Industry Analysis & Industry Trends
The Payroll and Other Office Administrative Services industry has benefited from the private sector trend of outsourcing business services over the past five years. The industry generates the bulk of its revenue from the payroll processing and billing segments, which have been the primary beneficiaries of the outsourcing boom. The industry relies heavily on the growth in underlying demand, which is affected by the number of businesses and the number of employees in the labour force, which both exhibit steady growth over the long term. Business confidence and business expenditure are also major drivers, as these influence an organisation's decision to outsource non-core activities to specialist service providers... purchase to read more
Industry Report - Industry Products Chapter
While the industry offers a diverse range of administrative services, payroll and billing services account for the largest shares of industry revenue. Specialist industry organisations are employed to perform specific tasks for clients. The workers performing these functions do not form a part of their clients' direct workforce.
Payroll services are expected to account for 70.0% of industry revenue. This segment's share of industry revenue has increased over the past five years, as more companies have realised the economic savings and efficiencies available through outsourcing payroll functions... purchase to read more