PUBLISHER: Allied Market Research | PRODUCT CODE: 1193226
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193226
Payroll outsourcing in a business means engaging an external party to handle all payroll related activities. Outsourcing of payroll functions is generally done to reduce cost and save time required to deal with financial tasks related to a payroll. Hiring an external firm to handle payroll activities means a business organization can do away with the need to hire & train in-house payroll staffs, buy appropriate software package for payroll functions, and remain constantly updated about complicated tax regulations.
Payroll outsourcing frees up time for the organization to focus on their core business by undertaking all the payroll related activities under themselves, which otherwise would have been done by the staff of the company. In addition, payroll outsourcing reduces the need for training in-house payroll staff. Moreover, it removes the expense of buying and maintaining a costly payroll system. Therefore, these are some of the factors propelling the growth of payroll outsourcing market. However, handing over confidential and sensitive staff information to third parties and high cost of outsourcing payroll is a major factor limiting the growth of payroll outsourcing market. On the contrary, up gradation in the payroll system by organization in order to become more efficient is expected to provide lucrative growth opportunities in the coming years.
The payroll outsourcing market is segmented on the basis of type, business size, industry vertical, and region. By type, it is bifurcated into hybrid and fully outsourced. The fully outsourced segment is further divided on the basis of application into payroll processing, tax filing & tax preparation, bookkeeping & accounting, and others. The payroll processing is sub-segmented on the basis of component into software and services. By business size, it is segregated into small business, medium business, and large business. By industry vertical, the payroll outsourcing market is fragmented into BFSI, consumer & industrial products, IT & telecommunication, public sector, healthcare, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the payroll outsourcing market such as ADP, Inc., CloudPay, Deloitte Touche Tohmatsu Limited, Gusto, HCL Technologies Limited, HRMantra Software Pvt. Ltd., Infosys Limited, International Business Machines Corporation, Intuit Inc., KPMG, Paychex Inc., Sage Group plc, Vision H.R., Workday Inc., Zalaris ASA, Keka Inc., and Papaya Global. These players have adopted various strategies to increase their market penetration and strengthen their position in the payroll outsourcing industry.
Key benefits for stakeholders
By Type
By Business Size
By Industry Vertical
By Region