Global payroll outsourcing to grow 4.4% p.a. in next 4 years

The global payroll outsourcing market is expected to expand at a compounded annual growth rate (CAGR) of 4.4% from 2016 to 2020, according to a recent report released by Research and Markets. According to the report, organizations around the world are rapidly adopting payroll outsourcing services to achieve cost reduction. The majority of payroll outsourcing functions, it added, are related to finance and accounting, human capital management, and shared service centers. The report also noted that organizations that maintain an in-house team to handle payroll and other related tasks spend 20% more than organizations that outsource the same functions. The findings and projects are included in Research and Markets report dubbed “Global Payroll Outsourcing Market 2016-2020”.