Find out more about Papaya Global Payroll Setup Checklist ... We now have the capability to manage both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer specifically committed to handling payments. This supplies us with a secure and reputable method of paying to our 10,000 staff members worldwide.}
The advanced global payroll management app streamlines my payroll process, saving me a substantial amount of time monthly. With its easy to use user interface, I have access to a single dashboard that effectively handles my payroll, EOR, and professionals.
Worker Portal
Workers have access to a Staff member Website where they can view their pay slips, wage and tax statements and employment documents. The website is readily available in several languages and can be accessed on a desktop or mobile phone.
Advantages Administration
Papaya Global helps companies use competitive benefits packages to international staff members despite the variety of workers 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 regional advantages companies in every country, develop local accounts and have a minimum number of workers.
The HR capabilities supplied by Worldwide HR encompass different functions such as keeping track of getaway time, ensuring compliance, assisting in the procedure of inviting new employees and bidding farewell to departing ones, offering a protected online platform for storing employees' documents, and providing support for work permit procedures in case your employees need support because location.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into labor force costs, labor force variety, overall work costs distributed per area, total employment expenses per cycle and a lot more.
environments around the world I supplied leadership and technique to populations of over a hundred thousand workers in more than 170 countries today I'm the payroll methods for as Mark stated I work across the business handling and structure external relationships supporting Business clients and options in addition to acting as a consultant for those of you that don't understand who papaya International is papaya is the very first payroll and payments
As an international business, we are honored to be consisted of on the prominent Time 100 list of the most prominent business worldwide. We specialize in providing payroll and labor force management services to staff members in more than 160 nations. I am delighted to introduce Johnny Nash, as discussed by Mark. Now, I'll let Johnny present himself. Good day to all, no matter your place. It's a satisfaction to satisfy you and thank you for your important time. As Ian mentioned, I am Johnny Nash, the director of payments at our organization. With over a decade of experience in the payments market, I have focused on payroll and payment services for the past seven years. The complexities and obstacles of this field have constantly mesmerized me.
payroll payments and chose to kind of make a real go at that over the last five or 6 years where I've type of had a variety of various roles on the company side and also on the supplier side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we'll simply offer everyone another couple of uh well one of the 30 seconds or so 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 interesting and I can see it going on currently simply to hear where everyone is um it's nice to to kind of like see where everybody originates from and I really 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 drizzling here it's very very uninspiring and I want I was elsewhere at this moment in time okay so let's start our agenda for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies preserve separate
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Global payroll payments as a strategic property uh we'll likewise go over a recap and that ought to leave his time at the very 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 workforces become increasingly more typical and handling them ends up being a growing number of complicated International companies are looking to find Solutions and new ways to enhance procedures particularly from a payroll and cross-border payment perspective many organizations keep separate savings account just for payroll while some have numerous accounts in different countries does it make sense for business to preserve different bank accounts sometimes in various nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping international business simplify the episode complex procedures of
making payroll payments properly effectively firmly and on time throughout this webinar we'll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be challenging in enough in one nation but when you're doing it internationally it's next level and Beyond it ends up being complicated for a variety of reasons most notably regulations compliance information security and banking rules then there are the sheer numbers they add further complexity the international Workforce is currently 3 and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing all over the world in the traditional payroll model there's often an overwhelming number of various systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in large amounts and or extremely very fundamental there's no real consistency framework we're living in an age of tech but payroll has actually been sluggish 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 provide you an idea of how far there still is to come according to Deloitte only 11 of services say they have Workforce information in real time that's another number that offers me sleepless nights and quite frankly the more a service spends on international payroll the less of an image they see an absence of presence also encompasses payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction almost half of global services have revealed that they don't have the level of standardization they require in their processes or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry errors improperly communicated hires and terminations along with absence management and system setups and then when you round all of it off and the information is shipped to the incorrect place the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments don't run smoothly if they count on the needed numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles service face when they're making payments to employees or otherwise that's an excellent question I constantly toss this back and state what is it what does not need to be included right and what does
it need to be thought about there's varying Bank details 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 need 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 eventually developing a knowledge base is definitely important but all over you look with payroll payment they are like super payments no if however 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 believe there's now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to kind of move on with that it also also to add to that payroll and financing need to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely essential that payroll and finance groups work more detailed together than ever um I'm constantly impressed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn't operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um ultimately it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being increasingly more important to contribute to sort of the level of complexity there's increasingly more benefits being organ or being provided by companies across the world so once again you're simply seeking to add more and more payments to this currently complex landscape so if you sort of got any experience well I'm from your huge experience here and I'm sure but have you got any experience in kind of genuine obstacles or genuine tough kind of pay utilizes to play to pay individuals I think yeah I suggest over the last well yeah a number of decades I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that's in fact managing the payment side of things but you understand 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 additional handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they don't make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single most significant liability that any company has from an expense viewpoint from an effect viewpoint on staff members it is definitely critical that it's done properly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the greatest harmful impact on people's wellness and numerous other elements if individuals aren't paid uh I have actually always been amazed entering this Market sort of the last five to 10 years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it's from all staff members or not. Payroll is a crucial cycle, and people just see when things fail. However, when things go right, it's seen as simply a routine job. This is how it's perceived externally as well. For that reason, it is important to make sure that tasks like Wi-Fi International and other important matters are done properly. Utilizing the very first International Payments first payroll payment option is a great preliminary action towards providing a thorough payroll service for workers worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and savings account essential for international payroll are essential consider accomplishing service success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of grievances when things don't go as planned. Ultimately, we do not do it for the thankfulness.
anyhow we know how how crucial 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 easy as possible for everybody that's involved in those procedures and likewise so imagine sorry I'm simply I was simply gon na state envision the quantity of thanks you got if you could cover the amount 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 notes um I imply it 'd be interesting to see how many Post-it notes you got however it would certainly be an intriguing job attempting to clean up all those up for sure oh absolutely I can't picture the size of my my Outlook inbox if that was the case um you 'd require days of the week to attempt to browse them and really see what was going on and type of try to return to everybody so carrying on look why do companies pick to main separate bank accounts there are organizations out there doing precisely this for specific countries and I have actually operated in a service or numerous services doing exactly that I can state it does not always feel efficient and it does develop more work I know we're not intentionally doing that we're not creating additional work for anyone where we do not have to and anyone that's handling 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 amount that we are I think numerous reasons one is it's the requirement I think individuals have actually got so used to we need a new savings account we open an entity and rightly so you need it for payroll purposes but there are a number of markets where it's not a requirement so I think it's simply been the requirement and the norm the people have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I think there's a range I believe this is a process that requires looking at it requires altering but eventually individuals are extremely stuck with what they're familiar
with ideal um change is a difficult thing all of us don't like change 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 stuff um I understand certainly the benefits of having keeping multiple bank accounts however there's a substantial amount of complexity goes with setting up a savings account keeping it guaranteeing it can send out International transfers guaranteeing it's established with the right user accesses for private people so the complexity is huge but I think the sincere response is modification um people have not had the ability to alter or haven't had always the understanding to really make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I think it is knowledge you know and there is a component of resistance to change but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could nearly be identified to be the next Century or two there is a lot to track and this method does position several obstacles um so Johnny might you tell us about those difficulties 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 International workers you should have a corner office with a more detailed parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you
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