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U.S. SMB Payroll Services
Market Analysis
published on Mar 17, 2020
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Report Overview:
NelsonHall's market analysis of the U.S. SMB Payroll industry and trends consists of 53pages.
Who is this Report for:
NelsonHall’s U.S. SMB Payroll report is a comprehensive market assessment report designed for:
- Sourcing managers investigating sourcing developments within the managed payroll outsourcing market
- Vendor marketing, sales and business managers developing strategies to target small and midsized businesses in the U.S. with managed payroll service offerings
- Financial analysts and investors specializing in the HR technology and services sector.
Scope of this Report:
The report analyzes the U.S. market for SMB Payroll Services and addresses the following questions:
- What are the top drivers for the adoption of payroll services by small and midsized businesses today?
- What are the benefits currently achieved by SMB adopters of managed payroll services?
- What factors are inhibiting SMB’s from adopting managed payroll service offerings?
- How the SMB payroll services vendor landscape is being shaped?
- What combination of services and technology is typically offered within SMB payroll services contracts and what new services are being added?
- What pricing mechanisms are typically used within SMB payroll services and how is this changing?
- How buyer demands are shaping vendors delivery models and client engagement approaches?
- What next generation technologies are being deployed in SMB managed payroll service delivery?
- What are the challenges and success factors with SMB payroll services?
Key Findings & Highlights:
NelsonHall’s U.S. SMB Payroll Services Report focuses on how payroll services and technology providers are meeting the increasing demand for technology-based HR and payroll solutions for the emerging small/midsized buyer with <250 employees.
The current SMB payroll services market remains focused on the tactical elements of payroll execution, as compliance is front of mind for most buyers, with demand increasing for modern technology and digital enablers to support maturing the organization to support the ‘future of work’ and compete for talent in line with upmarket peers.
Like their upmarket peers, small businesses are typically seeking out advanced, modern cloud platforms and services that can deliver the digital HR capabilities necessary to compete for top talent, address the future of work, and enable a compliant, futureproof operating model to support growth.
Small market buyers are keen to engage vendors with capability to offer a range of integrated HCM solutions that extend beyond managed payroll services in support of ‘hire to retire’ activities. Thus competition in the payroll services space is no longer limited to payroll service providers alone, with technology providers pushing into the space more frequently, and payroll providers expanding their offerings beyond managed payroll.