Wiggin's Payroll Service

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Diana Altobelli MGT499 – Concept Paper Introduction In this paper I will discuss the strategic mapping and industry matrix of the Payroll Service industry. In regards to my research findings and literary review I will comprise a strategic decision on behalf of Wiggins Payroll Services. Industry According to IBIS World Industry Reports the payroll service industry is expected to experience rising competition. Many companies did in house services to save costs during the recession years starting in 2008. Trending now is outsourcing, this allows companies to focus more on important daily functions of their own business. A major component in the payroll service industry is expanding technology; this will reduce the need for face-to-face contact with clients. Being one of the greater expenses in the industry it will lower costs for the payroll service companies. In this industry they are many competitors offering a variety of services and a major key to success for these companies is a user friendly web interface. For payroll services the major expenses include providing one-on-one contact with clients and training them to be able to use the software. In reference to the NAICS 541214 the US Census Bureau provided 2009’s professional, scientific and technical services expenses for employer firms. The total operating expenses for 2009 totaled to 1,020,975. This included software purchases, equipment, lease, rental payments, advertising, promotion, etc. Industry Matrix From my research I found Wiggins Payroll’s key success factors to be client training, user friendly web portal, human resource support and fair prices. In reference to the industry matrix you can see Wiggin’s in comparison to two other payroll service companies. Client training is a big factor in the success for Wiggin’s. Many client reviews have justified just that, for example, “They cost less, they
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