Paycom | December 13, 2023
Paycom Software, Inc. a leading provider of comprehensive, cloud-based human capital management software, announced updated cost estimates of data entry and HR tasks within its usage management analytics tool, Direct Data Exchange® (DDX™). These figures are based on the latest findings by professional services firm Ernst & Young (EY), who found the average cost of a single manual data entry made by an HR professional increased from $4.70 to $4.78.
“Since launching DDX in 2019, we have strategically shown thousands of businesses the estimated ROI when employees own their own data,” said Chris Thomas, Paycom’s chief operating officer. “The cost of manual HR data entries continues to rise, further proving the need for employees to own their data.”
An award-winning HR product, DDX gives employers insights into efficiencies gained through employee usage of HR technology. It provides a real-time estimated return on investment for that usage based on EY’s research, which is reflected in Paycom’s industry-first product.
“While self-service HR solutions have been widely available for some time, there still exists tremendous opportunity for their increased adoption and usage across most organizations." said Steve Boese, HR Technology Conference program chair and co-host of the HR Happy Hour podcast. “Insights from DDX help HR leaders make the case for increased investment in HR solutions and enable them to demonstrate the positive returns on the investments in HR technology that are a direct result of eliminating slow, expensive, low-value-add and error-prone manual processes.”
EY regularly updates its calculations by applying inflation factors to survey data. This year’s study also includes consideration for manual payroll tasks completed by HR professionals. When payroll tasks are included, the average cost of a single manual data entry rises from $4.78 to $5.35.
These estimated costs are only averages. EY also concluded that the cost per data entry of each task varies and can be as much as $21.18. Additionally, according to EY’s annual research, the cost per HR task has continued to increase across every category of HR data — such as expense management, personal information and more — since the original survey launched in 2018. Paycom’s DDX automatically calculates these costs for clients so they can, in turn, drive employee usage of Paycom’s Employee Self-Service® technology.
With the launch of DDX, Paycom became the first in the human capital management industry to provide a tool that assists employers in determining what appropriate employee usage of HR technology looks like and how to measure it.
For 25 years, Paycom Software, Inc. has simplified businesses and the lives of their employees through easy-to-use HR and payroll technology to empower transparency through direct access to their data. And thanks to its industry-first solution, Beti®, employees now do their own payroll and are guided to find and fix costly errors before payroll submission. From onboarding and benefits enrollment to talent management and more, Paycom’s software streamlines processes, drives efficiencies and gives employees power over their own HR information, all in a single app. Recognized nationally for its technology and workplace culture, Paycom can now serve businesses of all sizes in the U.S. and internationally.
Factorial | December 18, 2023
Factorial, a leading provider of human resources software solutions, announced its partnership with Cimplx, a provider of human resources and Affordable Care Act (ACA) cloud-based compliance solutions. The pair joins forces to provide a comprehensive suite of payroll and benefits management services to their HR customers via Factorial's unified platform.
According to Factorial Co-Founder and CEO, Jordi Romero, "We are excited about our partnership with Cimplx, as it enables us to offer our customers a comprehensive, integrated solution that handles employee data, time tracking, deductions, payroll, and benefits management. We aim to empower businesses with the tools they need to navigate the complexities of HR and compliance effortlessly."
The integration allows all data collected in the platform to automatically inform employee payroll, including time tracking, and ensures accurate compensation. Additionally, it secures employee data, such as bank details, tax deductions, and salary information, as well as supplements and deductions, such as bonus allocations, expense reimbursements, and benefits deductions.
Factorial and Cimplx shared the key benefits of their integrated solution
Compliance and Security : Achieve payroll accuracy with real-time tax regulations, mitigating risks associated with errors. Enhance data security with robust features, ensuring sensitive employee information remains secure and compliant with privacy regulations.
Time Efficiency : Save time by automating manual payroll tasks and empower your workforce with self-service options, reducing the workload and fostering employee independence.
Customization : Enjoy an integrated approach to human capital management and tailor solutions to your unique needs, eliminating the constraints of one-size-fits-all solutions.
Industry Expertise : Gain valuable insights into payroll costs, trends, and compliance metrics through our team's industry expertise, including certified payroll professionals and experienced benefits administration enrollment services.
"We recognize the evolving needs of businesses in managing their workforce. Teaming up with Factorial allows us to offer a holistic solution that combines our expertise in compliance with their advanced HR platform," said Stephen Schram, COO and President of Cimplx.
