Global payroll outsourcing market set to grow 4.4% until 2020

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The global payroll outsourcing market is forecast to grow at a compounded annual growth rate (CAGR) of 4.4% during the period 2016-2020, according to a report prepared by Technavio. Payroll outsourcing is the fastest-growing segment of the global human resource outsourcing (HRO) market, providing organizations cost savings. According to the report, companies that maintain an in-house team to perform tasks such as payroll, time and attendance, workforce administration, and benefits administration spend 20% more than those that outsource the same functions. Technavio said the majority of payroll outsourcing functions are related to finance and accounting, human capital management, and shared service centers.