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. 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."
- Pete Tiliakos, HR analyst and principal Next Generation HCM Technology report author.
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,"
- Tom Hammond, Paychex vice president of corporate strategy and product management.
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.
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.
Businesses can learn more about how Paychex HCM solutions work in conjunction with service to deliver a superior customer experience.
Paychex, Inc. (Nasdaq: PAYX) is a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by 50 years of industry expertise, Paychex served more than 710,000 payroll clients as of May 31, 2021 across more than 100 locations in the U.S. and Europe, and pays one out of every 12 American private sector employees.
NelsonHall is the leading global analyst firm dedicated to helping organizations understand the 'art of the possible' in IT and business services. NelsonHall provides buy-side organizations with detailed, critical information on markets and vendors (including NEAT assessments) that helps them make fast and highly informed sourcing decisions. And for vendors, NelsonHall provides deep knowledge of market dynamics and user requirements to help them hone their go-to-market strategies. NelsonHall's research is based on rigorous, all-original research, and is widely respected for the quality, depth, and insight of its analysis.