Today, Paychex, Inc. announced the release of its 2022 Environmental, Social, and Governance (ESG) Report. The report details the steps the company, a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services, is taking in pursuit of “Working for a Better World.”
“Working for a better world is something Paychex has been doing since we were founded in 1971,” said Stephanie Schaeffer, chief legal and ethics officer at Paychex. “As we’ve grown to the company we are today, with nearly 16,000 employees serving 730,000 clients, we’ve remained steadfast in holding ourselves to the highest standards of ethics, including an unwavering commitment to integrity. ESG is about applying that integrity across everything that touches our business – from how we use energy in our operations; to how we contribute to the quality of life in the communities we serve; to how we establish our governance framework; to how our workplace is a place of diversity, equity, and inclusion.”
The 2022 ESG Report highlights the impact Paychex has made to-date and new initiatives related to the nine pillars of the company’s ESG program:
- Ethics – Last fiscal year, Paychex celebrated its 14th appearance on the World’s Most Ethical Companies list, which honors organizations that demonstrate exceptional leadership and a commitment to business integrity through best-in-class ethics, compliance, and governance practices.
- Governance – To address the company’s ongoing dedication to advancing ESG priorities, the Paychex board of directors divided the responsibilities of the Governance and Compensation Committee into two separate board committees: the Compensation and Leadership Committee and the Nominating and ESG Committee.
- Privacy and Security – The privacy and security of confidential client information is a top priority of Paychex. The company’s leadership can be demonstrated using independent security rating services such as Security Scorecard and Bitsight, providing external validation of the Paychex cybersecurity program.
- Diversity, Equity, and Inclusion – Paychex continues to prioritize and amplify diverse voices through recruitment, employee resource groups, mentorship programs, training, and pay equity. Last fiscal year, in (FY22): 62 percent of Paychex hires were female (+12 percent from FY21); 44.4 percent of Paychex hires were racially diverse (+14.5 percent from FY21); and Paychex was included on Forbes’ Best Employers for Diversity and Best Employers for Women lists.
- Employees – Paychex is committed to supporting the well-being and professional growth of its nearly 16,000 employees. In FY22 more than 5,800 workforce training, skills, and leadership development programs were delivered to employees, and an average of 21.5% of Paychex employees utilized emotional and well-being support through the company’s Employee Assistance Program, 17.6% of eligible household members used the program as well.
- Environment – To align with the shifting guidance on reducing energy consumption and greenhouse gas (GHG) emissions, Paychex has committed to updating its environmental policy at least once a year, performing enterprise-wide risk assessments, and achieving net-zero GHG emissions by 2050.
- Community – The spirit of giving is central to the corporate identity of Paychex. In 2014, the Paychex Charitable Foundation was founded to support community service organizations where Paychex employees and clients live and work. In FY22, the Paychex Charitable Foundation introduced a multi-million-dollar commitment and strategic giving framework focused on four critical areas of well-being: mental wellness, physical wellness, financial wellness, and professional skills development. The framework will direct a $1 million investment, over the course of four years, in support of each area of well-being, for a total investment of $4 million.
- Empowering Businesses – Paychex is committed to helping businesses succeed. As of May 31, 2022, we helped clients retroactively claim more than $8 billion in Employee Retention Tax Credits by providing a review, documentation, preparation and filing of the amended returns. This builds on the success of the $65 billion in Paycheck Protection Program loans we helped our clients secure (with a 96 percent forgiveness rate), providing them much-needed assistance at the height of the pandemic.
- Occupational Safety – With an ongoing focus on providing its employees with a safe and comfortable work environment, Paychex has experienced a 75 percent reduction in the number of reported new workers’ compensation claims in the last five years.
Visit www.paychex.com/corporate/corporate-responsibility to download the Paychex 2022 ESG Report: Working for a Better World.
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