NelsonHall, a leading global analyst and research firm, identified Paychex as a “Leader” in its latest annual NEAT vendor evaluation report for human capital management (HCM). Through a persistent focus on HCM software innovations that meet the new way of working, Paychex, a leading provider of integrated human capital management solutions for HR, payroll, benefits, and insurance services, has placed in the Leader quadrant of the Next Generation HCM Technology report.
“Paychex has quietly developed its Paychex Flex technology into a digitally focused platform offering that spans the employee journey and punches above its weight in HCM technology maturity, including robust COVID-related workplace tools,” said Pete Tiliakos, HR analyst and principal Next Generation HCM Technology report author. “These are paired with an expansive, one-stop-shop for modern HR and payroll solutions and services curated to support the needs of growing small and mid-sized businesses.”
NelsonHall evaluated 13 HCM vendors in the NEAT report based on two criteria: (1) ability to deliver immediate client benefits and (2) ability to meet clients’ future requirements.
“As businesses continue to emerge from the challenges of the last 20 months, we’re seeing a renewed focus on leveraging human capital management technology to maximize efficiency,” said Tom Hammond, Paychex vice president of corporate strategy and product management. “We continue to work directly with our clients to introduce integrated technology solutions that allow them to address the evolving HR landscape and streamline the employee experience from recruitment to retirement. It is an honor to be recognized by NelsonHall as a leader in doing just that – simplifying the management of HR, payroll, and benefits within a single platform.”
Paychex introduced several new capabilities and functions to Paychex Flex, its end-to-end HCM platform, to help support businesses during calendar year 2020 including:
- HR Conversations – Makes it easier for employees and supervisors to digitally collaborate and communicate, keeping everyone aligned on job activities.
- HR Connect – Enables 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 capture critical workforce data digitally and create the reporting needed to help fulfill obligations.
- Paycheck Protection Program (PPP) and Employee Retention Tax Credit (ERTC) tools – Deliver simple and consolidated reports that include the payroll information to help businesses apply for and receive forgiveness for PPP loans, as well as secure retroactive ERTC funding. To date, Paychex has helped customers secure $65B in PPP loans and helped them apply for $6B 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 – Leverages real-time payments through The Clearing House RTP ® network to deliver pay to employees immediately. Paychex is the first HR solutions provider to enable this technology for business owners.
- Paychex Pooled Employer Plan (PEP) – Designed to take the bulk of plan administration off of employers’ hands, the professionally managed pooled employer plan expands retirement plan access by offering a cost-effective retirement savings option for employers of any size.
“We remain committed to providing solutions to simplify the complexity of running a business,” Hammond added. “Seeing the innovations we’ve introduced in Paychex Flex in the last year recognized by NelsonHall is further validation of our commitment to our clients.”
For Dr. Kevin Andrews, owner and chiropractor of True Health and Fitness, partnering with Paychex has allowed his company to not only survive the challenges of the pandemic but thrive as a business.
“As we move through this pandemic, I realized that Paychex is much more than just a payroll company. Paychex has been here for us every step of the way with answers available through the Paychex Flex portal, emails, and phone calls,” said Andrews. “Because of the support that Paychex provided our business, we were able to stay open during the pandemic, become more efficient, and truly thrive through this difficult time.”
Businesses can learn more about how Paychex HCM solutions work in conjunction with service to deliver a superior customer experience.
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