PAYROLL OUTSOURCING: A NEW PARADIGM
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PAYROLL OUTSOURCING: A NEW PARADIGM

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INTRODUCTION ...

INTRODUCTION

Outsourcing is the process of shifting tasks and services which were hitherto performed in-house to outside vendors (contracted out).
It is a strategic decision to give a task or activity to an independent contractor to improve service and product quality, reduce production cycle times, lower costs, increase focus on core competencies, and in general, enhance organizational effectiveness.

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  • 1. PAYROLL OUTSOURCING: A NEW PARADIGM MOHAMMED ASRAR 12YACMA112
  • 2. INTRODUCTION  Outsourcing is the process of shifting tasks and services which were hitherto performed in-house to outside vendors (contracted out).  It is a strategic decision to give a task or activity to an independent contractor to improve service and product quality, reduce production cycle times, lower costs, increase focus on core competencies, and in general, enhance organizational effectiveness.
  • 3. PAYROLL OUTSOURCING  Payroll outsourcing is one such process which is related to employee compensation  Employee salary is the remuneration received by an employee in return for his/her contribution to the organization.  Payroll outsourcing can be defined as the process of outsourcing to do the routine work of managing salary, its calculation and payment, along with any other related functions of a firm for a specific fee to a third party.
  • 4. WHY PAYROLL NEEDS TO BE OUTSOURCED?  Payroll outsourcing helps valuable human resources inside the organization to focus more on strategic activities for generating the added value and to free the management’s time for strategic decision making.  Cost reduction.  The other reasons for outsourcing are:  Lack of in-house expertise,  Lack of interest in keeping the process inside the organization, &  To avoid risk
  • 5. BENEFITS OF OUTSOURCING  Reduce Cost  Avoid Problems Due to Attrition  Increase Efficiency  Increase Productivity  Complies with Government Regulations
  • 6. CHALLENGES OF PAYROLL OUTSOURCING  Accuracy and Real Time Processing  Keeping Down Technology Acquisition and Maintenance Costs  Integration with Applications  Flexibility of Various Scenarios
  • 7. CONCLUSION  Payroll outsourcing is one of the innovative practices in HR which helps to avoid unnecessary risk and effort to meet various objectives of the organization.  The propensity to outsource payroll is the highest, resulting in a huge opportunity.  When the size of an organization is small, the accounting firms are the preferred payroll service providers.  Eventually organizations not only outsource payroll, but also consider options of outsourcing other HR transactions to the same service provider.
  • 8. THANK YOU