When COVID-19 struck, the world had to adjust to a life of living indoors and minimal contact. However, the impact was most visible in the business world, where many offices had to shut down. This meant workers had to connect virtually if the companies were to survive. With the help of technology advancements and companies such as Paycom, the negative transitional impacts were eased. For many companies, that shift has resulted in better functionality and profitability, along with the reduction of overhead costs.
Due to its extraordinary achievements, Paycom, an Oklahoma City-based tech company, was named number seven of the world's most innovative companies in 2022 by Fast Company in the enterprise category. This achievement begs the question: What makes Paycom so innovative?
1. Empowers Employees to Do Their Payroll
Paycom, founded in the late 90s as one of the first online payroll platforms, now offers leading, comprehensive, cloud-based human capital management software. This software has opened the world not only for the owner of a business, but also for those who work there. With the launch of Paycom's Beti (Better Employee Transaction Interface), employees control all major tasks that are a part of payroll. Beti allows employees to manage their timecards, benefits, expenses and PTO requests, among other tasks.
Beti reduces employer liability, improves data accuracy, increases process oversight, and gives employees unparalleled insight into their pay to ensure employee trust.
2. Offers HR Management
Within a single software product, Paycom helps companies automate the HR core process. First, the HR department is assured of accurate data since the employees are responsible for keying in their own information. Allowing employees access to their own payroll information empowers them to communicate efficiently with department leadership if there are ever discrepancies in data. This frees the HR team to focus on initiatives for propelling the business forward rather than on the administrative burdens that come with correcting or responding to mistakes in the information. Overall, Paycom enables their clients to see higher returns in profit, engagement and productivity, as well as a higher overall ROI in technology.
3. Time and Labor Management
The most significant asset of any company are its employees, who can also be a company's largest expense. In consideration of this cost/benefit reality, Paycom came up with a way to care for employees and employers at the same time. Within a single software solution, Paycom makes it possible for companies to manage employees' labor and time input. Employees can now submit hours worked - and management can approve those hours - online. It is now possible for employers to eliminate data re-entry by approving time flows systemwide. In addition, the software allows employees to swap and pick up shifts according to their convenience. It also allows them to create and edit shift templates and schedules.
Consequently, employers that use Paycom now have full visibility into their worker deployment and labor needs, which helps them avoid under- and overstaffing any department. The software ensures that the employees do not slip through virtual cracks to work unapproved hours or to submit hours not actually worked. The Paycom solution is streamlined through time clocks and terminals, and the software prevents unauthorized clock-ins through IP address filtering and geofencing.
The software allows employees to schedule, and work approved shifts efficiently, while empowering employers to easily control in and out times. As a result, employees are paid only for scheduled shifts and, most importantly, for the hours worked.
Last Thoughts on Paycom
Paycom has not only put into use the diverse advantages of technology but has done so efficiently. All these services are available in a single software solution, making it the smartest purchase for any business. However, the main advantage in implementing Paycom technology into your daily business habits is that both the employer and employees enjoy the many benefits offered.
Visit Paycom.com for more information.
