Over the last five or six years …How To Reinstate An Employee On Papaya Global… roles on the service provider side and likewise on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everybody okay 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 nowadays so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really very bleak and I want I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why companies maintain different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts simplifying papaya Global payroll payments as a strategic possession uh we’ll also go over a wrap-up and that must leave his time at the very very 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 International workforces end up being more and more typical and handling them becomes increasingly more complex Worldwide organizations are looking to find Solutions and new methods to improve processes especially from a payroll and cross-border payment perspective numerous companies preserve separate savings account just for payroll while some have several accounts in different countries does it make good sense for companies to maintain different bank accounts often in different countries it does however just for payroll exists a better method what role do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational companies streamline the episode complex processes of
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll savings account how companies properly anticipate their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a strategic possession so payroll can be hard in adequate in one nation but when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most significantly regulations compliance information security and banking rules then there are the large numbers they include further intricacy the international Labor force is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people 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 world in the traditional payroll model there’s often an overwhelming variety of different systems leading to time-consuming manual processes and silos the number of Combinations could be non-existent in large quantities and or very very basic there’s no genuine consistency structure we’re living in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind every time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that offers me sleep deprived nights and rather frankly the more a business spends on international payroll the less of a photo they see an absence of exposure also encompasses payroll payments and inability to precisely track these payments can cause compliance mishaps in the last mile of the transaction almost half of global organizations have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors poorly communicated hires and terminations in addition to absence management and system configurations and after that when you round everything off and the information is delivered to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they depend on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges business face when they’re paying to workers or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t require to be included ideal 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 nation 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 have to pay from the consumer’s own in-country account so there’s intricacy any place you look ideal eventually developing a knowledge base is absolutely vital however all over you look with payroll payment they resemble incredibly payments no if but some children about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to type of move forward with that it also also to contribute to that payroll and financing need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely essential that payroll and financing teams work more detailed together than ever um I’m constantly impressed when individuals say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from estimation 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 process it’s the point of information collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high value on well-being and the compensation landscape is becoming progressively complex. Companies are constantly introducing brand-new benefits and payment choices, which contributes to the overall complexity. Large corporations often divide their payroll and payment processing into separate groups, which can cause inefficiencies and bottlenecks. In my opinion, this does not have to be the case. In today’s technically innovative age, there’s no validation for preserving cumbersome procedures. Payroll, the company’s greatest cost, must be processed properly and on time. Even small hold-ups can negatively impact workers’ wellness and have far-reaching effects. Therefore, it’s critical to prioritize precise and timely payments.
The payroll team might not have actually been thanked for properly processing payroll throughout 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 individuals only observe when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally too. For that reason, it is vital to guarantee that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Using the very first Worldwide Payments very first payroll payment option is an excellent preliminary step towards providing a detailed payroll option for workers worldwide. Standardization, global processes, and minimizing the variety of tools, platforms, and bank accounts necessary for international payroll are crucial factors in attaining business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes get a couple of complaints when things do not go as prepared. Eventually, we don’t do it for the gratitude.
anyway we understand how how important 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 everyone that’s involved in those procedures and also so picture sorry I’m simply I was just gon na say think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of thousands possibly Millions picture getting that many thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task attempting to clean 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 really see what was going on and kind of try to return to everyone so carrying on look why do companies pick to main different checking account there are How To Reinstate An Employee On Papaya Global businesses out there doing exactly this for particular countries and I have actually worked in an organization or many companies doing exactly that I can say it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing extra work for anyone where we do not have to and anyone that’s handling 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 quantity that we are I think many reasons one is it’s the standard I think people have actually got so used to we require a brand-new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the requirement and the norm individuals have embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other methods um to to sort of do it so I think there’s a variety I think this is a procedure that requires taking a look at it needs altering however ultimately individuals are very stuck with what they recognize
with best um change is a tough thing we all don’t like modification um so I think it’s just type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having maintaining several savings account but there’s a substantial amount of complexity goes with establishing a checking account preserving it ensuring it can send out International transfers guaranteeing it’s established with the best user accesses for individual people so the complexity is substantial but I think the honest answer is change um individuals haven’t had the ability to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions other than opening a savings account I think you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to alter but we have actually always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you know what might almost be figured out to be the next Century approximately there is a lot to keep track of and this approach does posture several challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gotten another CFO, and with this boosted ability, I have effectively protected payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. How To Reinstate An Employee On Papaya Global