Global analyst and research firm NelsonHall has once again recognized Paychex, Inc., a leading provider of integrated human capital management software solutions for human resources, employee benefits, insurance services, and payroll, as a “Leader” in its 2024 Vendor Evaluation and Assessment Tool (NEAT) report for payroll service providers.
This marks the eighth year running that the company has received this acknowledgment for Paychex Flex®, the company’s cloud-based SaaS solution.
The NelsonHall Payroll Services NEAT report derives from the research and examination of 19 companies with criteria including: (1) the ability to deliver immediate client benefits and (2) the ability to meet clients’ future requirements. Placement in the “Leader” quadrant for Digital Payroll and Extended Services reflects Paychex’s ability to fully meet both evaluation criteria.
Liz Rennie, NelsonHall’s HR & talent transformation research director, said, “Paychex is a Leader in the Digital Payroll Capability and Extended Services Capability market segments based on its ability to deliver digital enablement and its broad service offering. This includes future-focused technology to reimagine payroll, incorporating digital pay onboarding, marketplaces, pay simulations and what-if forecasting analysis. It also delivers visibility of conversations, rate changes, processes and pay insights in new and modern ways of engaging employees in support of their changing and growing requirements.”
“We are honored to be acknowledged by NelsonHall for our innovative technology designed to provide businesses of all sizes with the tools they need to drive productivity and enable an engaged workforce,” said Tom Hammond, Paychex managing director of strategy, partnership, and business development. “Payroll is the foundation of the employer-employee relationship. For over five decades, Paychex has been strategically expanding our capabilities to fortify that relationship by offering our customers solutions that help them manage and engage their workforce from pre-hire to retire.”
In 2024, Paychex released new solutions such as Paychex Flex® Perks, a digital marketplace for employee benefits that includes early access to earned wages, financial wellness solutions, and voluntary lifestyle benefits. A recent PayrollOrg survey found that 77% of individuals would struggle to meet their financial obligations if their paycheck was delayed by a week, underscoring how critical wage access benefits can be.
“We understand the critical need for timely employee pay and benefits, especially for small and mid-sized companies who are looking to compete for talent against larger organizations with bigger budgets. Offering SMBs a solution for early access to earned wages and voluntary lifestyle benefits creates a better environment for a more engaged and thriving workforce,” added Hammond.
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