Over the last 5 or six years …Minimum Wage Papaya Global… roles on the provider side and also on the supplier side from a payroll perspective so really looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing 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 everyone comes 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 drizzling here it’s extremely very dreary and I want I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of managing Global payroll why business maintain separate
Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of preserving different checking account for payroll in different countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are ending up being a strategic property for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and prompt payroll payments is a complex difficulty for services running worldwide. Join us for a webinar to explore the benefits and downsides of payroll wallets versus payroll checking account, find out how business forecast payroll costs to optimize working capital, and discover how improving global payroll payments can change them from a challenging job into a strategic property.
Managing payroll worldwide is a challenging job due to numerous policies, compliance requirements, data security issues, and banking guidelines. The sheer variety of staff members and businesses adds to the complexity, with an approximated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million businesses worldwide.
Conventional payroll systems often result in manual procedures, information silos, and an absence of combination, resulting in disparities and inefficiencies. Despite living in an era of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar goals to supply insights and options to streamline and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization invests in global payroll the less of a photo they see a lack of presence likewise reaches payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the deal nearly half of global organizations have expressed 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 mistakes improperly interacted hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data is delivered to the wrong place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash worldwide payroll and payments don’t run efficiently if they depend on the needed several processes 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 obstacles service face when they’re making payments to workers or otherwise that’s a good question I constantly toss this back and say what is it what doesn’t need 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 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 need to pay from the consumer’s own in-country account so there’s complexity any place you look ideal eventually developing a knowledge base is absolutely important but all over you look with payroll payment they resemble very payments no if but some infants 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 think there’s now a bit more acknowledgment that payroll payments are absolutely essential and innovation is allowing us to kind of move on with that it likewise as well to add to that payroll and finance need to work closer together um with differing Savings account Particulars varying banking requirements and setup procedures is definitely vital that payroll and finance teams work closer together than ever um I’m constantly amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry 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 individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to add to kind of the level of complexity there’s a growing number of benefits being organ or being offered by companies across the world so once again you’re just wanting to include a growing number of payments to this currently intricate landscape so if you kind of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine obstacles or real challenging kind of pay uses to play to pay individuals I think yeah I indicate over the last well yeah a number of years I would definitely say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s actually handling the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you know long gone are the times where we require to create extra handoffs at the same times that we run in they simply 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 a period that you know that we are working in today there is no reason we are still making this as tough as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any business has from an expense viewpoint from an impact perspective on employees 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 most significant damaging effect on individuals’s wellness and lots of other elements if people aren’t paid uh I have actually constantly been amazed entering this Market sort of the last 5 to ten years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anybody has actually been thanked, it would be great to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals just discover when things go wrong. Nevertheless, when things go right, it’s viewed as just a routine job. This is how it’s viewed externally too. For that reason, it is essential to make sure that jobs like Wi-Fi Global and other crucial matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment solution is an excellent preliminary action towards providing an extensive payroll service for staff members worldwide. Standardization, worldwide procedures, and minimizing the number of tools, platforms, and bank accounts required for global payroll are key factors in achieving business success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things don’t go as planned. Ultimately, we do not do it for the appreciation.
anyhow we understand how how important 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 associated with those procedures and also so imagine sorry I’m simply I was just gon na state imagine the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I make certain we’re discussing numerous thousands potentially Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job trying to clean 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 type of shot to get back to everybody so proceeding look why do business select to main different savings account there are Minimum Wage Papaya Global services out there doing exactly this for particular countries and I have actually operated in a service or lots of services doing precisely that I can state it does not always 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 don’t need to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the standard I believe individuals have actually got so utilized to we require a new checking account we open an entity and rightly so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard the people have actually adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I believe this is a process that needs looking at it requires changing however eventually individuals are very stuck to what they’re familiar
with best um modification is a hard thing we all don’t like change um so I think it’s simply sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand undoubtedly the benefits of having preserving multiple savings account however there’s a huge amount of intricacy opts for establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is huge however I believe the truthful response is change um people have not been able to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I think it is knowledge you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of moving on and moving into you understand what could almost be figured out to be the next Century approximately there is a lot to track and this technique does position a number of difficulties um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I just did you switched 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 International employees you are worthy of a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Minimum Wage Papaya Global