Over the last five or 6 years …Papaya Global Pensions What Is Group Name… functions on the service provider side and likewise on the vendor side from a payroll viewpoint so really anticipating this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather intriguing 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 truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely very dreary and I wish I was somewhere else at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Global payroll why business maintain separate
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical property uh we’ll also go over a wrap-up and that should leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become a growing number of typical and managing them becomes more and more intricate International organizations are looking to discover Solutions and brand-new ways to improve procedures especially from a payroll and cross-border payment viewpoint lots of organizations keep different checking account just for payroll while some have several accounts in different countries does it make good sense for business to keep different bank accounts in some cases in different nations it does however just for payroll exists a much better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business streamline the episode complex procedures of
Guaranteeing accurate, efficient, and timely payroll payments is a complex challenge for organizations running worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll bank accounts, discover how business forecast payroll expenses to enhance working capital, and find how streamlining worldwide payroll payments can transform them from a burdensome job into a tactical asset.
Managing payroll internationally is a daunting job due to various policies, compliance requirements, information security issues, and banking guidelines. The sheer variety of workers and organizations contributes to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 million of whom are in Africa, and 230 million businesses worldwide.
Conventional payroll systems often lead to manual processes, information silos, and a lack of integration, causing disparities and inadequacies. Despite living in an era of technological developments, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar aims to provide insights and options to streamline and enhance global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on global payroll the less of a photo they see an absence of visibility likewise extends to payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the transaction nearly half of global organizations have revealed that they do not have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes badly communicated hires and terminations as well as absence management and system setups and then when you round it all off and the data is delivered 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 need to move the money around the world payroll and payments don’t run smoothly if they count on the necessary 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 obstacles organization face when they’re making payments to staff members or otherwise that’s a great concern I always throw this back and state what is it what doesn’t require to be included right and what does
it need 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 have to pay from the consumer’s own in-country account so there’s complexity any place you look right eventually constructing a knowledge base is absolutely vital however everywhere you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is enabling us to type of move forward with that it likewise also to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely imperative that payroll and financing groups work more detailed together than ever um I’m always surprised when individuals state I have actually divided 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 split the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more crucial to contribute to type of the level of intricacy there’s more and more benefits being organ or being provided by businesses across the world so again you’re just looking to include increasingly more payments to this currently complex landscape so if you type of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of real challenges or real difficult sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a number of years I would certainly state that the bigger a service gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s in fact handling the payment side of things however you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we need to create extra handoffs while doing sos that we run 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 an era that you know that we are operating in today there is no reason why we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any business has from a cost perspective from an impact perspective on staff members it is definitely critical that it’s done properly and on time so what we indicate 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 damaging effect on individuals’s wellness and numerous other aspects if people aren’t paid uh I’ve constantly been impressed coming into this Market type of the last five to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll during a webinar. If anybody 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 just see when things go wrong. However, when things go right, it’s seen as simply a regular job. This is how it’s viewed externally also. For that reason, it is important to guarantee that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Using the first Global Payments very first payroll payment option is a terrific initial action towards providing an extensive payroll solution for employees worldwide. Standardization, global processes, and lowering the variety of tools, platforms, and bank accounts essential for international payroll are crucial factors in accomplishing service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of grievances when things don’t go as prepared. Eventually, we don’t do it for the gratitude.
anyhow we know how how essential 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 involved in those procedures and also so think of sorry I’m simply I was simply gon na say imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions think of getting that many thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating task attempting to clean all those up for sure oh definitely I can’t envision 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 really see what was going on and type of try to return to everyone so moving on look why do business select to primary different savings account there are Papaya Global Pensions What Is Group Name companies out there doing precisely this for particular countries and I’ve operated in a service or numerous organizations doing exactly that I can say it doesn’t always feel effective and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for any person where we do not need to and any person 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 believe individuals have got so used to we need a new savings account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard the people have adopted and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I believe this is a process that needs taking a look at it requires altering but ultimately people are extremely stuck to what they’re familiar
with best um change is a tough thing all of us don’t like change um so I believe it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having maintaining numerous bank accounts however there’s a huge quantity of intricacy goes with establishing a bank account preserving it ensuring it can send out International transfers ensuring it’s established with the right user accesses for private people so the complexity is big but I believe the sincere response is modification um individuals haven’t been able to alter or have not had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what could practically be figured out to be the next Century or two there is a lot to monitor and this approach does posture several obstacles um so Johnny might you tell us about those difficulties yeah obviously 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 Global staff members you deserve a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Pensions What Is Group Name