TalentPro teams up with GKM Services to grow payroll processing biz
TalentPro India has a new partner for Payroll processing business in GKM services. Together we optimize the process and acheive what we want to.
- (1888PressRelease) December 24, 2011 - HR outsourcing company, TalentPro, is gearing up to tap the opportunities in the payroll services space, particularly in the tier II and III cities.
The company, according to Mr P. S. Srikumar, Vice-President (Sales and Marketing), has invested heavily in payroll services, processing over 65,000 records every month.
"There is huge opportunity in payroll processing as less than 7 per cent of the workforce is in the organised sector. With SMEs looking at opportunities in the export market and with compliance - be it labour law, environment or any such issue -becoming a matter of concern, companies have started to outsource payroll processing service. That's where we come in," Mr Srikumar told Business Line.
Besides payroll services, TalentPro is also eyeing standalone compliance activity as another potential area for growth.
Mr Srikumar pointed out that most of the SMEs that looked to outsource payroll processing service found it cost effective and convenient. "They could get this done for a fee instead of engaging qualified personnel for a hefty sum. While it could be difficult to get the right person for the job, it is also not easy to have them patronise such units for long," he added.
Commenting on the company's tie-up with Coimbatore-based GKM Payroll Services, Mr Srikumar said "a local flavour would add strength to our offering."
GKM, incidentally, has been handling tax, finance and accounting services for the US market for over a decade now. It started to tap the payroll services in India market recently.
"The tie-up with TalentPro is expected to yield requisite synergy to build volumes in the area of payroll outsourcing. For us, it would be a forward integration strategy. We will provide tax preparation services for employees who work on deputation abroad and taxed both in India and abroad (double taxation). That apart, our proximity to customers and TalentPro's technology would help us scale the market," Mr Karthikeyan, Chief Executive, GKM Services, said.
Mr Srikumar conceded that the practices in the payroll processing space were yet to mature in India. "It is a huge challenge as well," he added.
The company (TalentPro) opened a full-fledged office in Tiruchi recently. (It is already present in Chennai, Bangalore and Hyderabad). "We are planning to open a branch in Madurai and a couple of other towns by December," Mr Srikumar said.