Unlike other key operational areas, such as information technology and human resources, businesses at large are less likely to outsource their payroll activities this year. Outsourcing payroll functions is sharply on a decline trend in 2015-16.
A comprehensive report titled, ‘Payroll Benchmarks and Analysis 2015-2016,’ released by Bloomberg BNA focuses on payroll operations, budgets, staffs, performance and responsibilities.
This authoritative report covers a wide range of critical metrics to include over 100 charts and tables featuring in-depth analysis and unmatched reporting on payroll department activities, obligations, resources, workload, and performance indicators across a broad spectrum of topics and measurements.
One key finding highlighted in the report this year, is that, “Only 12 percent of businesses are outsourcing most or all of their payroll functions, down from 56 percent in 2011 and 21 percent in 2013.”
“From staffing and expenditures to basic operations to systems, technology and automation, Payroll Benchmarks and Analysis 2015-2016 report is the comprehensive resource for industry professionals,” Matt Sottong, Bloomberg BNA’s Managing Editor, Surveys and Research Reports said.
The areas covered in this report include outsourcing of payroll functions and activities, the extent of domestic and international operations, speed and efficiency of payroll transactions, and the incidence and resolution of payroll errors, inquiries, and fraud.
It provides comprehensive insights gathered from a survey conducted on over 200 payroll professionals representing wide variety of enterprises, institutions and industries.
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Sottong further added, “This seminal report offers a wealth of insights into critical payroll department operations and trends and provides valuable intelligence for human resources and payroll executives that want to stay on top of changes in the field and benchmark their operations against their peers.”
A copy of this report is made available to all subscribers of Bloomberg BNA’s Payroll Decision Support Network, a comprehensive resource providing payroll news, developments, trends, technology, white papers, case studies, custom research papers and webinars on the hottest payroll topics.
Asserting on the fact, that the future of payroll is definitely on cloud, Marty Hamby, president of Apex Payroll says, “The cloud has allowed small and midsized payroll service firms the ability to offer features and functionalities normally only available to enterprise-level businesses.”
Hamby further added, “It has levelled the playing field so that now these organizations do not have to invest in and maintain the IT infrastructure required to operate these types of technologies.”
Payroll as a crucial element towards employee management and retention should be approached only after careful thought and consideration. You need to possess sound knowledge and in-depth research of the newly formulated laws and policies, rates and taxations that govern the payment procedures.
Deal with caution when it comes to payroll functions and you need to do your homework well. As with advancements in technology, payroll is no longer a singular isolated function in itself.
All services are intertwined and automated with software programs performing tasks, so you just cannot leave pay checks at the hands of a robot. The key is to stay safe and alert at all times when it comes to numbers.
Also read: SMEs to get funding for outsourcing human resource tasks