HR Services & Payroll Outsourcing Sample Market Research Report
Goal: Provide Insight into Competitors & Their Pricing and Products
The study involved analysis of the major players and trends in the payroll and human resources (HR) management industry, specifically those that target smaller businesses. The objective was to provide insights into the competitive landscape of the market and to assess common pricing models and product features.
The Scope: Compare 16 Competitors & Their Service Offerings and Isight into Payroll & Market Trends
The report focused on providers that service small and midsized clients with anywhere between one to 250 employees. The research involved a comparison of 16 payroll and HR providers that are popular among small and midsized clients and explored in more detail the services offered by five of those providers. An additional section outlined the current state of the payroll and HR market, highlighting major trends in the industry.
The payroll and HR market is expected to grow over the next several years as new businesses will focus on their core competencies and prefer to outsource administrative duties to outside vendors. This increased demand, combined with a relative lack of barriers to market entry, will result in more payroll and HR vendors entering the market.
The payroll and HR management market consists primarily of small providers serving a local clientele. However, several providers maintain a large market share. These include Automatic Data Processing (ADP), Intuit Payroll, Paychex, Workday, Ultimate Software, and Oracle. Reviewers additionally identify ADP, Gusto, Namely, OnPay, and Paychex as some of the best providers offering services to small and midsized clients.
Basic payroll and HR solutions include: payroll, tax filing, W-2s and 1099s, compliance services, basic HR services, and new hire reporting. More advanced options often include labor poster compliance, state unemployment insurance (SUI) services, wage garnishment services, and more advanced HR offerings.
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