Latest Paychex Solutions Help Businesses Meet the Needs of the Modern Workforce

Rhea-AI Summary

Paychex, a leader in integrated human capital management software, announced enhanced solutions aimed at improving talent retention and secure document management. Released on March 28, 2022, these updates focus on supporting businesses as they recover from the impacts of the COVID-19 pandemic. Key features include a Compensation Summary Report, Secure Document Management capabilities, and an integration for Financial Wellness. The company aims to address the challenges of a worker shortage and evolving employee needs through these innovative solutions.

Positive

• New Compensation Summary Report aids in employee retention by providing a comprehensive view of compensation.
• Secure Document Management enhances data security and helps in tracking important documents, supporting compliance needs.
• Financial Wellness services address employee financial concerns, promoting overall well-being.
• Paychex Iris Time Clock introduces biometric features for accurate time tracking, improving HR efficiency.

Negative

• None.

HCM technology provider announces enhanced solutions for talent retention, secure document management, and employee time tracking

ROCHESTER, N.Y., March 28, 2022 /PRNewswire/ -- Paychex, Inc., a leading provider of integrated human capital management (HCM) software solutions for human resources, payroll, benefits, and insurance services, has announced new enhancements designed to help employers better protect worker health and safety and help businesses address worker retention challenges through top-tier HR technology solutions.

"The modern workplace is here due to the accelerated adoption of digital technology, a distributed workforce, and the evolving needs of candidates and workers," said Tom Hammond, vice president of corporate strategy and product management at Paychex. "Our clients need a provider that grows with their business and that evolves with the market by providing best-in-class HR solutions. The products included in our most recent release continue to build upon our strategy of supporting businesses as they navigate and recover from the impacts of the COVID-19 pandemic."

"We conduct ongoing market research to ensure we have a pulse on the needs and behaviors of businesses, our customers, and their employees," added Maureen Lally, vice president of marketing for Paychex. "A recently commissioned report revealed insights on how workers in the modern workplace place a high value on employers supporting their well-being and that it is a significant consideration when looking for their next job. The solutions included in this product release address well-being in the workplace as well as business recovery through the retention of employees."

The modern workplace requires open communication, transparency, and the ability to promote a safe and productive work environment where employees feel supported, whether remote, hybrid, or on-site. According to a recent NAPEO survey, 66% of business owners and decision-makers have identified the worker shortage as the most challenging aspect of running a business. Additionally, fostering a safe workplace for employees, managing return to work policies that could include testing or vaccine management, as well as managing a distributed workforce ranked as top business challenges. The following solutions and product enhancements make up the latest Paychex product release and the company's efforts to simplify business challenges.

• Compensation Summary Report: The Compensation Summary Report provides employees access to a view of their compensation beyond their direct pay—a critical business strategy for retaining top employees in today's competitive job market. The report can include health insurance contributions, retirement contributions, bonuses, and miscellaneous benefits captured within Paychex Flex and can serve as a reminder to employees of specific elements of their compensation package.
• Secure Document Management: Customers can safely and confidently store documents on the Paychex Flex platform. With the ability to handle multiple uploads and in-app signing capabilities, the documentation center can store confidential documents with rule-based user restrictions. Customers can pull real-time reports on who has uploaded documentation, offering a solution for centralized tracking, saving time, and improving accuracy. This new solution is ideal for vaccine status tracking, document storage, and reporting.
• Financial Wellness: There are a number of stressors on an employee's finances—household budgeting, managing debt, taxes, and properly investing and saving for the future. To help customers support their employees, Paychex is offering Financial Wellness services through a FinFit^® integration. FinFit is a free financial wellness benefit that is now fully integrated with a user's Paychex login and a tool for customers looking to recruit, retain, and keep their employees productive with a financial wellness program.
• Paychex Iris Time Clock: Leveraging precise face and iris recognition, the Paychex Iris Time Clock is a safe and efficient way to capture accurate time and attendance data for today's dynamic workforce. Designed to mirror the intuitive experience of a smartphone or tablet, this biometric time clock quickly identifies employees—with or without critical PPE—and provides secure access to pay adjustments, time-off balances, schedules, and more. New features promote employee self-service and minimize the time employers spend manually fielding HR requests as the data is centralized and fully integrated with Paychex Flex^®, the company's SaaS-based HR software.

View the latest Paychex product release to learn more about how these solutions are helping businesses meet the demands of the modern workforce.

About Paychex  
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 in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting paychex.com and stay connected on Twitter and LinkedIn. 

Media Contacts
Chelsea Wernick
Paychex, Inc.
(585) 216-2974
cwernick@paychex.com

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SOURCE Paychex, Inc.

FAQ

What new solutions did Paychex announce on March 28, 2022?

Paychex announced enhancements including a Compensation Summary Report, Secure Document Management, Financial Wellness integration, and the Paychex Iris Time Clock.

How does the Compensation Summary Report help employee retention for PAYX?

The Compensation Summary Report provides employees a detailed view of their total compensation, including benefits, which can enhance retention efforts.

What is the significance of the Secure Document Management feature introduced by PAYX?

It allows businesses to safely store and manage important documents, which is vital for compliance and operational efficiency.

How does Paychex address worker retention challenges with its new products?

By offering HR solutions that focus on employee well-being and financial support, thereby creating a more attractive work environment.