Paychex Prepares Customers for Post-Pandemic Economy with Spring '21 Release

Rhea-AI Summary

Paychex, Inc. has announced the Spring '21 release of Paychex Flex, enhancing HR, payroll, and benefits solutions to support businesses in hiring and managing labor costs amid a competitive job market. Key features include an Onboarding Self-Service to streamline new-hire processes, a Labor Cost Hub for real-time payroll analytics, ongoing updates for navigating federal stimulus programs, and new state-mandated retirement solutions. These tools aim to help businesses manage cash flow and talent effectively in the post-pandemic recovery.

Positive

• Launch of Onboarding Self-Service to expedite hiring processes.
• Introduction of Labor Cost Hub for real-time payroll insights.
• Continued support for clients navigating federal stimulus programs, securing $65 billion in PPP loans.
• New state-mandated retirement solutions to help clients meet regulatory requirements.

Negative

• None.

ROCHESTER, N.Y., May 11, 2021 /PRNewswire/ -- Today, Paychex, Inc., the HR software and services company that provides the power of simplicity for increasingly complex workplaces, announced new functionality to Paychex Flex^®, the all-in-one solution for HR, payroll, and benefits. The Spring '21 release helps businesses with the need to increase the speed of hiring and onboarding new employees, as well as giving them the ability to better understand, measure, and manage labor costs. In addition, Paychex continues to enhance its solutions to support businesses as they navigate federal stimulus programs and work to meet state-mandated retirement planning.

"With more Americans getting vaccinated, many state restrictions relaxing, and businesses reopening, the competition for talent is fierce," said Tom Hammond, Paychex vice president of corporate strategy and product management. "As we look ahead to the new normal, cash flow and talent management will continue to present unique challenges for employers, especially as millions of employees have renewed expectations for how, when, and where they work. Organizations' ability to successfully navigate these new norms, as well as maximize the government stimulus available to them, will be critical during the post-pandemic recovery."

The Spring '21 release includes:

• Onboarding Self-Service: In an increasingly competitive hiring market, enhancements to the onboarding self-service experience will help accelerate speed-to-hire and lessen the administrative burden on business leaders. The latest upgrades simplify the user experience for entering and reviewing new-hire information, including the ability for administrators to invite new hires to register for Paychex Flex, electronically complete direct deposit and Form W-4, as well as digitally make bank and tax selections within the application. All actions are powered by an integrated e-signature solution that is designed with security and efficiency at the forefront and enables users to initiate processes on any device at their convenience.
• Labor Cost Hub: In addition to the current challenge of hiring and onboarding talent quickly, managing cash flow and labor expenses continues to be top of mind as the economy ramps up. The new Paychex Flex Labor Cost Hub gives customers and CPAs a holistic, real-time view of total payroll labor job costing and labor distribution in one place, enabling them to see how much they are spending on their largest operational expense – their workforce. For example, administrators can see the long-term cost of salary adjustments or compare overtime versus adding a new headcount. The Labor Cost Hub is the latest example in the Paychex's larger strategy to provide businesses the data insights they need to drive profitability.
• Ongoing Stimulus Support: From the time the CARES Act passed in March 2020 through businesses currently seeking forgiveness for Paycheck Protection Program (PPP) loans, Paychex has continued to update its PPP solutions in near real-time. These ongoing upgrades include the ability for employers to easily navigate the complexities of the PPP and Employee Retention Tax Credit (ERTC) concurrently, a differentiator for the Paychex Flex solution. Quickly developing and deploying these updates in Paychex Flex has helped Paychex customers secure $65 billion in PPP loans and $2.1 billion in ERTC and Paid Family Leave (PFL) credits combined.
• State-Mandated Retirement Solutions: California joins Illinois and Oregon as the latest state to require employers to offer a retirement savings platform for employees or face financial penalties. Paychex, the No. 1 401(k) recordkeeper in the nation by total number of plans, now offers a Pooled Employer Plan (PEP) in addition to its traditional 401(k). Potential tax credit savings from the SECURE Act for eligible employers helps to offset startup costs and offers a feature-rich alternative to state IRA plans.

"We continue to evolve our next generation of talent management products to help business leaders find, hire, and retain employees quickly and effectively with an eye on driving engagement and managing labor costs," Hammond added. "Our solutions today are more relevant than ever, and I couldn't be more confident in saying that Paychex is fully prepared to help businesses succeed and thrive in the future of work."

All updates in the Spring '21 release are available today for current Paychex Flex customers. Learn how Paychex Flex helps businesses achieve their business goals — during the COVID-19 pandemic and beyond.

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 
@tvolkmannpr

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

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SOURCE Paychex, Inc.

FAQ

What is the Paychex Spring '21 release?

The Spring '21 release of Paychex Flex includes new features to enhance HR, payroll, and benefits management, helping businesses with hiring and labor cost management.

How does Paychex Flex support businesses with labor costs?

The new Labor Cost Hub provides real-time insights into payroll job costing and labor distribution, allowing businesses to manage their largest expenses effectively.

What updates have been made to onboarding processes in Paychex Flex?

Enhancements include a self-service onboarding experience that simplifies new-hire information entry, enabling quicker hiring with integrated e-signature solutions.

How much in loans has Paychex helped secure for clients since the CARES Act?

Paychex has helped clients secure $65 billion in PPP loans since the CARES Act was passed.

What are the new state-mandated retirement solutions offered by Paychex?

Paychex now offers a Pooled Employer Plan in addition to its traditional 401(k) plans to help businesses comply with state-mandated retirement savings requirements.