Find out more about Papaya Global Egypt ... We now have the ability to manage both our payroll and payments processes on one merged platform. It's as if our Chief Financial Officer has actually acquired a separate Chief Financial Officer specifically dedicated to handling payments. This offers us with a secure and reliable approach of paying to our 10,000 employees worldwide.}
The advanced global payroll management app simplifies my payroll procedure, conserving me a substantial quantity of time each month. With its user-friendly interface, I have access to a single dashboard that efficiently handles my payroll, EOR, and professionals.
The Staff member Portal supplies workers with the capability to access and view important documents such as pay slips, wage and tax statements, and employment records. This website is accessible on both desktop and mobile devices and is provided in numerous languages.
Advantages Administration
Papaya Global helps business offer competitive benefits packages to global staff members regardless of the variety of employees in the business. The business can set up health insurance, short-term and long-term special needs, vision, oral and maternity leave while removing the requirement to source local benefits providers in every country, produce local accounts and have a minimum variety of staff members.
The HR capabilities provided by Worldwide HR incorporate various functions such as keeping track of trip time, ensuring compliance, facilitating the procedure of inviting new staff members and bidding goodbye to leaving ones, offering a protected online platform for saving employees' documents, and offering support for work permit treatments in case your workers need help because area.
HR Analytics
Papaya Global's payroll and HR analytics suite offers you insights into workforce costs, workforce diversity, overall work costs dispersed per location, total work expenses per cycle and a lot more.
environments across the globe I offered management and method to populations of over a hundred thousand staff members in more than 170 countries today I'm the payroll techniques for as Mark stated I work across the business managing and structure external relationships supporting Business customers and solutions as well as acting as a consultant for those of you that do not know who papaya Worldwide is papaya is the very first payroll and payments
As a worldwide business, we are honored to be consisted of on the prestigious Time 100 list of the most influential business worldwide. We focus on offering payroll and labor force management services to staff members in more than 160 countries. I am delighted to present Johnny Nash, as pointed out by Mark. Now, I'll let Johnny introduce himself. Good day to all, no matter your place. It's a pleasure to meet you and thank you for your valuable time. As Ian discussed, I am Johnny Nash, the director of payments at our company. With over a years of experience in the payments industry, I have actually focused on payroll and payment options for the past 7 years. The intricacies and obstacles of this field have always captivated me.
payroll payments and decided to sort of make a genuine go at that over the last 5 or six years where I've type of had a range of various functions on the provider side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we'll just give everybody another couple of uh well one of the 30 seconds approximately to join all of us work back to back these days so we'll type of let them do that so it 'd be rather interesting and I can see it going on currently simply 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 drizzling here it's very really gloomy and I wish I was somewhere else at this moment in time okay so let's get going our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we'll likewise discuss a recap and that must leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being increasingly more common and handling them ends up being increasingly more complex Global companies are wanting to find Solutions and new methods to improve procedures particularly from a payroll and cross-border payment perspective numerous companies keep different savings account just for payroll while some have multiple accounts in various nations does it make sense for business to preserve separate savings account often in various countries it does however just for payroll is there a much better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international business streamline the episode complex procedures of
making payroll payments precisely effectively firmly and on time throughout this webinar we'll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll bank account how companies properly forecast their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical property so payroll can be hard in sufficient in one country however when you're doing it worldwide it's next level and Beyond it ends up being complicated for a range of factors most notably regulations compliance data security and banking rules then there are the large numbers they include further intricacy the global Workforce is presently three and a half billion individuals by 2030 it's approximated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the traditional payroll model there's frequently an overwhelming variety of different systems resulting in lengthy manual procedures and silos the number of Integrations could be non-existent in large amounts and or really really basic there's no genuine consistency framework we're residing in an era of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which just blows my mind each time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce data in real time that's another number that provides me sleepless nights and rather honestly the more a company invests in worldwide payroll the less of a photo they see an absence of presence also extends to payroll payments and failure to properly track these payments can cause compliance mishaps in the last mile of the deal almost half of global businesses have actually expressed that they don't have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry errors inadequately communicated hires and terminations as well as lack management and system configurations and then when you round everything off and the data is shipped to the wrong place the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money all over the world payroll and payments do not run smoothly if they rely on the necessary numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles business face when they're paying to staff members or otherwise that's a great question I always toss this back and state what is it what does not require to be included ideal and what does
