Over the last 5 or six years …Papaya Global Pensions Module… roles on the service provider side and also on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everyone fine thanks Johnny uh we’ll simply give everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating 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 everyone comes from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really very dreary and I want I was elsewhere at this moment in time okay so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business keep different
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is especially helpful for worldwide companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of preserving separate checking account for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will likewise supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
Making sure precise, effective, 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 savings account, discover how business forecast payroll costs to enhance working capital, and discover how enhancing worldwide payroll payments can change them from a troublesome job into a strategic property.
Managing payroll globally is an overwhelming task due to various regulations, compliance requirements, information security concerns, and banking rules. The sheer variety of workers and companies contributes to the complexity, with an estimated 3.5 billion people in the international workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems frequently result in manual procedures, information silos, and an absence of integration, resulting in disparities and inefficiencies. In spite of residing in an age of technological developments, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often utilizing pen and paper. This webinar goals to supply insights and options to streamline and enhance international payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in international payroll the less of a photo they see an absence of visibility also encompasses payroll payments and inability to properly track these payments can lead to compliance accidents in the last mile of the deal nearly half of global businesses have revealed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM data data entry errors inadequately communicated hires and terminations in addition to lack management and system setups and after that when you round everything off and the information is delivered to the incorrect place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money around the globe payroll and payments don’t run efficiently if they count on the needed multiple 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 challenges company face when they’re paying to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what does not need to be included right and what does
it require to be thought about there’s differing 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 abilities 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 customer’s own in-country account so there’s complexity anywhere you look ideal ultimately constructing a knowledge base is definitely vital but everywhere you look with payroll payment they are like very payments no if however some children 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 on with that it likewise too to contribute to that payroll and financing need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely crucial that payroll and financing groups work closer together than ever um I’m always astonished when people say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work 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 often split and cut up um ultimately it’s payroll is an end-to-end procedure 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 third parties so with the
world we live in and wellness being a growing number of essential to contribute to type of the level of intricacy there’s more and more benefits being organ or being offered by companies across the world so again you’re simply wanting to include a growing number of payments to this already complex landscape so if you sort 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 genuine difficulties or genuine challenging type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of years I would definitely state that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s in fact managing the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to produce extra handoffs in the processes that we run in they simply 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 a period that you know that we are working in today there is no reason we are still making this as hard as it needs to be concurred and appropriately as you stated payroll is the single greatest liability that any company has from an expense perspective from an effect point of view on workers it is absolutely critical that it’s done correctly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental result on people’s wellness and lots of other factors if individuals aren’t paid uh I have actually constantly been surprised coming into this Market type of the last 5 to 10 years is how little thanks the
The payroll group might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals only discover when things go wrong. However, when things go right, it’s viewed as just a regular task. This is how it’s perceived externally too. Therefore, it is vital to ensure that jobs like Wi-Fi International and other vital matters are done properly. Using the first Global Payments very first payroll payment solution is a great initial step towards offering a comprehensive payroll option for workers worldwide. Standardization, international procedures, and reducing the variety of tools, platforms, and checking account necessary for global payroll are essential consider achieving service success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things do not go as planned. Eventually, we do not do it for the appreciation.
anyway we understand how how essential a role 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 everyone that’s involved in those procedures and likewise so think of sorry I’m simply I was just gon na state think of the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions envision getting that numerous thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating job attempting to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to look through them and really see what was going on and sort of shot to get back to everyone so proceeding look why do companies select to primary separate bank accounts there are Papaya Global Pensions Module businesses out there doing exactly this for specific countries and I have actually operated in a company or many companies doing exactly that I can say it doesn’t constantly feel effective and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we do not have to and anybody 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 believe lots of factors one is it’s the requirement I believe people have got so utilized to we require a brand-new savings account we open an entity and appropriately so you require it for payroll purposes 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 gone past to contribute to that people have looked at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I think this is a process that requires taking a look at it requires changing however ultimately individuals are really stuck with what they recognize
with right um modification is a challenging thing we all don’t like modification um so I think it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having keeping several checking account however there’s a big amount of complexity goes with setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for private individuals so the complexity is substantial however I think the honest response is change um individuals have not been able to alter or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I think it is understanding you know and there is an element of resistance to change but we have actually constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what might nearly be determined to be the next Century or two there is a lot to keep track of and this approach does posture a number of obstacles um so Johnny might you inform us about those difficulties yeah naturally so there’s a range 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 International staff members you deserve a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Pensions Module