Complete pay data integration and online personnel action forms unique to market.
Paycom, the pioneer of internet payroll, announced today the launch of their robust Talent Management suite. This new addition to Paycom’s already strong suite of Human Capital Management tools offers users powerful Talent Management intelligence from one tool with complete pay data integration and online Personnel Action Forms (PAFs) that ensures a company hires and retains the top talent needed to grow their business.
“The goal of our Talent Management technology is to eliminate redundant HR activities and streamline everything to work together making it easy to ensure a company hires and retains the top talent needed to grow their business, said Chad Richison, Paycom Founder and CEO.
With the launch of Talent Management, Paycom has created the first ever online PAF system. By providing managers the ability to complete PAFs within the Paycom payroll and HR application, managers eliminate the use of paper forms, manual data entry and updating the information in the system.
Research from Giga Information Group reports that employee retention can be improved by developing a pay-for-performance culture; Paycom’s Performance Management tool empowers employers to fairly link effort and compensation to inspire maximum employee performance. The Performance Management tool aligns employees and organizational goals allowing managers and employees to see how their individual performance contributes to the overall business strategy. Employers can also build a comprehensive library of positions with standardized salary grades, required competencies, and assign positions to employees along with performance goals.
The World at Work 2011-2012 Survey reports that salary increase budgets, at the median, have remained steady throughout 2011 and 2012, at approximately 2.9%. Paycom’s Compensation Budget is a unique tool that includes a merit matrix, which is budget neutral but helps businesses retain top performers and manage poor performers. Using the merit budget, performance rating scale and compa-ratios, the merit matrix automatically populates compensation increases in sync with an employee’s performance and where the salary currently falls compared to the salary range midpoint.
“Paycom’s existing customers are already seeing the benefits of our Performance Management and Compensation Budgeting tools and they are ecstatic about the automated PAFs. These tools make their jobs easier and when added to our other HR and Payroll tools, they now have everything they need in one application to handle employees from their first day of employment to their last,” Randy Peck, Paycom Director of Operations said.