New Study Demonstrates Benefits of Automating Time-Off Requests With Paycom

Rhea-AI Summary

Paycom Software (NYSE: PAYC) released a Forrester Consulting study highlighting the benefits of their Time-Off Requests featuring GONE® automation tool. The study projects an 821% ROI over three years for a composite organization using the system. Key benefits include saving managers nearly one workweek annually, HR staff almost five workweeks, and up to six workweeks of avoided overtime through improved staffing. The automated system manages employee time-off requests through configurable rules, reducing bias and expediting decisions while ensuring compliance with company policies.

Positive

• Projected 821% ROI over three years for client organizations
• Significant time savings: 1 workweek for managers, 5 workweeks for HR staff annually
• Up to 6 workweeks of avoided overtime costs through better staffing
• Automation of time-off management reduces labor costs from overpayments and scheduling errors

Negative

• None.

Insights

Financial Analyst

The Forrester study revealing an 821% ROI over three years for Paycom's Time-Off Requests featuring GONE® demonstrates significant business value. The automation solution addresses a critical inefficiency in workforce management, targeting the 10% of labor costs that typically go unmanaged. Key financial benefits include substantial time savings across management and HR staff, potentially translating to meaningful cost reductions.

The solution's impact on overtime hours is particularly noteworthy, with up to six workweeks of avoided overtime annually representing direct bottom-line savings. For enterprise clients, this efficiency gain could translate to millions in reduced labor costs. While the study uses a composite organization, the high ROI figure and operational benefits suggest strong potential for PAYC's revenue growth and market penetration in the HCM space.

HR Technology Analyst

GONE's automation of time-off management represents a significant advancement in HR technology optimization. The system's ability to integrate with existing Paycom tools through a single database creates a compelling competitive advantage in the HCM market. The configurable rules engine and bias reduction features address critical pain points in workforce management, while the instant decision-making capability transforms a traditionally manual, time-consuming process.

The elimination of 15-minute manual reviews per request and the automation of policy enforcement demonstrate clear operational value. This technology positions Paycom strongly against competitors in the HR automation space, particularly as organizations increasingly prioritize efficiency and employee experience in their digital transformation initiatives.

OKLAHOMA CITY--(BUSINESS WIRE)-- Paycom Software, Inc. (NYSE: PAYC) (“Paycom”), a leading provider of comprehensive, cloud-based human capital management software, revealed findings by Forrester Consulting on the potential cost savings and benefits enabled by Paycom’s Time-Off Requests featuring GONE^®, which automates the historically undermanaged time-off request process. According to the Forrester study, a composite organization representative of interviewed Paycom clients received a projected return on investment of up to 821% over three years.

Paycom’s Time-Off Requests featuring GONE manages employee time-off requests through automated decision-making with configurable rules. The tool expedites time-off decision periods, frees managers from time-consuming reviews, and uses company policies and coverage needs to reduce bias. Using GONE for a three-year period, the projected, quantifiable benefits for the composite company from the commissioned study included:

• individual manager time savings of nearly one workweek^* of unproductive hours annually
• HR, finance and administrative staff time savings of nearly five workweeks’ time annually
• up to six workweeks of avoided overtime hours annually from more consistent staffing

“Without GONE, 10% of an organization’s labor costs go substantially unmanaged, resulting in increased costs from overpayments, scheduling errors, staffing shortages and operational disruption,” said Chad Richison, Paycom founder, CEO and chairman.

For its research, Forrester conducted interviews with Paycom clients using GONE. The interviewees expressed additional workplace benefits from using the software, including:

• improved employee experience with quicker response times and fairer decisions
• configurable time-off decisioning rules to fit current business requirements or needs
• removed burden on managers to scrutinize and uphold company time-off policies
• connectivity with other Paycom tools through its single database, eliminating redundant tasks and allowing for performance and other criteria to be included in decisioning

During an interview, a director of human resources in the retail industry said GONE eliminated the significant distraction and manual considerations associated with their organization’s traditional approval process, which previously took up to 15 minutes per review. “With GONE, I know that all PTO requests are going to be handled instantly and fairly, without considering which individual is requesting it,” they said.

Paycom commissioned the Forrester TEI study, New Technology: The Projected Total Economic Impact™ Of Paycom’s Time-Off Requests Featuring GONE^®, in fall 2024 to examine the potential financial impact of Paycom’s Time-Off Requests featuring GONE on organizations. More information on the TEI study can be found here.

^*Refers to a traditional 40-hour workweek.

About Paycom

For 25 years, Paycom Software, Inc. (NYSE: PAYC) 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241031915219/en/

Larisha Hunter

media@paycom.com

Source: Paycom Software, Inc.

FAQ

What ROI does Paycom's GONE time-off system (PAYC) project for users?

According to the Forrester study, organizations using Paycom's Time-Off Requests featuring GONE can achieve up to 821% ROI over three years.

How much time can companies save using Paycom's GONE system (PAYC)?

Companies can save nearly one workweek annually for managers, five workweeks for HR staff, and up to six workweeks of avoided overtime hours annually.

What are the main benefits of Paycom's Time-Off Requests featuring GONE (PAYC)?

The main benefits include automated decision-making, reduced bias, expedited time-off decisions, manager time savings, and better staffing management through configurable rules.