Paychex Introduces HR Analytics Premium Plus Solution with Built-in GenAI Capabilities

Rhea-AI Summary

Paychex has launched HR Analytics Premium Plus, a new solution combining real-time data with generative AI capabilities. The platform, integrated into Paychex Flex and powered through Visier, enables businesses to benchmark workforce data against industry standards. The solution includes three components: HR Analytics Premium for workforce analytics, HR Analytics Premium Plus for compensation benchmarking using data from 20M+ employee records, and AI Insights, a generative AI assistant. This enhancement aims to help small and medium-sized businesses make data-driven decisions and compete more effectively with larger enterprises in talent acquisition and retention.

Positive

• Integration with Visier expands access to comprehensive workforce data from 20M+ employee records
• New AI capabilities enhance data analysis and decision-making capabilities for SMBs
• Platform provides enterprise-level analytics solutions to smaller businesses
• Offers competitive advantage in talent acquisition through advanced benchmarking

Negative

• None.

Insights

Tech Product Analyst

This new HR Analytics Premium Plus platform represents a significant technological advancement for PAYX's product portfolio. The integration of Visier's enterprise-grade AI capabilities and access to a massive dataset of 20 million employee records and 700,000 employers provides PAYX with a compelling competitive advantage in the SMB market. The combination of generative AI, compensation benchmarking and workforce analytics puts this offering on par with enterprise-level solutions.

The platform's integration into Paychex Flex creates a comprehensive ecosystem alongside their recruiting copilot and employee engagement tools. This strategic product expansion strengthens PAYX's market position and creates additional revenue streams through premium tier offerings. The timing is particularly advantageous given the ongoing challenges in talent acquisition and retention faced by SMBs.

ROCHESTER, N.Y.--(BUSINESS WIRE)-- Paychex, Inc., a leading provider of integrated human capital management software solutions for human resources, employee benefits, insurance services, and payroll, announced today a new premium HR Analytics solution that couples real-time data with generative AI Insights capabilities, providing small- and medium-sized businesses with enterprise-level solutions to help drive more strategic and informed decisions.

HR Analytics Premium Plus enables businesses to benchmark workforce data against industry and geographic location data to make more informed and effective decisions. (Graphic: Business Wire)

HR Analytics with AI Insights complements the existing analytics and reporting offering that is currently available to customers using Paychex Flex^®, the company’s cloud-based SaaS solution. The new solutions are integrated into Paychex Flex and powered through an embedded technology relationship with Visier, a globally recognized leader in workforce AI solutions. Using information from businesses across the U.S., the Paychex data, combined with Visier datasets, provides more accurate benchmarking and insights to Paychex customers.

“With many SMBs still challenged with finding and retaining qualified employees, organizations need to make strategic use of the valuable data available to them to save time and optimize resources,” said Beaumont Vance, Paychex senior vice president of data, analytics, and AI. “When used in concert with our recently announced Paychex Recruiting Copilot, Paychex Flex Perks, and Paychex Flex Engage, HR Analytics with AI Insights can help SMB business owners and HR leaders truly compete against enterprise organizations for talent and become an employer of choice in today’s market.”

HR Analytics is comprised of three components:

• HR Analytics Premium: Released earlier this year, HR Analytics Premium provides analytics and insights for workforce distribution, cost, attrition, turnover, and retention based on a customer’s company-level data to help them better understand their workforce and optimize HR strategies.
  
  
• HR Analytics Premium Plus: HR Analytics Premium Plus includes everything in the Premium offering in addition to employee job matching and compensation benchmarking analytics based on data from more than 20 million employee records and over 700,000 employers across the U.S. Benchmark data is refreshed regularly, covers a wide range of industries and locations, and offers insights into the impacts of compensation misalignment.
  
  
• AI Insights: Al Insights is a generative AI digital assistant that is included with the HR Analytics offering and makes it easier for business leaders and HR professionals to use and understand the data.

“The direct access to advanced workforce and compensation benchmarking data promised by this partnership will give Paychex clients access to deeper insights for policy-making and strategic HR,” said Stacey Harris, chief research officer and managing partner of Sapient Insights Group, a leading HCM analyst firm, and author of the annual HR Systems Survey. “The announcement is especially positive for small and mid-sized companies that might not have previously invested in an HR analytics platform but can achieve similar positive outcomes from the use of these systems as their larger company counterparts.”

HR Analytics is available for customers’ administrative users to view directly in the analytics and reporting module in Paychex Flex, or in collaboration with a member of a national team of Paychex HR professionals. Using these insights, they provide customers with personalized guidance to help customers address their business challenges, particularly attracting and retaining qualified talent.

“The new Paychex HR Analytics solution provides additional value to our industry-leading HR advisory services and robust reporting capabilities, enabling our customers to drive HR and business decisions with digestible data and insights,” said Michael Majors, Paychex vice president and general manager, human resource solutions.

Dave Weisbeck, chief strategy officer at Visier added, “Nearly half of all private sector employees in the U.S. are employed by small businesses, employers that historically have not had access to the data and insights to compete against large enterprise organizations to attract and retain talent. Our embedded partnership with Paychex helps level the playing field, providing small- and medium-sized businesses with data that allows them to make informed decisions that can tie directly to their success.”

To learn more about HR Analytics and the standard reports already available to Paychex customers, visit paychex.com/human-resources/hr-analytics. A comprehensive list of the latest Paychex Flex features and enhancements can be found at paychex.com/product-releases.

About Paychex

Paychex, Inc. (Nasdaq: PAYX) is an industry-leading HCM company delivering a full suite of technology and advisory services in human resources, employee benefit solutions, insurance, and payroll. The company serves over 745,000 customers in the U.S. and Europe and pays one out of every 12 American private sector employees. The more than 16,000 people at Paychex are committed to helping businesses succeed and building thriving communities where they work and live. To learn more, visit paychex.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241121139647/en/

Media

Tracy Volkmann

Manager, Public Relations

(585) 387-6705

tvolkmann@paychex.com

@Paychex

Emily Walsh

Highwire Public Relations

Account Executive

(914) 815-8846

paychex@highwirepr.com

Source: Paychex, Inc.

FAQ

What are the three components of Paychex (PAYX) new HR Analytics solution?

The three components are HR Analytics Premium for workforce analytics, HR Analytics Premium Plus for compensation benchmarking, and AI Insights, a generative AI digital assistant.

How many employee records does Paychex (PAYX) HR Analytics Premium Plus analyze for benchmarking?

The solution analyzes data from more than 20 million employee records and over 700,000 employers across the United States.

What technology partnership is powering Paychex (PAYX) new HR Analytics solution?

The solution is powered through an embedded technology relationship with Visier, a globally recognized leader in workforce AI solutions.

Where can Paychex (PAYX) customers access the new HR Analytics features?

Customers can access HR Analytics directly in the analytics and reporting module in Paychex Flex or in collaboration with Paychex HR professionals.