Paychex Introduces New Ways for Businesses to Manage Pandemic-Related Challenges with Updates to Paychex Flex® HR Software

Rhea-AI Summary

On March 4, 2021, Paychex announced significant enhancements to its Paychex Flex HR technology platform to address challenges posed by the COVID-19 pandemic. New offerings include a Pooled Employer Plan (PEP) for simplified retirement management, streamlined integrations with Clover and Biz2Credit for payroll processes, and new reporting capabilities focused on diversity and equal pay. These solutions aim to assist businesses in navigating funding security and meeting employee expectations, thereby enhancing operational efficiency in the evolving work landscape.

Positive

• Pooled Employer Plan (PEP) surpassed 1,500 new plan sales within 60 days of launch.
• Clover integration simplifies payroll and attendance management, enhancing operational efficiency.
• Biz2Credit integration streamlines the PPP loan application process, facilitating access to funding.
• Diversity and Equal Pay Live Report allows businesses to analyze pay equity, fostering a more equitable workforce.

Negative

• None.

ROCHESTER, N.Y., March 4, 2021 /PRNewswire/ -- The COVID-19 pandemic has accelerated technology adoption, presented new challenges, and changed how, where, and when work gets done. To help address these, Paychex, Inc., the HR software and services company that provides the power of simplicity for increasingly complex workplaces, announced several enhancements to its analytics offering in Paychex Flex^®, the company's cloud-based HR technology platform. Paychex also included a new retirement services solution and a pair of integrations to help customers streamline workforce and cash flow management in this past quarter's software release.

"While vaccines have brought welcome optimism for many, the impacts of COVID-19 will be long lasting and far reaching, especially when it comes to work," said Tom Hammond, Paychex vice president of corporate strategy and product management. "The solutions Paychex has introduced over the last quarter are designed to help business leaders secure critical funding, meet shifting employee expectations, make data-driven business decisions, and create a more equitable workforce."

Paychex solutions introduced this quarter include:  

• Pooled Employer Plan (PEP) – In response to the SECURE Act, reduces fiduciary liability for employers, simplifies retirement plan management, and reduces plan expenses when compared to single-employer retirement plan offerings. The Paychex PEP surpassed 1,500 new plan sales in the first 60 days of being in market.
• Clover^® Integration – Streamlines payroll and time and attendance management for business owners using the popular Clover platform from Fiserv. With Paychex Flex available in the Clover App Market, business owners can more efficiently manage the essential tasks of payroll, staffing, time tracking, and scheduling all within a single application to help save time, increase accuracy, and reduce cost.
• Biz2Credit Integration – Allows fintech provider Biz2Credit, whose subsidiary Itria Ventures LLC has secured more Paycheck Protection Program loans than any U.S. lender, to obtain required payroll data for the loan application form from Paychex Flex, streamlining the PPP loan application process.
• Diversity and Equal Pay Live Report – Builds on a recently released EEO-1 compliance solution and gives administrators the ability to analyze their pay and diversity data via a simple, customizable report. With improved access to this critical data, businesses are better positioned to uncover opportunities to create a more diverse and equitable workforce, while also meeting compliance requirements.
• General Ledger Live Report – Dynamically expands visibility of general ledger data – such as debits, credits, and account types – and provides options to customize, drill-down, and segment report information.
• Enhanced Live Report Functionality – Expands the existing thresholds feature in Live Reports to help customers more effectively monitor how key business metrics are performing against benchmarks and goals. Based on historical data, Paychex Flex will suggest appropriate thresholds to help administrators stay on track in critical areas like overtime hours, daily headcount, and payroll labor costs.

For more information about the solutions included in this quarter's Paychex product release, visit payx.me/winter2021.

About Paychex
Paychex, Inc. (NASDAQ: PAYX) is a leading provider of integrated human capital management 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 more than 45 years of industry expertise, Paychex serves more than 680,000 payroll clients as of May 31, 2020 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

Colleen Bennis
Mower
585-389-1865
cbennis@mower.com 

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SOURCE Paychex, Inc.

FAQ

What new features did Paychex announce on March 4, 2021?

Paychex announced several enhancements to its Flex HR platform, including a Pooled Employer Plan, integrations with Clover and Biz2Credit, and new reporting capabilities focused on diversity and equal pay.

How many new plan sales did the Pooled Employer Plan achieve?

The Pooled Employer Plan surpassed 1,500 new plan sales within the first 60 days of being in the market.

What is the purpose of the Diversity and Equal Pay Live Report introduced by Paychex?

The Diversity and Equal Pay Live Report helps businesses analyze their pay and diversity data, allowing for better equity management and compliance.

What benefits does the Clover integration provide to Paychex users?

The Clover integration streamlines payroll and time management tasks, enabling business owners to manage these functions more efficiently in one application.