Managing payroll globally is a difficult task … Papaya Global How To Process A Leaver…
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Over the last 5 or six years …Papaya Global How To Process A Leaver… roles on the company side and also on the vendor side from a payroll perspective so truly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll kind of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I really 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 extremely extremely gloomy and I want I was somewhere else at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be looking at the obstacle years of handling Worldwide payroll why companies preserve separate
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical asset uh we’ll also review a wrap-up which needs to leave his time at the very really end for a q a session so as the title of the webinar suggests payroll execs on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become increasingly more common and handling them becomes more and more intricate International companies are wanting to find Solutions and new methods to simplify procedures particularly from a payroll and cross-border payment viewpoint many organizations keep different savings account just for payroll while some have several accounts in different nations does it make sense for business to keep separate bank accounts in some cases in various countries it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies simplify the episode complex procedures of
making payroll payments properly efficiently safely and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical property so payroll can be challenging in enough in one nation however when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of reasons most significantly policies compliance data security and banking rules then there are the sheer numbers they include further complexity the worldwide Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the world in the traditional payroll model there’s often an overwhelming number of various systems leading to lengthy manual processes and silos the number of Integrations could be non-existent in big amounts and or very very fundamental there’s no genuine consistency framework we’re living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that simply blows my mind whenever I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce data in real time that’s another number that provides me sleepless nights and rather honestly the more a company spends on international payroll the less of an image they see an absence of presence also reaches payroll payments and failure to properly track these payments can lead to compliance mishaps in the last mile of the deal nearly half of global services have expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes inadequately interacted hires and terminations along with absence management and system setups and then when you round all of it off and the information is delivered to the wrong location the average expense of a global information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don’t run smoothly if they depend on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties organization face when they’re paying to staff members or otherwise that’s a great question I always toss this back and say what is it what doesn’t need to be consisted of ideal and what does
it need to be thought of there’s differing 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 have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is definitely vital however everywhere you look with payroll payment they are like incredibly payments no if however 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 believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is permitting us to kind of move on with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely crucial that payroll and financing groups work more detailed together than ever um I’m constantly impressed when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being increasingly more important to contribute to type of the level of complexity there’s a growing number of benefits being organ or being provided by organizations throughout the world so once again you’re just seeking to add 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 but have you got any experience in kind of real difficulties or genuine challenging type of pay uses to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would absolutely state that the larger a service gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are groups feeding details into the next function as it were that’s really handling the payment side of things but you know in in my viewpoint and my experience that doesn’t always need to be the case you know long gone are the times where we require to develop extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and an age that you understand that we are working in today there is no reason we are still making this as difficult as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any organization has from a cost viewpoint from an effect perspective on staff members it is definitely important that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the most significant harmful impact on people’s well-being and many other elements if people aren’t paid uh I have actually constantly been astonished entering into this Market kind of the last five to 10 years is how little thanks the
payroll team get um so I’m not exactly sure anybody on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this stuff is done properly so leveraging the first International Payments very first payroll payment service is an excellent first step um supplying an end-to-end payroll solution for your workers globally again I think is another big um procedure once again aligning and ensuring you have standardization Worldwide processes all of those things are absolutely essential to success success of businesses and lowering the variety of tools platforms and savings account they need for their Worldwide 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’ve never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re indicated to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand how how essential 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 involved in those processes and likewise so picture sorry I’m just I was simply gon na state imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would certainly be an intriguing task 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 need days of the week to try to browse them and really see what was going on and kind of try to return to everybody so carrying on look why do companies select to primary separate savings account there are Papaya Global How To Process A Leaver organizations out there doing exactly this for specific nations and I’ve operated in a service or numerous services doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not developing additional work for anybody where we do not have to and anyone that’s handling 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 many factors one is it’s the requirement I think people have actually got so utilized to we require a brand-new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have embraced and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it needs altering but eventually people are very stuck to what they recognize
with ideal um change is a challenging thing we all do not like change um so I believe it’s simply sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having keeping numerous bank accounts but there’s a substantial quantity of complexity goes with establishing a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is substantial but I think the honest answer is change um people haven’t been able to change or haven’t had necessarily the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you have actually hit the nail on the head I think it is knowledge you understand and there is a component of resistance to alter but we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of proceeding and moving into you know what could nearly be determined to be the next Century approximately there is a lot to keep track of and this technique does present numerous obstacles um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced capability, I have effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering worldwide payroll and payments utilizing Papaya payroll OS is good. You should have a corner office with a parking space that is more detailed, considering your achievements. Papaya Global How To Process A Leaver
I discover time and time again the workers typically misclassified unconsciously they don’t comprehend the conditions of work or agreement and are informed by the client why it’s most advantageous mainly to the client why you ought to be utilized or participated in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be impacted and several times it can be years before this all falls out and by that time it’s too late years have gone by they have not contributed to pensions And so on so it’s a huge effect that they never ever understood they were strolling into you could not agree with you more if you state the UK for example hmrc can go back as much as ten years um Kathy business are getting insurance coverage against misclassification but usually premiums are just covering the cost of legal charges whilst the typical claim evaluated against companies corresponds to to 40 or 50 percent of the base pay of employee is there any point in getting 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 most cases I have not seen it a minimum of so uh the the other location 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 rejected protection on the basis of the truth that you were not in compliance with laws um in the UK