The global payroll and human resources market value hit $17.2 billion in 2016 and is expected to rise to $41.6 billion by 2026, according to a recently released report by Transparency Market Research, a global market research, analysis and intelligence firm. During this time 80 percent of enterprises plan to purchase or upgrade their talent management solutions. Those figures reflect massive opportunity for payroll and HR service firms. But while opportunity abounds, so does competition. Here are four ways to make sure your company is primed to cash in on the growth.
- Look to the cloud: A major driver for the payroll and HR services market is increased adoption of cloud technologies. Primary demand is for systems that seamlessly integrate separate software solutions for a variety of related operations. Even highly touted, niche solutions once considered best-of-breed are being cast aside for integrated software suites able to handle a range of functions including payroll, tax and ACA compliance, benefits administration, employee time tracking and more. Plus, today’s tech-savvy employees increasingly expect a high degree of access to HR and payroll systems from both their desktop and mobile devices. Firms that offer client companies the most advanced of these solutions undoubtedly have the competitive advantage.
- Know thy enemy: Speaking of competitive advantage, if you aren’t keeping tabs on your top competitors and industry peers, you’re setting yourself up for failure. Across the board, US companies on average analyze just 12 percent of their competitive intelligence data on a regular basis – That’s a lot of untapped opportunity and critical insight that, if effectively utilized, could significantly transform a typical service bureau’s sales and profit figures.
- Hire – and keep – the crème of the sales crop: Your approach to hiring HR and payroll sales agents should be something akin to a competitive sport. Drip Marketing reports that upward of 60 percent of all newly hired payroll sales reps will quit or be fired in their first 12 months of employment. Topline applicant tracking systems can help assure you’ll choose right the first time. Then, you’ll want to make a highly competitive recruitment offer and employ efforts to continually engage and equip your best sales reps for long-term success throughout their tenures.
- Mind your (existing) business: Landing new clients will always be key to a firm’s continued success. But continually engaging and upselling your existing clients is critical. After all, payroll and HR technology is always evolving – as are your clients’ businesses. Changes in legal compliance issues affecting taxes, ACA and workers compensation alone call for quick and competent attention. Proactively keeping client companies in the loop and up to date with their tech solutions will assure that they won’t jump ship to an on-the-ball competitor.
To help assure your share of the ever-growing market, Apex HCM offers a full suite of integrated payroll and HR technology solutions, as well as a variety of industry education and training opportunities. Next up is the annual APEX Users Conference, Align 2018, September 20-21 in Atlanta. This year’s theme: “Innovate, Operate, Celebrate!” Call 877-750-2739 for information or register online.