Technology

Forbes Shares Paycom’s American Success Story

By

Jason Bodin

| Jan 14, 2020

Dedicated focus on the customer experience and a tenacity for innovation have fueled Paycom’s success. And with a compound annual growth rate of 31.4% (based on trailing 12 months) over the last three years, Paycom is a unique American success story. Last week, Forbes told it, featuring our founder and CEO, Chad Richison, as Friday’s cover story.

Quote about innovating so clients can stay ahead

“We’re going to see things that people can’t imagine now, but are being enabled by technology,” Mark Marcon, a research analyst at investment bank R.W. Baird, shared with Forbes. “It’s all about magnitude and to what degree you’re pushing it, and Paycom has pushed it to a greater extent than others.”

At Paycom, we’re consistently working to innovate and help add value for our clients. This vision comes from the top, and is exemplified throughout our history.

Job well done

When he was a 17-year-old high school student, Richison started his first business: baling hay for farmers from a flatbed welded to his truck. While that may seem quite a stretch from Paycom, there’s actually a solid link: a dedication to our nation’s hard workers and making their lives easier, regardless of their role.

Quote about the American worker

For businesses nationwide, Paycom’s comprehensive payroll and HR software is all about that, with tools that streamline manual processes of a workplace into an automated online workflow. (Hint: they do this in every other aspect of their lives, from ordering coffee to booking travel.)

Moving from manual processes to automated efficiency:

  • frees HR professionals from the enormous administrative burden of re-entering data and performing duplicate tasks
  • empowers employees to take ownership of their personal information and basic HR-related tasks, increasing data accuracy
  • can result in higher productivity, engagement, retention and profits – a goal of every C-suite executive

Therefore, when 100% of employees use HR technology, everyone in the organization benefits. That’s the vision Chad casts for Paycom as we set out to help businesses and their employees.

As Guggenheim Partners software analyst Nandan Amladi told Forbes, “Paycom has stayed one step ahead. They built their platform from the ground up, with a great deal of focus on employee self-service, making the product easy for employees to adopt.”

Proving its worth

The ROI in employee usage of HR software is something the recently launched Paycom tool Direct Data ExchangeTM actually proves, using groundbreaking Ernst & Young research. It not only gives executives unparalleled insight into inefficiencies in their HR processes, but shows them where improvements can be made.

In short, it allows them to manage a critical area of their organization that previously could not be measured.

“Our goal here is to … expand into areas outside of what has traditionally been our core,” Richison told Forbes about enhancements like Direct Data Exchange.

Richison has done that since Paycom’s infancy, when he pitched the first web-based payroll software to prospects who didn’t even know how to connect to the web.

As he told Forbes, “I was literally the one showing them what the internet was. They were scared to death of it.”

Room to grow

Luckily, times change. The internet is no longer the last frontier for HR technology. Instead, employee mobile usage of app technology has become the benchmark.

Brad Reback, a managing director at investment bank Stifel who covers Paycom, notes that just as Richison was an early proponent of internet-based HR software, the CEO has also “pushed really hard on mobile usage. Everyone is ultimately trying to go in that direction, and he got there earlier than most.”

Chad’s drive to innovate gave businesses an HR tech option that aligns with how the rest of the world uses technology, improving employee morale and productivity at the same time.

“We’ve got a fast growth rate,” Richison said, “and we’re getting stronger.”

Read the full Forbes article by Giacomo Tognini here.

About the Author

Jason Bodin

Jason Bodin has been the communications pulse for a number of organizations, including Paycom, where he serves as director of public relations and corporate communications. He helped launch Paycom’s blog, webinar platform and social media channels. He aided in the development of Paycom’s tool to assist organizations in complying with the Affordable Care Act, one of the largest changes in health care the country has seen. A graduate of the University of Oklahoma, Bodin previously worked for ESPN and Fox Sports. In his free time, he enjoys adventuring with his family, reading and strengthening his business acumen.

See more posts by Jason Bodin