According to recent research conducted by APQC, eight out of ten companies are pursuing major process changes within their organisation. One of these major changes is payroll management being outsourced to a professional payroll company. These changes are planned or enforced for three significant reasons.
- Deliver Effectiveness:
“Do more for less” was the general attitude from CFOs prior to the global financial crisis. The current survey conducted by APQC clearly represents that CFOs are now more interested in delivering efficiency as well as effectiveness and pursuing these goals simultaneously.
- Plan and Forecast at a more in-depth level
Due to the competitive landscape that has presented itself in the current economic climate, decision makers are taking a more granular look at the drivers of growth and profitability and areas of business that need to be redistributed or outsourced.
- Allocating resources
The quality and standard of business has been raised and reports are needed on-demand and in more depth than ever before.
As part of the cost-cutting efforts, redistribution of resources, and streamlining business processes, many decision makers are looking to companies that specialize in specific tasks rather than bringing them or keeping them in-house. Payroll management is one of more common outsourced services that CEOs and CFOs are leaning towards.
Download our informative white paper on Why Payroll is the number 1 Function Outsourced by Financial Executives.
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