Over the last 5 or six years …Maternity Pay Papaya Global… roles on the company side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everybody another couple of uh well one of the 30 seconds approximately 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 intriguing and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I truly 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 drizzling here it’s very extremely uninspiring and I want I was somewhere else 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 Global payroll why companies preserve different
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly beneficial for worldwide organizations with dispersed and remote workforces, as it simplifies the intricate process of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets provide a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time throughout this webinar we’ll stroll you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how business properly forecast their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in sufficient in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most notably guidelines compliance information security and banking rules then there are the sheer numbers they add further complexity the worldwide Labor force is currently three and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing around the globe in the standard payroll design there’s frequently an overwhelming number of various systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in big quantities and or really really basic there’s no real consistency framework we’re living in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which simply blows my mind each time I I think
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite honestly the more a company invests in worldwide payroll the less of a photo they see a lack of exposure likewise reaches payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the deal nearly half of international organizations have expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry mistakes improperly interacted hires and terminations as well as absence management and system configurations and then when you round all of it off and the information is shipped to the wrong place the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they rely on the required several procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges organization face when they’re making payments to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what does not require to be included best and what does
it need to be thought about there’s varying Bank information so the length of an eye band a swift an account number routing code per country 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 client’s own in-country account so there’s complexity wherever you look right eventually building a knowledge base is absolutely crucial but all over you look with payroll payment they are like extremely payments no if but some babies 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 think there’s now a bit more recognition that payroll payments are absolutely basic and technology is enabling us to type of move on with that it also as well to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars differing banking requirements and setup processes is definitely crucial that payroll and financing groups work closer together than ever um I’m always astonished when people 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 occupation 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 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 individuals anywhere they are however also paying statutory authorities and on statutory third parties so with the
The contemporary world puts a high worth on well-being and the settlement landscape is ending up being significantly elaborate. Companies are continuously presenting new benefits and payment choices, which contributes to the general complexity. Large corporations often divide their payroll and payment processing into different teams, which can result in inefficiencies and bottlenecks. In my viewpoint, this doesn’t need to be the case. In today’s technically sophisticated era, there’s no validation for preserving cumbersome procedures. Payroll, the business’s biggest expenditure, need to be processed properly and on time. Even minor delays can adversely affect employees’ well-being and have significant effects. For that reason, it’s critical to prioritize accurate and timely payments.
payroll team get um so I’m unsure anyone on this type of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um however eventually payroll is such an essential cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment option is a terrific initial step um supplying an end-to-end payroll service for your staff members globally once again I believe is another substantial um process again lining up and guaranteeing you have standardization Global procedures all of those things are absolutely essential to success success of services and reducing the variety of tools platforms and savings account they need for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things have not gone rather where they’re implied to be um I don’t believe any of us are really doing that for for the thanks
anyhow we know how how essential 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 simple as possible for everyone that’s involved in those processes and also so think of sorry I’m just I was just gon na state picture the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions envision getting that many thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an interesting job attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and really see what was going on and kind of shot to get back to everybody so carrying on look why do business select to main different bank accounts there are Maternity Pay Papaya Global organizations out there doing exactly this for particular nations and I have actually worked in a service or many services doing precisely that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for anybody where we do not have to and anybody that’s dealing with that process I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe lots of reasons one is it’s the requirement I believe individuals have actually got so utilized to we require a new bank 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 standard and the norm individuals have embraced and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I believe this is a process that needs looking at it needs changing however ultimately individuals are extremely stuck to what they’re familiar
with ideal um change is a challenging thing we all do not like modification um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the advantages of having maintaining numerous checking account however there’s a big quantity of intricacy opts for setting up a bank account keeping it guaranteeing it can send International transfers ensuring it’s established with the right user accesses for specific individuals so the intricacy is substantial but I think the sincere answer is change um people have not been able to change or have not had necessarily the knowledge to really make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is an element of resistance to change but we’ve always done it that way is no real excuse for not looking at the the benefits and the possibilities of proceeding and moving into you understand what could almost be figured out to be the next Century or so there is a lot to keep an eye on and this method does pose a number of difficulties um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just 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 Global employees you should have a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Maternity Pay Papaya Global