TMF Group named a ‘Leader’ in NelsonHall’s NEAT Evaluation for Payroll Services

TMF Group identified as a Leader in the Multi-Country Payroll Focus market segment. NelsonHall assessed and evaluated TMF Group’s proposition against demand for payroll services.

  • TMF Group also recognized as the second largest global payroll provider in Latin America and one of the largest payroll providers in Russia.
  • TMF products like ‘TMF Connector’ will appeal to clients looking for improved visibility of their global payroll analytics.

Leading BPO analyst firm NelsonHall, has identified TMF Group - a leading provider of global business services – as a Leader in the Multi-Country Focus market segment; reflecting TMF Group’s ability to meet future client requirements and deliver immediate benefits with a focus on multi-country delivery capability.

NelsonHall’s Evaluation & Assessment Tool (NEAT), which evaluated 16 leading payroll providers worldwide, finds that TMF Group, relative to their peers, has both a high ability to deliver immediate benefit and a high capability to meet client future requirements in delivering multi-country payroll services.

The report acknowledges TMF Group’s broad coverage which is delivered almost entirely (88%) directly by own employee’s in-country, who have local knowledge, an understanding of local compliance, and the flexibility to invoice in local currency whilst also providing services in local language. This means consistency in delivery quality of service and that TMF Group has more control over its payroll operations.

TMF Group is also identified as one of the top market leading global payroll provider in the LATAM region and one of the largest payroll providers in Russia.

In addition, TMF Group products like TMF Connector are expected to appeal to clients looking for improved visibility of their global payroll analytics. TMF Connector implemented in 2016, provides interfaces between HR and payroll platforms and enables TMF Group to capture HR data worldwide, in order to compliantly run payroll in a single format. Also, as part of its multi-country payroll solutions, TMF Group is developing a payroll portal that will provide for complete visibility and control of an organization’s payroll data and operations.

The payroll services market

According to NelsonHall’s NEAT Evaluation, the global payroll services market is forecasted to grow significantly for the next five years to reach $21.8bn in 2020. Growth is driven by demand for multi-country payroll, together with an increased focus on compliance.  Multi-country payroll will grow at 4x the rate of single country services to 2020.

APAC and LATAM are forecasted to grow at a rate of 2x the overall market growth. Geographic expansion is expected in the Australian, African and Middle Eastern markets.

The report also finds payroll services growth is expected to come from:

  • Western markets, driven by HR-cloud migrations
  • The emerging economies where companies are investing and outsourcing solutions are still in their infancy (Latin America, Asia Pacific, particularly Australia) 
  • Countries with growing workforces.

Commenting on NelsonHall’s evaluation of the multi-country payroll market Deborah Williams, TMF Group’s Global Head of Business Services, said: “As the global payroll industry continues to evolve and mature, NelsonHall believes that the market will see more and more providers investing in technology to help them deliver payroll across multiple geographies.

“As a market ‘leader’, TMF Group has already achieved significant success in this area; developing our integration capabilities and middleware products to allow us to deliver a wide range of services, quickly and efficiently. This will continue to be our focus as we expand our portfolio; constantly innovating and improving to stay at the forefront of global payroll delivery.”

Per NelsonHall’s HR Outsourcing Research Director, Gary Bragar, “TMF Group was identified as a leader for Multi-Country Focus due to its ability to provide payroll globally, operating in 113 countries, with a local employee base in the majority of countries in which it operates.”

-ENDS-

For more information please contact:

Carlie Bonavia, PR & Communications Executive, TMF Group – carlie.bonavia@tmf-group.com

About TMF Group

  • TMF Group is the global expert in local business. With a network of offices across over 80 countries, TMF Group has the in-country expertise and knowledge to help businesses (of all sizes) expand and operate both within and beyond their home markets.
  • TMF Group serves clients of all sizes and from all sectors; everyone from a small start-up to a large multi-national, working with 60% of the Forbes 100 and the FTSE 100.
  • TMF Group’s global payroll services have been recognised in three separate assessment reports from market analysts, The Everest Group and NelsonHall, in reflection of its broad capabilities and innovative technology solutions; all underpinned by a global governance model that provides clients with increased transparency and control of their own operations.

  • A Major Contender in global payroll outsourcing and the strongest provider in Latin America - Everest Multi-Country Payroll PEAK Matrix Assessment 2015.
  • Widest Geographic Coverage and Strong Language Capabilities - Everest Multi-Country Payroll Platform Assessment 2016.
  • A Leader in multi-country payroll services - NelsonHall’s Evaluation & Assessment Tool (NEAT) 2016.

NEAT Evaluation for Payroll Services

  • NelsonHall’s Evaluation & Assessment Tool (NEAT) ranks payroll providers in four categories: Leaders, High Achievers, Innovators and Major Players. The report assesses payroll vendors against their ‘ability to deliver immediate benefit’ - reflecting the current maturity of the vendor’s offerings, delivery capability, benefits achievement on behalf of clients and customer presence. They are also assessed according to their ‘ability to meet client future requirements’, providing a measure of the extent to which the supplier is well-positioned to support the customer journey over the life of a contract.
  • About NelsonHall

NelsonHall is the leading BPS and ITS research firm. The company takes a global approach to analysis of vendors and outsourcing markets and is widely respected for the quality and depth of its research. With its “Speed-to-Source” methodology, including NEAT vendor evaluations, NelsonHall is helping buy-side organizations significantly reduce the time and cost associated with BPS and ITS sourcing projects.

 
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