Find out more about Papaya Global Payroll Alternative ... We now have the capability to handle both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has actually obtained a different Chief Financial Officer particularly dedicated to managing payments. This supplies us with a secure and trustworthy method of making payments to our 10,000 workers worldwide.}
The innovative worldwide payroll management app streamlines my payroll process, conserving me a substantial quantity of time every month. With its user-friendly interface, I have access to a single control panel that effectively handles my payroll, EOR, and contractors.
Staff member Website
Staff members have access to a Worker Website where they can see their pay slips, wage and tax declarations and employment files. The website is readily available in several languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global helps companies offer competitive advantages bundles to global workers no matter the number of staff members in the company. 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 local benefits suppliers in every country, produce local accounts and have a minimum number of workers.
The HR capabilities offered by Worldwide HR incorporate numerous functions such as keeping an eye on getaway time, ensuring compliance, assisting in the process of welcoming brand-new staff members and bidding goodbye to leaving ones, providing a safe and secure online platform for keeping workers' documents, and supplying support for work allow treatments in case your staff members need help in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, labor force variety, overall employment expenses distributed per place, total employment costs per cycle and far more.
environments around the world I provided management and strategy to populations of over a hundred thousand staff members in more than 170 nations today I'm the payroll techniques for as Mark stated I work across business handling and building external relationships supporting Enterprise customers and options in addition to serving as an advisor for those of you that do not understand who papaya Worldwide is papaya is the very first payroll and payments
As an international business, we are honored to be consisted of on the prestigious Time 100 list of the most prominent business worldwide. We focus on supplying payroll and workforce management services to staff members in more than 160 countries. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your area. It's a pleasure to fulfill you and thank you for your valuable time. As Ian discussed, 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 seven years. The complexities and difficulties of this field have actually constantly captivated me.
payroll payments and chose to type of make a real go at that over the last 5 or 6 years where I've kind of had a variety of various functions on the company side and also on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll just give everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we'll type of let them do that so it 'd be quite interesting and I can see it going on already simply to hear where everyone is um it's nice to to kind of like see where everyone originates 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 extremely dreary and I wish I was somewhere else at this moment in time okay so let's start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why companies preserve different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical property uh we'll likewise go over a wrap-up and that should leave his time at the extremely very end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more typical and managing them becomes a growing number of intricate Global companies are wanting to discover Solutions and new methods to streamline procedures specifically from a payroll and cross-border payment standpoint numerous companies maintain separate checking account just for payroll while some have several accounts in various nations does it make good sense for companies to preserve separate savings account in some cases in different nations it does however just for payroll is there a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting multinational business improve the episode complex procedures of
making payroll payments precisely efficiently safely and on time throughout this webinar we'll stroll you through the international pros and cons of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in sufficient in one nation however when you're doing it internationally it's next level and Beyond it becomes intricate for a range of factors most notably guidelines compliance data security and banking rules then there are the large numbers they add further intricacy the global Labor force is currently 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 presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll design there's frequently an overwhelming number of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or very really fundamental there's no real consistency framework we're living 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 often with pen and paper and that simply blows my mind each time I I believe
about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses state they have Labor force information in real time that's another number that gives me sleep deprived nights and rather honestly the more a company spends on worldwide payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of global companies have revealed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes badly communicated hires and terminations along with lack management and system configurations and after that when you round everything off and the information is delivered to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they depend on the needed several 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 difficulties company face when they're paying to employees or otherwise that's an excellent concern I constantly throw this back and state what is it what doesn't require to be consisted of best and what does
it need to be thought about there's differing Bank details so the length of an eye band a swift an account number routing code per country there's payment time frames there's payment abilities 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 consumer's own in-country account so there's intricacy anywhere you look ideal ultimately developing a knowledge base is absolutely critical but 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 kind 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 definitely basic and innovation is allowing us to sort of move forward with that it also too to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely important that payroll and finance groups work better together than ever um I'm constantly astonished when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation 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 individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more crucial to contribute to type of the level of intricacy there's increasingly more benefits being organ or being used by companies across the world so again you're simply looking to add increasingly more payments to this already complex landscape so if you type of got any experience well I'm from your huge experience here and I make sure but have you got any experience in kind of real obstacles or genuine difficult sort of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are groups feeding info into the next function as it were that's in fact managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we require to produce extra handoffs in the processes that we run in they just make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and an age that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and rightly as you stated payroll is the single most significant liability that any company has from an expense viewpoint from an impact point of view on workers it is absolutely critical that it's done properly 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 destructive impact on people's wellness and many other elements if people aren't paid uh I have actually constantly been amazed entering into this Market type of the last five to 10 years is how little thanks the
The payroll team may not have been thanked for properly processing payroll throughout a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it's from all staff members or not. Payroll is a crucial cycle, and people only discover when things fail. However, when things go right, it's viewed as simply a regular task. This is how it's viewed externally as well. Therefore, it is vital to make sure that jobs like Wi-Fi Worldwide and other important matters are done properly. Utilizing the first Global Payments very first payroll payment service is an excellent preliminary step towards supplying a thorough payroll service for staff members worldwide. Standardization, worldwide processes, and decreasing the number of tools, platforms, and checking account required for worldwide payroll are essential consider accomplishing service success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes get a few grievances when things do not go as planned. Eventually, we don't do it for the thankfulness.
anyway we know how how essential 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 involved in those procedures and also so picture sorry I'm just I was just gon na state think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we're talking about numerous thousands potentially Millions picture getting that numerous thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got but it would certainly be a fascinating job trying to clean all those up for sure oh absolutely I can't think of the size of my my Outlook inbox if that was the case um you 'd require days of the week to try to browse them and in fact see what was going on and type of shot to get back to everybody so carrying on look why do business select to primary separate checking account there are businesses out there doing exactly this for specific countries and I have actually operated in a company or many services doing exactly that I can state it does not always feel efficient and it does create more work I understand we're not purposely doing that we're not producing additional work for any person where we don't have to and any person that's handling that procedure I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the amount that we are I believe numerous reasons one is it's the requirement I think people have actually got so utilized to we require a brand-new bank account we open an entity and rightly 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 just been the requirement and the norm individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other ways um to to kind of do it so I believe there's a variety I think this is a procedure that requires taking a look at it requires altering however eventually individuals are really stuck to what they're familiar
with right um change is a hard thing all of us don't like modification um so I believe it's simply sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having keeping several checking account but there's a big quantity of intricacy goes with setting up a bank account preserving it ensuring it can send International transfers ensuring it's established with the ideal user accesses for individual individuals so the complexity is huge but I think the sincere response is change um people have not been able to change or have not had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to alter however we've constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what could almost be determined to be the next Century approximately there is a lot to keep an eye on and this method does position several difficulties um so Johnny might you tell us about those obstacles yeah obviously so there's a variety right there is so
I just recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted ability, I have successfully protected payments for our 10,000 staff members worldwide. Your commitment to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is closer, considering your accomplishments.
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