Everest Group reports that over the next few months 58% of enterprises surveyed are looking to improve speed and accuracy through digitization and 31% plan to centralize and standardize payroll operations.
DALLAS (PRWEB) January 18, 2021
Multi-country Payroll (MCP) operations have weathered the COVID-19 storm well, with minimal disruptions, according to Everest Group’s recent survey of both enterprise buyers and service providers of MCP solutions. Nevertheless, the pandemic has created a sense of urgency for both enterprises and service providers to heighten preparedness for future crises that may lie ahead.
Everest Group reports that over the next few months 58% of enterprises surveyed are looking to improve speed and accuracy through digitization and 31% plan to centralize and standardize payroll operations. The top challenges faced by organizations include limitations of existing legacy systems (44%), regulatory changes (17%), cost reduction (17%) and lack of quality and real-time insights from payroll systems (17%).
Likewise, Everest Group found that MCP providers have upped the ante when it comes to providing next-generation MCP solutions and services to clients. They are adding significant capabilities to their platforms in terms of dynamic and configurable dashboards, advanced analytics, automation, cloud implementation, and various advanced employee support features. They are also investing in enhancing their delivery footprint and service scope to keep up with the demands of this market, which is among the most competitive and fastest-growing markets in the Human Resources Outsourcing (HRO) space.
These findings and more are shared in Everest Group’s recently published report, “Planning a Resilient Future Strategy: Multi-country Payroll (MCP) Solutions State of the Market Report 2021.” This report provides comprehensive coverage of the 2019-2020 MCP solutions market and analyzes it across various dimensions such as market overview, solution and transaction trends, and service provider landscape.
- The MCP market grew rapidly at 13-15% from 2018 to 2019. Growth is expected to pick up after a slight slump in 2020.
- Proactive measures taken by service providers in 2020 helped cushion the pandemic’s impact.
- Buyers headquartered in North America and Europe, the two most mature markets, are leading MCP adopters globally. Adoption is increasing in the emerging markets of Asia Pacific and Latin America.
- The market has experienced strong adoption from small and mid-sized multi-national corporations spread across two to five countries.
- ADP, Alight Solutions, and TMF Group dominate the MCP market in terms of market revenue. The three companies together hold a majority of the total market revenue.
About Everest Group
Everest Group is a consulting and research firm focused on strategic IT, business services, engineering services, and sourcing. Our clients include leading global enterprises, service providers, and investors. Through our research-informed insights and deep experience, we guide clients in their journeys to achieve heightened operational and financial performance, accelerated value delivery, and high-impact business outcomes. Details and in-depth content are available at http://www.everestgrp.com/