“Paychex has quietly developed its Paychex Flex technology into a digitally driven platform offering that covers the employee journey and exceeds its weight in HCM technology maturity, including robust COVID-related work tools,” said declared Pete Tiliakos, HR analyst and director Next Generation HCM Technology author of the report. âThese are combined with a broad, one-stop shop of modern HR and payroll solutions and services designed to meet the needs of growing small and medium businesses. “
NelsonHall evaluated 13 HCM vendors in the NEAT report based on two criteria: (1) ability to deliver immediate benefits to customers and (2) ability to meet future customer needs.
âAs businesses continue to emerge from the challenges of the past 20 months, we are seeing renewed interest in leveraging human capital management technology to maximize efficiency,â said Tom hammond, Paychex vice president of corporate strategy and product management. âWe continue to work directly with our clients to introduce integrated technology solutions that enable them to address the changing HR landscape and streamline the employee experience from recruiting to retirement. It is an honor to be recognized by NelsonHall as a leader in this field: by simplifying the management of HR, payroll and benefits within a single platform. ”
Paychex introduced several new capabilities and functions in Paychex Flex, its end-to-end HCM platform, to help businesses in calendar year 2020, including:
- HR Conversations – Facilitates digital collaboration and communication for employees and supervisors, keeping everyone aligned with work activities.
- HR Connection – Allows employees to digitally submit questions, requests and incidents directly through an easy-to-use workflow, a benefit as employees continue to work remotely.
- New compliance dashboards with OSHA and EEO-1 reporting capabilities – Allows employers to digitally capture critical workforce data and create the reports needed to help meet their obligations.
- Paycheque Protection Program (PPP) and Employee Retention Tax Credit (ERTC) Tools – Provide simple, consolidated reports that include payroll information to help businesses apply for and get discount for PPP loans, as well as get retroactive ERTC financing. To date, Paychex has helped clients secure $ 65 billion in PPP loans and helped them apply for $ 6 billion in tax credits.
- Pay on demand – Improves retention and productivity by helping employees increase their financial flexibility with real-time access to earned income.
- Real-time payments – Leverage real-time payments through The Clearing House RTP Â® network to immediately pay compensation to employees. Paychex is the first HR solutions provider to enable this technology for business owners.
- Paychex Pooled Employer Plan (PEP) – Designed to take much of the plan administration off the hands of employers, the Professionally Managed Group Employer Plan expands access to the pension plan by providing a cost-effective retirement savings option for employers in any size.
“We remain committed to providing solutions to simplify the complexity of running a business,” added Hammond. âSeeing the innovations we have introduced in Paychex Flex over the past year recognized by NelsonHall is further validation of our commitment to our customers. ”
For dr. Kevin andrews, owner and chiropractor of True Health and Fitness, the partnership with Paychex has allowed his business not only to survive the challenges of the pandemic, but also to thrive as a business.
âAs we move through this pandemic, I have realized that Paychex is more than just a payroll company. Paychex has been there for us every step of the way with answers available through the Paychex Flex portal, emails and phone calls, âAndrews said. . “Thanks to the support Paychex has provided to our business, we have been able to stay open during the pandemic, become more efficient and truly thrive during this difficult time.”
Businesses can find out more about how Paychex HCM Solutions work collaboratively with the department to deliver a superior customer experience.
Paychex, Inc. (Nasdaq: PAYX) is a leading provider of integrated human capital management software solutions for human resources, payroll, benefits and insurance services. By combining its innovative software as a service technology and mobility platform with personalized and dedicated service, Paychex enables small and medium business owners to focus on growing and managing their business. Drawing on 50 years of industry expertise, Paychex has served over 710,000 payroll clients as of May 31, 2021 at over 100 locations in the United States and Europe, and pays one in 12 U.S. private sector employees. Learn more about Paychex by visiting paychex.com and stay connected on Twitter and LinkedIn.
Nelsonhall is the world’s leading analyst firm dedicated to helping organizations understand the âart of the possibleâ in IT and business services. NelsonHall provides buy-side organizations with detailed, critical market and supplier information (including NEAT assessments) that helps them make fast and highly informed procurement decisions. And for vendors, NelsonHall provides in-depth knowledge of market dynamics and user needs to help them refine their go-to-market strategies. NelsonHall’s research is based on rigorous and wholly original research, and is widely respected for the quality, depth and insight of its analysis.
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SOURCE Paychex, Inc.