Find out more about Papaya Global Payroll Can I Choose Start Of Workweek ... We now have the capability to handle both our payroll and payments procedures on one unified platform. It's as if our Chief Financial Officer has acquired a different Chief Financial Officer specifically committed to handling payments. This offers us with a secure and reputable technique of making payments to our 10,000 workers worldwide.}
the very best international payroll managment app, saves me hours of time each month, one single control panel for my payroll, EOR and contractors
Worker Website
Employees have access to an Employee Website where they can see their pay slips, wage and tax declarations and employment files. The portal is readily available in several languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global assists business use competitive advantages bundles to global staff members no matter the number of workers in the company. The business can establish health insurance, short-term and long-lasting impairment, vision, oral and maternity leave while removing the need to source local advantages service providers in every nation, develop regional accounts and have a minimum number of workers.
The HR capabilities offered by Worldwide HR incorporate various functions such as keeping an eye on getaway time, ensuring compliance, assisting in the process of inviting new employees and bidding goodbye to departing ones, offering a protected online platform for storing employees' files, and supplying assistance for work permit procedures in case your workers need assistance in that location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force spending, labor force diversity, overall employment expenses distributed per place, overall work costs per cycle and far more.
environments around the world I provided management and method to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll strategies for as Mark said I work throughout the business managing and building external relationships supporting Enterprise customers and solutions in addition to serving as a consultant for those of you that do not know who papaya International is papaya is the first payroll and payments
business to make the time 100 list for a lot of influential companies in the world we supply payroll payments and labor force management to all staff member key ins over 160 countries I am pleased to say that we also have as Mark said Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning excellent afternoon good night depending upon where you are in the world it's charming to fulfill 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 have actually been in the payments industry for over ten years and particularly 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 genuine go at that over the last five or 6 years where I've type of had a variety of various functions on the supplier side and also on the supplier side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll simply give everyone another number of uh well one of 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 quite fascinating and I can see it going on already simply to hear where everyone is um it's nice to to type of like see where everybody comes from and I really do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it's not no it's it's raining here it's very very gloomy 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 looking at the difficulty years of handling Global payroll why business maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts improving papaya Worldwide payroll payments as a tactical asset uh we'll likewise go over a recap which should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more common and handling them becomes a growing number of complicated International organizations are wanting to find Solutions and brand-new methods to streamline processes specifically from a payroll and cross-border payment viewpoint many organizations preserve separate checking account just for payroll while some have numerous accounts in different countries does it make good sense for companies to keep separate checking account in some cases in various nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business improve the episode complex processes of
making payroll payments properly efficiently firmly and on time during this webinar we'll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll expenses to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in enough in one country but when you're doing it globally it's next level and Beyond it becomes intricate for a variety of reasons most importantly policies compliance data security and banking guidelines then there are the large numbers they include additional complexity the worldwide Workforce is currently three and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll design there's often a frustrating number of various systems causing lengthy manual processes and silos the variety of Combinations could be non-existent in big amounts and or very extremely basic there's no genuine consistency framework we're living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force information in real time that's another number that provides me sleepless nights and quite frankly the more a business invests in international payroll the less of an image they see a lack of visibility likewise extends to payroll payments and inability to precisely track these payments can cause compliance accidents in the last mile of the transaction nearly half of global services have actually revealed that they don't have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes inadequately interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the information is delivered to the wrong place the typical expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments don't run efficiently if they rely on the necessary multiple 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 challenges business face when they're making payments to workers or otherwise that's a good question I constantly toss this back and state what is it what does not need to be consisted of ideal and what does
it need to be considered there's varying 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 abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the consumer's own in-country account so there's complexity any place you look right eventually developing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble 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 acknowledgment that payroll payments are absolutely basic and technology is permitting us to sort of move on with that it also too to add to that payroll and financing require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is absolutely essential that payroll and financing teams work closer together than ever um I'm constantly amazed when people state I've split payroll and payment um if you walk down the street and asked anyone what is payroll who doesn't operate in the payroll profession would they divide the payroll payment from estimation 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 but likewise paying statutory authorities and on statutory 3rd parties so with the
The contemporary world puts a high worth on wellness and the compensation landscape is becoming increasingly elaborate. Organizations are constantly introducing brand-new advantages and payment alternatives, which contributes to the total intricacy. Large corporations typically divide their payroll and payment processing into separate groups, which can cause inadequacies and bottlenecks. In my opinion, this doesn't need to be the case. In today's technically sophisticated age, there's no validation for maintaining troublesome treatments. Payroll, the business's greatest expenditure, must be processed correctly and on time. Even small delays can negatively impact staff members' well-being and have significant effects. For that reason, it's crucial to focus on accurate and timely payments.
The payroll team may not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be fantastic to hear their success story, whether it's from all workers or not. Payroll is an essential cycle, and individuals only notice when things go wrong. Nevertheless, when things go right, it's seen as simply a routine job. This is how it's viewed externally as well. Therefore, it is necessary to make sure that tasks like Wi-Fi International and other crucial matters are done properly. Using the first International Payments first payroll payment solution is an excellent initial step towards offering a thorough payroll option for employees worldwide. Standardization, international processes, and reducing the number of tools, platforms, and savings account needed for worldwide payroll are key factors in attaining service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things don't go as prepared. Ultimately, we do not do it for the gratitude.
anyhow we know how how crucial 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 everyone that's involved in those procedures and likewise so envision sorry I'm just I was just gon na state think of the amount 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 envision getting that many thank you notes um I mean it 'd be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job trying to clean all those up for sure oh definitely I can't envision the size of my my Outlook inbox if that held true um you 'd need days of the week to try to browse them and actually see what was going on and type of shot to return to everybody so proceeding appearance why do companies select to main different savings account there are organizations out there doing precisely this for specific nations and I've worked in a business or numerous companies doing precisely that I can state it does not always feel effective and it does develop more work I understand we're not intentionally doing that we're not creating extra work for anyone where we don't need to and any person that's managing 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 lots of factors one is it's the standard I think people have got so utilized to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions but there are a number of markets where it's not a requirement so I think it's simply been the requirement and the standard individuals have adopted and continue to do over years and years gone past to contribute to that individuals have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I think there's a variety I believe this is a process that needs taking a look at it needs altering but eventually people are really stuck to what they're familiar
with best um modification is a difficult thing we all don't like change um so I believe it's simply kind of moving away from the norm as we've said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having keeping numerous bank accounts but there's a substantial amount of intricacy chooses setting up a bank account preserving it guaranteeing it can send International transfers ensuring it's established with the right user accesses for individual individuals so the intricacy is huge but I think the sincere answer is modification um people haven't been able to alter or haven't had always the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you've hit the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or two there is a lot to keep track of and this approach does posture several obstacles um so Johnny might you tell us about those obstacles yeah naturally so there's a variety right there is so
I simply 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 Worldwide workers you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you
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