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OneSource Virtual’s Global Workforce Administration Initiative Set to Fuel Growth

 

One of the top HR initiatives for organizations has been to replace legacy on-premise systems with cloud-based technology. In fact, as of Q4 2015, ~44% of organizations have moved core HR to the cloud according to PWC’s annual HR Technology Survey. This trend will not only continue, but will naturally expand to other HR functions, including payroll, followed by time and attendance, then benefits, and finally talent management.

There are many factors driving the trend towards cloud-based HR technology adoption, including globally dispersed workforces. Cloud-based HCM software has introduced a new group of suppliers focused on delivering services around cloud-based technology, including:

  • Pre-deployment services, including HR cloud consulting
  • Deployment services, including implementation
  • Post-deployment services, including AMS and HR BPaaS.

An example of a vendor operating in this space is OneSource Virtual (OSV). OSV focuses its services exclusively around Workday and, since its inception, OSV has expanded its capabilities in line with Workday; for example, it developed HR BPaaS capabilities in the U.S., Canada, and the U.K. following Workday’s payroll localizations in these countries.

More importantly, OSV is getting ahead of the curve by entering into an alliance with CloudPay to offer a global WFA and payroll service called Global Workforce Administration. CloudPay produces ~800k payslips and processes ~$3.5bn in payments annually across ~120 countries, ~26 languages, and ~30 currencies, instantly expanding OSV’s ability to provide payroll services for multi-national corporations operating beyond the U.S., Canada, and the U.K.

This alliance is significant and will be an important factor in OSV’s growth. In addition to the demand for cloud-based technology and support, demand for multi-country payroll is also very high.  NelsonHall’s recently published Targeting Payroll Services market analysis report reveals that the multi-country payroll market will grow four-times the rate of single country services through to 2020. 

What’s more, the convergence of these trends is widespread and not just occurring within large market multi-nationals. For example, the average size of organizations for the Global Workforce Administration offering is just under 4k employees, and typically across ~8 countries. In addition to the U.S., Canada, and the U.K., top countries in scope include Germany, France, China, and India.

While prospects for the Global Workforce Administration offering come from a variety of industries, the highest demand is currently from the financial services, technology, and healthcare verticals.

The immediate needs of organizations include having one system of record globally in the cloud for HR and payroll, which OSV is situated to deliver on the Workday platform. Looking ahead, NelsonHall not only expects the trend to continue with other HR functions, but for organizations utilizing the Workday HCM platform to expand use to Workday’s Financial Management module, and subsequently add on finance & accounting BPaaS support, which OSV can also deliver.

Over the last year, OSV’s business development initiatives have positioned the company well to capitalize on the future direction of the market, and it will undoubtedly continue to expand its portfolio of cloud services support.

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