The global payroll outsourcing market is estimated to reach $19.95 million by 2021, a projected CAGR of 4-5% from 2020. This clearly indicates the growing demand for payroll outsourcing services in recent times. Time efficiency and cost reduction are the primary reasons that have fuelled the demand for payroll outsourcing. This is followed by an increasing users intent to have self-service platforms that streamline payroll processes, make it simpler to access employee data and help improve employee satisfaction.
So, outsourcing which services make the most sense to your company? Let’s understand here:
- Employee Data: Setting up a payroll account for each employee which will help provide quick access to personal information for payroll processing. GOHRBPO, a trusted HR outsourcing company in Singapore, creates a central repository of comprehensive employee data to provide seamless access for recruits & termination/resignation processing, employee self-service, and timely payments.
- Payroll: Payroll outsourcing to a specialist can give you the peace of mind for efficient management of key functions such as monthly payroll administration, calculating pay items depending on statutory requirements, preparing and filing bank files & CPF contributions on monthly basis, etc.
- Filing Taxes – IRAS: One of the biggest headaches of any HR manager is filing taxes for each employee on a month-on-month basis. Manually doing this task is not only cumbersome but also prone to errors. Outsourcing Singapore payroll services to GOHRBPO can help streamline the process because they electronically submit employment income information to IRAS which reduces time & error and speeds up the tax filing. They will also help create and duly submit IR21 and other related files.
- Self-Service: HR leaders can choose to outsource non-core functions such as leave and claims to a professional company. This may help improve efficiency. The human resource consulting companies like GOHRBPO use modern technology that aids in self-service leave application & approval, claims application submission & approval, manage leave/claim types, set preferences for each employee, etc.
- Employee Benefits: Managing employee benefits is an important function HR leaders can consider outsourcing to a specialist.
Partnering with a professional payroll outsourcing company like GOHRBPO enables you to save cost & time, improve operational efficiency and achieve employee satisfaction through effective payroll management.