Paylocity Debuts AI Assistant to Simplify and Accelerate HR Processes

Rhea-AI Summary

Paylocity (NASDAQ: PCTY) has unveiled its new AI Assistant, a conversational AI-driven tool designed to streamline HR processes and enhance employee experience. This innovation builds on Paylocity's existing AI capabilities, offering real-time, contextual support across the platform. The AI Assistant aims to simplify HR-related tasks for professionals and provide intuitive assistance to employees.

Key features of the AI Assistant include:

• Faster completion of administrative tasks for HR professionals
• Immediate, context-aware guidance for employees
• Customized responses based on user activity and recent actions
• Self-serve support for product training and configuration guidance
• Enhanced self-service capabilities with personalized prompts and responses

The AI Assistant is currently available to all Paylocity clients as part of its core HR and Payroll offering, with expanded functionality expected this winter.

Positive

• Introduction of AI Assistant to streamline HR processes and improve efficiency
• Potential for cost savings and time reduction in HR administrative tasks
• Enhanced self-service capabilities for employees, reducing workload on HR teams
• AI Assistant available to all Paylocity clients at no additional cost
• Expanded functionality planned for winter release

Negative

• None.

Insights

Tech Expert

Paylocity's introduction of the AI Assistant represents a significant advancement in HR technology. This AI-driven tool has the potential to revolutionize HR processes by offering real-time, contextual support across the platform. The key benefits include:

• Streamlined administrative tasks for HR professionals
• Improved employee self-service capabilities
• Personalized assistance based on user roles and permissions
• Potential cost savings through increased efficiency

The AI Assistant's ability to handle product-related inquiries and provide configuration guidance could lead to faster adoption and implementation of Paylocity's platform. This innovation positions Paylocity as a leader in AI integration within the HCM space, potentially giving them a competitive edge. However, the true impact on Paylocity's market position and financial performance will depend on user adoption rates and the AI's ability to deliver consistent, accurate support.

Market Research Analyst

Paylocity's AI Assistant launch aligns with the growing trend of AI integration in enterprise software. This move could potentially:

• Increase Paylocity's customer retention rates by enhancing user experience
• Attract new clients seeking advanced HR tech solutions
• Differentiate Paylocity in the competitive HCM market

The inclusion of AI Assistant in the core HR and Payroll offering, without additional cost, could be seen as added value for existing and prospective clients. This strategy may help Paylocity capture market share from competitors who charge extra for AI features. However, the long-term impact on revenue and profitability will depend on how effectively the AI Assistant reduces support costs and drives platform adoption. Investors should monitor user feedback and adoption metrics in upcoming quarters to gauge the success of this initiative.

Building on the company’s record of AI innovation, the new AI Assistant offers faster support and contextual guidance, driving efficiency and cost savings

SCHAUMBURG, Ill., Oct. 15, 2024 (GLOBE NEWSWIRE) -- Paylocity Elevate Conference – Paylocity (NASDAQ: PCTY), a leader in cloud-based HR, payroll, and spend management software solutions, announces AI Assistant, a powerful conversational AI-driven assistant designed to streamline HR processes and elevate the employee experience. Building on Paylocity’s long-standing AI-driven capabilities—such as personalized recommendations, sentiment analysis, and predictive workforce insights—the Paylocity AI Assistant simplifies HR-related tasks with real-time, contextual support across the Paylocity platform. This innovation empowers HR professionals to navigate processes with ease and will deliver intuitive, personalized assistance to end-user employees.

For HR professionals, AI Assistant not only enables faster completion of their own administrative tasks, it also answers questions from employees, which frees up time to focus on more strategic work. For employees, AI Assistant offers immediate, context-aware guidance directly within the Paylocity platform, reducing delays in getting answers and improving the employee experience. The AI assistant answers Paylocity product-related inquiries while customizing responses within the context of the user’s current activity and recent actions.

