Paycom Software (“Paycom”), a leading provider of comprehensive, cloud-based human capital management software, revealed findings from a study conducted by Forrester Consulting on the potential benefits gained through Paycom’s full-solution automation and single-database software. According to the Forrester Total Economic Impact™ (TEI) study, a composite organization representative of interviewed Paycom clients experienced a three-year 362% return on investment (ROI).
Paycom revealed findings from a study conducted by Forrester Consulting on the potential benefits gained through Paycom’s full-solution automation and single-database software.
Paycom’s software is built upon a true single database to streamline performance and communication with a continuous and automated flow of workforce data. This design helps maintain data integrity and allows Paycom’s HCM tools to work together for an automated, uninterrupted management of the employee lifecycle.
“Paycom is the most automated solution in the industry, and our clients frequently attest to that,” said Chad Richison, Paycom founder and CEO. “By prioritizing full-solution automation, we are creating value, driving efficiency and allowing our clients to achieve even greater ROI.”
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According to the study, the composite organization experienced several advantages following the implementation of Paycom, including:
- over 45% in total time saved by HR annually
- an 80% reduction in time spent on compliance work
- $300,000 annual savings due to a single database allowing better data visibility and analytics
A director of HR in the entertainment industry interviewed for the study told Forrester, “The ROI for Paycom is definitely there, given the amount of time that we save by having one solution to manage versus having different integrations. This helps us from an HR-staffing perspective.”
In a separate recent study of HR leaders nationwide, Forrester found companies use an average of 6.17 HCM providers — with 80% of respondents indicating disparate or duplicate employee data negatively impacts their ability to create accurate workforce reports. In contrast, the Forrester TEI study found Paycom’s single database can provide cleaner data and robust analytics, all in real time, which may enable added business benefits such as company growth and cost savings.
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A chief HR officer in the consumer goods industry interviewed for the study told Forrester, “The analytics provided with Paycom have really helped at the business strategy level and let us understand where our turnover is, where cost savings can be seen, and where we should be investing more.”
Paycom commissioned the Forrester TEI study, The Total Economic Impact™ Of Paycom: Cost Savings And Business Benefits Enabled By Paycom, to examine the potential return on investment businesses may realize by deploying Paycom’s automated, single-database software across the entire employee life cycle. For the purposes of this study, Forrester aggregated the experiences of the interviewees and combined the results into a single composite organization of 500 employees, including six HR employees and 40 managers. The composite organization also uses various Paycom tools across all five suites and, prior to deploying Paycom, used a legacy provider that lacked a unified solution.
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Source: Businesswire
