Find out more about Papaya Global Payroll Startups ... We now have the ability to handle both our payroll and payments processes on one unified platform. It's as if our Chief Financial Officer has gotten a separate Chief Financial Officer specifically dedicated to managing payments. This supplies us with a safe and secure and reputable approach of paying to our 10,000 staff members worldwide.}
The cutting-edge global payroll management app simplifies my payroll procedure, conserving me a significant amount of time monthly. With its user-friendly user interface, I have access to a single control panel that efficiently handles my payroll, EOR, and specialists.
The Worker Portal provides employees with the ability to gain access to and view crucial documents such as pay slips, wage and tax statements, and work records. This portal is accessible on both desktop and mobile devices and is offered in various languages.
Benefits Administration
Papaya Global assists companies offer competitive advantages packages to worldwide workers regardless of the variety of employees in the business. The company can set up medical insurance, short-term and long-term disability, vision, dental and maternity leave while getting rid of the requirement to source local benefits companies in every country, develop local accounts and have a minimum number of employees.
Worldwide HR Functionalities
's HR functionalities include PTO tracking, compliance, onboarding/offboarding tools, online storage for workers' files and migration services if your staff members need work permit assistance.
HR Analytics
Papaya Global's payroll and HR analytics suite gives you insights into workforce costs, labor force variety, total work costs dispersed per location, total work expenses per cycle and far more.
Globally, I have demonstrated leadership and tactical expertise in assisting large-scale populations of over 100,000 workers throughout 170 nations. Currently, I are accountable for supervising payroll strategies, as pointed out by Mark. My function involves managing and developing external partnerships, supporting Enterprise clients, and supplying advisory services. Furthermore, I am proud to be a part of Papaya Global, a pioneering payroll and payments solutions company.
business to make the time 100 list for the majority of influential business on the planet we supply payroll payments and labor force management to all worker key ins over 160 countries I am pleased to say that we also have as Mark stated Johnny Nash with us today Johnny would you like to present yourself naturally thank you good morning great afternoon great night depending upon where you are in the world it's lovely 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 industry for over ten 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 type of make a real go at that over the last five or 6 years where I've sort of had a range of various functions on the service provider side and likewise on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we'll just offer everybody another couple 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 fascinating and I can see it going on already simply to hear where everybody is um it's nice to to kind of like see where everyone comes 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 very gloomy and I want I was elsewhere at this moment in time all right so let's start our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why companies keep separate
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 Global payroll payments as a strategic property uh we'll likewise go over a recap and that needs 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 labor forces end up being more and more typical and handling them ends up being more and more intricate Worldwide companies are aiming to discover Solutions and brand-new ways to improve processes particularly from a payroll and cross-border payment viewpoint numerous organizations preserve separate bank account just for payroll while some have multiple accounts in various countries does it make sense for business to preserve separate bank accounts often in different nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business enhance the episode complex procedures of
making payroll payments precisely effectively safely and on time throughout this webinar we'll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how business accurately forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one nation however when you're doing it worldwide it's next level and Beyond it becomes complex for a range of reasons most significantly guidelines compliance data security and banking guidelines then there are the large numbers they include additional complexity the worldwide Labor force is presently three and a half billion people by 2030 it's approximated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll design there's frequently a frustrating variety of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in big amounts and or extremely extremely basic there's no genuine consistency framework we're residing in an era of tech but payroll has been sluggish 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 offer you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce information in real time that's another number that gives me sleep deprived nights and quite honestly the more an organization invests in worldwide payroll the less of a photo they see an absence of presence also reaches payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of global organizations have revealed that they do not have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes inadequately communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is delivered to the wrong place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments don't run smoothly if they count on the required multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they're making payments to workers or otherwise that's a good concern I constantly toss this back and state what is it what does not need to be included right and what does
it require 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 amount of time 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 client's own in-country account so there's complexity wherever you look best ultimately constructing a knowledge base is definitely crucial however all over you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 definitely essential and technology is enabling us to type of move on with that it also as well 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 definitely essential that payroll and finance groups work closer 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 anybody what is payroll who doesn't work in the payroll occupation would they split 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 eventually it's payroll is an end-to-end process it's the point of data collection all the way through to paying individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
The contemporary world positions a high value on wellness and the payment landscape is becoming significantly detailed. Services are continually introducing new advantages and payment alternatives, which contributes to the general intricacy. Big corporations typically divide their payroll and payment processing into separate teams, which can lead to inadequacies and bottlenecks. In my viewpoint, this doesn't need to be the case. In today's technically innovative period, there's no reason for maintaining cumbersome treatments. Payroll, the company's biggest cost, need to be processed properly and on time. Even small hold-ups can negatively affect workers' wellness and have far-reaching effects. For that reason, it's crucial to focus on accurate and prompt payments.
The payroll team 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 employees or not. Payroll is a crucial cycle, and people only discover when things go wrong. Nevertheless, when things go right, it's viewed as just a regular job. This is how it's perceived externally also. Therefore, it is essential to ensure that tasks like Wi-Fi Worldwide and other crucial matters are done correctly. Using the very first International Payments first payroll payment service is a terrific preliminary step towards offering a comprehensive payroll service for staff members worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and checking account essential for international payroll are key factors in attaining company success. While we don't expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things don't go as planned. Ultimately, we do not do it for the appreciation.
anyhow we know how how important a function 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 easy as possible for everybody that's associated with those procedures and likewise so think of sorry I'm simply I was just gon na say envision the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we're discussing hundreds of thousands possibly Millions picture getting that lots of thank you keeps in mind um I mean it 'd be interesting to see how many Post-it notes you got but it would definitely be a fascinating task trying 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 need days of the week to attempt to look through them and actually see what was going on and type of try to return to everybody so moving on look why do business choose to primary separate savings account there are businesses out there doing exactly this for specific countries and I have actually worked in a business or many businesses 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 developing extra work for anyone where we do not need to and anybody that's managing 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 individuals have got so utilized to we need a brand-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 simply been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other methods um to to type of do it so I think there's a range I believe this is a procedure that needs looking at it requires changing but eventually individuals are very stuck with what they're familiar
with best um change is a hard thing we all don't like change um so I believe it's simply sort of moving far from the standard 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 keeping numerous savings account but there's a big amount of intricacy goes with establishing a checking account preserving it ensuring it can send International transfers guaranteeing it's established with the right user accesses for specific individuals so the intricacy is huge but I believe the sincere response is change um individuals haven't been able to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we have actually 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 know what might almost be identified to be the next Century or so there is a lot to keep track of and this technique does present several difficulties um so Johnny might you tell us about those challenges yeah obviously so there's a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this boosted capability, I have actually effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You deserve a corner workplace with a parking space that is better, considering your accomplishments.
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