LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global HR payroll processing services market is expected to grow at a CAGR of close to 7% over the next five years due to the shift of service providers toward automation that helps buyers enhance their efficiency.
The research report titled ‘Global HR Payroll Processing Services Market: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“Significant demand from end-user sectors, such as manufacturing, retail, life sciences and healthcare, finance, technology, media and telecommunications, consumer and industrial products, energy and resources is a contributing factor to the growth,” says Angad Singh, a lead procurement specialist at Technavio for category spend intelligence research.
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Cost saving opportunities in the HR payroll processing services market
Adoption of cost optimization levers allows buyers of HR payroll processing services to not only realize direct cost savings but also enhance category management and value benefits (including a reduction in procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the HR payroll processing services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
SaaS payroll is a cost-effective online payroll solution that can help buyers process payrolls without any prior expertise. It is suitable for small and medium-sized organizations that cannot effort to invest in in-house payroll processing.
Payroll data analytics helps organizations minimize fraudulent payroll-related activities (such as employees collecting the wages of other employees, false claims of overtime, and submission of fake bills for reimbursements).
Optimization of procurement practices saving aspects
Buyers engage with single country suppliers to manage payroll in a single region. If they want to integrate payroll services in different regions, they should engage with multi-country payroll service providers to reduce their integration costs and regulatory compliance complexities.
The performance of suppliers can be linked to a portion of their fee which can be paid when they have rendered services in a satisfactory manner.
Bundling of services saving aspects
Buyers should engage with suppliers that provide one-stop solutions by bundling payroll processing services with benefits and administration services. This allows them to negotiate better on the price of services and also reduces the operational risks involved in coordinating with multiple vendors for different services.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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