- The key vendors in the Global Payroll Outsourcing Market 2014-2018 are ADP LLC, Ceridian HCM, Genpact Ltd. and Northgate Arinso.
London, 24 September 2014: TechNavio, an independent tech-focused global research firm, announced today the publication of its market research report on the Global Payroll Outsourcing Market 2014-2018. 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.
Payroll outsourcing is one of the segments of the HR Outsourcing industry; it involves subcontracting some or all payroll functions of an organization to a third-party vendor. Payroll outsourcing primarily involves the analysis of organizational data, computation of gross salaries, TDS, allowances, reimbursements of expenses, and filing of TDS. Payroll outsourcing is viewed as a distinct strategy among SMEs and large organizations with the role of payroll experts evolving with changing market dynamics. Increased work pressures, strategic roles gaining importance, low costs, and an enhanced quality of services are driving organizations to outsource their processes. An effective and well-managed payroll system is an important element of the business in terms of retaining employees in the company. In addition, it helps with record maintenance and timely payroll processes.
“Organizations usually prefer to outsource their services overseas because of the low costs and greater ROI. In-house payroll management incurs comparatively more costs in terms of hiring staff and adopting the latest technologies,” says Faisal Ghaus, Vice President of TechNavio Research.
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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