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Market Analysis

by Pete Tiliakos

published on Mar 08, 2021

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Report Overview:

NelsonHall's market analysis of Payroll Services consists of 59 pages.

Who is this Report for:

NelsonHall’s Payroll Services report is a comprehensive market assessment report designed for:

  • Sourcing managers investigating developments and offerings within the payroll services market 
  • Vendor marketing, sales and business managers developing strategies to target opportunities in the payroll services marketplace
  • Financial analysts and investors specializing in the HR technology and services sector, including managed payroll services.

Scope of this Report:

The report analyzes the worldwide market for payroll services and addresses the following questions:

  • What is the market size and projected growth for the payroll services market by geography?
  • What are the top drivers for adoption of payroll services?
  • What are the benefits currently achieved by users of payroll services?
  • What factors are inhibiting user adoption of payroll services?
  • What pricing mechanisms are typically used within payroll service contracts and how is this changing?
  • Who are the leading payroll services vendors globally and by geography?
  • What combination of services is typically provided within managed payroll services contracts and what new services are being added?
  • What is the current pattern of delivery location used for payroll services and how is this changing?
  • What are the challenges and success factors within payroll services?

Key Findings & Highlights:

With payroll now a critical, core element in the employee experience, global footprints creeping, and compliance risks rapidly intensifying, organizations of every size are keenly focused on payroll as a key area of investment and modernization moving ahead.

The aftereffects of the pandemic further strained and exposed operating models up and down market, leaving many firms across sectors realizing investments to futureproof payroll operations for greater resiliency, and strategic value can no longer wait. Thus, payroll services adoption is being driven by the need to ‘futureproof’ payroll operations globally, providing a modern employee experience, and leveraging digital technology to enhance payroll outcomes: timely, accurate, compliant.

Managed payroll service offerings are no longer exclusively offered by traditional ‘pure payroll’ providers, and are now more commonly offered by three primary vendor types (as detailed in the slides following) including: traditional managed payroll providers, HRO/HR BPaaS providers, and HCM technology providers.

Offerings are commonly being scaled to meet a wide range of buyers, sectors and geographies, with the midsized buyer currently the largest adopter. Providers are increasingly positioning payroll service offerings in support of multi-national footprints as platform-based solutions, incorporating technology and services within a single vendor offering globally.

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