Founded in 2016, Factorial offers people-centric solutions for HR teams, automating processes so they have more time to dedicate to the people within their organization. With over 75,000 users across 65+ countries, Factorial serves clients such as KFC, Booking.com, and Whisbi. Factorial became Europe's newest Unicorn in 2022 following a Series C investment round.
beqom | December 14, 2023
beqom, a provider of compensation and performance management solutions, announced it will acquire PayAnalytics, a cutting edge pay and workplace equity software provider. The global movement toward workplace equality has made it imperative for organizations to address wage gap challenges head on, for both competitive and regulatory reasons. beqom's acquisition of PayAnalytics means that companies can now embed pay equity into their compensation processes and daily decision-making, to create a culture of fair pay, build on a data-driven compensation strategy, and meet global pay equity regulatory requirements. The acquisition positions beqom uniquely in the market as provider of the most complete advanced total compensation and pay equity solution.
The PayAnalytics solution, designed by a team of data scientists and HR leaders, empowers companies to analyze pay for gender and other forms of demographic fairness, and take appropriate action. Through multivariate regression analysis, it identifies factors influencing pay and proposes remedies for unexplained pay gaps. By delivering these advanced analytic capabilities in the context of a plug-and-play pay equity methodology, PayAnalytics will add the capability to embed instant and always-on pay equity into the real-time compensation processes managed by beqom, supporting data-driven pay decisions for new hires, merit increases, and promotions. beqom's compensation modeling optimizes the budget impact for pay equity remediation scenarios. Together, the solutions will provide companies with unprecedented abilities to attract and retain talent, drive performance, and optimize costs, while ensuring compliance and reducing risk.
"Pay equity is no longer a niche area, it's a business essential, and the focus must go well beyond compliance and risk. Our in-depth research shows that companies that excel in pay equity have higher profitability, greater customer satisfaction, innovate better, and win the war for talent," says Kathi Enderes, Senior Vice President Research and Global Industry Analyst at The Josh Bersin Company. "Done right, pay equity is not a once-a-year-project but a way to run the company for equity. The right technology is vital because it's a complex undertaking. Combining the advanced pay equity capabilities of PayAnalytics with beqom's total compensation platform means that companies can embed a consistent and continuous focus on fair pay in their entire talent lifecycle, helping make their rewards function systemic and accomplishing higher rewards maturity."
Customers can expect business as usual while having the possibility of benefiting from the expanded range of solution capabilities. Both companies are committed to maintaining the high level of service expected by their customers, while offering them broader and deeper functionality and expertise in compensation and pay equity management., Each will continue to drive product innovation in their respective domains, while tightening the integration between the two suites of products.
"What distinguished the PayAnalytics solution and team for us was their specialized expertise and sophisticated data approach enabled by a great product. Additionally, the company's headquarters in Iceland places them strategically with a global perspective, straddling both the EU and the US. This unique positioning gives PayAnalytics an inherently global DNA and mindset, a distinction that beqom, headquartered in Switzerland, can appreciate firsthand," says Fabio Ronga, beqom CEO and co-founder. "Consequently, PayAnalytics exhibits a deep understanding and proven experience in navigating the complexities of global enterprises dealing with diverse local regulations. These factors serve as key differentiators that set the solution apart from others in the market. We look forward to working with the whole team on keeping PayAnalytics at the forefront of pay equity software solutions, and to bring that expertise to beqom's customers."
"We founded PayAnalytics to eliminate the gender pay gap by applying data analytics and arming HR managers with quantitative decision-making tools," says Sigurjon Palsson, PayAnalytics CEO and co-founder. "We are excited now to join forces with beqom and take pay equity to the next level. By linking those analytics to compensation processes, customers now will be able to close the loop and create a culture of continuous fair pay."
beqom was founded in 2009 with the mission to help the world's largest enterprises keep their people motivated and productive through comprehensive, equitable, and transparent performance and rewards. PayAnalytics was founded in 2016 to eliminate the gender pay gap by applying quantitative decision-making tools.
beqom is a unified total compensation platform — managing compensation, employee performance, sales performance, pay equity, and recognition all in one place. beqom makes it easy for HR teams to handle every aspect of total compensation management at scale by empowering HR leaders to personalize compensation strategies with their organizations' needs. With beqom, employees understand their value, perform at their peak, and are rewarded fairly for their contributions.
PayAnalytics is a cloud-based software solution that enables HR managers and consultants to conduct their own salary review, measure gender and other demographic discrepancies in pay, and offers recommendations on how to close pay gaps. Their reporting and visualization tools allow HR managers to understand the impact of hiring, promotion, and salary adjustment decisions on pay gaps, and to understand trends in their pay structure.