Managing payroll worldwide is a challenging job … Papaya Global Furloughed Employees…
openly revealed and it was 100 million dollar settlement that Uber made with the state of New Jersey one state in addition to the publicly announced settlements there’s likewise considerable legal costs there’s there’s other charges there’s other expenses behind that as well so the overall expense can be extremely considerable in the 10s of millions of dollars or more and and those amounts are growing uh the reason companies are getting it so wrong is really simply the rules are intricate and they’re changing all the time believe ir-35 in the UK which has actually been an ongoing development for several years now and and still a great deal of unpredictability among companies on what it truly means and how you deal with it most employers are just not aware of the guidelines and and act as if the the rules are the same everywhere which they’re not so so motivate you to to be really proactive as you’re engaging uh workers from a classification point of view alright thank you Stephen and moving back to yourself Ray it’s not just the business that suffers in the long run what impacts can this have on the staff member Papaya Global Hr Payroll specifically when it concerns their own tax liabilities social security and benefits for example jury and clearly the employees the other side of the coin
How much revenue does the company make? Papaya Global Furloughed Employees
Over the last 5 or six years …Papaya Global Furloughed Employees… roles on the provider side and likewise on the vendor side from a payroll point of view so truly anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll just provide everybody another couple of uh well one of the 30 seconds approximately to join we all 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 simply to hear where everyone is um it’s nice to to kind of like see where everyone comes from and I truly 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 really really uninspiring and I want I was somewhere else at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of handling International payroll why business keep different
Virtual payroll accounts are an option to conventional bank accounts for handling payroll payments. This is particularly beneficial for international companies with dispersed and remote workforces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping different checking account for payroll in various nations, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic possession for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and prompt payroll payments is a complex difficulty for companies operating globally. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, find out how companies anticipate payroll costs to optimize working capital, and discover how simplifying international payroll payments can transform them from a troublesome job into a tactical property.
due to different guidelines, compliance requirements, information security issues, and banking guidelines. The sheer variety of staff members and businesses adds to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million companies worldwide.
Standard payroll systems frequently result in manual processes, information silos, and an absence of integration, causing inconsistencies and inefficiencies. Despite living in an era of technological improvements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar aims to provide insights and solutions to streamline and enhance worldwide payroll payments.
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 Workforce data in real time that’s another number that provides me sleepless nights and rather frankly the more a business spends on worldwide payroll the less of a photo they see an absence of presence likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction almost half of global businesses have actually expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting bad HCM data information entry errors inadequately communicated hires and terminations as well as absence management and system setups and then when you round it all off and the information is delivered to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments don’t run efficiently if they count on the required several processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges company face when they’re making payments to employees or otherwise that’s a good concern I always toss this back and say what is it what doesn’t need to be included best and what does
it require to be thought of there’s varying Bank details 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 have to pay from the customer’s own in-country account so there’s intricacy wherever you look right eventually developing a knowledge base is definitely vital however all over you look with payroll payment they resemble very payments no if however some babies about it you are all superheroes processing payments for payroll if you 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 essential and innovation is enabling us to kind of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and financing teams work closer together than ever um I’m always impressed when individuals state I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they divide the payroll payment from estimation 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 ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being more and more crucial to add to type of the level of intricacy there’s a growing number of benefits being organ or being offered by organizations across the world so once again you’re simply looking to include a growing number of payments to this currently complex landscape so if you sort of got any experience well I’m from your huge experience here and I make sure however 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 mean over the last well yeah a number of years 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 teams doing one part of the job there are groups feeding details into the next function as it were that’s really managing the payment side of things however you understand in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we require to create additional handoffs at the same times that we run in they simply make them more timely they make them less effective and they don’t make them what they need to be in in a period of tech and a period that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any company has from a cost perspective from an effect viewpoint on workers it is definitely important 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 biggest destructive effect on individuals’s well-being and numerous other elements if individuals aren’t paid uh I’ve always been surprised entering this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be excellent to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle we all hear about it when it fails everyone jumps up and down when it fails however when it goes right it’s simply a tick box workout 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 important that all of this stuff is done correctly so leveraging the very first International Payments first payroll payment solution is an excellent primary step um supplying an end-to-end payroll service for your staff members worldwide again I believe is another huge um procedure again lining up and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of organizations and decreasing the number of tools platforms and checking account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred countless 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 haven’t 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 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 simple as possible for everyone that’s involved in those processes and likewise so picture sorry I’m just I was just gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions imagine getting that many thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and sort of try to return to everybody so carrying on look why do business choose to main separate checking account there are Papaya Global Furloughed Employees businesses out there doing precisely this for particular countries and I’ve operated in a service or many organizations 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 anyone where we do not need to and anyone 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 think many reasons one is it’s the standard I believe individuals have actually got so used to we require a new checking account we open an entity and rightly 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 simply been the requirement and the standard individuals have adopted and continue to do over years and years passed by to add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to kind of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires altering but eventually people are really stuck with what they’re familiar
with ideal um modification is a tough thing all of us don’t like change um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having preserving numerous bank accounts however there’s a big amount of complexity goes with establishing a checking account preserving it guaranteeing it can send out International transfers guaranteeing it’s established with the ideal user accesses for private individuals so the complexity is big but I think the honest answer is modification um people have not been able to change or haven’t had always the understanding to actually make that change into alternate Solutions aside from opening a savings account I think you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we have actually constantly done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or so there is a lot to keep an eye on and this technique does pose several obstacles um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I simply did you switched our Business 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 workers you should have a corner office with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Furloughed Employees
I discover time and time again the workers typically misclassified unconsciously they do not comprehend the conditions of employment or contract and are informed by the customer why it’s most advantageous mainly to the customer why you should be utilized or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be impacted and a number of 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 haven’t added to pensions And so on so it’s a big impact that they never understood they were walking into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy companies are taking out insurance against misclassification however usually premiums are only covering the cost of legal charges whilst the average claim examined versus employers corresponds to to 40 or 50 percent of the base pay of worker exists any point in getting insurance coverage and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes penalty and interest most of the times I haven’t seen it a minimum of 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 rejected protection on the basis of the fact that you were not in compliance with laws um in the UK