Paycom Software, Inc. (NYSE:PAYC) (“Paycom”), a leading provider of comprehensive, cloud-based human capital management software, announced findings by Nucleus Research on the value organizations derive from the use of Paycom’s Beti®, an industry-first payroll experience that empowers employees to do their own payroll. On average, interviewed organizations were able to reduce payroll corrections by more than 80% upon implementation of the feature, with some able to eliminate errors entirely.
The commissioned study also found three typical benefit areas stemming from Paycom’s single HR software featuring Beti, including reduced errors, increased payroll productivity and improved employee engagement.
A leader within the restaurant industry told Nucleus the automation from Beti took days off payroll processing time. “Employee check errors went down, so employee engagement went up,” the customer said. “It was a game changer.”
The Nucleus study found that organizations using Beti experienced up to 100% of their end-users engaging with the system regularly.
“Beti is a paradigm shift for the payroll industry, and the value of perfect payroll is showing tremendous ROI for our clients,” said Chad Richison, founder, chairman and CEO of Paycom.
Nucleus discovered that, on average, payroll administrators previously using unautomated systems spent eight hours per 100 employees reconciling errors each pay period. With Paycom’s payroll solution, clients reduced time spent processing payroll by upward of 90%.
“If a time sheet needs to be updated after payroll starts, Beti allows the new information to flow over instead of stopping payroll to refresh,” said a customer in the health care industry. “I love this feature because it allows the payroll staff to work on other items for payroll.”
Paycom commissioned the Nucleus study in December 2023 to assess the value driven by the use of Beti with Paycom’s existing payroll capabilities. More information on the study can be found here.
About Paycom
For 25 years, Paycom Software, Inc. (NYSE:PAYC) has simplified businesses and the lives of their employees through easy-to-use HR and payroll technology to empower transparency through direct access to their data. And thanks to its industry-first solution, Beti®, employees now do their own payroll and are guided to find and fix costly errors before payroll submission. From onboarding and benefits enrollment to talent management and more, Paycom’s software streamlines processes, drives efficiencies and gives employees power over their own HR information, all in a single app. Recognized nationally for its technology and workplace culture, Paycom can now serve businesses of all sizes in the U.S. and internationally.
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Contacts
Jason Bodin
media@paycomonline.com
