Find out more about Papaya Global Payroll Service Providers ... We now have the ability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has obtained a separate Chief Financial Officer particularly committed to managing payments. This provides us with a safe and trustworthy approach of paying to our 10,000 workers worldwide.}
the very best worldwide payroll managment app, saves me hours of time on a monthly basis, one single dashboard for my payroll, EOR and professionals
The Employee Website supplies workers with the ability to access and view crucial files such as pay slips, wage and tax statements, and work records. This portal is accessible on both desktop and mobile devices and is used in different languages.
Benefits Administration
Papaya Global helps business use competitive benefits packages to worldwide workers despite the variety of employees in the company. The business can establish health insurance, short-term and long-lasting special needs, vision, oral and maternity leave while removing the need to source regional benefits service providers in every country, produce regional accounts and have a minimum variety of workers.
The HR abilities supplied by Worldwide HR incorporate different functions such as monitoring getaway time, making sure compliance, facilitating the process of welcoming new staff members and bidding goodbye to leaving ones, using a secure online platform for storing employees' documents, and offering assistance for work permit procedures in case your workers require help because location.
HR Analytics
Papaya Global's payroll and HR analytics suite provides you insights into labor force costs, workforce variety, overall employment costs dispersed per place, overall employment expenses per cycle and far more.
environments across the globe I supplied management and technique to populations of over a hundred thousand employees in more than 170 countries today I'm the payroll strategies for as Mark stated I work across the business handling and structure external relationships supporting Business customers and solutions along with functioning as a consultant for those of you that don't understand who papaya Worldwide is papaya is the first payroll and payments
As a global company, we are honored to be consisted of on the prominent Time 100 list of the most influential business worldwide. We concentrate on supplying payroll and workforce management services to staff members in more than 160 nations. I am delighted to present Johnny Nash, as pointed out by Mark. Now, I'll let Johnny present himself. Good day to all, regardless of your place. It's a pleasure to meet you and thank you for your valuable time. As Ian discussed, I am Johnny Nash, the director of payments at our organization. With over a years of experience in the payments industry, I have focused on payroll and payment options for the past seven years. The complexities and challenges of this field have constantly captivated me.
payroll payments and decided to sort of make a genuine go at that over the last 5 or 6 years where I have actually kind of had a variety of different roles on the provider side and also on the vendor side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we'll simply offer everybody another number of uh well one of 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 currently simply to hear where everyone is um it's nice to to sort of like see where everyone originates from and I actually do hope it's much sunnier than it is in the UK today definitely not the peak of the sunlight is it it's not no it's it's raining here it's really really gloomy and I want I was somewhere else at this moment in time all right so let's get started our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business keep different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we'll also discuss a recap which ought to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more typical and managing them becomes more and more complicated International organizations are looking to find Solutions and new ways to streamline procedures especially from a payroll and cross-border payment perspective numerous companies maintain separate checking account just for payroll while some have multiple accounts in different nations does it make sense for business to maintain different bank accounts sometimes in various nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business streamline the episode complex procedures of
making payroll payments precisely effectively securely and on time during this webinar we'll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs 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 internationally it's next level and Beyond it ends up being intricate for a variety of factors most notably policies 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 approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll design there's typically a frustrating variety of various systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in big amounts and or very very basic 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 typically with pen and paper which just blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force information in real time that's another number that provides me sleepless nights and quite honestly the more an organization invests in international payroll the less of a picture they see an absence of presence also extends to payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of worldwide organizations have actually revealed that they don't have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry errors inadequately interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the data is delivered to the incorrect location the average cost of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don't run smoothly if they count on the needed multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties service face when they're paying to staff members or otherwise that's a good concern I always toss this back and say what is it what doesn't require to be consisted of right and what does
it require to be thought about there's differing Bank information 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 have to pay from the consumer's own in-country account so there's complexity wherever you look ideal ultimately building a knowledge base is absolutely critical however all over you look with payroll payment they resemble super payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it's closer than ever I think there's now a bit more acknowledgment that payroll payments are definitely essential and innovation is allowing us to kind of move forward with that it also too to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely imperative that payroll and financing groups work more detailed together than ever um I'm constantly surprised when individuals state I've split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't work in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it's payroll is an end-to-end procedure 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 puts a high value on wellness and the payment landscape is ending up being progressively elaborate. Companies are constantly presenting new advantages and payment choices, which contributes to the overall intricacy. Big corporations typically divide their payroll and payment processing into separate groups, which can cause inefficiencies and traffic jams. In my opinion, this doesn't have to be the case. In today's highly innovative period, there's no reason for maintaining troublesome treatments. Payroll, the business's greatest expenditure, must be processed properly and on time. Even small hold-ups can adversely impact staff members' wellness and have significant consequences. Therefore, it's important to prioritize precise and prompt payments.
payroll group get um so I'm unsure anybody on this sort of webinar has been told thank you for processing my payroll correctly if you have it 'd be great to hear your success story and whether that's been from all staff members or not um however eventually payroll is such an important cycle we all hear about it when it fails everybody jumps up and down when it fails but when it goes right it's just a tick box workout 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 things is absolutely important that all of this things is done properly so leveraging the first Global Payments very first payroll payment service is a fantastic first step um offering an end-to-end payroll service for your employees worldwide once again I think is another huge um procedure once again lining up and ensuring you have standardization International processes all of those things are definitely crucial to success success of organizations and decreasing the number of tools platforms and savings account they require for their Worldwide payroll too could not 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 expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven't gone quite where they're meant to be um I don't think any of us are in fact doing that for for the thanks
anyway we know how how essential a role 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 simple as possible for everybody that's associated with those processes and likewise so picture sorry I'm simply I was simply 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 potentially Millions envision getting that lots of thank you keeps in mind um I mean it 'd be interesting to see the number of Post-it notes you got but it would certainly be an intriguing job attempting 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 in fact see what was going on and kind of shot to return to everyone so moving on look why do companies select to primary different bank accounts there are services out there doing precisely this for particular nations and I have actually operated in a service or many businesses doing exactly that I can state it does not always feel efficient and it does produce more work I know we're not purposely doing that we're not producing extra work for anybody where we do not have to and anyone that's handling that procedure I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the amount that we are I think lots of reasons one is it's the standard I believe people have actually got so used to we need a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it's not a requirement so I believe it's just been the standard and the norm 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 lots of other ways um to to type of do it so I believe there's a variety I believe this is a procedure that needs looking at it requires altering but ultimately individuals are really stuck with what they're familiar
with best um change is a challenging thing we all don't like change um so I think it's simply type of moving away from the standard as we've said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having maintaining multiple savings account but there's a substantial quantity of intricacy chooses setting up a bank account preserving it guaranteeing it can send International transfers guaranteeing it's established with the best user accesses for private individuals so the complexity is big however I believe the truthful answer is change um individuals haven't had the ability to change or haven't had always the knowledge to truly make that change into alternate Solutions other than opening a bank account I think you've struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century or two there is a lot to keep an eye on and this approach does pose a number of obstacles um so Johnny might you tell us about those challenges yeah of course so there's a range right there is so
I just did you switched 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 Global workers you should have a corner workplace with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you
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