TMF Group identified as a Leader in the Multi-Country Payroll Focus market segment.
NelsonHall assessed and evaluated TMF Group’s proposition against demand for payroll services.
- TMF Group also recognized as the second largest global payroll provider in Latin America and one of the largest payroll providers in Russia.
- TMF products like ‘TMF Connector’ will appeal to clients looking forimproved visibility of their global payroll analytics.
9 November 2016 – Leading BPO analyst firmNelsonHall, has identified TMF Group – a leading provider of global business services – as a Leader in the Multi-Country Focus market segment; reflecting TMF Group’s ability to meet future client requirements and deliver immediate benefits with a focus on multi-country delivery capability.
NelsonHall’s Evaluation & Assessment Tool (NEAT), which evaluated 16 leading payroll providers worldwide, finds that TMF Group, relative to their peers,has both a high ability to deliver immediate benefit and a high capability to meet client future requirements in delivering multi-country payroll services.
The report acknowledgesTMF Group’s broad coverage which is delivered almost entirely (88%) directly by own employee’s in-country, who have local knowledge, an understanding of local compliance, and the flexibility to invoice in local currency whilst also providing services in local language.This means consistency in delivery quality of service and that TMF Group has more control over its payroll operations.
TMF Group is also identified as one of the topmarket leading global payroll provider in the LATAM regionand one of the largest payroll providers in Russia.
In addition, TMF Group products like TMF Connector are expected to appeal to clients looking for improved visibility of their global payroll analytics. TMF Connector implemented in 2016, provides interfaces between HR and payroll platforms and enables TMF Group to capture HR data worldwide, in order to compliantly run payroll in a single format.Also, as part of itsmulti-country payroll solutions, TMF Groupis developing a payroll portal that will provide for complete visibility and control of an organization’s payroll data and operations.
The payroll services market
According to NelsonHall’s NEAT Evaluation, the global payroll services market is forecasted to grow significantly for the next five years to reach $21.8bn in 2020. Growth is driven by demand for multi-country payroll, together with an increased focus on compliance. Multi-country payroll will grow at 4x the rate of single country services to 2020.
APAC and LATAM are forecasted to grow at a rate of 2x the overall market growth. Geographic expansion is expected in the Australian, African and Middle Eastern markets.
The report also finds payroll services growth is expected to come from:
- Western markets, driven by HR-cloud migrations
- The emerging economies where companies are investing and outsourcing solutions are still in their infancy (Latin America, Asia Pacific, particularly Australia)
- Countries with growing workforces.
Commenting on NelsonHall’s evaluation of the multi-country payroll market Deborah Williams, TMF Group’s Global Head of Business Services, said: “As the global payroll industry continues to evolve and mature, NelsonHall believes that the market will see more and more providers investing in technology to help them deliver payroll across multiple geographies.
“As a market ‘leader’, TMF Group has already achieved significant success in this area; developing our integration capabilities and middleware products to allow us to deliver a wide range of services, quickly and efficiently. This will continue to be our focus as we expand our portfolio; constantly innovating and improving to stay at the forefront of global payroll delivery.”
Per NelsonHall’s HR Outsourcing Research Director, Gary Bragar, “TMF Group was identified as a leader for Multi-Country Focus due to its ability to provide payroll globally, operating in 113 countries, with a local employee base in the majority of countries in which it operates.”
For more information, visit http://www.tmf-group-global.com.
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