Find out more about Papaya Global Payroll Trackid Sp-006 ... We now have the capability to manage both our payroll and payments procedures on one combined platform. It's as if our Chief Financial Officer has actually gotten a separate Chief Financial Officer particularly dedicated to handling payments. This provides us with a protected and trustworthy approach of making payments to our 10,000 employees worldwide.}
the very best worldwide payroll managment app, saves me hours of time monthly, one single control panel for my payroll, EOR and contractors
Employee Website
Workers have access to a Worker Portal where they can view their pay slips, wage and tax statements and work files. The portal is available in several languages and can be accessed on a desktop or mobile device.
Advantages Administration
Papaya Global assists business offer competitive advantages packages to worldwide staff members regardless of the variety of staff members in the company. The business can establish health insurance, short-term and long-lasting disability, vision, oral and maternity leave while eliminating the need to source regional advantages suppliers in every country, produce local accounts and have a minimum variety of employees.
The HR abilities provided by Worldwide HR include different functions such as keeping track of holiday time, guaranteeing compliance, helping with the process of inviting brand-new employees and bidding goodbye to leaving ones, offering a secure online platform for keeping workers' files, and supplying assistance for work permit procedures in case your employees need help in that area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into labor force costs, workforce variety, overall work expenses dispersed per place, total employment costs per cycle and a lot more.
environments around the world I provided management and strategy to populations of over a hundred thousand employees in more than 170 nations today I'm the payroll methods for as Mark said I work throughout the business managing and building external relationships supporting Enterprise clients and services in addition to functioning as a consultant for those of you that don't understand who papaya Worldwide is papaya is the first payroll and payments
company to make the time 100 list for many influential business worldwide we supply payroll payments and workforce management to all employee types in 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 introduce yourself obviously thank you good morning great afternoon great evening depending upon where you remain in the world it's lovely to meet you and thank you very much for your time as Ian stated my name is Johnny Nash and I'm the payments director here at um I've been in the payments industry for over 10 years and specifically dealing with the payroll and payment sector for over 7 years um I was captivated by the complexity the trouble in all of the above of
payroll payments and chose to sort of make a real go at that over the last 5 or 6 years where I've type of had a variety of different roles on the provider side and also on the vendor side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we'll just give everybody another number of uh well one of the 30 seconds or two to join all of us work back to back nowadays so we'll sort of let them do that so it 'd be rather 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 really do hope it's much sunnier than it remains 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 very extremely dreary and I wish I was somewhere else at this moment in time okay so let's get started our program for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why companies keep separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we'll likewise go over a recap and that should leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll officers on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and managing them becomes a growing number of complicated Worldwide companies are wanting to find Solutions and brand-new methods to streamline processes especially from a payroll and cross-border payment viewpoint many companies maintain separate bank account just for payroll while some have several accounts in various nations does it make sense for business to maintain separate savings account in some cases in different nations it does but just for payroll exists a better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in assisting international companies improve the episode complex processes of
making payroll payments precisely effectively safely and on time during this webinar we'll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll checking account how business accurately forecast their payroll expenses to increase working capital and how improving Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be hard in sufficient in one country but when you're doing it globally it's next level and Beyond it ends up being complicated for a range of factors most significantly regulations compliance data security and banking rules then there are the sheer numbers they include further complexity the international Workforce is presently 3 and a half billion people by 2030 it's estimated that in Africa alone they will contribute and further 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the standard payroll model there's often an overwhelming variety of different systems causing time-consuming manual processes and silos the variety of Integrations could be non-existent in big quantities and or really very basic there's no real consistency framework we're residing in an era 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 typically with pen and paper and that simply blows my mind every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that's another number that gives me sleep deprived nights and rather frankly the more a service invests in worldwide payroll the less of an image they see an absence of presence likewise encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction nearly half of international organizations have 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 information data entry mistakes improperly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the data is delivered to the incorrect place the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments don't run efficiently if they depend on the essential multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they're making payments to workers or otherwise that's an excellent question I always toss this back and state what is it what doesn't require to be included right and what does
it need to be thought about there's differing 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 capabilities 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 intricacy wherever you look ideal ultimately constructing a knowledge base is absolutely important however everywhere you look with payroll payment they resemble extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it's closer than ever I think there's now a bit more recognition that payroll payments are definitely fundamental and innovation is permitting us to sort of progress with that it also also to add to that payroll and financing require to work closer together um with varying Bank Account Details differing banking requirements and setup processes is absolutely vital that payroll and financing teams work more detailed together than ever um I'm always impressed when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn't work in the payroll occupation 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 frequently 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 people any place they are however also paying statutory authorities and on statutory third parties so with the
The modern-day world puts a high worth on wellness and the payment landscape is ending up being significantly elaborate. Companies are constantly introducing new benefits and payment options, which adds to the total complexity. Large corporations often divide their payroll and payment processing into different groups, which can result in inadequacies and traffic jams. In my viewpoint, this doesn't have to be the case. In today's highly innovative age, there's no validation for preserving cumbersome treatments. Payroll, the company's biggest cost, must be processed correctly and on time. Even small hold-ups can negatively affect workers' well-being and have significant effects. For that reason, it's vital to focus on precise and prompt payments.
payroll team get um so I'm uncertain anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it 'd be fantastic to hear your success story and whether that's been from all employees or not um however ultimately payroll is such an important cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it's just a tick box exercise and I think that's how it's seen from the external deem well um so yeah it's also like why WI-Fi Global why all of this things is absolutely vital that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment option is an excellent first step um offering an end-to-end payroll service for your workers worldwide again I believe is another substantial um process again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of organizations and minimizing the variety of tools platforms and savings account they require for their Global 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 anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven't gone rather where they're meant to be um I do not think any of us are really doing that for for the thanks
anyway we understand how how essential 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 simple as possible for everyone that's involved in those processes and also so imagine sorry I'm simply I was just gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we're talking about hundreds of thousands possibly Millions envision getting that numerous thank you keeps in mind um I suggest it 'd be interesting to see how many Post-it notes you got but it would absolutely be an interesting task trying to clean all those up for sure oh definitely I can't picture the size of my my Outlook inbox if that held true um you 'd need days of the week to try to browse them and actually see what was going on and sort of try to get back to everyone so carrying on look why do business select to primary separate bank accounts there are companies out there doing exactly this for specific countries and I've operated in a service or lots of companies doing precisely that I can state it does not always feel effective and it does develop more work I know we're not purposely doing that we're not creating additional work for anyone where we don't have to and anybody 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 amount that we are I believe lots of reasons one is it's the standard I think people have actually got so utilized to we need a new checking account we open an entity and appropriately so you need it for payroll purposes however there are a variety of markets where it's not a requirement so I believe it's simply been the requirement and the norm individuals have embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there's a range I think this is a process that requires looking at it requires changing but ultimately individuals are very stuck to what they recognize
with right um modification is a challenging thing all of us don't like change um so I think it's just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand certainly the benefits of having maintaining multiple checking account however there's a huge amount of intricacy goes with establishing a bank account maintaining it guaranteeing it can send out International transfers guaranteeing it's set up with the best user accesses for private people so the intricacy is big however I think the truthful response is change um people have not been able to alter or haven't had always the understanding to truly make that change into alternate Solutions other than opening a savings account I think you've struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change however we've always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or two there is a lot to keep track of and this method does pose several difficulties um so Johnny could you tell us about those challenges yeah naturally so there's a variety 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you should have a corner office with a closer parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you
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