One of the most significant
breakthroughs in the field of management, according
to the Harvard Business School, is outsourcing. The
strategy to outsourcing is to, firstly identify the
core activities which are the essence of the company
and turn the management’s focus on these, while
concurrently transferring the other activities on a
recurring basis, to a service provider who specialises
in them.
Payroll outsourcing, which involves employing an outside
agency to do the routine work of managing salary, its
calculation and payment, along with any other related
functions, has transformed into an extremely successful
industry.
India is today one
of the major destinations for payroll outsourcing. Some
of the reasons for this are:
›
Cost
savings for the company on outsourcing payroll
processing are extremely significant and can go
upto 50% at times.
›
Cost
reductions and cost effectiveness can be achieved.
›
Productivity
is improved, as service quality provided is excellent
and this frees the company from non-income generating
tasks.
›
Latest
technology and software for payroll processing
are used,
›
Indian
payroll processing service providers have a very
highly specialised and expansive knowledge base
in finance and accounting which would be of help
to businesses globally.
›
These
service providers are fluent in English and extremely
competent and efficient.
›
Where
India and the USA are concerned, the time difference
is also favourable, thus work completion is faster.
Payroll outsourcing to India has been highly productive
for companies and has been functioning since 1997. In
the past five years this industry has recorded a CAGR
of 15 per cent. In short, it is a win-win situation.
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