Outsourcing payroll service is a form of business using external human resources and specialized systems to perform the work related to the calculation of wages, deduction of compulsory insurance, and submit personal income tax of employees on behalf of the business. Let find out more about the trend of outsourcing payroll agency.
What are the benefits of outsourcing payroll service?
● Cut costs: According to the calculation of HR professionals, in an enterprise, in addition to individual operating costs, administrative costs of an employee can be as 2.5 to 3 times as their monthly salary.
● The outsourcing of a payroll agency costs equivalently to the cost of a payroll worker. In contrast, businesses do not have to spend money on training, benefits, annual salary increases, renting office space, computers for employees, investing in payroll software...
● Information security: Enterprises can keep salary information absolutely confidential with internal employees.
● Accurate and timely: Implementing policies, calculating and paying salaries, benefits accurately and quickly help businesses to plan budgets effectively.
● Saving time, limiting cost risks: Implementing accurately and comprehensively the procedures related to tax and compulsory insurance for businesses, helping businesses to save time and minimize risks. cost loss.
● Increasing productivity: Helping business executives to focus all their efforts on business development goals.
The trend of outsourcing payroll services in Vietnam
It can be considered outsourced service as one of the business trends, or a smart and modern business model today. It helps businesses to have full power to compete while ensuring performance and quality and better business management. Up to now, an estimated $ 1 billion of the budget has been spent on outsourcing services around the world. Outsourcing companies are developing a lot, providing a variety of services and fields, not only Information Technology such as programming or network administration but also outsourcing payroll and hr management services.
Payroll outsourcing is a global trend that is becoming popular in regional countries and is increasingly being paid attention in Vietnam, especially for foreign invested enterprises. However, at present, Vietnamese enterprises are still quite afraid of using outsourced services. The number of enterprises using outsourced salary accounts for only about 20% of the total number of enterprises.
With the change of business environment, and the complicated administrative system in Vietnam, especially the unique working environment, most foreign businesses are facing a lot of difficulties in Payroll operations or issues related to taxes and insurance. Besides, in difficult economic times, businesses scramble to cut down costs to survive and develop. So the salary calculation is gradually being transferred to reputable external partners to be able to save costs, time, resources, and reduce risks in calculating the salary of the business.
In conclusion, this outsourcing service will surely become an inevitable trend in Vietnam in the future.
Faro Vietnam is a leading company in Vietnam specializing in providing payroll service. Enhanced by a new model HR Solution Software with employee self-service function, services delivered by our expertise payroll consultants has been recognized as the PREMIUM QUALITY ONE in the market.
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