Vendor Analysis
published on Sep 01, 2022
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Report Overview:
This NelsonHall vendor assessment analyzes Ascent HR's offerings and capabilities in Payroll Services.
Who is this Report for:
This profile is a comprehensive assessment of Ascent HR’s Payroll Services offerings and capabilities, designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of Payroll Services and identifying vendor suitability for security services RFPs
- Vendor marketing, sales, and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the Payroll Services sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of Ascent HR’s Payroll Services offerings and capabilities, and market and financial strengths, including:
- Identification of the company’s strategy, emphasis, and new developments
- Analysis of the company’s strengths, weaknesses, and outlook
- Revenue estimates
- Analysis of the profile of the company’s customer base including the company’s targeting strategy and examples of current contracts
- Analysis of the company’s offerings and key service components
- Analysis of the company’s delivery organization including the location of delivery locations.
Key Findings & Highlights:
Ascent Consulting Services Pvt. Ltd (Ascent HR) is headquartered in India. The Group is a privately held business services company. Ascent HR has ~750 clients and supports ~10m employees with HR services across 34 countries. It was founded in 2002 and offers the following services:
- HR consulting: Strategy, organizational structure, succession planning, reward, competencies, leadership assessments, role analysis, policy formulation, appraisal, and performance consulting
- HR, payroll technology, and outsourcing services:
- HCM and payroll platform, StoHRM covers HR processes from hiring to separation. Its payroll offering supports 28 countries and can extend to ~74 through partners
- Managed payroll services: reconciling payroll data, liabilities, managing remittances, wage deductions, record keeping, reporting taxes, notices, and inspections. AscentHR entered the payroll services market in 2003 when it launched its proprietary PowerPay platform, and today, It supports ~643 payroll-managed clients servicing ~1.3m client employees.
- Payment solutions, including card payment and digital wallet
- Background checking service, Digitraces, to report on employment history
- Travel & Expense management, based on proprietary software Curio
- HR and payroll compliance management support regulation, policies, and changes in the law enabled through its proprietary platform, Lexcare, for HR compliance.
- Employee experience and feedback platform (n!Factorial) supporting, rewards & recognition, identity (facial recognition enabled), and corporate network features, mobile-enabled. It gives insights into culture and analytics, offering AI-based algorithms to assess the financial impact of culture. It leverages a repository of 9000+ human behaviors and supports 55k users, and has 2m feedback responses to help drive employee engagement
- Elearning, AHR Academy, offering an LMS solution (SeekLMS)
- Information compliance
- Corporate services, including compliance, advise and simplify legal frameworks with subject matter experts for taxation, EHS, Labour, and Industrial Relations. This team can advise clients on setting up businesses with licenses and permissions.
- Financial wellness offering, JoFin, offering financial planning, investments, insurance, etax filing offerings as well as a document locker
- Catering technology supporting 12 countries
- Staffing solutions, with proprietary technology Stafzy (through Ascent Staffing Solutions Pvt. Ltd., a fully owned subsidiary of Ascent Consulting Services Pvt. Ltd), with ~25 multinational clients supporting 2.5k workers across APAC.