payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of international organizations have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes inadequately communicated hires and terminations in addition to lack management and system setups and after that when you round it all off and the data is shipped to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments don't run smoothly if they count on the essential numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges service face when they're paying to staff members or otherwise that's a good question I constantly toss this back and state what is it what doesn't require to be included right and what does
it need to be considered there's differing Bank details 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 capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the customer's own in-country account so there's intricacy wherever you look ideal ultimately building a knowledge base is absolutely vital however everywhere you look with payroll payment they resemble extremely payments no if but some infants 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 believe there's now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to kind of move forward with that it likewise also to add to that payroll and financing require to work closer together um with differing Checking account Details differing banking requirements and setup processes is definitely crucial that payroll and financing groups work closer together than ever um I'm always surprised when individuals state I've split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it's payroll is an end-to-end process it's the point of information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high worth on wellness and the compensation landscape is becoming increasingly complex. Organizations are constantly presenting new benefits and payment choices, which adds to the general complexity. Large corporations often divide their payroll and payment processing into different groups, which can cause inefficiencies and bottlenecks. In my viewpoint, this doesn't have to hold true. In today's technologically innovative age, there's no reason for maintaining troublesome treatments. Payroll, the company's most significant expenditure, should be processed properly and on time. Even slight hold-ups can adversely impact employees' wellness and have significant effects. Therefore, it's vital to focus on precise and timely payments.
payroll group get um so I'm not exactly sure anybody on this kind of webinar has been told thank you for processing my payroll properly if you have it 'd be great to hear your success story and whether that's been from all employees or not um but eventually payroll is such an important cycle we all hear about it when it goes wrong everyone jumps up and down when it fails however when it goes right it's just a tick box workout and I think that's how it's seen from the external view as well um so yeah it's likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this things is done correctly so leveraging the first International Payments very first payroll payment option is an excellent first step um supplying an end-to-end payroll option for your staff members internationally again I believe is another substantial um process once again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely key to success success of companies and lowering the variety of tools platforms and checking account they require 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 ever had a hundred countless them within a payroll cycle don't anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they're implied to be um I don't think any of us are actually doing that for for the thanks
anyway we know how how essential 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 everybody that's associated with those processes and likewise so imagine sorry I'm just I was simply gon na state imagine the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we're speaking about hundreds of thousands potentially Millions imagine getting that many thank you keeps in mind um I mean it 'd be interesting to see the number of Post-it notes you got however it would definitely be an interesting job attempting to clean all those up for sure oh absolutely I can't imagine the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to browse them and actually see what was going on and kind of try to get back to everybody so carrying on look why do business choose to main separate savings account there are services out there doing precisely this for specific countries and I've worked in an organization or many services doing exactly that I can say it doesn't always feel efficient and it does produce more work I understand we're not deliberately doing that we're not developing additional work for any person where we don't need to and anybody 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 standard I think individuals have actually got so used to we require a new checking account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it's not a requirement so I think it's simply been the requirement and the standard individuals have actually adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to type of do it so I believe there's a range I believe this is a process that requires taking a look at it requires altering but eventually individuals are very stuck to what they're familiar
with right um modification is a tough thing all of us don't like change um so I believe it's just type of moving away from the norm as we've said so yeah so it keeps a lot of track of stuff um I understand obviously the advantages of having keeping numerous bank accounts however there's a substantial quantity of intricacy chooses setting up a checking account keeping it guaranteeing it can send International transfers ensuring it's set up with the ideal user accesses for individual individuals so the intricacy is big however I think the sincere answer is change um people haven't had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is understanding you know and there is a component of resistance to change but we've always done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what might practically be figured out to be the next Century approximately there is a lot to monitor and this method does posture several challenges um so Johnny could you tell us about those obstacles yeah obviously so there's a range right there is so
I simply did you changed 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 are worthy of a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you
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