Paycom’s expansion is expected to generate an economic impact of $143 million over the first five years
Paycom, a nationally recognized payroll and human capital management technology company, continues to expand its operations with plans to add an $11.8 million fully-equipped building adjacent to its current headquarters in Oklahoma City. The new building is expected to house approximately 700 additional employees.
Paycom’s announcement for further expansion comes just two months after the company was recognized as an Inc. Hire Power Award winner as one of America’s top 100 job-creating companies.
“Our growth is a testament to our focus on customer service and developing innovative solutions to streamline the HR process,” Founder and CEO Chad Richison said. “This expansion further solidifies our vision as an industry leader in the payroll business, by continuing to develop cutting-edge technology and hiring bright and talented individuals to sell our product and care for our clients.”
As one of the fastest growing companies in the United States and a seven year Inc. 500/5000 honoree – awarded to the fastest growing companies in the country – Paycom expects to have its original 90,000-square-foot, three-story headquarters at capacity by the end of 2014, just two and a half years removed from opening the state-of-the-art building in August 2011.
Paycom’s expansion is expected to generate an economic impact of $143 million over the first five years, based on capital investment, state and local taxes as well as average first year wages of nearly $40,000.
“Paycom is an asset to the Oklahoma City business landscape,” Oklahoma City Mayor Mick Cornett said. “Paycom’s growth is further proof of Oklahoma City’s progression. These additional, well-paying jobs will have a major impact on our increasingly diverse economy. They are a great example of how a company can thrive in this market.”
The continued growth of one of America’s top payroll and human capital providers was propelled with a second economic incentives agreement between Oklahoma City and Paycom, signed on Tuesday, Feb. 12. In 2010, the two entities made a $1.96 million agreement where Paycom agreed to create 492 jobs and build its new headquarters. Since that agreement, Paycom has created 186 new jobs.
Oklahoma Governor Mary Fallin detailed her sentiment for Paycom’s decision to expand and the impact it will have on the Oklahoma economy.
“Paycom’s decision to expand their Oklahoma City headquarters is another sign that the state’s pro-business policies and atmosphere are solidifying the state’s position as a national destination for business,” Fallin said. “We appreciate Paycom’s investment in Oklahoma and predict great things for one of the fastest growing companies in the state.”
The groundbreaking ceremony is tentatively scheduled for an undetermined date in March 2013 at Paycom’s current headquarters on the north side of Memorial Road between Rockwell and Council. Details will be disclosed at a later date.