Companies grappling with payroll and muster issues as part of their human resource function can now outsource this critical work.
Global HR consulting firm Mercer is ready with a solution that it says would meet the needs of outfits here and elsewhere in the Asia-Pacific region. Mercer claims that companies utilising this service can witness cost savings of at least 25 per cent.
Speaking to Business Standard, Mercer's Global Head (compensation co-sourcing) Tom Jacob said the compensation co-sourcing service allowed companies to outsource their compensation-related functions.
"The service is now available in India, one of the few countries outside the US where it is being offered. The market is ready for such a service as the economy is booming and organisations are expanding," said Jacob, adding that other countries where the service is being launched include China, Hong Kong, Singapore and Australia.
The compensation service is offered to those organisations with an employee base of at least 400 people.
"The company is targeting all business organisations with a size of at least 400 people and the strategy for India will be to focus on creating a business function exclusively for the compensation function," said Jacob.
The company, which currently has 19 clients in the US for the service, is hopeful of bagging more by 2007.
"The number of clients should go up to at least 100 and a substantial number will be from fast growing India and China," added Jacob.
The company will also have a dedicated team of 15 consultants for the compensation service based in Delhi. Mercer, however, ruled out focusing on some of the biggest employers in the country - public sector undertakings, including the banks and insurance companies.