it need to be thought of there's varying Bank information so the length of an eye band a swift an account number routing code per nation there's payment amount of time 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 consumer's own in-country account so there's intricacy wherever you look best ultimately constructing a knowledge base is definitely important but all over you look with payroll payment they resemble incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the type 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 essential 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 Checking account Particulars differing banking requirements and setup procedures is definitely important that payroll and financing teams work better together than ever um I'm always impressed when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn't work in the payroll occupation would they divide the payroll payment from computation 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 ultimately it's payroll is an end-to-end procedure it's the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more crucial to add to type of the level of complexity there's more and more advantages being organ or being offered by companies throughout the world so again you're simply looking to add increasingly more payments to this currently complex landscape so if you kind of got any experience well I'm from your large experience here and I'm sure however have you got any experience in kind of genuine difficulties or real difficult kind of pay uses to play to pay people I think yeah I suggest over the last well yeah a couple of years I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding info into the next function as it were that's actually handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to produce additional handoffs while doing sos that we operate in they simply make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you understand that we are operating in today there is no reason why we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any business has from a cost viewpoint from an impact viewpoint on staff members it is definitely important that it's done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest destructive impact on people's well-being and many other aspects if people aren't paid uh I have actually constantly been astonished entering into this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I'm not exactly sure anyone on this sort of webinar has actually been informed thank you for processing my payroll correctly if you have it 'd be fantastic to hear your success story and whether that's been from all employees or not um but eventually payroll is such a crucial cycle all of us hear about it when it fails everyone jumps up and down when it goes wrong however when it goes right it's simply a tick box exercise and I believe that's how it's seen from the external consider as well um so yeah it's likewise like why WI-Fi Global why all of this stuff is definitely crucial that all of this stuff is done properly so leveraging the very first Global Payments first payroll payment service is a terrific primary step um supplying an end-to-end payroll solution for your workers internationally again I think is another big um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of organizations and lowering the number of tools platforms and savings account they need for their International 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone quite where they're meant to be um I do not 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 everyone that's involved in those processes and also so think of sorry I'm simply I was just gon na say imagine the amount of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we're discussing hundreds of thousands potentially Millions picture getting that lots of thank you notes um I mean it 'd be interesting to see the number of Post-it notes you got however it would absolutely be a fascinating job attempting to clean up 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 attempt to check out them and really see what was going on and sort of try to get back to everyone so proceeding appearance why do business pick to main separate bank accounts there are services out there doing exactly this for particular nations and I've worked in an organization or lots of organizations doing precisely that I can state it doesn't always feel effective and it does create more work I know we're not intentionally doing that we're not developing additional work for anybody where we don't need to and any person that's dealing with that procedure I 'd be interested to hear your thoughts Johnny why do you think that we're doing that in in the in the quantity that we are I think lots of reasons one is it's the standard I think individuals have actually got so utilized to we need a new bank account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it's not a requirement so I believe it's just been the requirement and the standard the people have actually embraced and continue to do over years and years gone past to add to that people have 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 believe this is a process that requires looking at it needs altering however ultimately people are extremely stuck with what they're familiar
with ideal um change is a hard thing all of us do not like modification um so I believe it's simply sort of moving far from the standard as we've said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having preserving several savings account however there's a big amount of complexity goes with setting up a savings account preserving it guaranteeing it can send out International transfers guaranteeing it's established with the ideal user accesses for individual people so the intricacy is big however I think the truthful response is change um people haven't had the ability to alter or haven't had always the understanding to truly make that change into alternate Solutions besides opening a savings account I believe you've struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to alter but we have actually always done it that way is no genuine reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what could nearly be figured out to be the next Century approximately there is a lot to track and this technique does posture several obstacles um so Johnny could you tell us about those difficulties yeah of course so there's a variety right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has acquired another CFO, and with this improved ability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is better, considering your accomplishments.
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