LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global HR payroll processing services market and the market is poised to experience spend growth of more than USD 8 billion between 2019-2024 at a CAGR of more than 8% during the forecast period. Request Free Sample Pages.
Read the 121-page research report with TOC and LOE on "The Global HR Payroll Processing 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 payroll operations owing to differing pay scales and pay cycles for workers is accelerating the demand for HR payroll processing services. Sectors such as manufacturing, retail, and healthcare with highly contingent labor force are emerging as prime end-users and accounting for a significant market share in the HR payroll processing services market.
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The Top HR Payroll Processing Service Providers Enlisted in this Report:
Changing compliance requirements due to GDPR and other amendments will propel service providers' compliance costs. Considering the probability, this report has listed the top HR payroll processing 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:
Paychex Inc – It will be prudent of buyers to ensure that this service provider clearly defines clauses pertaining to the ownership of subcontracted work (such as payroll software) to ensure consistency in services provided. This will assure the timely delivery of services, data security, and prevent potential legal risks to buyers while engaging with this service provider.
ADP LLC – Buyers are advised to determine the capability of this service provider to offer one-stop solutions by bundling payroll processing services with benefits and administration services. This will allow buyers to negotiate on the price of services and reduce the operational risks involved in coordinating with multiple vendors for different services.
Conduent Inc – Before finalizing the contract with this service provider, buyers must assess their own service requirements and the spread of business operations. This will allow them to integrate payroll services in different regions and address regulatory compliance complexities effectively.
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Some of the key topics covered in this report are:
- HR payroll processing services market spend segmentation by region
- HR payroll processing services supply market analysis
- Regional spend opportunity for HR payroll processing service providers
- HR payroll processing service providers cost structure
- Total cost of ownership analysis in the HR payroll processing services market
- HR payroll processing services pricing models analysis
- Category management objectives
- Cost saving opportunities in the HR payroll processing services market
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