Payroll Outsourcing: A Thriving Global Industry with Promising Growth Potential Led by IBN Technologies
PUNE, INDIA, July 1, 2023 - Outsourcing payroll process allows businesses to concentrate on their core product / service offerings and remain competitive in the market.
In 2022, the global payroll outsourcing market achieved a remarkable value of US$ 8.9 Billion, as per the latest research by IMARC Group. The market is expected to reach US$ 12.1 Billion by 2028, continuing its upward trajectory. In 2023-2028, the payroll outsourcing market is predicted to grow at a compound annual growth rate of 5.24% due to many factors, including global economic growth, technological advancements, and increased awareness of the benefits of outsourcing payroll.
The finance and accounting department of IBN Technologies offers expert outsourced payroll services that enable businesses to cut expenses and streamline operations, allowing them to focus on key company tasks. IBN Tech offers complete payroll processing services including salary processing, hourly wages, multiple pay rates, bonuses, cash tips, reimbursements and much more! These outsourced payroll solutions are adapted to every budget and size of business, from small startups to multinational corporations. All of these come nearly at a 40% to 50% cost savings, during times when many businesses are grappling with rising labor expenses, making this a great option for today's volatile market.
Ajay Mehta, CEO of IBN Tech, says, "Companies are increasingly turning to payroll outsourcing as a cost-effective remedy. By entrusting this critical function to specialized service providers, businesses can sidestep the expenses associated with technology acquisitions, support, and team maintenance. This strategic move enables companies to achieve uninterrupted performance, freeing up resources to focus on core business operations and drive sustainable growth.”
IBN Tech understands the significance of this thriving market and is dedicated to helping businesses navigate the complexities of payroll management. They are also committed to providing innovative solutions that address the evolving needs of businesses across various industries. Their comprehensive suite of services aligns perfectly with this market trend, enabling organizations to offload their payroll responsibilities to a trusted partner and unlock valuable time and resources.
Ajay Mehta further emphasizes, "Our offshore outsourcing model enables businesses to access global talent and benefit from cost savings, scalability, and support. This innovative approach reshapes traditional payroll management, providing organizations with a competitive edge.”
In response to the changing economic landscape, small businesses increasingly turn to outsourcing as a strategic approach to overcome payroll challenges and drive progress. Businesses can leverage offshoring initiatives to enhance their agility, competitiveness, and overall performance, as attested by satisfied clients of IBN Tech. Not only in terms of maintaining compliance, the finance and accounting department of IBN Technologies also helps improve security, minimize payroll errors, save time, and reduce costs as a part of providing outsourced payroll services. It is a trusted partner that helps small businesses to surpass limitations and fortify their foundations for long-term success.
IBN Technologies LLC is an outsourcing specialist company with clients in the United States, the United Kingdom, the Middle East, and India. The quality of IBN Tech procedures is guaranteed by ISO 9001:2015, 27001:2013 as well as a CMMI-5 certification. In its more than 24 years of existence, IBN has become a leading IT, KPO, and BPO outsourcing specialized company in the Finance & Accounting, CPAs, Hedge Fund & Other Alternative Investment business, Banking, Travel, Human Resource & Retail Industry sectors.
