Find out more about Papaya Global Makes 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 actually obtained a different Chief Financial Officer particularly devoted to managing payments. This offers us with a safe and secure and trustworthy technique of paying to our 10,000 staff members worldwide.}
the BEST worldwide payroll managment app, saves me hours of time every month, one single control panel for my payroll, EOR and contractors
The Staff member Portal provides workers with the ability to gain access to and view essential documents such as pay slips, wage and tax declarations, and employment records. This portal is accessible on both desktop and mobile phones and is used in numerous languages.
Advantages Administration
Papaya Global assists companies use competitive advantages packages to global workers regardless of the variety of employees in the business. The business can set up health insurance, short-term and long-lasting special needs, vision, oral and maternity leave while getting rid of the requirement to source regional benefits providers in every country, create regional accounts and have a minimum number of staff members.
Global HR Functionalities
's HR functionalities consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your employees require work authorization support.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, workforce diversity, overall employment expenses distributed per location, total work expenses per cycle and much more.
Internationally, I have demonstrated management and strategic knowledge in directing massive populations of over 100,000 workers throughout 170 nations. Presently, I am responsible for supervising payroll techniques, as pointed out by Mark. My role involves handling and developing external collaborations, supporting Business clients, 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 an international business, we are honored to be included on the prominent Time 100 list of the most influential business worldwide. We specialize in supplying payroll and labor force management services to staff members in more than 160 countries. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, despite your place. It's a pleasure to satisfy you and thank you for your valuable time. As Ian mentioned, 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 solutions for the past 7 years. The intricacies and challenges of this field have always mesmerized me.
payroll payments and chose to sort of make a real go at that over the last five or six years where I've kind of had a range of different roles on the company side and also on the vendor side from a payroll viewpoint so really looking forward to this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we'll simply offer everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we'll type 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 everybody originates from and I actually 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 extremely very bleak and I wish I was elsewhere at this moment in time fine so let's get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why business keep different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts improving papaya Global payroll payments as a strategic property uh we'll also go over a recap and that ought to leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being increasingly more typical and managing them becomes more and more complex Global organizations are aiming to discover Solutions and new ways to streamline procedures specifically from a payroll and cross-border payment viewpoint lots of organizations maintain different bank account just for payroll while some have multiple accounts in different countries does it make sense for companies to keep separate savings account in some cases in various nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies enhance the episode complex processes of
making payroll payments accurately effectively securely and on time during this webinar we'll walk you through the international pros and cons of a payroll wallet versus a payroll savings account how business accurately forecast their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one nation however when you're doing it internationally it's next level and Beyond it ends up being complicated for a variety of factors most importantly guidelines compliance information security and banking rules then there are the sheer numbers they include additional complexity the international Labor force is presently 3 and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the conventional payroll design there's frequently an overwhelming number of various systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or extremely extremely basic there's no genuine consistency framework we're residing in a period 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 frequently with pen and paper and that simply blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force data in real time that's another number that gives me sleep deprived nights and quite frankly the more a business invests in international payroll the less of a photo they see a lack of visibility also encompasses payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal almost half of international businesses have actually expressed that they don't 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 information information entry errors badly communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the data is delivered to the incorrect place the typical cost 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 worldwide payroll and payments don't run smoothly if they depend on the required multiple processes 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 challenges company face when they're making payments to workers or otherwise that's a good question I constantly throw this back and state what is it what doesn't need to be included right 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 nation there's payment time frames there's payment capabilities 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 customer's own in-country account so there's intricacy wherever you look ideal ultimately constructing 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 look at the type of link in 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 technology is enabling us to kind of move on with that it also also to contribute to that payroll and finance require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is definitely important that payroll and financing teams work closer together than ever um I'm always amazed when people say I have actually divided 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 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 eventually it's payroll is an end-to-end process it's the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on well-being and the compensation landscape is ending up being progressively detailed. Services are continuously presenting brand-new advantages and payment alternatives, which adds to the total intricacy. Big corporations often divide their payroll and payment processing into separate groups, which can result in ineffectiveness and bottlenecks. In my viewpoint, this does not have to be the case. In today's highly advanced period, there's no reason for keeping troublesome procedures. Payroll, the company's most significant expense, must be processed correctly and on time. Even small delays can adversely affect workers' well-being and have significant repercussions. For that reason, it's important to focus on accurate and prompt payments.
payroll group get um so I'm not sure anybody on this sort of webinar has actually been told 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 important cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it's simply a tick box workout and I believe that's how it's seen from the external view as well um so yeah it's also like why WI-Fi Global why all of this things is absolutely essential that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment solution is a terrific initial step um offering an end-to-end payroll service for your employees internationally again I believe is another substantial um process again aligning and ensuring you have standardization Worldwide processes all of those things are definitely key to success success of businesses and lowering the number 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or ten 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 don't believe any of us are really doing that for for the thanks
anyway we understand how how crucial a role 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 imagine sorry I'm simply I was simply gon na say picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we're speaking about numerous thousands potentially Millions imagine getting that lots of thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got but it would absolutely be an interesting task trying to clean up all those up for sure oh definitely I can't envision 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 in fact see what was going on and sort of shot to return to everyone so moving on look why do companies choose to primary different savings account there are companies out there doing exactly this for specific countries and I've operated in a business or lots of organizations doing precisely that I can say it doesn't always feel effective and it does develop more work I understand we're not purposely doing that we're not developing extra work for anyone where we do not have to and anybody that's dealing with that procedure 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 lots of factors one is it's the requirement I think individuals have actually got so used to we require a new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it's not a requirement so I think it's simply been the standard and the standard the people have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and lots of other methods um to to type of do it so I think there's a range I believe this is a procedure that needs looking at it needs changing however ultimately people are extremely stuck to what they recognize
with right um change is a difficult thing we all don't like modification um so I think it's simply kind of moving away from the standard as we've said so yeah so it keeps a lot of track of stuff um I understand clearly the advantages of having preserving multiple savings account but there's a substantial amount of complexity opts for setting up a savings account keeping it guaranteeing it can send International transfers guaranteeing it's established with the best user accesses for private individuals so the complexity is substantial however I think the sincere answer is modification um individuals have not had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you've hit the nail on the head I believe it is understanding you know and there is an element of resistance to alter but we've always done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what could almost be determined to be the next Century approximately there is a lot to track and this technique does present numerous obstacles um so Johnny could you inform us about those obstacles yeah naturally so there's a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It feels like our CFO has acquired another CFO, and with this improved ability, I have successfully secured payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner office with a parking space that is better, considering your achievements.
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