Find out more about Papaya Global Payroll Options ... We now have the ability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer specifically dedicated to handling payments. This supplies us with a safe and secure and dependable approach of making payments to our 10,000 staff members worldwide.}
The cutting-edge worldwide payroll management app enhances my payroll process, conserving me a significant amount of time each month. With its user-friendly interface, I have access to a single dashboard that effectively manages my payroll, EOR, and specialists.
The Employee Website provides staff members with the ability to access and view important documents such as pay slips, wage and tax declarations, and work records. This website is accessible on both desktop and mobile devices and is provided in different languages.
Benefits Administration
Papaya Global assists business provide competitive advantages plans to worldwide staff members regardless of the number of staff members in the company. The company can set up medical insurance, short-term and long-term special needs, vision, oral and maternity leave while removing the requirement to source regional advantages providers in every country, create local accounts and have a minimum number of staff members.
International HR Functionalities
's HR performances consist of PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' documents and immigration services if your employees require work license support.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force spending, workforce diversity, total employment costs dispersed per location, total work expenses per cycle and far more.
Globally, I have shown management and strategic expertise in assisting massive populations of over 100,000 employees throughout 170 countries. Presently, I are accountable for managing payroll methods, as pointed out by Mark. My role includes handling and establishing external partnerships, supporting Enterprise clients, and supplying advisory services. Additionally, I am proud to be a part of Papaya Global, a pioneering payroll and payments options supplier.
company to make the time 100 list for the majority of influential business on the planet we provide payroll payments and labor force management to all staff member enters over 160 nations I am pleased to say that we likewise have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning great afternoon good evening depending upon where you are in the world it's charming to meet you and thank you very much for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I have actually been in the payments market for over ten years and specifically working on the payroll and payment sector for over 7 years um I was captivated by the complexity the problem in all of the above of
payroll payments and chose to type 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 functions on the provider side and also on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we'll just give everybody another couple of uh well among the 30 seconds or so to join we all work back to back these days so we'll sort of let them do that so it 'd be quite interesting and I can see it going on already simply to hear where everybody is um it's nice to to sort of like see where everyone comes from and I truly do hope it's much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it's not no it's it's drizzling here it's really very dreary and I wish I was elsewhere at this moment in time all right so let's begin our program for today is as follows um we are going to be looking at the challenge years of managing International payroll why business keep different
Virtual payroll accounts are an option to conventional checking account for managing payroll payments. This is especially helpful for international organizations with dispersed and remote labor forces, as it simplifies the intricate process of cross-border payments. Instead of maintaining different checking account for payroll in different nations, virtual accounts and digital wallets provide a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are becoming a tactical possession for payroll executives. We will likewise provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently safely and on time throughout this webinar we'll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one nation however when you're doing it worldwide it's next level and Beyond it becomes complicated for a range of factors most notably guidelines compliance data security and banking rules then there are the sheer numbers they include further intricacy the worldwide Labor force is presently 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 conventional payroll design there's typically a frustrating number of different systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or really really standard there's no genuine consistency structure we're living in a period of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that's another number that gives me sleepless nights and quite honestly the more an organization spends on worldwide payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal almost half of global services have actually expressed that they don't have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry errors badly communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the information is shipped to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they count 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 challenges organization face when they're paying to employees or otherwise that's a great concern I always toss this back and say what is it what does not need to be included ideal and what does
it require to be thought of there's differing Bank details so the length of an eye band a swift an account number routing code per nation there's payment timespan 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 best eventually building a knowledge base is absolutely crucial but everywhere 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 sort of link between fintech and payroll it's closer than ever I believe there's now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to type of progress with that it also as well to add to that payroll and finance need to work closer together um with varying Checking account Particulars differing banking requirements and setup processes is definitely essential that payroll and finance teams work closer together than ever um I'm constantly astonished when people 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 occupation would they split the payroll payment from calculation 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 ultimately it's payroll is an end-to-end process it's the point of data collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world places a high value on wellness and the payment landscape is becoming significantly complex. Organizations are constantly presenting new benefits and payment options, which adds to the overall complexity. Large corporations frequently divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my viewpoint, this doesn't need to be the case. In today's highly sophisticated period, there's no justification for maintaining cumbersome treatments. Payroll, the business's greatest expense, must be processed properly and on time. Even minor delays can adversely affect staff members' wellness and have far-reaching repercussions. For that reason, it's critical to prioritize precise and prompt payments.
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anyone has been thanked, it would be terrific to hear their success story, whether it's from all workers or not. Payroll is an important cycle, and people just observe when things fail. Nevertheless, when things go right, it's seen as just a routine job. This is how it's perceived externally as well. For that reason, it is necessary to guarantee that jobs like Wi-Fi International and other vital matters are done properly. Utilizing the very first International Payments first payroll payment service is a fantastic preliminary step towards providing a comprehensive payroll solution for staff members worldwide. Standardization, global procedures, and lowering the number of tools, platforms, and bank accounts required for international payroll are crucial factors in achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of grievances when things don't go as planned. Ultimately, we don't do it for the appreciation.
anyhow we understand 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 simple as possible for everybody that's associated with those procedures and likewise so imagine sorry I'm simply I was just gon na state imagine the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make certain we're speaking about hundreds of thousands possibly Millions think of getting that lots of thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got however it would definitely be an interesting job attempting to clean up all those up for sure oh definitely I can't imagine the size of my my Outlook inbox if that was the case um you 'd need days of the week to try to look through them and really see what was going on and kind of try to get back to everyone so carrying on appearance why do business choose to main different checking account there are businesses out there doing exactly this for particular nations and I have actually operated in an organization or many companies doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we're not purposely doing that we're not creating extra work for any person where we do not need to and anyone that's managing that process 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 think many reasons one is it's the requirement I think people have got so used to we need a new savings account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it's not a requirement so I believe it's just been the standard 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 many other ways um to to type of do it so I believe there's a range I think this is a process that needs looking at it needs altering but eventually individuals are extremely stuck with what they recognize
with right um change is a challenging thing all of us don't like modification um so I think it's simply type of moving far from the standard as we've said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having maintaining several bank accounts but there's a huge amount of intricacy goes with setting up a checking account preserving it ensuring it can send International transfers guaranteeing it's set up with the right user accesses for private people so the complexity is huge but I think the truthful answer is change um individuals haven't been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you've struck the nail on the head I believe it is understanding you understand and there is an aspect of resistance to change however we've always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or so there is a lot to monitor and this approach does present numerous challenges um so Johnny might you inform us about those challenges yeah obviously so there's a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage 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 devotion to mastering international payroll and payments using Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is better, considering your achievements.
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