LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global HR benefits and administration services market and the market is poised to experience spend growth of more than USD 3 billion between 2019-2024 at a CAGR of nearly 6% during the forecast period. Request Free Sample Pages.
Read the 134-page research report with TOC and LOE on "The Global HR Benefits and Administration Services Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, top suppliers, supplier selection and negotiation strategies, and insights into best practices to optimize procurement spend.”
The increasing complexity of the employee-related regulations and dynamic healthcare regulatory frameworks will create a pressing necessity for buyers to consult with the experts in the HR benefits and administration services market. This will serve as one of the primary spend accelerators in this market. However, the exponential increase in expenses on HR services and healthcare benefit is compelling buyers to outsource the management of employee benefits to seek innovative solutions. This will eventually cast a negative impact on the prospects of spend growth in the HR benefits and administration services market.
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The Top HR Benefits and Administration Service Providers Enlisted in this Report:
Service providers will tackle a major rise in their employee expenses that will grow in tandem to the growing demand for HR professionals with the required expertise. To compensate for this expense, insurance service providers are expected to increase their service charge in the market. Considering the probability, this report has listed the top HR benefits and administration service providers, SLA agreement insights, and the selection and negotiation strategies that buyers must undertake to achieve optimal and cost-effective procurement in this market. Insights into some of the service providers are given below:
ADP LLC – It will be prudent of buyers to assess this service provider’s level of technology utilization such as the implementation of advanced technologies such as single web-based solutions, mobile HR solutions, benefit and administration software, SaaS, and decision support tools. Using these tools will enable the service provider to automate and manage the employee benefits process efficiently. This will reduce the burden on HR staff, improve accuracy, and reduce costs.
Aon Plc – Before finalizing the contract with this service provider, buyers must evaluate its price structure against the industry benchmarks to gain a better understanding of the market prices. This will help them to cross-verify the rates quoted by potential service providers for different services against industry benchmarks and achieve significant cost-savings.
Xerox Corp – Buyers are advised to determine the ability of this service provider’s ability to offer end-to-end services such as advisory, analytics, consumer-driven health plans, decision support tools, and improved communication services. It will enable buyers to consolidate and source all their benefits-related requirements from a rationalized supply base.
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Some of the key topics covered in this report are:
- HR benefits and administration services market spend segmentation by region
- HR benefits and administration services supply market analysis
- Regional spend opportunity for HR benefits and administration service providers
- HR benefits and administration service providers cost structure
- Total cost of ownership analysis in the HR benefits and administration services market
- HR benefits and administration services pricing models analysis
- Category management objectives
- Cost saving opportunities in the HR benefits and administration services market
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