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(I-SoftwareNews.Com, April 02, 2018 ) Global Payroll Outsourcing Services Market 2017-2022
They either outsource a single process or the entire set of services to enhance the existing function. Most of the payroll outsourcing functions is related to finance and accounting (F&A), human capital management (HCM), and shared service centers. Organizations maintaining 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.
Companies Mentioned
ADP, Ceridian HCM, NGA Human Resources, Paychex, Accenture, Caliber Point Business Solutions (Hexaware Technologies), CGI Group, Genpact, Hewlett Packard Enterprise Development, IBM, Infosys, Intuit, Ramco Systems, SafeGuard World International, and Workday.
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Commenting on the report, an analyst from KMI team said: One trend in market is rise of multi-country and centralized outsourcing models. Organizations are looking for outsourcing partners that have exposure to multiple countries and can handle all the recruitment functions using sophisticated methods such as benchmarking, best practices, and process improvement. Globalization has toughened the competitive environment for outsourcing providers. India and China are considered to be the main countries receiving outsourcing projects.
Transnational organizations often seek contracts that confer global visibility of costs and aggregate reporting of payments, employee data, and other services. Multi-country contracts provide flexibility and scalability that helps operators to venture into virgin markets. Clients typically opt for vendors with domain expertise and those that conform to strict service level agreements. The primary focus includes providing a hassle-free environment for HR professionals to drive and develop strategic activities (such as workforce planning and talent management), rather than spending time on administration and transactional duties.
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Further, the report states that one challenge in market is issues related to geographical transition. Large organizations have a large set of workforce dispersed globally. Phasing a standard process across disparate geographies in a systematic manner requires automation and expert teams that can handle such complex integration. The specification of requirements differs with geographies, and this makes the task difficult for companies to conform to regulation policies of certain regions. As a result of the local compliance requirements, outsourcing service providers must establish a strong presence and a greater degree of centralization for clients to ensure streamlined operations. This has encouraged service providers to establish captive centers in respective countries to cut costs of payroll delivery.
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