This report identifies key demand-side trends in the payroll business process transformation services space, helping enterprises fine-tune their payroll operations. It provides an overview of key observations and business challenges that Avasant considers important to highlight in the payroll outsourcing space.
Why read this Market Insights?
Companies are increasingly optimizing their payroll processes to improve compliance and costs and manage ancillary priorities such as unifying global payroll operations, generating payroll insights, improving employee experience, and facilitating seamless employee mobility. Furthermore, firms are focusing on HCM adoption and integration with payroll engines for seamless and accurate payroll file preparation. They are also looking to digitalize their payroll function and offer on-demand payroll services to create a differentiated brand value for their employees. As a result, enterprises are increasingly engaging with multicountry payroll service providers to improve their payroll processes, people, and technology.
The Payroll Business Process Transformation 2023–2024 Market Insights aids organizations in identifying important market trends and expectations for any payroll projects they engage in.
Methodology
The industry insights presented in this report are based on our ongoing interactions with enterprise CXOs and other key executives; targeted discussions with service providers, subject matter experts, and Avasant Fellows; analyst insights from primary and secondary research; and lessons learned from consulting engagements.
Table of contents
About the report (Page 3)
Executive summary (Pages 4–7)
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- Definition and scope of payroll business process transformation
- Key enterprise payroll trends shaping the market
- Avasant recognizes 20 top-tier providers offering payroll business process transformation services
Demand-side trends (Pages 8–13)
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- Compliance and costs continue to be key payroll priorities; process transformation helps firms better manage these priorities.
- Enterprises partner with multicountry payroll service providers for localized services with a global process view.
- Businesses are simplifying upstream payroll tasks through HCM adoption and automated input validation and integration.
- Adoption of automation, AI, and analytics in payroll helps firms streamline their processes and improve employee experience.
- Companies are exploring new-age, on-demand payment methods to improve employee financial well-being and engagement.
Key contacts (Page 14)
Read the Research Byte based on this report.
Please refer to Avasant’s Payroll Business Process Transformation 2023 RadarView™ for detailed insights on the service providers and supply-side trends.
