HR payroll services is a part of HR accounting, which focuses on the calculation and disbursement of payroll checks in compliance with federal and state regulations It also involves filling of employees tax returns based on parameters such as gross pay (includes allowances, rewards, incentives) and net pay (which takes into account factors such as deductions and employees’ contributions) toward social security, Medicare, and unemployment benefits. HR payroll services are categorized into two broad categories – management of payrolls and accounting-related functions. Moreover, the HR payroll services are further segmented by back-end processes, payroll processing, and additional services offered to an organization.
The Procurement Pain Point
A leading food and beverage company was facing challenges negotiating contract terms and conditions with the HR payroll service providers. The client approached SpendEdge to carry out a procurement market intelligence study to understand the sourcing and procurement best practices, tactical cost saving opportunities, and the supply market landscape. Furthermore, the client was seeking a detailed study regarding the benchmarking standards, category risk analysis, and indicative pricing to help them identify the right HR payroll services provider and agree on a contract that would work well for both parties.
Procurement Insights Offered and the Outcome
Our vast database of primary and secondary research resources, highly dedicated and experienced analysts, and critical inputs from industry experts helped the client with a robust supplier base. Furthermore, to get a clear understanding of the global HR payroll services market, we followed a multifold research process including information review, information validation, stakeholder insights, and data analysis. Our supplier market experts evaluated various category-related aspects especially suppliers’ operational and functional capabilities, key market trends, long-term and short-term growth trajectories, and pricing model constraints to offer valuable insights.
This supply market intelligence study offered the food and beverage company a better understanding of the supplier market landscape, supplier selection and evaluation criteria, cost-saving opportunities, and insights that can lead to better optimization of the category spends.
This supply market intelligence study offered the client insights into the supplier market landscape and procurement best practices.
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