New Study Further Demonstrates Value of Paycom’s Beti Payroll Solution
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Insights
The recent findings from Nucleus Research on Paycom Software's Beti® feature highlight significant operational efficiencies in payroll management. The reported reduction of payroll corrections by over 80% is a substantial improvement that can translate into cost savings and enhanced accuracy for businesses. From a market perspective, this level of efficiency can strengthen Paycom's competitive position in the human capital management software industry.
Furthermore, the increase in payroll productivity and improved employee engagement are crucial metrics that can lead to higher customer satisfaction and retention rates. The study's indication of up to 100% end-user engagement with the Beti system suggests a successful user adoption rate, which is a critical factor for the growth and scalability of such software solutions. These positive outcomes may reflect favorably on Paycom's stock performance as investors often look for companies with strong product adoption and potential for market expansion.
Paycom's initiative to commission a study by Nucleus Research demonstrates a proactive approach to quantifying the return on investment (ROI) of their Beti® payroll feature. The financial implications of reducing time spent on payroll processing by over 90% are noteworthy. This efficiency gain implies that clients can reallocate resources to other areas, potentially driving down operational costs and improving the bottom line.
Investors should consider the long-term financial impact of such technological advancements. As Paycom continues to innovate, its ability to automate and streamline complex processes could lead to an increase in its market share and a positive reevaluation of its growth prospects. It is also important to note that the efficiency gains reported may enhance Paycom's pricing power and customer loyalty, which are critical factors in the company's revenue stability and growth trajectory.
The adoption of Paycom's Beti® feature represents a shift towards employee-empowered payroll processes, which is a trend in the human capital management (HCM) technology sector. By allowing employees to take an active role in their own payroll, Paycom addresses common pain points such as error reconciliation and administrative overhead. This approach not only improves operational efficiency but also promotes a culture of transparency and self-service within organizations.
Additionally, the reduction in errors and the ability to update time sheets without interrupting the payroll process are indicative of the robustness of Paycom's software. These improvements in the user experience can be a decisive factor for businesses when selecting an HCM provider. As companies increasingly prioritize employee engagement and satisfaction, Paycom's Beti® could become a differentiator in the HCM market, potentially influencing future sales and market penetration.
The commissioned study also found three typical benefit areas stemming from Paycom’s single HR software featuring Beti, including reduced errors, increased payroll productivity and improved employee engagement.
A leader within the restaurant industry told Nucleus the automation from Beti took days off payroll processing time. “Employee check errors went down, so employee engagement went up,” the customer said. “It was a game changer.”
The Nucleus study found that organizations using Beti experienced up to
“Beti is a paradigm shift for the payroll industry, and the value of perfect payroll is showing tremendous ROI for our clients,” said Chad Richison, founder, chairman and CEO of Paycom.
Nucleus discovered that, on average, payroll administrators previously using unautomated systems spent eight hours per 100 employees reconciling errors each pay period. With Paycom’s payroll solution, clients reduced time spent processing payroll by upward of
“If a time sheet needs to be updated after payroll starts, Beti allows the new information to flow over instead of stopping payroll to refresh,” said a customer in the health care industry. “I love this feature because it allows the payroll staff to work on other items for payroll.”
Paycom commissioned the Nucleus study in December 2023 to assess the value driven by the use of Beti with Paycom’s existing payroll capabilities. More information on the study can be found here.
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20240118981974/en/
Jason Bodin
media@paycomonline.com
Source: Paycom Software, Inc.
FAQ
What is the industry-first payroll experience that Paycom announced?
What were the findings by Nucleus Research on the value organizations derive from the use of Beti?
What are the typical benefit areas stemming from Paycom’s single HR software featuring Beti?
What percentage of end-users engaged with the system regularly?