OKLAHOMA CITY–(BUSINESS WIRE)– Paycom Software, Inc. (“Paycom”) (NYSE: PAYC), a leading provider of comprehensive, cloud-based human capital management software, today announced the release of Direct Data Exchange, the industry’s first comprehensive management analytics tool giving employers insights into efficiencies gained through employee usage of HR technology.
“Our technology can accelerate a company’s digital transformation by empowering employees to self-manage their information by connecting directly with their HR database,” said Chad Richison, Paycom’s founder and CEO. “The analytics generated by our Direct Data Exchange can help businesses achieve maximum ROI from their HR technology through real-time monitoring and tracking of usage trends.”
In a recent study, EY concluded that, on average, a single HR task or entry of data without self-service functionality takes $4.39 to complete, including labor and other costs (e.g., printing, copying and postage), but could be as much as $18.47. Using Paycom’s Direct Data Exchange tool, employers not only can see the cost savings associated with changes made by employees, but they can also drill down into specific aspects of the Paycom software – including time and attendance, benefits, expenses, time-off requests, tax and payroll modifications – to determine exactly where additional savings can be achieved.
Some of the many features of Paycom’s Direct Data Exchange tool include:
- a comprehensive, real-time employee usage score;
- a detailed view into data entries made by the HR department versus those made by the employee;
- an average dollar value assigned to HR-related information entered and/or updated by employees;
- estimated costs associated with employer-entered data that could have been entered more efficiently and cost-effectively by the employee;
- organizational employee usage trends arranged by the client’s preferred time frame; and
- total logins (filterable by individuals) to Employee Self-Service through any device.
For more information and to see Paycom’s Direct Data Exchange, visit paycom.com/direct-data-exchange.