Managing payroll worldwide is a daunting job … How Is Papaya Global Different From Other Payroll And Hr Companies…
How much revenue does the company make? How Is Papaya Global Different From Other Payroll And Hr Companies
Over the last 5 or six years …How Is Papaya Global Different From Other Payroll And Hr Companies… roles on the supplier side and also on the supplier side from a payroll viewpoint so actually anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds or two to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody originates 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 drizzling here it’s really extremely dreary and I wish I was elsewhere at this moment in time all right so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies keep separate
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly beneficial for global companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping different savings account for payroll in different nations, virtual accounts and digital wallets offer a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and discuss why they are becoming a strategic possession for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll stroll you through the worldwide 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 simplifying International payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in adequate in one country but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of factors most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they add more intricacy the global Workforce is presently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 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 all over the world in the standard payroll model there’s often a frustrating variety of various systems causing time-consuming manual processes and silos the number of Integrations could be non-existent in large quantities and or very very standard there’s no real consistency structure we’re residing in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind whenever I I believe
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that gives me sleepless nights and rather honestly the more an organization spends on worldwide payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the deal nearly half of global businesses have actually revealed 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 because of time reporting bad HCM data information entry errors poorly communicated hires and terminations as well as lack management and system setups and then when you round it all off and the data is shipped to the wrong location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run efficiently if they count on the necessary numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges company face when they’re paying to workers or otherwise that’s an excellent concern I always throw this back and say what is it what does not require to be included best and what does
it require 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 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 customer’s own in-country account so there’s intricacy wherever you look best ultimately developing 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 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 absolutely fundamental and technology is permitting us to type of move forward with that it likewise too to contribute to that payroll and finance require to work closer together um with differing Savings account Details differing banking requirements and setup procedures is definitely vital that payroll and financing teams work better together than ever um I’m always amazed when people say I’ve split 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 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 often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to contribute to kind of the level of complexity there’s increasingly more benefits being organ or being used by companies across the world so again you’re simply looking to include increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real obstacles or genuine tough type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would certainly say that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s really handling the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to develop extra handoffs at the same times that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in a period of tech and a period that you know that we are working in today there is no reason why we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single biggest liability that any service has from an expense perspective from an effect perspective on staff members it is definitely crucial that it’s done correctly and on time so what we mean 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 harmful result on individuals’s well-being and numerous other factors if people aren’t paid uh I have actually always been impressed entering into this Market sort of the last five to 10 years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all employees or not. Payroll is an important cycle, and people only discover when things go wrong. However, when things go right, it’s seen as just a regular job. This is how it’s viewed externally also. For that reason, it is essential to make sure that tasks like Wi-Fi Worldwide and other important matters are done properly. Utilizing the first Worldwide Payments very first payroll payment solution is a fantastic preliminary step towards supplying a comprehensive payroll service for employees worldwide. Standardization, international processes, and decreasing the variety of tools, platforms, and checking account necessary for worldwide payroll are essential factors in attaining company success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things don’t go as prepared. Ultimately, we do not do it for the appreciation.
anyhow we understand how how important a role 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 processes and also so imagine sorry I’m just I was just gon na say picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions picture getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job trying 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 need days of the week to attempt to check out them and actually see what was going on and kind of shot to return to everyone so carrying on look why do companies select to main different savings account there are How Is Papaya Global Different From Other Payroll And Hr Companies companies out there doing precisely this for particular nations and I’ve operated in a business or lots of services doing exactly that I can say it does not constantly feel effective and it does produce more work I know we’re not intentionally doing that we’re not producing additional work for anyone where we do not need to and any person that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of factors one is it’s the requirement I think individuals have got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the norm the people have embraced and continue to do over years and years gone past to contribute to that people have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I believe there’s a range I think this is a procedure that needs looking at it requires changing however ultimately individuals are really stuck with what they’re familiar
with best um change is a hard thing all of us do not like modification um so I think it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand certainly the advantages of having preserving several bank accounts however there’s a substantial amount of intricacy chooses establishing a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific people so the complexity is huge but I believe the truthful answer is modification um people have not been able to alter or have not had always the knowledge to really make that change into alternate Solutions other than opening a savings account I think you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter however we’ve always done it that way is no genuine reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to monitor and this approach does position numerous challenges um so Johnny might you inform us about those difficulties yeah of course so there’s a range right there is so
I simply did you changed our Enterprise 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 Worldwide employees you are worthy of a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you How Is Papaya Global Different From Other Payroll And Hr Companies
I discover time and time again the employees frequently misclassified unconsciously they don’t comprehend the conditions of work or agreement and are informed by the customer why it’s optimum generally to the client why you should be utilized or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be affected and a number of times it can be years before this all falls out and by that time it’s far too late years have actually passed they have not contributed to pensions Etc so it’s a huge effect that they never understood they were walking into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy business are getting insurance versus misclassification however usually premiums are only covering the cost of legal costs whilst the average claim examined versus employers corresponds to to 40 or 50 percent of the base pay of worker exists any point in getting insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes charge and interest most of the times I haven’t seen it at least so uh the the other location that I do believe if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK