Quadrant Knowledge Solutions announced that it has named Sopra HR Software as a 2021 technology leader in the SPARK Matrix analysis of the global multi-country payroll solution (MCP) market.
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The Quadrant Knowledge Solutions SPARK Matrix™ includes a detailed analysis of global market dynamics, major trends, vendor landscape, and competitive positioning. The study provides competitive analysis and ranking of the leading MCP vendors in the form of its SPARK Matrix, which provides strategic information for users to evaluate different vendor capabilities, competitive differentiation, and market position.
The multi-country payroll solution market is currently transitioning from early adoption to the rapid growth stage of the overall product lifecycle. MCP platforms have gained traction in recent times, due to the increasing geographical presence of the organizations across the globe and limitations of the in-country payroll providers’ offerings. Organizations hence opt for cloud-based solution providers to automate and standardize their payroll processes. Advanced multi-country payroll systems enable organizations to provide a better employee experience and a sense of ownership by encouraging employees to edit their personal information on the platform portal as per their requirements.
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The COVID-19 pandemic has negatively impacted the global economy and has also impacted the overall digital transformation and enterprise software marketspace, including the MCP market. Even then, the market growth for MCP has shown positive growth and moving forward, is expected to grow significantly. Additionally, the global MCP vendors expect to see a significant surge in demand owing to the direct inquiries made from various medium to large-sized organizations and from their network partners.
The multi-country payroll platform’s key value proposition of automating and standardizing payroll calculation, disbursement, and payslip generation through comprehensive employee information is obtained through various data sources. Additionally, the platform’s ability to adapt to the frequent & dynamic improvements in compliances ensures adherence to the latest legal regulations, safeguarding them from future legal actions. The platform also offers real-time data-driven analytics, multi-lingual payslips, payroll disbursal in multiple currencies, a self-service portal, and financial & treasury services. These capabilities help significantly reduce organizational burden while promoting employee convenience. With technology advancements and investments in emerging technologies, the market for multi-country payroll is expected to grow significantly in the coming years.
“Sopra HR, with its platform ‘HR Access’ promotes a successful digital transformation to ‘HR 3.0’ which is a tailored solution capable of handling the challenges of digital technology. The company has received strong ratings across the technology excellence and customer impact parameters and has been positioned amongst the technology leaders in the 2021 SPARK Matrix of the multi-country payroll solution (MCP) market”, states Pallavi Bothra, Analyst at Quadrant Knowledge Solutions. “The HR Access Software comes with an in-built core HR, payroll, time & attendance, HR Administration, and strong interoperability capabilities (API), and is capable of providing highly customizable capabilities for payroll processing, UI/UX tools, real-time consolidated reporting with several pre-configured and ad-hoc dashboards, and compliance regulatory tools. With its robust, scalable and comprehensive technology platform offering end-to-end payroll, talent, and HR management solutions, along with comprehensive functional capabilities, and a compelling product strategy and roadmap, Sopra HR is well-positioned to expand its market share in the global MCP market.”
“We are delighted to be recognized at SPARK Matrix as Leader in multi-country payroll solution. All recognitions aim us to continue working and investing in new features and solutions that enhance HR function by optimizing performance and boost the employee experience. Our solutions are created thinking in the future, based on flexibility and interoperability, simplifying and streamlining all HR processes within any organization, company or vertical.” said Mauricio Potente, Deputy EMEA Managing Director at Sopra HR.
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