Paycom: [NYSE:PAYC]: Energizing Employee Engagement

Chad Richison, President, CEO, & Director, PaycomChad Richison, President, CEO, & Director
At the heart of every successful organization is its workforce. An engaged workforce brings a sea change in business performance, improving revenue generation and customer experience. However, in today’s mobile-driven digital world, the modern workforce—comprising mostly millennials— expect their job-related administrative tasks to be as seamless as their everyday digital lives. Satiating the hunger for digitally empowering today’s workforce requires not just technology solutions, but thought leadership—a unique blend of skills that Chad Richison possesses ever since he entered the HR arena.

Richison, President, CEO, and Director of Paycom [NYSE:PAYC] believes that “people are the cornerstone of a successful organization”—a vision that led him to develop one of the first SaaS-based holistic Human Capital Management (HCM) solutions for the HR space. Paycom’s HCM solution caters to the end-to-end needs of modern enterprises in talent acquisition, HR management, employee engagement, and learning management. With strong understanding of challenges prevalent in the HR industry, Richison has tailored Paycom’s technology to address an organization’s complete needs in managing the employees’ journey—from recruitment to retirement.

With Paycom, finding and harnessing talent is easy. Without having to rekey data between applications, HR teams can leverage Paycom’s robust applicant tracking tool to perform background checks, employment eligibility, and on-boarding. Paycom’s solution allows companies to post their job notice on major recruiting sites that link directly back to their website. The solution also provides detailed reports highlighting which sites are performing better in sourcing candidates. While having the ability to store applicant data indefinitely, organizations can monitor the compliance mandates, helping them improve hiring efficiency in a cost-efficient manner. Once the candidates are selected, the onboarding module streamlines the communication between employees and employers by allowing both the parties to complete the documentation process through digital channels.

Empowering Employees

Today’s workforce, millennials in particular, not only desire financial perks, but also growth by acquiring new skills and knowledge. A successful employee engagement plan should encompass learning management systems, certification programs, and workplace training opportunities to promote loyalty and curtail employee churn. However, many organizations struggle to provide consistent, scalable, and agile learning modules that can be built quickly and shared across locations. Paycom’s cloud capabilities facilitate organizations to check these learning management constraints. By quickly setting up learning modules, quality managers in an organization can distribute updated learning materials across geographically distributed teams and collaborate with them to ensure the employees are competitive.

When an electric motor company struggled to upgrade their training processes, Paycom centralized training through online modules, allowing the managers to build their learning modules. Prior to using Paycom, each location was acting in silos and there was no centralization of training, with significant paperwork involved across each location. With Paycom, the employees can login through their smartphones and tablets from any location and start their training sessions. In just an hour’s time, the trainers can build a complete training module and share it with the employees spread across locations, helping the client reduce traveling expenses for trainers.

Like all successful companies, our greatest asset is our people

It also reduced the number of trainers required to ensure continuous learning, further bringing down the costs.

Simplified HR Management

Unlike traditional HR systems that make administrative tasks daunting and reflects poorly on employee experience, Paycom simplifies HR management by consolidating multiple HR functionalities into a single SaaS solution. The company streamlines HR, payroll, talent management, learning, employee engagement, HR compliance, and time and labor management. With one database for maintaining the core system of record and managing the end-to-end administrative needs of the entire workforce, Paycom simplifies the employee lifecycle management while driving down errors in workforce data reporting that may cost a company dearly.

Paycom brings convenience and transparency to employee data management by analyzing the data to derive accurate insights into employee performance. Through this, organizations also gain a vantage point to view performance reports based on demography and compare them over time. Furthermore, Paycom provides document and task management, benefits administration, COBRA administration, government and compliance, Personnel Action Forms, surveys, and manager and self-service, enabling companies to manage the employee lifecycle by automating processes—improving communication and accountability. This helps clients avoid employment law violations, audits, and penalties.

Accurate and Transparent Payroll System

Paycom automates payroll processing with a single application using which clients can avoid errors that may have severe compliance consequences. As HR teams get access to a single source of truth in an automated manner, payroll errors and miscalculations go out of the window. The payroll system provides online payroll processing, payroll tax management, 401(k) reporting, expense management, garnishment management, and GL Conceirge. Moreover, all the data is secured in the cloud through multilevel logins and customized access tailored for individual roles.

The company’s general ledger application, GL Conceirge, improves the accounting operations by providing finance professionals intuitive reporting, enriched audit trails, customizable file layouts, and real-time alerts—giving organizations more control and transparency into their payroll general ledger. Audit trails provide all the information highlighting the details of changes made to the records. Thus, companies can eliminate the ineffective paper-based workflow and lower the costs while driving efficiency. “The general ledger acts as the backbone for businesses’ accounting functions, and with this development, Paycom is empowering businesses with data-rich content, unlike anything in our entire industry,” says Richison. “Our technology already encompassed the employment lifecycle, from hire to retire, and now it is better meeting the demands of finance professionals, allowing them to be more efficient and proactive.”

People Power

A man who values transparency more than anything, Richison has won the company many accolades including being the top company to work for in the area of Oklahoma. As more companies look to have employee engagement as their unique differentiator in today’s digital world, Paycom strides ahead with intuitive technologies, analytics, and the power of data to empower companies to improve their candidate analysis and sourcing, learning experience, and continuous performance and management. “Like all successful companies, our greatest asset is our people,” concludes Richison.