by: Sarah Joson
Thursday, October 23, 2014 | Outsourcing News |
Some of the processes covered by the payroll outsourcing segment include analysis of organizational data, computation of gross salaries, TDS, allowances, reimbursements of expenses, and filing of TDS.
Research and Markets’ latest report "Global Payroll Outsourcing Market 2014-2018" found that organizations are motivated to outsource because of increasing work pressure, low costs, increasing importance of strategic roles, and better quality of services from providers. The report also discovered that having an efficient payroll system means having proper record maintenance and a timely payroll process helps retain employees.
Another highlight is the analysts’ prediction that the global payroll outsourcing market will grow at a CAGR of 3.91 percent over the period of 2013-2018.
Cost is a key aspect that drives activity in the payroll outsourcing market. This is why buyers prefer to outsource because applications and tools are accessible when needed. Outsourcing is also scalable and cost-efficient.
The market is also being driven by accuracy and accountability of expert payroll providers. Experts are held accountable for any mistakes, and are also the ones that find solutions. For the clients, payroll outsourcing helps them focus on core processes.
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