Paycom [NYSE:PAYC]: Optimizing HR Management with Cloud

Chad Richison, President & CEO, PaycomChad Richison, President & CEO
The cloud integration for HR (Human Resources) processes today brings flexible and user-friendly solutions that ensure process optimization and higher employee performance. It can also eliminate manual errors and integrate multiple systems to drive disparate HR processes. Driven by cloud technology, Paycom [NYSE:PAYC] simplifies the payroll and HR processes with its complete cloud-based human capital management solution.

Their complete suite of Human Capital Management (HCM) solutions includes talent acquisition, time and labor management, payroll, and talent and HR Management, all in a single online application. With payroll, employers can empower their employees to provide new direct-deposit information, update mailing address, and submit expenses. Additionally, the managers gain the ability to approve expense reimbursements and time sheets. Being a cloud-based solution, it ensures the effect of any change in information throughout the system.

Payroll includes numerous tools for successful management of employees like GL Conceirge, Paycom Pay, Expense Management, and Payroll Analytics. “General Ledger (GL) Concierge gives financial professionals intuitive reporting, enriched audit trails, customizable file layouts, and real-time alerts, all through Paycom’s single-database technology,” says Chad Richison, President and CEO, Paycom. With GL Concierge, the process of entering data into GL is simplified by generating perfectly mapped GL reports for direct import into customer’s accounting software. In accounting, payments also create issues due to manual entries as a record. To streamline it, Paycom Pay eliminates the tedious job of check reconciliation by issuing checks to the employees—clearing off a Paycom bank account. Their Expense Management helps employers keep track of all the payments and expenses in the organization. Eventually, all the data related to accounting and payments is accumulated in the cloud and could be harnessed by using Payroll Analytics.

General Ledge Concierge gives financial professionals intuitive reporting, enriched audit trails, customizable file layouts, and real-time alerts, all through Paycom’s single-database technology

At one instance, an OK-based licensed franchise owner of nine IHOP restaurants was facing difficulties in their payroll system to pay their 450 employees on time. The client needed a solution to manage wage garnishments efficiently and handle payroll while staying compliant. Paycom analyzed the necessities of the client and implemented the HCM. Post implementation, the client was able to streamline the payroll processes for all its franchise locations and reduce the cost of the payroll administration by over 40 percent.

While managing payroll of the employees, it is necessary to strategize on how to retain the talented professionals for successful growth of the business. With Paycom’s talent management solution, employers can align employee goals with organizational objectives and link their performance with necessary compensation. This functionality helps the employer to reward their employees efficiently. The solution consists of numerous tools including performance management, compensation budgeting, employee self-service, executive dashboard, Paycom learning, and talent management analytics. Paycom Learning engages the workforce and formalizes training with a digital learning experience for scaling an employer’s training program as their business grows. It provides employees the ubiquity to access a central knowledge base where they can access content, share expertise, and measure their professional development progress. “Paycom learning formalizes company’s training processes and seamlessly updates through other pertinent applications allowing companies to develop their talent quickly and most effectively,” says Richison.

“We are excited to continue delivering innovation for our clients in 2016 and beyond,” says Richison. To stay ahead of the curve, Paycom is investing in its R&D lab for providing cutting-edge technology at a lower cost. “We executed against our goals, adding sales teams, expanding our offering and continuing to capture market share in the outsourced payroll and HCM industry,” concludes Richison.