Handling payroll internationally is a complicated job … Papaya Global Hr 40M Scale 45M…
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Over the last 5 or 6 years …Papaya Global Hr 40M Scale 45M… roles on the supplier side and also on the supplier side from a payroll point of view so actually looking forward to this conversation today um and yeah thank you quite for your time everybody all right thanks Johnny uh we’ll just give everybody 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 kind of let them do that so it ‘d be quite fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely bleak and I want I was elsewhere at this moment in time all right so let’s get going our program for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business maintain separate
Virtual payroll accounts are an option to traditional bank accounts for handling payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining separate bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will likewise provide a wrap-up of the main points 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 services operating worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, find out how business anticipate payroll costs to enhance working capital, and find how enhancing global payroll payments can change them from a burdensome task into a tactical property.
due to different policies, compliance requirements, data security concerns, and banking rules. The large number of staff members and companies contributes to the complexity, with an estimated 3.5 billion people in the global workforce, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems often lead to manual processes, data silos, and a lack of combination, resulting in disparities and inefficiencies. In spite of living in an era of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar aims to provide insights and options to streamline and enhance international payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of companies say they have Labor force information in real time that’s another number that provides me sleep deprived nights and quite frankly the more a business invests in international payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and failure to properly track these payments can lead to compliance incidents in the last mile of the transaction almost half of global organizations have actually expressed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors improperly communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the information is delivered to the wrong location the typical cost of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they rely on the required several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re making payments to workers or otherwise that’s a great question I constantly throw this back and state what is it what does not need to be consisted of 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 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 customer’s own in-country account so there’s complexity anywhere you look best eventually building a knowledge base is absolutely critical but everywhere you look with payroll payment they are like super payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely essential and innovation is enabling us to sort of move on with that it also too to contribute to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup procedures is absolutely essential that payroll and finance groups work better together than ever um I’m constantly amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll profession 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 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 individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being increasingly more important to add to type of the level of complexity there’s a growing number of benefits being organ or being offered by businesses across the world so again you’re simply wanting to add a growing number of payments to this currently complicated landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real challenges or genuine tough kind of pay utilizes to play to pay individuals I think yeah I imply over the last well yeah a couple of decades I would certainly 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 job there are teams 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 necessarily require to be the case you understand long gone are the times where we need to create extra handoffs at the same times that we run in they simply make them more timely they make them less efficient and they do not make them what they require to be in in a period of tech and a period that you understand that we are operating in today there is no reason that we are still making this as tough as it needs to be concurred and rightly as you stated payroll is the single greatest liability that any service 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 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 greatest destructive impact on individuals’s wellness and numerous other factors if people aren’t paid uh I have actually constantly been amazed entering into this Market kind of the last five to ten years is how little thanks the
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anybody has been thanked, it would be great to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people just observe when things fail. However, when things go right, it’s seen as just a regular job. This is how it’s perceived externally as well. Therefore, it is important to make sure that jobs like Wi-Fi International and other crucial matters are done correctly. Using the first Worldwide Payments very first payroll payment service is a terrific preliminary step towards providing a detailed payroll service for staff members worldwide. Standardization, international procedures, and lowering the number of tools, platforms, and bank accounts essential for global payroll are crucial factors in achieving organization success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as prepared. Eventually, we do not do it for the gratitude.
anyway we understand how how crucial 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 everyone that’s involved in those procedures and likewise so imagine sorry I’m just I was just gon na say picture 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 discussing hundreds of thousands potentially Millions envision getting that numerous thank you notes um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job trying to clean up all those up for sure oh absolutely I can’t envision 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 return to everybody so proceeding appearance why do business select to main separate checking account there are Papaya Global Hr 40M Scale 45M services out there doing exactly this for specific countries and I’ve operated in a company or lots of organizations doing exactly that I can state it doesn’t constantly feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not need to and anybody that’s managing 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 quantity that we are I believe lots of reasons one is it’s the standard I think individuals have got so used to we need a new checking account we open an entity and appropriately so you require 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 norm the people have actually embraced and continue to do over years and years passed by to add to that people have actually looked at things like trust accounts and numerous other ways um to to kind of do it so I believe there’s a range I believe this is a process that requires looking at it requires altering but ultimately people are really stuck to what they’re familiar
with ideal um modification is a tough thing we all don’t like modification um so I believe it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend obviously the benefits of having maintaining several bank accounts but there’s a substantial quantity of complexity chooses setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the best user accesses for individual people so the intricacy is big however I think the truthful response is change um people haven’t been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you know and there is a component of resistance to change but we have actually always done it that way is no genuine reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century or so there is a lot to track and this technique does posture a number of challenges um so Johnny could you inform us about those difficulties yeah of course 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you deserve a corner workplace with a more detailed parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Hr 40M Scale 45M
I find time and time again the workers frequently misclassified unconsciously they do not understand the conditions of work or agreement and are told by the customer why it’s optimum primarily to the client why you must be used or engaged in this fashion the worker might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be impacted and a number of times it can be years before this all falls out and by that time it’s too late years have actually gone by they have not contributed to pensions And so on so it’s a huge effect that they never ever knew they were strolling into you could not agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy companies are getting insurance against misclassification but generally premiums are just covering the expense of legal fees whilst the typical claim evaluated versus companies equates to to 40 or 50 percent of the base salary of employee is there any point in securing 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 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 protection what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK