Paylocity Momentum Continues as Clients Embrace Modern Workforce Solutions To Improve Business Outcomes in Highly Competitive Labor Environment
Paylocity | August 04, 2021
Today, HR and Payroll software provider Paylocity announced continued momentum and adoption of its Modern Workforce Solutions that include innovative features such as Community, Premium Video, Surveys, Learning Management and the recently launched Modern Workforce Index. Companies are leveraging these features to help elevate the employee experience in the current competitive environment, where attracting and retaining talent has become paramount. The company has also received recognition for these solutions from third-party organizations including G2 and Lighthouse Research and Advisory.
In the fiscal year ending June 30, client usage of Community announcements on the Paylocity platform increased by over 150% year-over-year, and total announcements doubled this Spring compared to the same period in 2020. Community is a single source for announcements, group collaboration, and messaging that improves communication effectiveness and employee engagement compared to broadcast emails or antiquated intranets. Monthly unique visitors of Community on the Paylocity platform doubled in the last year, and employees created hundreds of thousands of interactions per month, including reactions and comments. Most of this activity happens on mobile devices, where the employee user experience mirrors the social media apps that people are accustomed to using every day, including the use of video. Community has seen rapid adoption by companies with dispersed workforces – including mobile and remote employees, contractors and shift workers, or other "deskless" workers that may not have regular access to corporate email or computer terminals.
In addition, monthly video creation in the last four months steadily outpaced the first four months of 2021, and the number of videos created on the platform as of June 2021 was nearly triple the total from December 2020 as clients use videos across the platform in Community, Learning Management, Onboarding, and Recruiting.
Another increasingly popular capability of the Paylocity platform is the ability to generate Surveys to uncover employee needs and open the door for ongoing and transparent conversations. Millions of surveys were completed last year using the Paylocity platform, including popular ready-to-use templates available to customers.
Michigan-based manufacturer Revere Plastics relies on Paylocity to create a strong culture and compete with larger chains to attract and retain talent. Kristi Stuetzer, VP of HR for Revere Plastics commented, "We needed a system that could help build our culture, connect our 1,200 employees across nine plants, and give our HR team useful data. Paylocity cut our HR team's onboarding work by 25-30% and helped us increase engagement with Surveys, Community, and Video, and our employees have embraced these tools." When Revere Plastics transitioned its employee NPS survey to Paylocity, the response rate went from less than 1% to more than 40%. Stuetzer explained that Paylocity is helping "build relationships with people and build our culture. And for the first time, now we have a pulse on both."
Paylocity clients also have access to deep insights into their organization through the Modern Workforce Index (MWI). Built with patent-pending artificial intelligence, MWI is a unified dashboard of how well clients are doing with step-by-step ways to improve engagement. They can see their overall scores and compare performance to peers – then break down results across tool utilization, employee sentiment, and organizational health. Companies with higher MWI scores show 15-25% lower attrition and higher headcount growth.
VStyles, a collection of hair salon franchises in Southern California with 150 employees, was unable to gain relevant business insights, such as company turnover, with their prior human capital management system. VStyles transitioned to Paylocity to accommodate specific compliance and regulatory needs and gain efficiencies in reporting. Using MWI, they were also able to index where the salons were against the industry and make decisions with data driving the strategic vision for the franchises. "When we first accessed the data insights, we realized our turnover rate was high relative to peers in our industry," said VStyles Owner and HR Director Christy van de Sande. "We made some changes internally, such as offering incentives for employees who stayed longer than a year. We also spent more time training and investing in our employees' future. After our second year with Paylocity, our turnover was cut by more than 60%. It's gratifying as an owner to know that your investments are paying off," continued van de Sande.
Outside Recognition for Paylocity
Clients have also validated Paylocity's solutions through endorsements on G2. Paylocity was named an Overall Leader in seven HR and payroll product categories for enterprise and 12 categories for mid-market based on customer reviews. In addition, the company was awarded the "Best Solution for Talent Development" in the 2021 HR Tech Awards from Lighthouse Research and Advisory. Earlier this year, Paylocity also received the Top 100 BEST Award from the Association for Talent Development for excellence in building modern employee learning solutions.
Paylocity's continued growth and momentum is complemented by its leadership team's commitment to building a culture of caring for its customers and employees. Recent awards and recognition reinforce Paylocity's focus on retaining and attracting the best talent to serve clients. Paylocity ranked on the "Crain's Fast 50" list of the fastest-growing companies in the Chicago area for the eighth consecutive time and was recognized by Yahoo as one of the Top 20 companies with the happiest employees. The company once again was named Great Place to Work-Certified™ for 2021 by the GPTW Institute, a global authority in workplace culture. Paylocity's Chief Executive Officer Steve Beauchamp received a Glassdoor Employees' Choice Award honoring the Top CEOs among large companies in 2021 for the fourth time, and Paylocity's enterprise sales team was named both National Sales Team of the Year and Field Sales Team of the Year at the 15th Annual Stevie Awards for Sales & Customer Service.
Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based HR and payroll software solutions headquartered in Schaumburg, IL. Founded in 1997 and publicly traded since 2014, Paylocity offers an intuitive, easy-to-use product suite that helps businesses tackle today's challenges while moving them toward the promise of tomorrow. Known for its unique culture and consistently recognized as one of the best places to work, Paylocity accompanies its clients on the journey to create great workplaces and help people achieve their best through automation, data-driven insights, and engagement.