Over the last 5 or six years …How To Put Employee On Hold On Papaya Global… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I really do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really bleak and I want I was elsewhere at this moment in time fine 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 handling Global payroll why companies maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Global payroll payments as a tactical property uh we’ll also review a wrap-up which ought to leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more common and handling them ends up being more and more intricate International companies are wanting to discover Solutions and new methods to streamline processes specifically from a payroll and cross-border payment standpoint many companies maintain different checking account just for payroll while some have numerous accounts in various countries does it make sense for business to preserve separate bank accounts often in various countries it does however just for payroll is there 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 processes of
Guaranteeing precise, efficient, and prompt payroll payments is a complex challenge for organizations operating internationally. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, learn how business anticipate payroll expenses to optimize working capital, and find how streamlining worldwide payroll payments can change them from a challenging job into a tactical asset.
Handling payroll internationally is a daunting task due to different policies, compliance requirements, data security concerns, and banking guidelines. The large number of employees and services adds to the intricacy, with an approximated 3.5 billion individuals in the worldwide labor force, 500 countless whom remain in Africa, and 230 million businesses worldwide.
Traditional payroll systems frequently lead to manual procedures, data silos, and a lack of combination, leading to disparities and inefficiencies. In spite of living in an era of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to provide insights and solutions to streamline and enhance global payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more an organization invests in international payroll the less of a picture they see an absence of presence also reaches payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly half of international organizations have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry errors badly communicated hires and terminations along with absence management and system setups and then when you round everything off and the information is shipped to the wrong place the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money worldwide payroll and payments don’t run efficiently if they rely on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the challenges organization face when they’re paying to employees or otherwise that’s a good question I always toss this back and state what is it what does not need to be included ideal and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 consumer’s own in-country account so there’s complexity wherever you look best eventually constructing a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble super 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 between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to kind of move on with that it also too to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely crucial that payroll and financing groups work closer together than ever um I’m constantly surprised when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation 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 individuals any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of crucial to contribute to type of the level of intricacy there’s increasingly more advantages being organ or being offered by companies across the world so again you’re just wanting to add increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine challenges or genuine difficult sort of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of decades I would absolutely state that the larger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding details into the next function as it were that’s in fact managing the payment side of things but you know in in my viewpoint and my experience that does not always require 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 just make them more prompt they make them less efficient and they do not make them what they need to be in in an age of tech and a period that you know that we are operating in today there is no reason we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from a cost perspective from an impact viewpoint on workers it is absolutely important 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 destructive result on people’s wellness and lots of other elements if people aren’t paid uh I’ve constantly been surprised entering this Market type of the last 5 to ten years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and individuals only notice when things fail. However, when things go right, it’s seen as just a regular task. This is how it’s perceived externally as well. Therefore, it is important to make sure that jobs like Wi-Fi Worldwide and other vital matters are done properly. Using the very first International Payments very first payroll payment service is a terrific initial step towards offering a detailed payroll option for employees worldwide. Standardization, international procedures, and lowering the variety of tools, platforms, and bank accounts essential for global payroll are key factors in achieving organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things don’t go as prepared. Eventually, we don’t do it for the gratitude.
anyway we understand 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 everyone that’s involved in those processes and likewise so imagine sorry I’m simply I was simply gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions imagine 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 however it would definitely be a fascinating task trying to clean up all those up for sure oh definitely I can’t imagine 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 sort of shot to get back to everybody so proceeding look why do companies select to main separate checking account there are How To Put Employee On Hold On Papaya Global companies out there doing exactly this for specific nations and I’ve operated in a business or many businesses doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing additional work for any person where we do not have to and anybody that’s managing 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 think numerous factors one is it’s the requirement I think individuals have got so used to we need a new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm the people have actually 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 many other methods um to to type of do it so I believe there’s a variety I believe this is a procedure that needs taking a look at it needs altering but ultimately individuals are very stuck to what they recognize
with right um change is a tough thing all of us don’t like change um so I think it’s just kind 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 benefits of having keeping multiple checking account but there’s a substantial quantity of intricacy opts for setting up a savings account preserving it guaranteeing it can send out International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is huge however I believe the sincere response is modification um individuals haven’t had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions aside from opening a bank account I believe you’ve hit the nail on the head I think it is understanding you know and there is an element of resistance to alter however we’ve constantly done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what could almost be determined to be the next Century approximately there is a lot to track and this approach does present a number of difficulties um so Johnny might you inform us about those difficulties yeah of course 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you should have a corner workplace with a closer parking space due to the fact that I mastered International payroll and payments with Papaya payroll OS did you How To Put Employee On Hold On Papaya Global