Reports

Global Payroll Outsourcing Services Market 2017-2021

Id : 1469 Category : BBC Date : April, 2017 Format : PDF Pages : 70
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 set of services to enhance the existing function. Most of the payroll outsourcing functions are 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.

Researcher’s analysts forecast the global payroll outsourcing services market to grow at a CAGR of 5.56% during the period 2017-2021.

Covered in this report 

The report covers the present scenario and the growth prospects of the global payroll outsourcing services market for 2017-2021. To calculate the market size, the report considers the revenue generated from payroll services outsourced to third-party service providers.

The market is divided into the following segments based on geography:
•	Americas
•	APAC
•	EMEA
Researcher's report, Global Payroll Outsourcing Services Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. 

Key vendors
•	ADP
•	Ceridian HCM
•	NGA Human Resources
•	Paychex
Other prominent vendors
•	Accenture
•	Caliber Point Business Solutions (Hexaware Technologies)
•	CGI Group
•	Genpact
•	Hewlett Packard Enterprise Development
•	IBM
•	Infosys
•	Intuit
•	Ramco Systems
•	SafeGuard World International
•	Workday
Market driver
•	Increasing demand to standardize processes, technology, and governance.
•	For a full, detailed list, view our report
Market challenge
•	Issues related to geographical transition.
•	For a full, detailed list, view our report
Market trend
•	Rise of multi-country and centralized outsourcing models.
•	For a full, detailed list, view our report
Key questions answered in this report
•	What will the market size be in 2021 and what will the growth rate be?
•	What are the key market trends?
•	What is driving this market?
•	What are the challenges to market growth?
•	Who are the key vendors in this market space?
•	What are the market opportunities and threats faced by the key vendors?
•	What are the strengths and weaknesses of the key vendors?


Press Release

Researcher Announces the Publication of its Research Report – Global Payroll Outsourcing Services Market 2017-2021

Researcher recognizes the following companies as the key players in the global payroll outsourcing services market: ADP, Ceridian HCM, NGA Human Resources, and Paychex.

Other Prominent Vendors in the market are: Accenture, Caliber Point Business Solutions (Hexaware Technologies), CGI Group, Genpact, Hewlett Packard Enterprise Development, IBM, Infosys, Intuit, Ramco Systems, SafeGuard World International, and Workday.

Commenting on the report, an analyst from Researcher’s 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.”

According to the report, one driver in market is growing need for payroll cost visibility. Economic and cultural globalization, the extension of manufacturing processes across geographies, and the widespread use of lean methodologies are driving demand for payroll cost visibility. 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. 

Further, the report states that one challenges in market is issues related to geographical transition. Large organizations have a large set of workforces 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. 

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.