Managing payroll globally is a daunting job … Papaya Global Employee Self Service…
publicly announced and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly revealed settlements there’s also significant legal costs there exists’s other penalties there’s other expenses behind that also so the overall cost can be really substantial in the 10s of countless dollars or more and and those amounts are growing uh the reason that business are getting it so incorrect is really just the rules are complicated and they’re changing all the time believe ir-35 in the UK which has actually been an ongoing development for a number of years now and and still a lot of uncertainty amongst companies on what it actually means and how you deal with it most employers are just not familiar with the guidelines and and act as if the the guidelines are the same all over which they’re not so so motivate you to to be extremely proactive as you’re engaging uh employees from a category viewpoint fine thank you Stephen and moving back to yourself Ray it’s not just the company that suffers in the long run what effects can this have on the employee Papaya Global Termination Payroll specifically when it comes to their own tax liabilities social security and benefits for instance jury and certainly the employees the opposite of the coin
How much revenue does the company make? Papaya Global Employee Self Service
Over the last five or 6 years …Papaya Global Employee Self Service… roles on the service provider side and likewise on the supplier side from a payroll point of view so truly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly 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 very extremely bleak and I want I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business maintain different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a tactical asset uh we’ll also discuss a recap which needs to leave his time at the extremely really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become more and more common and managing them ends up being increasingly more intricate International organizations are looking to discover Solutions and brand-new ways to enhance procedures especially from a payroll and cross-border payment perspective numerous organizations maintain different bank account just for payroll while some have numerous accounts in different countries does it make good sense for companies to preserve different savings account often in different nations it does but just for payroll exists a much better method what role do virtual accounts and digital wallets likewise known as virtual wallets play in helping international business improve the episode complex processes of
making payroll payments accurately efficiently safely and on time during this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll savings account how business precisely forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical property so payroll can be difficult in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being intricate for a variety of reasons most importantly policies compliance data security and banking rules then there are the large numbers they include additional complexity the global Labor force is currently 3 and a half billion individuals by 2030 it’s estimated 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 consider that there are some 230 million businesses and growing all doing their own thing around the world in the standard payroll design there’s often an overwhelming number of various systems causing time-consuming manual processes 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 residing in an age of tech however payroll has actually been sluggish 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 each time I I believe
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations say they have Labor force information in real time that’s another number that offers me sleepless nights and rather frankly the more a business spends on global payroll the less of a picture they see an absence of visibility also reaches payroll payments and inability to precisely track these payments can lead to compliance mishaps in the last mile of the deal almost half of worldwide services have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of errors are because of time reporting bad HCM data data entry mistakes poorly interacted hires and terminations along with lack management and system setups and then when you round all of it off and the data is shipped to the incorrect place the average 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 all over the world payroll and payments don’t run efficiently if they depend on the needed numerous procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges business face when they’re making payments to employees or otherwise that’s a great concern I always throw this back and say what is it what does not require to be consisted of best and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 intricacy anywhere you look best ultimately developing a knowledge base is definitely crucial however all over you look with payroll payment they are like very 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 between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is allowing us to kind of move on with that it also also to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely important that payroll and finance teams work better together than ever um I’m constantly impressed when individuals say I’ve 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 split 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 any place they are but likewise paying statutory authorities and on statutory third parties so with the
The contemporary world positions a high value on wellness and the compensation landscape is ending up being progressively elaborate. Companies are continually introducing brand-new advantages and payment alternatives, which adds to the general complexity. Big corporations often divide their payroll and payment processing into separate groups, which can result in inadequacies and traffic jams. In my opinion, this does not have to hold true. In today’s technically sophisticated age, there’s no reason for preserving troublesome treatments. Payroll, the business’s greatest cost, need to be processed properly and on time. Even small hold-ups can adversely impact workers’ well-being and have significant repercussions. Therefore, it’s important to prioritize precise and timely payments.
payroll team get um so I’m unsure anybody on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific 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 fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I think 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 things is absolutely vital that all of this things is done correctly so leveraging the first Global Payments very first payroll payment service is a fantastic primary step um providing an end-to-end payroll solution for your workers worldwide again I believe is another big um procedure again aligning and ensuring you have standardization Global processes all of those things are definitely key to success success of organizations and decreasing the variety of tools platforms and bank accounts they need for their Global payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re implied to be um I don’t believe any of us are in fact doing that for for the thanks
anyhow we know how how important a role 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 simple as possible for everybody that’s associated with those procedures and likewise so think of sorry I’m simply I was simply gon na state envision 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 discussing numerous thousands possibly Millions picture getting that many 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 trying to clean all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and really see what was going on and sort of try to get back to everybody so carrying on look why do business pick to primary different savings account there are Papaya Global Employee Self Service organizations out there doing exactly this for particular countries and I have actually operated in an organization or lots of companies doing precisely that I can say it does not constantly feel efficient and it does create more work I understand we’re not purposely doing that we’re not creating extra work for anyone where we don’t need to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the standard I think individuals have got so utilized to we require a brand-new checking account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s just been the requirement and the standard the people have adopted and continue to do over years and years gone past to add to that people have taken a look at things like trust accounts and numerous other methods um to to sort of do it so I believe there’s a variety I think this is a process that requires taking a look at it requires altering but ultimately people are really stuck with what they recognize
with right um change is a hard thing all of us don’t like change um so I believe 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 stuff um I understand certainly the advantages of having keeping several savings account however there’s a huge quantity of intricacy chooses establishing a checking account keeping it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for private people so the intricacy is huge but I think the sincere answer is modification um people haven’t had the ability to change or have not had always the knowledge to truly make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to keep an eye on and this approach does posture numerous challenges um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a change to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 staff members worldwide. Your dedication to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is more detailed, considering your accomplishments. Papaya Global Employee Self Service
I discover time and time again the employees often misclassified unwittingly they do not understand the conditions of employment or agreement and are told by the customer why it’s most advantageous mainly to the customer why you should be used or engaged in this style the employee may owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be affected and several times it can be years before this all falls out and by that time it’s far too late years have actually gone by they have not added to pensions And so on so it’s a big impact that they never ever understood they were strolling into you could not agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy business are taking out insurance coverage against misclassification however normally premiums are only covering the expense of legal charges whilst the average claim examined versus employers equates to to 40 or 50 percent of the base salary of employee is there any point in getting insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes penalty and interest in most cases I haven’t seen it at least so uh the the other area that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK