Find out more about Papaya Global Payroll Period ... We now have the capability to handle both our payroll and payments procedures on one merged platform. It's as if our Chief Financial Officer has gotten a different Chief Financial Officer specifically devoted to managing payments. This supplies us with a secure and reliable technique of making payments to our 10,000 employees worldwide.}
the very best international payroll managment app, saves me hours of time monthly, one single dashboard for my payroll, EOR and professionals
The Staff member Website supplies staff members with the capability to access and view crucial files such as pay slips, wage and tax declarations, and employment records. This website is accessible on both desktop and mobile devices and is offered in different languages.
Benefits Administration
Papaya Global assists business offer competitive benefits bundles to worldwide staff members regardless of the number of workers in the business. The company can set up medical insurance, short-term and long-term impairment, vision, dental and maternity leave while getting rid of the need to source local advantages companies in every nation, produce 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' files and migration services if your employees require work license support.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, labor force variety, total work costs distributed per location, total employment expenses per cycle and a lot more.
Worldwide, I have actually demonstrated leadership and tactical knowledge in guiding massive populations of over 100,000 employees across 170 nations. Currently, I am responsible for overseeing payroll methods, as discussed by Mark. My role includes handling and establishing external partnerships, supporting Enterprise customers, and offering advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments options supplier.
business to make the time 100 list for many influential companies in the world we provide payroll payments and workforce management to all worker types in over 160 nations I am pleased to say that we also have as Mark stated Johnny Nash with us today Johnny would you like to present yourself obviously thank you good morning good afternoon excellent night depending on where you remain in the world it's charming to meet 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 remained in the payments market for over 10 years and particularly dealing with the payroll and payment sector for over seven years um I was interested by the complexity the trouble in all of the above of
payroll payments and decided to kind of make a genuine go at that over the last five or six years where I've sort of had a variety of different functions on the company side and also on the vendor side from a payroll point of view so truly eagerly anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we'll just give everyone another number of uh well one of the 30 seconds or two to join all of us work back to back these days so we'll kind of let them do that so it 'd be quite fascinating 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 everybody comes from and I truly 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 extremely uninspiring and I wish I was somewhere else at this moment in time all right so let's begin our program for today is as follows um we are going to be taking a look at the difficulty years of managing Worldwide payroll why companies keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic property uh we'll likewise discuss a wrap-up and that needs to leave his time at the extremely extremely 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 becomes more and more complicated Global companies are wanting to discover Solutions and new ways to improve processes particularly from a payroll and cross-border payment viewpoint numerous organizations preserve separate savings account just for payroll while some have several accounts in various countries does it make good sense for business to preserve separate bank accounts sometimes in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational companies simplify the episode complex processes of
making payroll payments precisely effectively firmly and on time during this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be difficult in adequate in one country but when you're doing it internationally it's next level and Beyond it becomes complex for a range of reasons most significantly policies compliance information security and banking guidelines then there are the sheer numbers they add further intricacy the international Workforce is currently 3 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 services and growing all doing their own thing around the globe in the traditional payroll model there's frequently a frustrating variety of different systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or extremely extremely fundamental there's no genuine consistency structure 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 frequently with pen and paper and that just blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that's another number that provides me sleep deprived nights and quite frankly the more an organization spends on international payroll the less of a picture they see an absence of exposure also encompasses payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of international services have actually expressed that they don't 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 information entry mistakes badly interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the information is delivered to the wrong location the average expense of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run smoothly if they depend on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they're making payments to employees or otherwise that's an excellent concern I constantly throw this back and state what is it what doesn't need to be included ideal and what does
it need to be considered there's differing Bank information so the length of an eye band a swift an account number routing code per country there's payment timespan there's payment capabilities 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 wherever you look best eventually constructing a knowledge base is definitely crucial however everywhere you look with payroll payment they are like extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to sort of move forward with that it likewise too to add to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is absolutely imperative that payroll and finance teams work more detailed together than ever um I'm always amazed when people state I've split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't work in the payroll occupation would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently 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 any place they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world puts a high value on wellness and the payment landscape is ending up being increasingly detailed. Businesses are constantly introducing new benefits and payment choices, which contributes to the total intricacy. Big corporations often divide their payroll and payment processing into different teams, which can cause ineffectiveness and bottlenecks. In my viewpoint, this doesn't need to be the case. In today's technically innovative age, there's no justification for maintaining troublesome treatments. Payroll, the company's greatest cost, need to be processed correctly and on time. Even slight hold-ups can negatively affect employees' well-being and have significant consequences. Therefore, it's vital to prioritize accurate and prompt payments.
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anybody has been thanked, it would be fantastic to hear their success story, whether it's from all staff members or not. Payroll is an essential cycle, and people only discover when things go wrong. Nevertheless, when things go right, it's seen as just a regular task. This is how it's viewed externally also. Therefore, it is necessary to ensure that tasks like Wi-Fi Global and other crucial matters are done correctly. Using the first International Payments very first payroll payment option is a terrific preliminary action towards supplying a comprehensive payroll service for workers worldwide. Standardization, worldwide procedures, and reducing the variety of tools, platforms, and bank accounts essential for international payroll are crucial factors in accomplishing organization success. While we don't anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few problems when things don't go as prepared. Ultimately, we don't do it for the appreciation.
anyway we understand how how crucial a function 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 easy as possible for everybody that's involved in those procedures and also so think of sorry I'm simply I was simply gon na say imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I'm sure we're discussing hundreds of thousands potentially Millions envision getting that numerous thank you keeps in mind um I imply it 'd be interesting to see how many Post-it notes you got however it would certainly be a fascinating task attempting 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 attempt to check out them and actually see what was going on and kind of try to return to everyone so proceeding appearance why do business select to primary separate savings account there are services out there doing exactly this for specific countries and I have actually operated in an organization or numerous organizations doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we're not purposely doing that we're not creating extra work for any person where we do not need to and any person that's dealing with that procedure I 'd be interested to hear your thoughts Johnny why do you believe that we're doing that in in the in the quantity that we are I think many reasons one is it's the standard I believe individuals have got so utilized to we need a brand-new bank account we open an entity and rightly so you need 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 standard individuals have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to type of do it so I believe there's a range I think this is a procedure that needs taking a look at it needs altering but eventually individuals are very stuck with what they recognize
with ideal um modification is a challenging thing we all do not like change um so I believe it's simply type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the advantages of having preserving several checking account but there's a big amount of complexity opts for establishing a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it's established with the best user accesses for private individuals so the intricacy is big however I think the truthful answer is change um people haven't been able to change or haven't had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we've constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century or so there is a lot to keep track of and this technique does pose several obstacles um so Johnny might you inform us about those challenges yeah obviously so there's a range right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles 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 office with a more detailed parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you
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