Find out more about Papaya Global Payroll Estimate ... We now have the capability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has gotten a separate Chief Financial Officer particularly dedicated to managing payments. This provides us with a protected and reputable approach of making payments to our 10,000 employees worldwide.}
the BEST global payroll managment app, saves me hours of time every month, one single control panel for my payroll, EOR and contractors
The Employee Portal provides employees with the ability to access and view crucial files such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile phones and is used in various languages.
Benefits Administration
Papaya Global assists business use competitive benefits plans to international employees regardless of the number of workers in the business. The company can set up medical insurance, short-term and long-lasting impairment, vision, oral and maternity leave while eliminating the requirement to source regional advantages suppliers in every country, develop local accounts and have a minimum number of staff members.
The HR capabilities supplied by Global HR include numerous functions such as monitoring vacation time, guaranteeing compliance, assisting in the process of welcoming brand-new workers and bidding goodbye to leaving ones, providing a secure online platform for storing employees' documents, and supplying support for work allow treatments in case your employees need help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, workforce diversity, total employment costs distributed per place, total work costs per cycle and a lot more.
Globally, I have demonstrated leadership and strategic knowledge in guiding massive populations of over 100,000 staff members throughout 170 countries. Currently, I are accountable for overseeing payroll techniques, as mentioned by Mark. My role involves handling and establishing external partnerships, supporting Business customers, and offering advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments options service provider.
As a worldwide company, we are honored to be consisted of on the prominent Time 100 list of the most influential companies worldwide. We concentrate on providing payroll and labor force management services to staff members in more than 160 nations. I am delighted to introduce Johnny Nash, as mentioned by Mark. Now, I'll let Johnny introduce himself. Good day to all, regardless of your location. It's an enjoyment to meet you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments market, I have actually focused on payroll and payment options for the past 7 years. The complexities and obstacles of this field have actually always mesmerized me.
payroll payments and chose to sort of make a genuine go at that over the last 5 or 6 years where I have actually type of had a range of various roles on the service provider side and also on the vendor side from a payroll perspective so truly eagerly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we'll just give everybody another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we'll type of let them do that so it 'd be rather interesting and I can see it going on currently just to hear where everyone is um it's nice to to kind of like see where everyone originates from and I actually 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 extremely very 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 Global payroll why business maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we'll also discuss a wrap-up which ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and managing them ends up being more and more intricate International organizations are aiming to find Solutions and new ways to simplify processes specifically from a payroll and cross-border payment viewpoint many companies maintain separate bank account just for payroll while some have multiple accounts in various nations does it make sense for companies to maintain separate checking account in some cases in various nations it does but just for payroll exists a better way what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping multinational business improve the episode complex procedures of
making payroll payments properly effectively firmly and on time during this webinar we'll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll expenses to increase working capital and how improving International payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in sufficient in one country but when you're doing it worldwide it's next level and Beyond it becomes complex for a variety of factors most significantly guidelines compliance data security and banking guidelines then there are the large numbers they include further intricacy the worldwide 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 currently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing around the globe in the traditional payroll design there's typically a frustrating variety of different systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or really extremely standard there's no genuine consistency framework we're living in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind every 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 services state they have Workforce information in real time that's another number that offers me sleep deprived nights and quite frankly the more an organization spends on worldwide payroll the less of a picture they see a lack of visibility likewise encompasses payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide businesses have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry mistakes poorly communicated hires and terminations in addition to lack management and system setups and after that when you round all of it off and the data is shipped to the wrong place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the globe payroll and payments don't run smoothly if they rely on the needed numerous processes 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 obstacles service face when they're paying to staff members or otherwise that's an excellent question I always throw this back and say what is it what does not need to be included right and what does
it require to be thought about there's varying 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 customer's own in-country account so there's complexity wherever you look right eventually building a knowledge base is absolutely critical however all over you look with payroll payment they are like very payments no if however some children 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 recognition that payroll payments are absolutely basic and technology is permitting us to type of move forward with that it also as well to add to that payroll and finance require to work closer together um with varying Bank Account Details varying banking requirements and setup processes is definitely imperative that payroll and finance groups work more detailed together than ever um I'm constantly astonished when individuals state I've split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately 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 also paying statutory authorities and on statutory third parties so with the
The modern world positions a high value on well-being and the payment landscape is ending up being increasingly elaborate. Companies are continually introducing brand-new benefits and payment alternatives, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into different teams, which can lead to inadequacies and traffic jams. In my opinion, this does not have to hold true. In today's technologically advanced age, there's no validation for preserving cumbersome treatments. Payroll, the business's most significant expense, must be processed correctly and on time. Even small delays can negatively impact staff members' well-being and have far-reaching effects. For that reason, it's crucial to prioritize accurate and timely payments.
payroll group get um so I'm unsure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it 'd be fantastic to hear your success story and whether that's been from all staff members or not um however ultimately payroll is such a crucial cycle we all become aware of it when it fails everybody jumps up and down when it goes wrong but when it goes right it's simply a tick box exercise and I think that's how it's seen from the external deem well um so yeah it's likewise like why WI-Fi Global why all of this stuff is definitely important that all of this stuff is done properly so leveraging the very first Worldwide Payments first payroll payment solution is a great initial step um supplying an end-to-end payroll solution for your workers globally once again I think is another big um procedure again lining up and guaranteeing you have standardization Worldwide procedures all of those things are absolutely crucial to success success of organizations and lowering the variety of tools platforms and savings account they require for their Worldwide payroll too couldn't agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or 10 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 do not believe any of us are in fact doing that for for the thanks
anyhow we understand how how crucial a function 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 processes and also so envision sorry I'm just I was just gon na say think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we're talking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I mean it 'd be interesting to see how many Post-it notes you got but it would certainly be an interesting job attempting 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 browse them and really see what was going on and sort of shot to get back to everybody so carrying on appearance why do business choose to main different bank accounts there are services out there doing exactly this for specific nations and I have actually operated in a service or lots of businesses doing exactly that I can state it does not always feel efficient and it does produce more work I know we're not deliberately doing that we're not developing additional work for anybody where we do not have to and anyone that's dealing with that process I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the amount that we are I believe lots of reasons one is it's the standard I think individuals have actually got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it's not a requirement so I believe it's just been the requirement and the standard the people have adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other ways um to to sort of do it so I think there's a variety I think this is a process that requires looking at it needs altering but ultimately people are really stuck to what they're familiar
with ideal um modification is a tough thing we all do not like modification um so I believe it's just kind of moving far 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 keeping several savings account but there's a huge amount of complexity goes with establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it's established with the best user accesses for specific individuals so the intricacy is huge but I think the honest answer is change um people have not had the ability to change or haven't had always the knowledge to really make that change into alternate Solutions besides opening a checking account I believe you've struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change 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 know what might almost be identified to be the next Century approximately there is a lot to keep track of and this approach does pose several challenges um so Johnny might you tell us about those difficulties yeah obviously so there's a range right there is so
I simply did you changed our Business 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 staff members you deserve a corner workplace with a closer parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you
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