Find out more about Papaya Global Payroll Schedule Immediate ... We now have the ability to manage both our payroll and payments processes 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 provides us with a safe and trustworthy technique of paying to our 10,000 employees worldwide.}
The cutting-edge worldwide payroll management app enhances my payroll process, conserving me a substantial amount of time each month. With its easy to use interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and contractors.
The Employee Website provides staff members with the ability to gain access to and view crucial files such as pay slips, wage and tax declarations, and work records. This portal is accessible on both desktop and mobile phones and is provided in numerous languages.
Benefits Administration
Papaya Global assists business offer competitive advantages packages to global workers no matter the variety of workers in the business. The business can establish health insurance, short-term and long-lasting special needs, vision, dental and maternity leave while getting rid of the requirement to source local advantages service providers in every nation, produce regional accounts and have a minimum number of employees.
Worldwide HR Performances
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for employees' documents and migration services if your workers need work license help.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce spending, workforce diversity, total employment costs distributed per area, total work expenses per cycle and far more.
environments across the globe I provided leadership and method to populations of over a hundred thousand workers in more than 170 nations today I'm the payroll methods for as Mark said I work across business handling and structure external relationships supporting Business clients and solutions as well as functioning as an advisor for those of you that don't know who papaya Global is papaya is the very first payroll and payments
business to make the time 100 list for the majority of influential business on the planet we offer payroll payments and labor force management to all worker types in over 160 countries I am pleased to state that we also have as Mark said Johnny Nash with us today Johnny would you like to introduce yourself of course thank you good morning excellent afternoon great night depending upon where you remain in the world it's lovely to satisfy 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've remained in the payments industry for over ten years and specifically working on the payroll and payment sector for over seven years um I was fascinated by the complexity the problem in all of the above of
payroll payments and chose to sort of make a genuine go at that over the last 5 or six years where I've sort of had a range of various roles on the supplier side and likewise on the supplier side from a payroll point of view so really anticipating this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we'll just provide everyone another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we'll type of let them do that so it 'd be quite fascinating and I can see it going on currently simply to hear where everybody is um it's nice to to type of like see where everybody comes from and I truly 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 raining here it's extremely extremely gloomy and I want I was somewhere else at this moment in time alright so let's start our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why companies maintain different
bank accounts payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic possession uh we'll likewise review a recap 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 workforces end up being more and more typical and managing them ends up being more and more intricate Global companies are aiming to discover Solutions and brand-new methods to improve procedures particularly from a payroll and cross-border payment viewpoint lots of organizations keep different bank account just for payroll while some have numerous accounts in various nations does it make sense for business to maintain different savings account often in different countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business streamline the episode complex processes of
making payroll payments precisely effectively firmly and on time during this webinar we'll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business properly forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one country however when you're doing it globally it's next level and Beyond it ends up being intricate for a variety of factors most significantly guidelines compliance data security and banking guidelines then there are the large numbers they add more complexity the international Labor force is presently three and a half billion individuals by 2030 it's estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll model there's typically a frustrating variety of various systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or very extremely standard there's no genuine consistency structure we're living in an era 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 whenever I I believe
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that's another number that gives me sleepless nights and rather frankly the more a business spends on worldwide payroll the less of a picture they see a lack of exposure likewise reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of international companies have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are because of time reporting poor HCM information data entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is shipped to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they rely on the needed multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service face when they're paying to staff members or otherwise that's a great question I constantly toss this back and state what is it what doesn't require to be consisted of best and what does
it require to be considered there's varying Bank details so the length of an eye band a swift an account number routing code per country there's payment amount of time there's payment abilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer's own in-country account so there's complexity anywhere you look ideal eventually building a knowledge base is absolutely important but all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it's closer than ever I believe there's now a bit more acknowledgment that payroll payments are absolutely fundamental and technology is allowing us to type of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is definitely imperative that payroll and financing 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 anyone what is payroll who does not operate in the payroll profession would they divide 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 procedure it's the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of important to contribute to kind of the level of intricacy there's increasingly more benefits being organ or being used by companies across the world so once again you're just wanting to include more and more payments to this already intricate landscape so if you kind of got any experience well I'm from your huge experience here and I make sure but have you got any experience in kind of real obstacles or real difficult type of pay utilizes to play to pay individuals I believe yeah I imply over the last well yeah a couple of years I would absolutely state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding details into the next function as it were that's in fact handling the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you know long gone are the times where we need to develop extra handoffs while doing sos that we run in they just make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any organization has from a cost point of view from an effect point of view on staff members it is absolutely critical that it's done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive impact on individuals's well-being and lots of other aspects if people aren't paid uh I've always been impressed entering this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I'm uncertain anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it 'd be terrific to hear your success story and whether that's been from all employees or not um but ultimately payroll is such an important cycle we all become aware of it when it goes wrong everyone jumps up and down when it goes wrong however when it goes right it's simply a tick box exercise and I believe that's how it's seen from the external consider as well um so yeah it's likewise like why WI-Fi Global why all of this stuff is absolutely important that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment option is a terrific first step um providing an end-to-end payroll service for your employees worldwide again I think is another substantial um process again aligning and guaranteeing you have standardization Worldwide processes all of those things are definitely key to success success of services and lowering the variety of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things haven't gone rather where they're suggested to be um I don't believe any of us are actually doing that for for the thanks
anyway we know 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 everyone that's associated with those procedures and likewise so envision sorry I'm just I was just gon na say imagine the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I make certain we're discussing hundreds of thousands potentially Millions picture getting that lots of thank you keeps in mind um I indicate it 'd be interesting to see the number of Post-it notes you got but it would certainly be a fascinating task trying to clean up all those up for sure oh absolutely I can't envision the size of my my Outlook inbox if that held true um you 'd require days of the week to attempt to look through them and actually see what was going on and type of try to get back to everyone so carrying on appearance why do business select to primary different checking account there are businesses out there doing precisely this for specific countries and I have actually worked in a service or numerous services doing precisely that I can state it does not constantly feel efficient and it does produce more work I understand we're not purposely doing that we're not creating additional work for anybody where we do not need to and anybody that's handling that process I 'd be interested to hear your ideas Johnny why do you think that we're doing that in in the in the amount that we are I believe many reasons one is it's the standard I think people have actually got so utilized 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 variety of markets where it's not a requirement so I believe it's just been the standard and the standard the people have actually adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and many other ways um to to sort of do it so I think there's a variety I believe this is a procedure that needs looking at it needs changing however ultimately individuals are very stuck to what they're familiar
with best um modification is a tough thing all of us do not like change um so I think it's just sort of moving away from the standard as we've said so yeah so it keeps a great deal of track of stuff um I understand obviously the advantages of having keeping several checking account however there's a big quantity of intricacy opts for setting up a bank account keeping it ensuring it can send International transfers ensuring it's set up with the ideal user accesses for individual people so the complexity is big but I think the truthful response is modification um individuals haven't been able to alter or haven't had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we've constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of moving on and moving into you know what might almost be identified to be the next Century or so there is a lot to monitor and this technique does posture numerous difficulties um so Johnny could you tell us about those difficulties yeah obviously so there's a variety right there is so
I recently made a change to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has gotten another CFO, and with this improved ability, I have effectively protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your achievements.
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