HR leaders are rapidly recognising the unparalleled efficiency, accuracy and operational cost benefits of payroll outsourcing.
In a highly competitive VUCA (Volatility, Uncertainty Complexity and Ambiguity) world, enterprises are resorting to aggressive restructuring measures to meet consumer expectations and retain profit margins.
Following this, business decision makers are increasingly outsourcing non-core processes including complex Payroll Operations to divert their resources purely on revenue generation processes, as per Payroll Outsourcing giant, Paysquare.
‘The emergence of disruptive technologies has opened the doors for unconventional revenue models, which are being tapped by every major enterprise in India. While technology is the key revenue differentiator for these organisations in a VUCA World, they have also realised the business benefits of outsourcing legacy in-house operations like payrol’ said Rakesh Jain, Founder and CEO, Paysquare Consultancy Ltd.
Payroll outsourcing enables enterprises to significantly improve on their productivity by saving time, efforts and costs consumed by in-house payroll operations. Add to that the payroll outsourcing providers are also warranting unprecedented efficiency with zero scopes for errors in a norm bound process like payroll in India.
Enterprises across the globe are now leveraging next-generation technologies to tap in on unique business opportunities. This is disrupting the business landscape across the globe including India.
A large number of enterprises are being led by young business leaders who are adopting a peculiar approach when it comes to allocation of funds, zeroing in on revenue generation processes and outsourcing non-core processes including payroll.
While it’s the most crucial aspect for employees, payroll is just another major expense to a business which involves housing a finance department and HR personnel. Since the majority of enterprises are now shunning low-profit operations, young business leaders are rapidly recognising the immense benefits of payroll outsourcing.
Payroll outsourcing also offers highly scalable services to enterprises as per their budgets and customised requirements. The different modules offered by the payroll outsourcing vendors address the complexities of each company.
Right from crediting salaries to performing a cost analysis, preparing reports, maintaining master payroll and adhering to complex regulations, outsourcing payroll has come as an end to end service for enterprises, particularly those in the process of restructuring operations.
‘Roping in a credible payroll outsourcing vendor leads to seamless payroll operations for organisations specifically intending to focus on core profit operations’ adds Jain.