Paychex Fall '21 Product Launch Helps Businesses Navigate New Employment Landscape

Rhea-AI Summary

Paychex announced its Fall '21 product enhancements to aid employers in hiring and retaining talent amid competitive conditions. Key features include Paychex Pre-Check for payroll accuracy, Talent Management tools for employee retention, and integration with Amazon Alexa. The developments aim to improve efficiency, address HR data accessibility needs, and adapt to the evolving employment landscape influenced by COVID-19. The company continues to focus on automation and efficiency, anticipating increased demand for its HR technology.

Positive

• Launch of new tools such as Paychex Pre-Check and Talent Management aimed at improving hiring and employee retention.
• Integration with major voice platforms like Amazon Alexa enhances user accessibility and engagement.
• Research indicates demand for efficient HR technology is rising, suggesting potential growth opportunities.

Negative

• None.

ROCHESTER, N.Y., Sept. 22, 2021 /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 hire and keep top talent in an ever-changing business climate, improve efficiency through automation, and provide access to HR information whenever and wherever is most convenient to them and their employees.

"The COVID-19 pandemic accelerated digital transformation in many organizations, changed the long-term employment landscape, and drastically increased the competition for talent," said Tom Hammond, Paychex vice president of corporate strategy and product management. "The products included in our most recent release were developed to help employers meet candidate and worker demand for increased flexibility, more competitive benefits, and easier access to HR data and information."

"According to recently commissioned Paychex research, an opportunity to introduce more efficiency and automation is a primary reason businesses are shopping for new HR technology," added Maureen Lally, Paychex vice president of marketing. "We conduct ongoing market research to understand the evolving needs and behaviors of our customers and prospects so that we can design our products and services to meet those expectations. These most recent research findings clearly underscore the need for the offerings featured in our fall launch."   

Highlighting the Paychex Fall '21 release are:

• Paychex Pre-Check: In today's competitive hiring environment, payroll accuracy and timeliness are paramount to retention. Initiated through Paychex Flex^®, the company's SaaS-based HR software, employees are notified on the channel of their choice – including smart watches and smart speakers – that their gross-to-net paystub is ready to be securely reviewed. Employees may perform the review in Paychex Flex mobile app and are prompted to confirm the amount's accuracy or report an issue to the employer's administrator, who can address the potential issue before payday. 
   
• Talent Management: In light of the "Great Resignation," retention has become a critical component of any talent strategy. Paychex has introduced three new resources within Paychex Flex to help inform HR decisions:
   
• Retention Insights: A predictive analytic based on dozens of data points to identify employees who may be more likely to consider leaving the organization.  
   
• Pay Benchmarking: Allows employers to compare compensation details by position against national data provided by the Bureau of Labor Statistics.
   
• Talent Dashboard: Takes compensation a step further with a dashboard that pulls together Retention Insights, time off balances, and performance management ratings into one place, allowing administrators to compare the performance rating and compensation of each job position.
   
• Amazon Alexa Integration: The expansion of conversational AI and voice integration across Paychex Flex makes it easy for users to interact with the application from anywhere. With the addition of Amazon Alexa to existing integrations with Google Assistant™ and Siri^® Shortcuts, Paychex Flex is the first HCM application to offer integration with three of the major voice assistant platforms.
   
• Paychex Flex Time-off Management: A new solution to help employers save time and reduce manual tasks while offering a clear, real-time view of time-off balances, this provides organizations a cohesive system for tracking time off. For customers leveraging Paychex Flex and Paychex Flex Time, the process is automated.
   
• Globalization Partners: With more businesses allowing remote work and the talent ecosystem broadening worldwide, Paychex has aligned with Globalization Partners to offer international payroll and HR services for Paychex customers who are hiring outside of the U.S.

"Our data suggests hiring and wages are both on the rise, which is an encouraging sign that the negative economic impacts of the pandemic are waning – but the road ahead won't be easy for employers or employees," said Hammond. "COVID-19 forever changed our thinking about how, when, and where work gets done. Work from home has shifted recruiting to a national level, introducing a critical need to ensure compensation and benefits are aligned to national averages. The strategic investments we're continuing to make to our software solutions will arm organizations with the tools they need to hire, engage, and retain the talent that will drive business success well into the future."

Visit payx.me/fall2021 to learn more about how these Paychex solutions are enabling the future of work.

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 across more than 100 locations 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
Tracy Volkmann
Paychex, Inc.
(585) 387-6705
tvolkmann@paychex.com 
@Paychex

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SOURCE Paychex, Inc.

FAQ

What are the new product features launched by PAYX in Fall '21?

PAYX launched several new features, including Paychex Pre-Check for payroll accuracy, Talent Management resources for employee retention, and integration with Amazon Alexa for enhanced user interaction.

How does PAYX help businesses in the new employment landscape?

PAYX provides tools designed to improve hiring and retention processes, enhance efficiency through automation, and ensure accessible HR data for employers and employees.

What is the significance of the Paychex Fall '21 product launch?

The Paychex Fall '21 product launch is significant as it addresses the competitive job market and evolving HR needs following the COVID-19 pandemic, focusing on automation and flexible solutions.

What challenges does PAYX acknowledge in the employment landscape?

PAYX acknowledges challenges such as increased competition for talent and the need for businesses to align compensation and benefits with national standards.