Paychex, Inc., a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services, has again been named one of the World’s Most Admired Companies by FORTUNE® magazine. The annual list recognizes companies globally for their outstanding financial performance, products, investment value, innovations, social responsibility programs, leadership, and more. The rankings are considered the definitive report card on corporate reputation.
“This recognition is a testament to the dedication of our 16,000 employees with a purpose of helping businesses succeed, and the strength of our company’s values and culture,” said John Gibson, president and CEO of Paychex. “Our inclusion on this list demonstrates that our commitment to having a positive impact on our customers, our employees, and the communities we serve is being recognized by other business leaders around the world. Our investments in our technology-enabled solutions, our employee development, and our communities are paying dividends for all our stakeholders.”
HR Business Solutions
In 2022, Paychex made significant investments to bring new products and enhancements to the company’s SaaS-based HR software solution, Paychex Flex®, including:
- Integrations for onboarding, time management, hiring, and document management so essential administration tasks can be completed and automated within the Paychex Flex platform to drive operational efficiencies.
- A compensation summary reporting tool that provides employees with a view of their compensation beyond direct pay—a critical business strategy for retaining top employees in today’s competitive job market.
- Flock Benefits Administration by Paychex, industry-leading benefits administration technology with advanced features that help streamline benefits administration and make enrollment more accessible for employees.
- Paychex Iris Time Clock, the latest technology in time tracking, leverages precise face and iris recognition for a safe and efficient way to capture accurate time and attendance data. New features integrated with Paychex Flex promote employee self-service and the centralization of specific HR data such as pay adjustments, time-off balances, and schedules to help minimize the time employers spend manually fielding HR requests.
Business Resources
Over the past year, Paychex continued to offer resources and services that help business leaders better understand the landscape in which they operate. Customers have been able to make the most of their budgets by identifying opportunities for savings, reimbursements, and operational improvements:
- The company’s Employee Retention Tax Credit (ERTC) Service has helped more than 50,000 businesses access billions in tax credits since initiating this service in 2020.
- The company’s Professional Employer Organization (PEO) Service helps save the average client an average of $1,775 per employee in administration costs.
Corporate Commitment
In 2022, Paychex renewed its commitment to work toward a better world by releasing an Environmental, Social, and Governance (ESG) Report detailing its progress toward existing initiatives and outlining pursuits for the next phase of its program. The report shared that in the 2022 fiscal year, Paychex:
- Introduced a multi-year, $4-million commitment focused on four critical areas of well-being: mental wellness, physical wellness, financial wellness, and professional skills development.
- Made significant progress toward diversifying its staff, with women making up 62 percent and racially diverse candidates accounting for 44.4 percent of Paychex’s new hires (increases of 12 and 14.5 percent from the previous year, respectively).
- Supported its employees’ professional growth to great effect by delivering more than 5,800 workforce training, skills, and leadership development programs.
- Committed to updating its greenhouse gas emissions and energy consumption guidelines in an effort to achieve net zero by 2050.
The World’s Most Admired Companies list can be found on the FORTUNE website. For more information on how the rankings are determined, please view Korn Ferry’s full methodology.
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