Managing payroll globally is an overwhelming task … Papaya Global Employee Details Report…
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Over the last 5 or six years …Papaya Global Employee Details Report… roles on the company side and also on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply provide everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone 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 raining here it’s very extremely bleak and I wish I was elsewhere at this moment in time all right so let’s begin our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business maintain different
savings account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical possession uh we’ll likewise review a wrap-up and that should leave his time at the very really end for a q a session so as the title of the webinar recommends payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more typical and managing them becomes more and more complicated Worldwide companies are aiming to find Solutions and new ways to simplify procedures particularly from a payroll and cross-border payment perspective lots of organizations keep separate checking account just for payroll while some have several accounts in different nations does it make sense for companies to keep separate bank accounts often in different nations it does however just for payroll is there a better way what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting multinational business enhance the episode complex processes of
making payroll payments accurately efficiently securely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how companies precisely anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in sufficient in one country but when you’re doing it worldwide it’s next level and Beyond it becomes complicated for a variety of factors most notably policies compliance data security and banking rules then there are the large numbers they include more complexity the international Workforce is presently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the traditional payroll model there’s often an overwhelming number of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or really really basic there’s no real consistency framework we’re living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Labor force data in real time that’s another number that provides me sleepless nights and quite frankly the more a company invests in worldwide payroll the less of a picture they see a lack of visibility likewise reaches payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal nearly half of global services have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry errors improperly communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is delivered to the wrong place the average cost of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they count 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 challenges organization face when they’re paying to employees or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t need to be included best and what does
it need 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 amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s complexity anywhere you look ideal eventually constructing a knowledge base is definitely vital however everywhere you look with payroll payment they are like incredibly payments no if however some babies 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 basic and innovation is permitting us to type of move on with that it also too to add to that payroll and finance need to work closer together um with varying Savings account Details varying banking requirements and setup processes is absolutely essential that payroll and finance teams work closer together than ever um I’m always astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone 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 an industry 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 individuals anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to add to type of the level of intricacy there’s more and more advantages being organ or being provided by organizations across the world so again you’re just seeking to add increasingly more payments to this currently complicated landscape so if you sort of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of real difficulties or real difficult kind of pay utilizes to play to pay people I believe yeah I suggest over the last well yeah a couple of decades I would definitely state that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are teams feeding information into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an age that you know that we are working in today there is no reason that we are still making this as tough as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any service has from a cost point of view from an impact viewpoint on staff members it is definitely important that it’s done properly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the biggest harmful effect on individuals’s wellness and lots of other factors if individuals aren’t paid uh I’ve constantly been astonished coming into this Market type of the last 5 to 10 years is how little thanks the
The payroll group might not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people only see when things go wrong. However, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally as well. Therefore, it is vital to make sure that jobs like Wi-Fi Global and other vital matters are done properly. Utilizing the first Worldwide Payments very first payroll payment option is a fantastic initial step towards providing a detailed payroll option for employees worldwide. Standardization, global processes, and reducing the variety of tools, platforms, and checking account needed for global payroll are crucial consider attaining business success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things do not go as planned. Eventually, we do not do it for the gratitude.
anyway we know how how crucial 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 everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was just gon na say envision the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re talking about hundreds of thousands potentially Millions envision getting that many thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be a fascinating task attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to browse them and in fact see what was going on and kind of shot to get back to everybody so moving on look why do business pick to main separate savings account there are Papaya Global Employee Details Report businesses out there doing exactly this for particular countries and I have actually worked in a company or lots of organizations doing precisely that I can state it doesn’t always feel effective and it does create more work I understand we’re not purposely doing that we’re not developing extra work for any person where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your ideas 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 standard I believe individuals have actually got so used to we require a new savings account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to add to that people have taken a look at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I think this is a process that needs looking at it needs altering however eventually people are really stuck to what they’re familiar
with ideal um change is a challenging thing we all don’t like modification um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having maintaining multiple bank accounts but there’s a huge quantity of complexity chooses establishing a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for individual people so the intricacy is substantial however I believe the honest answer is change um people have not been able to alter or haven’t had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I believe you’ve struck the nail on the head I think it is understanding you know and there is a component of resistance to change but we’ve always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could nearly be identified to be the next Century approximately there is a lot to keep an eye on and this method does position a number of difficulties um so Johnny might you inform us about those challenges yeah of course so there’s a variety right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has actually acquired another CFO, and with this boosted capability, I have effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global Employee Details Report
I discover time and time again the employees frequently misclassified unknowingly they do not comprehend the conditions of work or contract and are told by the customer why it’s most advantageous generally to the customer why you ought to be used or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be affected and several times it can be years before this all falls out and by that time it’s too late years have passed they haven’t added to pensions And so on so it’s a big impact that they never ever knew they were walking into you could not agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy business are securing insurance versus misclassification but usually premiums are only covering the expense of legal fees whilst the typical claim examined versus employers corresponds to to 40 or half of the base pay of worker exists any point in securing insurance and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes charge and interest in many cases I have not seen it a minimum of so uh the the other area that I do think if you managed to get the coverage what we are stating is is that if your compliance program is not up to stuff you could be denied coverage on the basis of the reality that you were not in compliance with laws um in the UK