Paychex, Inc., a leading provider of integrated human capital management (HCM) software solutions for human resources, payroll, benefits and insurance services, has announced new enhancements designed to help employers hire and retain top talent in a climate changing business, improving efficiency through automation and providing access to HR information when and where it is most convenient for them and their employees.
“The COVID-19 pandemic accelerated digital transformation in many organizations, changed the long-term employment landscape and dramatically increased competition for talent,” he said Tom hammond, Vice President of Corporate Strategy and Product Management for Paychex. “The products included in our most recent launch were developed to help employers meet the demand of candidates and workers for greater flexibility, more competitive benefits, and easier access to HR information and data.”
“According to recently commissioned Paychex research, the opportunity to introduce more efficiency and automation is one of the main reasons companies are buying new HR technology,” he added. Maureen lally, Vice President of Marketing for Paychex. “We conduct ongoing market research to understand the changing needs and behaviors of our customers and prospects so that we can tailor our products and services to meet those expectations. These most recent research findings clearly underscore the need for the offerings featured in our fall launch. “
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Highlighting the launch of Paychex Fall ’21 are:
- Paychex Prior Verification: In today’s competitive hiring environment, payroll accuracy and timeliness are critical to retention. Initiated through Paychex Flex®, the company’s SaaS-based HR software, employees are notified on the channel of their choice, including smart watches and smart speakers, that their gross-net pay stub is ready for secure review. Employees can take the review in the Paychex Flex mobile app and are asked to confirm the accuracy of the amount or report a problem to the employer administrator, who can address the potential problem before payday.
- Talent management: In light of the “Great Resignation,” retention has become a critical component of any talent strategy. Paychex has introduced three new resources within Paychex Flex to help inform HR decisions:
- Retention prospects: Predictive analytics based on dozens of data points to identify the employees most likely to consider leaving the organization.
- Pay Benchmarking: Allows employers to compare compensation details by position with national data provided by the Bureau of Labor Statistics.
- Talent board: Take compensation one step further with a dashboard that brings together retention statistics, time off balances, and performance management ratings in one place, allowing managers to compare performance rating and compensation for each job.
- Amazon Alexa integration: The expansion of conversational artificial intelligence and voice integration in Paychex Flex makes it easy for users to interact with the application from anywhere. With the addition of Amazon Alexa to existing integrations with Google Assistant ™ and Siri® Shortcuts, Paychex Flex is the first HCM application to offer integration with three of the major voice assistant platforms.
- Free time management Paychex Flex: A new solution to help employers save time and reduce manual tasks while offering a clear, real-time view of time off balances, this provides organizations with a cohesive system for tracking time off. For customers taking advantage of Paychex Flex and Paychex Flex Time, the process is automated.
- Globalization partners: With more businesses enabling remote work and expanding the talent ecosystem around the world, Paychex has aligned with Globalization Partners to offer international payroll and human resources services for Paychex clients hiring outside of the US.
“Our data suggests that hiring and wages are increasing, which is an encouraging sign that the negative economic impacts of the pandemic are diminishing, but the road ahead will not be easy for employers or employees,” Hammond said. “COVID-19 forever changed the way we think about how, when and where work gets done. Working from home has moved hiring to a national level, introducing a fundamental need to ensure compensation and benefits are aligned with national averages. The strategic investments we continue to make in our software solutions will provide organizations with the tools they need to recruit, engage and retain the talent that will drive future business success. “