Paycom is a single database HR and payroll software that supports businesses and their employees through the entire employment lifecycle with HR and payroll full-solution automation. Today, it stands as the leading provider of cloud-based human capital management software. Paycom's technology empowers employees to access and control their data and paychecks, request time off, and more with its user-friendly technology. Here are key contributions Paycom has made in streamlining HR operations:
Single Database Infrastructure
Under Chad Richison, Paycom founder, CEO, and chairman, Paycom has revolutionized the industry by developing cloud-based HR solutions. The company, which focuses on simplifying and automating HR functions for employers and employees, is an industry leader in software innovation. Initially, Paycom specialized in online payroll processing but soon expanded its offerings to include talent acquisition, time and attendance tracking, and benefits administration, to name a few. With its single database infrastructure, Paycom consolidates HR and payroll functions and facilitates unified data administration. Additionally, Paycom offers HR professionals Direct Data Exchange®, an HR management analytics software that identifies employee usage on Paycom's self-service app and opportunities to maximize ROI.
Cloud-Based Solutions
Traditional HR and payroll processes are often time-consuming and prone to errors. Chad Richison recognized these inefficiencies and leveraged the Internet to solve them. With Beti®, Paycom's automated payroll solution, employees are able to troubleshoot, verify, and approve their own paycheck before payroll is submitted, helping to ensure 100% accuracy. When companies set up recurring payrolls, Beti's automated system seamlessly pulls data on employee working hours, compensation changes, and approved expenses. Beti also sends alerts to employees about pending tasks and overall paycheck approval, empowering them to manage and own their payroll data. HR can track Beti's progress, including checking adjustments, retroactive payments, and added terminations. Additionally, Beti ensures accuracy and compliance by notifying HR once the payroll is ready for submission. A 2023 Total Economic Impact™ study by Forrester Consulting discovered that adopting Beti led to a remarkable 90% reduction in processing time for a composite organization featuring 2,500 employees across 70 U.S.-based locations and multiple pay structures.
Additional insights include:
- The 2,500 employees received benefits totaling $3,775,365 over three years.
- The composite organization saved $2.3 million over three years by consolidating and eliminating legacy systems.
- It gained $276,000 in value through Paycom's customer services.
Employee Self-Service
Paycom's self-service technology boosts employee engagement and productivity for HR departments by enabling employees to have visibility over payroll, vacation requests, benefits, timecards, and expenses.
In addition to providing visibility, the software detects and guides users in resolving payroll errors before submission, which ensures accuracy and enhances employee satisfaction and HR efficiency by returning strategy time and allowing them to focus on other impactful initiatives for the organization.
Data-Driven Decision Making
Paycom's automated technology emphasizes data-driven decision-making, enabling companies to collect and analyze HR data for more informed workforce decisions. It optimizes performance management, recruitment, onboarding and benefits administration. Its integrated software consolidates HR functions and performs the following tasks:
- Employee data storage and organization
- Payroll processing automation
- Overseeing recruitment
- Employee performance tracking
Its centralized nature simplifies access to and control of HR data for both employees and HR professionals.
Enhanced Automation
Time-Off Requests featuring GONE® allows companies to set a variety of time-off decision-making criteria so time-off requests can automatically be approved or denied, eliminating decision fatigue across the business. Businesses can customize the decision engine based on factors such as consecutive days taken, staffing needs, seniority level and employee hours worked. GONE eliminates manual interactions between HR personnel and employees, improving staffing efficiency. Time-off calendars provide managers with an overview of denied, approved and pending time-off, standardizing procedures to maintain effective staffing levels.
Conclusion
Through data-driven decision-making and employee self-service, Paycom helps maximize efficiency and ROI. As businesses strive to improve their efficiency and automate their HR and payroll processes in the constantly changing work environment, Paycom continues to provide innovative solutions. From using the Internet for payroll processing to employee self-service features, Paycom's innovations continue to transform and improve HR operations through HR and payroll full-solution automation.
