ayroll Outsourcing Market Shares To Drive Booming growth At CAGR of 4.4% Over Period 2016-2020
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 out...
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.
Technavios analysts forecast the global payroll outsourcing market to grow at a CAGR of 4.4% during the period 2016-2020.
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The market is divided into the following segments based on geography:
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Technavio's report, Global Payroll Outsourcing Market 2016-2020, 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.
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