Papaya Global Leavers Report FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global Leavers Report… functions on the company side and likewise on the supplier side from a payroll point of view so actually anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very uninspiring and I want I was elsewhere at this moment in time alright so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why business preserve different

Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is particularly useful for worldwide organizations with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining different checking account 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 go over why they are ending up being a strategic possession for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.

making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll walk you through the international pros and cons of a payroll wallet versus a payroll checking account how business properly anticipate their payroll costs to increase working capital and how enhancing Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in adequate in one nation however when you’re doing it globally it’s next level and Beyond it ends up being intricate for a variety of factors most importantly guidelines compliance information security and banking rules then there are the large numbers they include more intricacy the international Workforce is presently 3 and a half billion individuals by 2030 it’s estimated 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 factor in that there are some 230 million companies and growing all doing their own thing all over the world in the traditional payroll design there’s often a frustrating number of different systems causing time-consuming manual processes and silos the number of Combinations could be non-existent in big amounts and or extremely really standard there’s no genuine consistency structure we’re living in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind whenever I I believe

about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more a service invests in worldwide payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the transaction nearly half of global companies have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting bad HCM information information entry mistakes improperly communicated hires and terminations along with lack management and system configurations and after that when you round it all off and the data is shipped to the incorrect place the average cost of a global data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money all over the world payroll and payments do not run efficiently if they count on the required numerous processes 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 company face when they’re making payments 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 ideal and what does

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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 nation there’s payment time frames there’s payment capabilities 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 wherever you look ideal eventually developing a knowledge base is definitely crucial however all over you look with payroll payment they resemble extremely 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 in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to type of progress with that it also as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Details differing banking requirements and setup processes is absolutely vital that payroll and finance groups work better together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they divide 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 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 but likewise paying statutory authorities and on statutory 3rd parties so with the

world we live in and well-being being more and more crucial to contribute to kind of the level of complexity there’s a growing number of advantages being organ or being provided by businesses across the world so once again you’re just wanting to add more and more payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real challenges or genuine challenging sort of pay uses to play to pay people I think yeah I indicate over the last well yeah a number of years I would definitely state that the bigger a service 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 managing the payment side of things but you know in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to produce additional handoffs at the same times that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an age of tech and a period that you understand that we are operating in today there is no reason why we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any business has from an expense point of view from an effect perspective on staff members it is absolutely 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 need to be done right it has the greatest detrimental impact on individuals’s well-being and many other aspects if individuals aren’t paid uh I have actually always been impressed entering this Market sort of the last 5 to ten years is how little thanks the

payroll team get um so I’m unsure anyone on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an important cycle we all hear about it when it goes wrong everybody jumps up and down when it fails but 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 likewise like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done correctly so leveraging the first Worldwide Payments very first payroll payment solution is a terrific first step um providing an end-to-end payroll option for your employees globally once again I think is another huge um procedure once again aligning and ensuring you have standardization International procedures all of those things are definitely essential to success success of businesses and minimizing 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 regards to 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 five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re meant to be um I do not believe any of us are actually doing that for for the thanks

anyhow we know how how crucial a role 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 simple as possible for everyone that’s associated with those processes and also so picture sorry I’m just I was just gon na state think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating task attempting to clean 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 require days of the week to try to browse them and in fact see what was going on and sort of shot to return to everyone so proceeding appearance why do business choose to main separate bank accounts there are Papaya Global Leavers Report businesses out there doing precisely this for particular nations and I have actually operated in an organization or many companies doing exactly that I can say it doesn’t constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not developing extra work for anybody where we do not need to and anyone that’s handling 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 amount that we are I believe many factors one is it’s the requirement I think individuals have got so utilized to we require a new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I think it’s simply been the requirement and the norm the people have actually adopted and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a variety I believe this is a process that requires looking at it needs changing but eventually people are very stuck with what they’re familiar

with right um modification is a difficult thing we all don’t like modification um so I think it’s simply sort of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I comprehend undoubtedly the advantages of having preserving multiple bank accounts however there’s a big quantity of complexity goes with establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the complexity is big however I believe the sincere response is change um people have not been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter but we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might practically be identified to be the next Century or two there is a lot to keep track of and this method does position several challenges um so Johnny could you tell us about those obstacles yeah obviously so there’s a range right there is so

I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this enhanced capability, I have actually effectively protected payments for our 10,000 workers worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Leavers Report