Many HR professionals and business leaders agree that recruiting and retaining talent is a critical concern in today’s competitive workforce.
According to a 2024 survey of 266 business leaders at companies with 1000+ employees from Guild, a career opportunity public benefit corporation, 97% of leaders view attracting talent as a priority in 2024, and 69% of respondents labeled the need as “urgent.”
Companies seeking ways to appeal better to job seekers may want to look at those included on TIME’s inaugural America’s Best Mid-Size Companies list.
For this list, TIME considered all companies that operate in the United States and generated between $100 million and $10 billion in revenue in 2022 or 2023. It identified top-performing companies based on three factors using more than 15 different criteria, including employee satisfaction, revenue growth and sustainability transparency.
Paycom, a leader in cloud-based human capital management software, stands out on this list for its exceptional and consistently recognized company culture.
Founder, CEO, President and Chairman of the Board of Directors Chad Richison, remarked, “We’re committed to providing excellent ROI for our clients through innovative software and a supportive environment for our employees through robust benefits and growth opportunities.”
This honor follows recent wins for Best Company for Career Growth and Best Leadership Teams by Comparably.
Here is an overview of the reasons Paycom earned TIME’s distinction.
Chad Richison’s Leadership
Paycom’s success starts with the visionary direction of Richison. For over two decades, he’s led the transformation of HR technology, developing pioneering online HR solutions to revolutionize how businesses handle payroll and human resources. Cementing its position as a trailblazer in the industry, Paycom is renowned for its innovative software and unwavering commitment to empowering businesses and streamlining operations for workers.
Paycom, founded in 1998, was the first online payroll processing company but quickly expanded its offerings to include time and attendance tracking, benefits administration, talent acquisition and more, all built on the same system. Realizing the potential of cloud-based technology before it became common, Richison built Paycom’s solutions entirely in the cloud.
In 2019, Richison made another notable contribution to the human capital management industry with Direct Data Exchange® (DDX™). This first-of-its-kind tool gives employers insights into efficiencies gained through employee usage of HR technology.
The company transformed the payroll experience further with, Beti®,an industry-first solution that empowers employees to do their own payroll. Employees interact directly with their payroll, reducing errors and ensuring accuracy. Instilling a sense of ownership over their payroll minimizes discrepancies and streamlines processes, ultimately boosting efficiency and preventing errors that could undermine trust in their employer.
Beti leverages automation to effortlessly handle routines and monotonous tasks such as calculating work hours, tracking expenses and handling compensation variations . Its real-time monitoring feature gives HR managers immediate insights into pending actions, terminations and check adjustments.
This tool’s benefits and impact are tangible. According to a 2023 Total Economic Impact™ study by Forrester Consulting, Beti led to a remarkable 90% reduction in payroll processing time for a composite organization with 2,500 employees across 70 U.S.-based locations and various pay structures. Over three years, the composite company using Paycom experienced $3,775,365 worth of benefits and saved $2.3 million by consolidating and removing legacy systems.
Enhanced automation is also a key factor in Paycom’s stature as an HR tech leader. The feature GONE™ uses this advanced automation to facilitate decision-making for time-off requests through a customizable decision engine. It considers staffing needs, consecutive days requested, individual employee hours worked, level of seniority, and more to approve or deny time-off requests efficiently.
A Model of Corporate Social Responsibility
Paycom’s 2023 Corporate Social Responsibility Report illustrates its commitment to creating a safe and inclusive workplace, giving back to the community, valuing every client who uses its software and minimizing environmental impact.
Richison and his team ensure this by providing extensive employee benefits, supporting communities through philanthropy and promoting cultural inclusivity through open dialogue.
Employee Benefits
Benefits play a significant role in attracting and retaining talent. The Society for Human Resource Management (SHRM) found that 88% of employees said their healthcare benefits were extremely or very important and over 80% of HR professionals ranked health benefits as the top benefits category.
Employees at Paycom receive dynamic benefits, including wellness, parental and more. Some of these benefits include:
- $1-per-pay-period individual health insurance
- $0 copay for in-network therapy and counseling
- $4 catered lunches
- On-site well-being advisors
- On-site interfaith spaces
- Green spaces and on-site fitness facilities at the Oklahoma City and Grapevine, Texas campuses
- Paid Parental, Adoption/Foster and Secondary Caregiver Leave
- Lactation rooms
Diversity, Equity and Inclusion (DEI)
A CNBC survey discovered that 80% of respondents shared they want to work for a company that values diversity, equity and inclusion efforts. At Paycom, diversity, equity and inclusion are central to its culture. “We believe our commitment to DEI results in happier, more productive employees who stay longer and bring more innovative ideas,” says Richison.
Talent Acquisition and Development At Paycom
Throughout the year, Paycom’s recruiting program, driven by its Talent Acquisition Campus Recruitment and DEI Strategy Team, participated in nearly 50 DEI recruitment events, sharing the diverse career opportunities available at Paycom.
One noteworthy example includes the company’s involvement in the Grace Hopper Celebration, renowned as the world’s largest gathering of women technologists. This conference provided a platform for learning, networking and celebrating achievements. Representatives from Paycom, comprising women leaders and interns, demonstrated its dedication to promoting professional growth.
DEI Training
Last year, Paycom bolstered its DEI training program for everyone in the company. This training, accessible via its Paycom Learning platform, aims to cultivate essential awareness and skills necessary for fostering DEI capability among individuals. Paycom also featured various DEI speakers and thought leaders, including an Indigenous poet laureate and the CEO of the National Juneteenth Museum.
These efforts exemplify Paycom and Richison’s mission to create “an inclusive environment that allows employees to thrive both in their careers and their personal lives.
Employee Resource Groups (ERGs)
ERGs at Paycom are inclusive spaces where individuals from diverse backgrounds connect, receive support and engage in community initiatives. These groups are open to all staff, whether they identify directly with the group’s focus or are allies.
Philanthropy
Philanthropy is a cornerstone of Paycom’s ethos. Through the company’s employee giving program, employees can donate to various nonprofits each month via Paycom’s Employee Self Service®, with donations deducted from their payroll. These contributions assist nonprofit organizations dedicated to education, STEM programs, mental health, veterans, children and youth programs and environmental education.
In 2023 alone, Paycom and its employees collectively gave over $2.3 million to more than 350 organizations across 37 states and Washington, D.C. So far this year, they’ve gifted:
- $35,000 to American Cancer Society Hope Lodge communities
- $50,000 for the Centennial Commission’s flagship project, Greenwood Rising Black Wall St. History Center
- $50,000 to Oklahoma Women in Technology (OKWIT)
- $33,000 to The Nature Conservancy
- $33,000 to the National Alliance on Mental Illness (NAMI) and
- $50,000 to Free Mom Hugs.
For more information on Paycom and its cutting-edge solutions, visit https://www.paycom.com/.
Published by: Martin De Juan
