Payroll outsourcing
is being increasingly viewed as a distinct strategy among SMEs and large
organizations with the role of payroll experts evolving with changing market
dynamics. Payroll outsourcing primarily involves analysis of organizational
data, computation of gross salaries, TDS, allowances, reimbursements of
expenses, and filling of TDS. Increasing work pressure, strategic role gaining
in importance, low costs, and the enhanced quality of services is driving
organizations to outsource their processes. An effective and well managed
payroll system is an important element of a business in terms of retaining
employees in their company. In addition, it helps in record maintenance and
timely payroll process.
Analysts forecast
the Global Payroll
Outsourcing market will grow at
a CAGR of 3.91 percent over the period 2013-2018.
The report
recognizes the following companies as the key players in the Global Payroll
Outsourcing Market: ADP LLC, Ceridian HCM, Genpact Ltd. and Northgate Arinso.
Other Prominent
Vendors in the market are: Caliber Point, Cegadim SRH, Excellerate HRO, HP, HR
Access, IBM, Infosys, Logica, Neeyamo, Steria and TDS.
A rising trend in
the market is the need for reduced expenditure. Many clients are adopting this
technology as they can get instant access to applications whenever they need
them, in addition to other advantages such as cost reduction, reliability,
scalability, and agility.
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Covered in this Report
This report covers
the present scenario and the growth prospects of the Global Payroll Outsourcing
market for the period 2014-2018. The Global Payroll Outsourcing market is
categorized into three segments: Mid-market, National, and Multinational. The
report covers the Americas, the EMEA and APAC regions; it also covers the
Global Payroll Outsourcing market landscape and its growth prospects in the
coming years.
Global Payroll
Outsourcing Market 2014-2018, has been prepared based on an in-depth market
analysis with inputs from industry experts. It covers the market landscape and
its growth prospects in the coming years. The report also includes a detailed
discussion of the key vendors operating in this market and their market shares.
According to the
report, one of the major drivers of the market is the accuracy and
accountability of expert payroll service providers. They are responsible for
any mistakes in payroll processes and are also able to rectify them easily.
This results in reduced workload and increased focus on other core activities.
Further, the report
states that international outsourcing requires legal compliance with employee
laws is one of the key challenges in the market. Concerns over compliance have
long been one of the main inhibitors preventing firms from moving toward global
operations.
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