Find out more about Papaya Global Payrol Log Ing ... We now have the capability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has acquired a separate Chief Financial Officer specifically committed to managing payments. This offers us with a safe and secure and reputable technique of making payments to our 10,000 workers worldwide.}
the BEST international payroll managment app, conserves me hours of time every month, one single control panel for my payroll, EOR and specialists
The Staff member Website offers workers with the capability to gain access to and view crucial files such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile phones and is used in different languages.
Advantages Administration
Papaya Global helps companies provide competitive benefits bundles to worldwide staff members regardless of the variety of staff members in the company. The business can establish medical insurance, short-term and long-term special needs, vision, oral and maternity leave while getting rid of the requirement to source local benefits suppliers in every country, produce regional accounts and have a minimum variety of staff members.
The HR abilities provided by Worldwide HR encompass numerous functions such as monitoring holiday time, making sure compliance, helping with the procedure of welcoming brand-new workers and bidding goodbye to departing ones, providing a secure online platform for storing workers' documents, and supplying assistance for work permit treatments in case your staff members require assistance in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, labor force diversity, total work expenses distributed per location, total employment expenses per cycle and far more.
environments across the globe I provided management and strategy to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll strategies for as Mark stated I work throughout the business managing and structure external relationships supporting Business clients and options in addition to acting as an advisor for those of you that don't know who papaya International is papaya is the very first payroll and payments
business to make the time 100 list for the majority of influential companies worldwide we offer payroll payments and workforce management to all worker enters over 160 nations I am pleased to state that we also have as Mark said Johnny Nash with us today Johnny would you like to present yourself naturally thank you good morning excellent afternoon good evening depending upon where you remain in the world it's beautiful to meet you and thank you very much for your time as Ian said my name is Johnny Nash and I'm the payments director here at um I've remained in the payments industry for over 10 years and particularly working on the payroll and payment sector for over seven years um I was captivated 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 five or 6 years where I've type of had a range of various roles on the service provider side and likewise on the vendor side from a payroll point of view so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll simply provide everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we'll type of let them do that so it 'd be rather interesting and I can see it going on already simply to hear where everybody 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 is in the UK today definitely not the peak of the sunshine is it it's not no it's it's raining here it's extremely really gloomy and I want I was elsewhere at this moment in time all right so let's get started our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts simplifying papaya International payroll payments as a strategic possession uh we'll also go over a wrap-up and that needs 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 transferring to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of common and handling them ends up being a growing number of intricate Global organizations are wanting to find Solutions and brand-new methods to streamline procedures particularly from a payroll and cross-border payment standpoint lots of companies preserve different savings account just for payroll while some have numerous accounts in various countries does it make good sense for business to keep separate bank accounts sometimes in different nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business simplify the episode complex processes of
Ensuring precise, efficient, and prompt payroll payments is a complex challenge for services operating internationally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to optimize working capital, and find how improving global payroll payments can transform them from a troublesome task into a tactical property.
Handling payroll globally is a complicated job due to numerous regulations, compliance requirements, information security issues, and banking rules. The large number of employees and businesses contributes to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems frequently result in manual procedures, data silos, and an absence of integration, leading to inconsistencies and inefficiencies. Despite residing in a period of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to provide insights and services to streamline and optimize global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 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 spends on global payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance mishaps in the last mile of the transaction nearly half of international businesses have actually revealed that they don't have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes improperly communicated hires and terminations along with lack management and system configurations and after that when you round everything off and the data is shipped to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money worldwide payroll and payments don't run smoothly if they depend on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges service face when they're making payments to staff members or otherwise that's a good concern I constantly toss this back and state what is it what does not require to be included best and what does
it require to be considered there's varying Bank details 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 need to pay from the consumer's own in-country account so there's intricacy any place you look right eventually constructing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 basic and technology is enabling us to kind of move on with that it also as well to contribute to that payroll and financing require to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely necessary that payroll and finance teams work closer together than ever um I'm always astonished when people say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't work in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it's payroll is an end-to-end process it's the point of information collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more important to add to kind of the level of intricacy there's increasingly more benefits being organ or being used by organizations across the world so again you're just wanting to include a growing number of payments to this already intricate landscape so if you sort of got any experience well I'm from your large experience here and I make certain but have you got any experience in kind of real challenges or real challenging kind of pay uses to play to pay people I think yeah I mean over the last well yeah a number of decades I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding details into the next function as it were that's in fact managing the payment side of things however you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to create extra handoffs in the processes that we run in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason we are still making this as tough as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any service has from a cost viewpoint from an effect perspective on staff members it is definitely vital 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 need to be done right it has the most significant harmful impact on individuals's wellness and lots of other aspects if people aren't paid uh I have actually always been astonished coming into this Market type of the last 5 to ten years is how little thanks the
The payroll team may not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be great to hear their success story, whether it's from all staff members or not. Payroll is a crucial cycle, and people only notice when things go wrong. However, when things go right, it's viewed as simply a routine job. This is how it's perceived externally too. For that reason, it is important to guarantee that jobs like Wi-Fi Global and other essential matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment solution is an excellent preliminary step towards supplying a comprehensive payroll service for employees worldwide. Standardization, worldwide processes, and lowering the variety of tools, platforms, and checking account necessary for worldwide payroll are crucial factors in attaining company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don't go as prepared. Ultimately, we do not do it for the appreciation.
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 everyone that's involved in those procedures and likewise so imagine sorry I'm just I was just gon na say picture the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I'm sure we're talking about hundreds of thousands potentially Millions imagine 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 certainly be a fascinating task trying to clean all those up for sure oh absolutely I can't think of the size of my my Outlook inbox if that held true um you 'd need days of the week to attempt to check out them and really see what was going on and kind of shot to return to everyone so moving on appearance why do business select to primary different savings account there are organizations out there doing exactly this for specific countries and I've worked in an organization or lots of services doing exactly that I can state it does not constantly feel efficient and it does produce more work I know we're not intentionally doing that we're not producing additional work for anyone where we do not need to and any person that's handling 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 amount that we are I think lots of factors one is it's the standard I believe people have got so utilized to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes however 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 embraced and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and lots of other ways um to to type of do it so I think there's a range I think this is a process that requires taking a look at it requires altering however ultimately people are really stuck to what they're familiar
with ideal um change is a difficult thing we all don't like change um so I think it's just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving numerous bank accounts however there's a huge quantity of complexity goes with setting up a checking account keeping it guaranteeing it can send out International transfers ensuring it's established with the right user accesses for individual people so the intricacy is huge but I think the truthful response is change um individuals have not been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to change however we've constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century or so there is a lot to keep an eye on and this method does present a number of obstacles um so Johnny could you tell us about those obstacles yeah of course so there's a variety right there is so
I just did you switched 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 employees you are worthy of a corner office with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you
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