Papaya Global 50 Gender Pay Gap 2024 – Get Started

Managing payroll internationally is an overwhelming job … Papaya Global 50 Gender Pay Gap…

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Over the last 5 or six years …Papaya Global 50 Gender Pay Gap… roles on the supplier side and likewise on the vendor side from a payroll perspective so really anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it is 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 really very bleak and I want I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why business maintain separate

Virtual payroll accounts are an option to traditional savings account for handling payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it simplifies the complicated process of cross-border payments. Instead of maintaining different bank accounts for payroll in different countries, virtual accounts and digital wallets use a more structured service. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a tactical possession for payroll executives. We will also supply a recap of the bottom lines covered and leave time for a Q&A session at the end.

Making sure precise, effective, and prompt payroll payments is a complex challenge for businesses operating worldwide. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to optimize working capital, and discover how enhancing global payroll payments can change them from a challenging job into a tactical asset.

due to numerous guidelines, compliance requirements, information security issues, and banking rules. The large number of staff members and businesses contributes to the complexity, with an approximated 3.5 billion people in the worldwide labor force, 500 countless whom are in Africa, and 230 million services worldwide.

Standard payroll systems frequently result in manual procedures, information silos, and an absence of combination, resulting in disparities and inefficiencies. Regardless of living in an age of technological improvements, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, typically using pen and paper. This webinar aims to provide insights and solutions to streamline and enhance worldwide payroll payments.

about it to give you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce 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 picture they see an absence of exposure also reaches payroll payments and inability to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of global companies 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 errors are because of time reporting bad HCM data data entry errors poorly communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the data is shipped to the wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the globe payroll and payments do not run smoothly if they depend on the required numerous procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they’re paying to workers or otherwise that’s an excellent concern I constantly throw this back and say what is it what doesn’t need to be consisted of best and what does

it require to be considered 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 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 absolutely vital however all over you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to type of progress with that it also as well to add to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely essential that payroll and financing groups work more detailed together than ever um I’m always astonished when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll occupation would they split the payroll payment from calculation 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 ultimately 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 however likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and wellness being more and more important to add to sort of the level of intricacy there’s increasingly more advantages being organ or being offered by services throughout the world so once again you’re simply looking to include increasingly more payments to this currently complex landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real challenges or real challenging sort of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would certainly 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 information into the next function as it were that’s actually managing the payment side of things but 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 require to develop extra handoffs at the same times that we run in they just make them more timely 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 operating in today there is no reason we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any company has from a cost perspective from an impact point of view on staff members it is definitely crucial 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 damaging impact on individuals’s well-being and lots of other elements if people aren’t paid uh I have actually always been astonished entering this Market type of the last five to 10 years is how little thanks the

The payroll team might not have 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 staff members or not. Payroll is an important cycle, and people just discover when things go wrong. However, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally also. Therefore, it is necessary to ensure that jobs like Wi-Fi Worldwide and other vital matters are done correctly. Using the very first Global Payments very first payroll payment option is a great initial action towards offering a thorough payroll solution for employees worldwide. Standardization, worldwide processes, and minimizing the number of tools, platforms, and savings account required for worldwide payroll are essential consider achieving company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a few complaints when things don’t go as prepared. Ultimately, we do not do it for the thankfulness.

anyhow we know how how important a function 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 easy as possible for everyone that’s associated with those procedures and also so think of sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I make certain we’re discussing hundreds of thousands potentially Millions envision getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting 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 was the case um you ‘d require days of the week to try to browse them and actually see what was going on and kind of try to return to everybody so carrying on look why do business select to main separate checking account there are Papaya Global 50 Gender Pay Gap businesses out there doing exactly this for particular countries and I’ve operated in a business or many organizations doing precisely that I can state it doesn’t always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not developing additional work for any person where we do not need to and any person that’s dealing with that procedure 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 reasons one is it’s the requirement I believe people have actually got so utilized to we require a brand-new checking account we open an entity and appropriately so you require it for payroll functions however there are a variety of markets where it’s not a requirement so I believe it’s just 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 actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I think this is a procedure that requires taking a look at it needs changing but eventually people are extremely stuck to what they recognize

with ideal um modification is a difficult thing we all don’t like change um so I think it’s just sort of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having preserving multiple savings account but there’s a big amount of intricacy goes with setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private individuals so the intricacy is huge however I believe the honest response is modification um people have not been able to change or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we’ve always done it that way is no real excuse for not taking a look 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 method does present numerous obstacles 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 changed 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 Global staff members you should have a corner workplace with a more detailed parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global 50 Gender Pay Gap

I discover time and time again the workers often misclassified unknowingly they don’t understand the conditions of employment or agreement and are informed by the client why it’s optimum generally to the customer why you ought to be used or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have gone by they haven’t added to pensions Etc so it’s a huge effect that they never understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy companies are taking out insurance versus misclassification but usually premiums are only covering the cost of legal charges whilst the typical claim assessed against companies relates to to 40 or half of the base salary of employee exists any point in securing insurance and what is the alternative yeah to your point um you do require to check out the small print it is not covering the taxes charge and interest in many cases I haven’t seen it at least so uh the the other area that I do believe 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 protection on the basis of the reality that you were not in compliance with laws um in the UK