Paycom Software, a leading provider of comprehensive, cloud-based human capital management software, revealed Forrester Consulting findings on the significant potential efficiencies and benefits organizations can gain through Paycom and Beti, an industry-first payroll solution that empowers employees to do their own payroll. A composite organization representing interviewed Paycom customers saved $2.3 million over three years by combining and replacing antiquated HR systems with Paycom.
The commissioned study found that over three years, the composite firm using Paycom’s single HR platform integrating Beti:
- 85% faster payroll error correction
- payroll labor by 90%
- saved their HR and accounting departments 2,600 hours annually
- received roughly $3.8 million in three years
- consumer services provided about $300,000.
“With Paycom and Beti, we are using payroll to engage employees in their pay and benefits,” a customer service vice president told Forrester in the report. “I’ve never seen payroll used to engage employees, so it’s incredible.”
For a composite organization with 2,500 employees, 70 U.S. locations, and several pay structures, Forrester Consulting’s Total Economic Impact (TEI) study evaluated Paycom’s three-year benefit at $3,775,365. Paycom’s customer service, reduced data compilation and errors, HR and accounting efficiency, and reduced vendor dependence contribute for this figure.
Paycom founder, chairman, and CEO Chad Richison claimed “Beti is transforming payroll, empowering employees to control their own data provides high value for organizations, and this study demonstrates it across multiple organizations.”
Forrester interviewed Paycom clients, who reported increased productivity and employee satisfaction after merging their old HR and payroll capabilities with Paycom.