Find out more about Papaya Global Payroll Journal ... We now have the capability to handle both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has gotten a separate Chief Financial Officer specifically devoted to handling payments. This provides us with a protected and trusted method of paying to our 10,000 employees worldwide.}
the very best international payroll managment app, conserves me hours of time every month, one single control panel for my payroll, EOR and professionals
The Employee Website offers staff members with the capability 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 devices and is used in various languages.
Benefits Administration
Papaya Global helps business offer competitive benefits bundles to international workers no matter the variety of staff members in the business. The business can set up medical insurance, short-term and long-term disability, vision, oral and maternity leave while removing the requirement to source local advantages suppliers in every country, produce local accounts and have a minimum variety of employees.
The HR abilities offered by International HR encompass various functions such as keeping an eye on getaway time, ensuring compliance, facilitating the procedure of welcoming new employees and bidding goodbye to leaving ones, providing a secure online platform for keeping workers' documents, and providing assistance for work allow procedures in case your workers require help because area.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, workforce diversity, total work expenses dispersed per location, overall employment costs per cycle and a lot more.
Worldwide, I have actually demonstrated management and strategic expertise in guiding massive populations of over 100,000 staff members across 170 nations. Currently, I are accountable for supervising payroll strategies, as discussed by Mark. My function involves managing and establishing external collaborations, supporting Business clients, and supplying advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions provider.
company to make the time 100 list for the majority of prominent companies worldwide we offer payroll payments and labor force management to all staff member enters over 160 countries I am pleased to state that we also have as Mark stated Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning great afternoon great evening depending upon where you are in the world it's lovely to satisfy you and thank you quite for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I've been in the payments market for over 10 years and particularly working on the payroll and payment sector for over 7 years um I was amazed by the intricacy the difficulty in all of the above of
payroll payments and decided to type of make a real go at that over the last 5 or six years where I have actually type of had a variety of various roles on the supplier side and also on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll just offer everyone 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 kind of let them do that so it 'd be rather interesting and I can see it going on currently simply to hear where everyone is um it's nice to to sort of like see where everybody originates from and I actually do hope it's much sunnier than it is 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 extremely really dreary and I want I was elsewhere at this moment in time okay so let's get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why business keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya Global payroll payments as a tactical asset uh we'll also go over a recap and that needs to leave his time at the really really 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 Worldwide labor forces become a growing number of common and handling them ends up being more and more complex Global companies are wanting to discover Solutions and new ways to enhance procedures specifically from a payroll and cross-border payment perspective lots of companies maintain different bank account just for payroll while some have multiple accounts in various countries does it make sense for business to maintain different bank accounts in some cases in various nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies simplify the episode complex procedures of
making payroll payments precisely effectively securely and on time throughout this webinar we'll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in enough in one country but when you're doing it worldwide 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 add further complexity the global Labor force is presently three and a half billion individuals 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 organizations and growing all doing their own thing around the world in the traditional payroll design there's typically a frustrating number of different systems leading to time-consuming manual procedures and silos the variety of Integrations could be non-existent in big amounts and or extremely really standard there's no genuine consistency framework we're residing in an era of tech however payroll has been sluggish 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 think
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that's another number that offers me sleepless nights and rather honestly the more a company invests in worldwide payroll the less of a photo they see an absence of visibility also reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide services have actually revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry errors badly interacted hires and terminations along with absence management and system configurations and after that when you round everything off and the information is delivered to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the globe payroll and payments do not run smoothly if they rely on the needed multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties organization face when they're making payments to staff members or otherwise that's a good concern I constantly throw this back and state what is it what doesn't require to be included right and what does
it require to be thought of 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 have to pay from the customer's own in-country account so there's complexity anywhere you look best ultimately constructing a knowledge base is definitely important however all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are definitely basic and technology is allowing us to sort of progress with that it likewise too to add to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely important that payroll and financing teams work more detailed together than ever um I'm always impressed when individuals state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't operate in the payroll profession would they divide 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 individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high value on wellness and the settlement landscape is ending up being significantly intricate. Organizations are constantly introducing new benefits and payment alternatives, which adds to the general intricacy. Big corporations frequently divide their payroll and payment processing into different teams, which can cause inadequacies and bottlenecks. In my opinion, this doesn't need to hold true. In today's technologically innovative period, there's no justification for maintaining troublesome treatments. Payroll, the company's biggest expense, need to be processed properly and on time. Even slight delays can adversely affect employees' wellness and have significant consequences. For that reason, it's crucial to prioritize accurate and prompt payments.
The payroll team might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be great to hear their success story, whether it's from all workers or not. Payroll is a crucial cycle, and individuals only observe when things go wrong. However, when things go right, it's viewed as just a routine job. This is how it's perceived externally as well. Therefore, it is important to guarantee that tasks like Wi-Fi Worldwide and other vital matters are done properly. Utilizing the first Global Payments first payroll payment service is a great initial action towards offering a comprehensive payroll service for staff members worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and savings account essential for worldwide payroll are crucial factors in attaining service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few grievances when things do not go as prepared. Eventually, we do not do it for the appreciation.
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 likewise so imagine sorry I'm simply I was just gon na state think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we're discussing hundreds of thousands possibly Millions think of getting that numerous thank you notes um I indicate it 'd be interesting to see how many Post-it notes you got however it would definitely be a fascinating 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 try to browse them and actually see what was going on and type of shot to return to everyone so carrying on appearance why do business select to primary separate bank accounts there are businesses out there doing precisely this for specific countries and I have actually operated in a service or many organizations doing exactly that I can state it does not constantly feel effective and it does create more work I understand we're not intentionally doing that we're not producing extra work for anybody where we do not need to and anyone that's managing 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 quantity that we are I believe many factors one is it's the requirement I believe people have 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 variety of markets where it's not a requirement so I think it's simply been the standard and the norm the people have embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and numerous other methods um to to type of do it so I believe there's a range I believe this is a process that needs taking a look at it needs changing however eventually individuals are really stuck with what they're familiar
with best um change is a hard thing we all don't like modification um so I think it's simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the benefits of having keeping numerous checking account however there's a substantial amount of complexity goes with establishing a savings account maintaining it guaranteeing it can send out International transfers ensuring it's established with the right user accesses for specific individuals so the complexity is substantial but I think the honest response is modification um people have not been able to change or haven't had always the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we've always 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 might almost be determined to be the next Century or so there is a lot to keep track of and this approach does posture numerous obstacles um so Johnny might you tell us about those difficulties yeah naturally so there's a variety right there is so
I just recently made a modification to our Enterprise 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 actually gained another CFO, and with this enhanced capability, I have actually successfully protected payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments.
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