Over the last 8 months we have found that many businesses put decisions on hold due to the uncertainty around the Covid pandemic. Businesses decided to hoard their cash in anticipation of possible future lockdowns. With the recent relaxation of Lockdown restrictions to Level 1, the significant reductions in daily infection rates and the roll-out of the vaccination program in South Arica, we hope to see growing business confidence which should result in increased investment.
When business experience rapid growth and increased opportunities, they tend to focus on their core business and outsource non-core functions. Payroll outsourcing services like many other outsourced services should benefit from this renewed optimism. We also expect to see an increase in foreign investment projects. Many corporates who expand globally have a policy to outsource sensitive and specialized functions like payroll. This should likewise have a positive impact on the growth of the payroll outsourcing services industry.
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