Major Payroll Outsourcing Trends In 2013
The year 2013, in continuation to the previous one, has seen a boom in the outsourcing industry. Payroll process outsourcing is no different and there are many emerging outsourcing trends in the industry.
Outsourcing payroll services is a rising trend among enterprises and is forecasted to grow in the coming years. Some of the major payroll outsourcing trends witnessed by the year 2013 can be summarized as below:
Trend 1: Decreased costs, increased control
Today, organizations opt for services that cost them less and comparatively give more in return.. Organizations prefer to outsource their payroll services overseas, where they would have to pay less and would get the required services in return. To boost the trend, even the payroll companies keep their cost low, enticing the businesses and offering them greater control.
Trend 2: Latest technology, without investment
The increasing use of technology is yet another major payroll outsourcing trend. Organizations today are much more dependent on the latest technologies when it comes to outsourcing their payroll process. It helps because the outsourcing vendors use latest technologies to make the payroll processes easier to handle.
This indirectly also helps businesses reduce the cost incurred behind developing and constantly updating technologies. The development of various applications is one of the best examples of latest technologies used by payroll companies. Employees now need not go and stand in queue just to find out whether they have received their pay or not; they can find this out by a single click on their smartphones.
Trend 3: Globalization, acceptance of multi-currencies
Globalization is not just a growing trend for payroll process outsourcing but in every other industry too. Today, boundaries have blurred and countries outsource their processes overseas. Organizations look for outsourcing partners that work in multiple currencies along with having the ability to handle various tax obligations and tax laws that keep changing.
Trend 4: Hybrid HR departments
Although outsourcing payroll services is a growing trend, organizations face a problem when it comes to control over the processes. When outsourced, there is not much control left in the hands of business owners. It is hence a growing payroll outsourcing trend to develop a hybrid HR team.
Under this, majority of the processes are outsourced and managed by the outsourcing partner. However, the company has an internal HR department that conducts a cross-check to make sure everything is ready for employees to be paid.
At Rishabh BPO, we provide payroll service outsourcing that are in sync with the above mentioned payroll outsourcing trends. Call us at 1-877-RISHABH (1-877-747-4224) or fill in the contact form for more information on our payroll services.