Global Payroll Outsourcing Market 2016-2020
About Payroll Outsourcing
Payroll outsourcing is the fastest-growing segment of the global human resource outsourcing (HRO) market. Organizations are rapidly adopting payroll services to achieve cost reduction. They either outsource a single process or the entire services to enhance the existing function. Managing payroll in-house involves high costs. Organizations that maintain an in-house team for tasks such as payroll, time and attendance, workforce administration, and benefits administration spend 20% more than organizations that outsource the same functions.
The majority of payroll outsourcing functions are related to finance and accounting (F&A), human capital management (HCM), and shared service centers. The HR department uses outsourcing services more commonly than any other departments.
Technavio’s analysts forecast the global payroll outsourcing market to grow at a CAGR of 4.4% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global payroll outsourcing market for 2016-2020. To calculate the market size, the report considers the revenue generated from payroll services outsourced to third-party service provider.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Payroll Outsourcing Market 2016-2020Technavio recognizes the following companies as the key players in the Global Payroll Outsourcing Market: ADP, Ceridian, Genpact, NGA and Workday.Other Prominent Vendors in the market are: Accenture, Caliber Point, Cegadim SRH, CGI, Excellerate HRO, HP, HR Access, IBM, Infosys, Logica, Neeyamo, Paychex, Ramco Systems, Safeguard, Steria, TDS and Workday.Commenting on the report, an analyst from Technavio’s team said: “MNCs are increasingly outsourcing their payroll functions to external outsourcing providers. Cost reduction, risk management, improved management control, compliance, and business expansion are some of the important factors driving companies to outsource payroll functions in Latin America.”According to the report, clients typically prefer vendors with domain expertise and those that conform to strict service levels agreements. The primary focus includes providing a hassle-free environment for HR professionals to drive and develop strategic activities, rather than spending time on administration and transactional duties.Further, the report states that Payroll companies that have never dealt with unique aspects of payroll functions might unknowingly introduce errors into the payroll system, resulting in administrative problems.
ADP, Ceridian, Genpact, NGA, Workday, Accenture, Caliber Point, Cegadim SRH, CGI, Excellerate HRO, HP, HR Access, IBM, Infosys, Logica, Neeyamo, Paychex, Ramco Systems, Safeguard, Steria, TDS, Workday.
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