Over the last 5 or six years …How Do I Continue Sick Pay On Papaya Global… functions on the company side and likewise on the supplier side from a payroll perspective so really looking forward to this conversation today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll just provide everybody another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually 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 drizzling here it’s extremely really bleak and I wish I was elsewhere at this moment in time fine so let’s start 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 companies preserve different
Virtual payroll accounts are an alternative to conventional savings account for handling payroll payments. This is particularly beneficial for global organizations with dispersed and remote labor forces, as it streamlines the complicated process of cross-border payments. Instead of maintaining different checking account for payroll in various countries, virtual accounts and digital wallets provide 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 possession 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 accurately effectively securely and on time during this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll bank account how companies precisely forecast their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one country however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of reasons most significantly policies compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the global Workforce is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals 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 worldwide in the traditional payroll design there’s frequently a frustrating number of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or extremely extremely basic there’s no genuine 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 and that simply blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce information in real time that’s another number that gives me sleepless nights and rather frankly the more an organization invests in international payroll the less of a photo they see a lack of exposure also extends to payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction nearly half of global businesses have actually revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors badly interacted hires and terminations as well as absence management and system configurations and after that when you round it all off and the data is delivered to the incorrect place the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments do not run smoothly if they rely on the required numerous procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the obstacles organization face when they’re paying to staff members or otherwise that’s a great concern I constantly toss this back and state what is it what does not require to be included right and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 ideal eventually constructing a knowledge base is absolutely vital but all over you look with payroll payment they resemble incredibly payments no if however some babies 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to kind of move on with that it also too to add to that payroll and finance require to work closer together um with varying Checking account Particulars differing banking requirements and setup procedures is absolutely vital 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 anybody what is payroll who doesn’t operate in the payroll occupation 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 typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people wherever they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of crucial to add to kind of the level of intricacy there’s more and more benefits being organ or being provided by services across the world so again you’re just wanting to add more and more payments to this already complex landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of real difficulties or real tough kind of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of years I would definitely say that the larger a business 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 teams feeding details into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we require to produce extra handoffs at the same times that we run in they just make them more prompt they make them less effective and they don’t make them what they need to be in in a period 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 difficult as it needs to be agreed and rightly as you stated payroll is the single greatest liability that any organization has from a cost perspective from an effect perspective on staff members it is absolutely important that it’s done properly 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 biggest harmful result on people’s wellness and lots of other aspects if people aren’t paid uh I have actually always been amazed coming into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this sort of webinar has 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 workers or not um but ultimately payroll is such an essential cycle all of us hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done correctly so leveraging the very first International Payments very first payroll payment solution is a great initial step um offering an end-to-end payroll service for your workers globally again I think is another substantial um process again lining up and ensuring you have standardization Global procedures all of those things are absolutely key to success success of businesses and lowering the variety of tools platforms and bank accounts they require for their Worldwide 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 countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyway 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 just gon na say think of the amount 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 hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would certainly 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 was the case um you ‘d need days of the week to attempt to check out them and in fact see what was going on and type of try to return to everyone so proceeding look why do companies choose to main different savings account there are How Do I Continue Sick Pay On Papaya Global services out there doing exactly this for specific countries and I’ve operated in a service or numerous organizations doing precisely that I can say it does not always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not creating extra work for anybody where we do not need to and any person that’s handling 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 amount that we are I think many factors one is it’s the requirement I think people have actually got so used to we require a new bank account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have embraced and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a range I think this is a procedure that needs looking at it needs altering but ultimately individuals are extremely stuck with what they recognize
with best um change is a hard thing all of us do not like change 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 lot of track of stuff um I understand certainly the benefits of having maintaining several checking account but there’s a substantial amount of intricacy goes with establishing a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for specific people so the intricacy is huge but I think the truthful response is modification um individuals have not been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we’ve constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of proceeding and moving into you know what might practically be determined to be the next Century or two there is a lot to keep an eye on and this approach does present several obstacles um so Johnny could you inform us about those difficulties yeah of course so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this boosted capability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements. How Do I Continue Sick Pay On Papaya Global