Paychex Named Among FORTUNE’s Most Innovative Companies

Rhea-AI Summary

Paychex, Inc. has been recognized on FORTUNE® magazine's list of America’s Most Innovative Companies for the second consecutive year. The company's commitment to industry-leading HR solutions and fostering a culture of innovation earned them this accolade. Paychex continues to invest in new and innovative solutions to address customers' business challenges, focusing on digitizing the HR experience for greater efficiencies and measurable value.

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, has been recognized on FORTUNE^® magazine's list of America’s Most Innovative Companies for the second consecutive year. Paychex was awarded for the company’s commitment to industry-leading HR solutions while fostering a culture of innovation. The list presented by FORTUNE and Statista, Inc., features 200 top-scoring U.S.-based organizations.

“It’s an honor to again be named one of America’s Most Innovative Companies, which underscores our commitment to being the digitally driven HR leader,” said John Gibson, Paychex president and CEO. “Innovation is core to our mission of helping businesses succeed. We continue to invest in new and innovative solutions that address our customers' business challenges. Every day we see that business owners in the U.S need help attracting and retaining their employees. They also need access to affordable benefits and sources of capital to better manage their cashflow.”

Gibson added, “We work to digitize their HR experience to not only drive greater efficiencies but also to create measurable value for them and their employees.”

Central to the company’s commitment to innovation, Paychex Flex^® is an all-in-one, cloud-based SaaS solution that helps to automate and streamline payroll, benefits, workforce management, talent management, and the employee experience. Backed by a national team of HR professionals providing actionable advice to solve complex workplace challenges, Paychex continues to enhance the technology behind Paychex Flex to provide an optimal, secure user experience for both employer administrators and employee users.

In addition, the Paychex culture of innovation is built on the premise that learning and new ideas are encouraged and applied to solve problems and create new opportunities. Some company initiatives driving innovation include:

• Training and Employee Development: Paychex was recently recognized, for the 23^rd consecutive time, as one of the top training organizations in the world with a 2024 Training APEX Award. The company is focused on improving skills and providing developmental opportunities for employees through innovative and tailored training programs.
• Leveraging Technology: Paychex is committed to being a data-rich, data-driven organization. The Paychex service team is utilizing advanced technology and data-driven insights to optimize the customer experience and help business customers implement the right HCM solutions.
• Hackathons and Collaboration Events: Paychex product designers and developers regularly participate in hackathons and user experience summits to keep skills sharp, rethink existing solutions, and solve challenges.

Evaluation criteria for the 2024 list of selected recipients were based on product innovation, process innovation, and companies with an innovation culture. Statista deployed online surveys where employees could score their own company on a scale system. Additionally, Statista surveyed experts in various fields—from recruiters to management consultants and patent attorneys, while also looking at IP portfolios to analyze the quantity and value of company patents.

To see a full list of FORTUNE’s 2024 list of America’s Most Innovative Companies, visit fortune.com/ranking/americas-most-innovative-companies/.

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 approximately 740,000 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/20240326680755/en/

Media

Chelsea Wernick

Public Relations Program Manager II

Office: (585) 216-2974

cwernick@paychex.com

@Paychex

Source: Paychex, Inc.

FAQ

Why was Paychex, Inc. recognized on FORTUNE® magazine's list of America’s Most Innovative Companies?

Paychex, Inc. was recognized for its commitment to industry-leading HR solutions and fostering a culture of innovation.

What is Paychex Flex®?

Paychex Flex® is an all-in-one, cloud-based SaaS solution that helps to automate and streamline payroll, benefits, workforce management, talent management, and the employee experience.

How does Paychex invest in innovation?

Paychex invests in new and innovative solutions to address customers' business challenges, focusing on digitizing the HR experience for greater efficiencies and measurable value.

What are some initiatives driving innovation at Paychex?

Initiatives include training and employee development, leveraging technology to be data-driven, and participating in hackathons and collaboration events.

What were the evaluation criteria for the 2024 list of America’s Most Innovative Companies?

The evaluation criteria were based on product innovation, process innovation, and companies with an innovation culture. Employees could score their own company, and experts in various fields were surveyed.