Over the last 5 or six years …Improve Hr Efficiency On A Budget With Papaya Global… roles on the service provider side and also on the vendor side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds or two to join we all 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 currently simply to hear where everybody 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 remains 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 very really gloomy and I want I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why business preserve different
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially helpful for global companies with dispersed and remote workforces, as it streamlines the complex process of cross-border payments. Instead of keeping separate bank accounts for payroll in various nations, virtual accounts and digital wallets use a more structured service. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a strategic asset for payroll executives. We will likewise offer a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently safely and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how business properly anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of factors most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they include additional intricacy the global Labor force is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 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 all over the world in the conventional payroll model there’s frequently a frustrating variety of different systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or extremely very fundamental there’s no genuine consistency framework we’re living in a period of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a company invests in global payroll the less of an image they see a lack of presence likewise reaches payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global services have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM information data entry mistakes improperly interacted hires and terminations along with absence management and system configurations and then when you round it all off and the information is delivered 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 require to move the cash around the globe payroll and payments don’t run efficiently if they rely on the necessary several 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 challenges organization face when they’re making payments to staff members or otherwise that’s a great concern I constantly throw this back and state what is it what does not need to be included ideal and what does
it need to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy wherever you look right ultimately constructing a knowledge base is definitely crucial however all over you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is enabling us to type of move on with that it also also to add to that payroll and finance need to work closer together um with differing Bank Account Particulars varying banking requirements and setup processes is definitely necessary that payroll and financing groups work more detailed together than ever um I’m always astonished when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high worth on wellness and the settlement landscape is ending up being increasingly detailed. Services are constantly presenting new advantages and payment options, which adds to the total intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not have to be the case. In today’s technologically innovative era, there’s no justification for preserving troublesome treatments. Payroll, the business’s biggest cost, must be processed properly and on time. Even small hold-ups can negatively affect employees’ wellness and have significant consequences. For that reason, it’s crucial to prioritize accurate and prompt payments.
payroll team get um so I’m not exactly sure anybody on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an essential cycle we all hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I believe 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 definitely essential that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment service is a great primary step um offering an end-to-end payroll service for your workers internationally once again I believe is another huge um procedure once again lining up and ensuring you have standardization Global processes all of those things are definitely essential to success success of businesses and minimizing the variety of tools platforms and savings account they need for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I’ve never had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we understand how how important a function 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 simple as possible for everybody that’s associated with those procedures and also so imagine sorry I’m just I was simply gon na state envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands potentially Millions imagine getting that numerous 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 absolutely be an interesting task attempting to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and sort of shot to get back to everybody so moving on look why do business select to primary separate savings account there are Improve Hr Efficiency On A Budget With Papaya Global businesses out there doing precisely this for specific countries and I’ve operated in a company or many organizations doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I know we’re not intentionally doing that we’re not producing extra work for anybody where we don’t need to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think lots of reasons one is it’s the requirement I think individuals have got so utilized to we require a new bank account we open an entity and rightly so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I think this is a procedure that requires looking at it needs altering however eventually people are really stuck to what they recognize
with best um change is a difficult thing all of us do not like modification um so I think it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having keeping several savings account but there’s a substantial quantity of complexity goes with setting up a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific people so the complexity is substantial but I believe the truthful answer is modification um people haven’t been able to change or have not had necessarily the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might almost be determined to be the next Century or two there is a lot to track and this approach does present numerous challenges um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I simply 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 International staff members you should have a corner workplace with a better parking space since I mastered Worldwide payroll and payments with Papaya payroll OS did you Improve Hr Efficiency On A Budget With Papaya Global