"As the first HCM provider to incorporate generative AI into its platform, Paylocity has led the charge in leveraging AI to simplify and transform the way work gets done," said Toby Williams, President and CEO of Paylocity. "With Paylocity AI Assistant, we’re removing some of the inefficiencies HR teams and employees face. It’s a powerful tool that modernizes HR processes, making day-to-day tasks easier and faster by delivering real-time, intuitive support."

Increasing Efficiency and Maximizing Value Among HR Professionals and Employees
To ensure HR administrators are supported throughout the complete Paylocity implementation process and beyond, Paylocity’s AI Assistant provides self-serve support for product training, offers configuration guidance, and suggests best practices to gain the most value out of the Paylocity platform. HR administrators can also create customer service cases through the AI Assistant, with immediate confirmation and case numbers for tracking, which helps users quickly get to the task or action they are looking to accomplish.

Facilitating Employee Self-Service to Save Time and Reduce Administrative Tasks
For all employees, the AI Assistant will enhance self-service capabilities within the Paylocity platform by providing contextual and personalized prompts and responses and can tailor its interactions more specifically to each user without repetitive information gathering. It recognizes each user’s role to anticipate specific needs and provide information while adhering to the permissions model set by administrators. And it will soon provide more detailed information like PTO or leave policies, so employees won’t require as much support from HR teams, enabling HR leaders to spend more time on strategic work instead of administrative tasks.

"I've seen tremendous value in how Paylocity’s AI Assistant streamlines our HR processes. Time is of the essence in HR. With Paylocity’s AI Assistant, I can quickly ask specific questions and receive prompt answers," said Kelly Franzen, Director of HR, at Barlean’s. "The speed at which it provides answers and simplifies tasks has significantly reduced the time our HR team spends on manual processes. It’s intuitive and easy to use, allowing us to manage our administrative work more efficiently so we have more time to focus on strategic initiatives. We appreciate innovation at our company and love how Paylocity is continuously innovating within the platform."

The AI Assistant is currently available to all Paylocity clients as part of its core HR and Payroll offering, with expanded functionality available this winter. For more information, visit www.paylocity.com.

About Paylocity
Headquartered in Schaumburg, IL, Paylocity (NASDAQ: PCTY) is an award-winning provider of cloud-based HR, payroll, and spend management software solutions. Founded in 1997 and publicly traded since 2014, Paylocity offers an intuitive, easy-to-use product suite that helps businesses automate and streamline HR and payroll processes, attract and retain talent, and build culture and connection with their employees. Known for its unique culture and consistently recognized as one of the best places to work, Paylocity accompanies its clients on the journey to create great workplaces and help all employees achieve their best. For more information, visit www.paylocity.com.

CONTACT: 
Nicole Andergard
nandergard@paylocity.com

FAQ

What is Paylocity's new AI Assistant and how does it benefit HR processes?

Paylocity's AI Assistant is a conversational AI-driven tool that streamlines HR processes by offering real-time, contextual support across the Paylocity platform. It helps HR professionals complete administrative tasks faster and provides immediate, context-aware guidance to employees, improving efficiency and reducing workload on HR teams.

When will Paylocity (PCTY) release expanded functionality for its AI Assistant?

Paylocity plans to release expanded functionality for its AI Assistant in the winter of 2024. The AI Assistant is currently available to all Paylocity clients as part of its core HR and Payroll offering.

How does Paylocity's AI Assistant improve employee self-service capabilities?

Paylocity's AI Assistant enhances employee self-service by providing contextual and personalized prompts and responses tailored to each user's role and needs. It can offer detailed information on topics like PTO or leave policies, reducing the need for HR team support and allowing employees to find information more easily.

What specific features does Paylocity's AI Assistant offer for HR administrators?

For HR administrators, Paylocity's AI Assistant provides self-serve support for product training, offers configuration guidance, suggests best practices for using the Paylocity platform, and allows for the creation of customer service cases with immediate confirmation and tracking numbers.