A 2023 commissioned study conducted by Forrester Consulting on behalf of Paycom revealed how Paycom tech benefited a composite organization representative of interviewed clients.
Forrester used the companies it interviewed to create a composite business with:
- 2,500 employees
- 70 U.S.-based locations
- multiple pay structures
The interviewees all used Paycom’s single HR software featuring Beti®, an industry-first tool that empowers employees to do their own payroll.
How did the composite business benefit from Paycom?
Benefits to the composite business include reducing labor for payroll processing by 90% and the time correcting errors by 85%. Over three years, Paycom produced a value of $3,775,365. The quantified benefits include:
- Paycom’s customer service ($276,000)
- greater efficiency for the payroll team ($722,000)
- streamlined processes for HR and accounting ($482,000)
- cost savings from consolidating legacy systems ($2.3 million)
Additionally, Paycom allowed the composite company’s HR team to recover 2,600 hours annually.
How could Paycom and Beti transform your business? Use this Forrester Consulting calculator to find out.
What did organizations say about Paycom and Beti?
The companies Forrester Consulting interviewed found Paycom:
- pulled HR pros out of data reentry
- cultivated trust in employees who were now engaged with their pay and HR data
- Freed up resources for payroll and HR so they could finally dedicate time to outstanding projects or other to-do list items that had been on pause
“My team can now use their time to build dashboards and be more strategic,” said a vice president of total rewards and systems in the consumer services industry. “Those things are hard to quantify, but that is where Paycom has moved the needle for us.”
Beti is at the root of these advantages. First, it automatically flags payroll errors and other issues requiring attention. Then, Beti guides employees to correct those mistakes before payroll submission.
While Paycom helped HR pros focus on what matters, Beti transformed the behavior of the companies’ employees. By reviewing their checks and correcting them ahead of time, employees enjoyed greater visibility into what affects them most, according to the Forrester Consulting study.
The result? Employees stayed with their organizations longer.
“One of the biggest retention tools is to have really engaging technology,” said the vice president of total rewards and systems in the consumer services industry. “And that is what we now have with Paycom and Beti.”
Ultimately, Beti creates a culture of trust, engagement and efficiency through accurate pay. The payroll manager in the consumer services industry said it best: “Beti allows payroll people to breathe.”