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Paycom Stands Out with Latest Accomplishment

Paycom continues to rake in the accolades, this time garnering its 11th-consecutive appearance on the Greater Oklahoma City Chamber’s Metro 50 list. Of the Metro 50 winners, Paycom’s 11-year reign of consecutive appearances is the most of any of the companies on the list.

“This is huge honor to be the longest-running member on this distinguished list,” Paycom founder and CEO Chad Richison said. “But even more, this award is an indicator that our unique business model has resulted in continued, steady and sustainable growth.”

The Metro 50 event is scheduled for Sept. 23 at the National Cowboy and Heritage Museum in Oklahoma City where rankings of all of the Metro 50 winners will be announced.

The accolade showcases the metropolitan’s fastest-growing private companies. Qualified companies are required to have revenues of at least $1 million for the previous year and will be ranked based on their percentage of annual growth.

Growth is the name of the game at Paycom. In the last 12 months, the online human capital management provider announced rapid growth with an addition to its headquarters and added the Inc. Hire Power Award which recognizes private companies that are leading the way in job creation. Stay tuned for more exciting news from one of the fastest-growing companies in America.



Author Bio: A writer, speaker and young business leader, Jason has been the communications pulse for a number of organizations, including Paycom. A featured writer on human capital management technology, leadership and the Affordable Care Act, Jason launched Paycom’s blog and social media channels, helping empower organizations around the nation. Jason is attuned to the needs of businesses and recently helped develop a tool to aid organizations in their pursuit to comply with the ACA; one of the largest changes in healthcare the country has seen. While working in athletics for ESPN and FoxSports, Jason learned the importance of hard work and branding. In his free time he enjoys adventuring with his family, reading and exploring new areas to strengthen his business acumen.

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3 Reasons HR Software is Underutilized

Have you ever bought anything from a store’s “as seen on TV” section? I’m guilty of it and the proud owner of my own personal Snuggie – an ingenious idea. Odds are, many of the impulse items you purchase end up on top of a bookshelf where it serves as a dust collector. Perhaps the same is true of your HRIS software, but unlike The Shake Weight, your HR software serves a more profound purpose.

Organizations – just like the everyday consumer – are dealing with a condition known as “shelfware,” otherwise known as the partial adoption of a product. This paradox threatens organizations across the country, especially as it relates to their return on investment.

Underutilized and Underappreciated

Spending on HR tools continues to grow; nearly 33 percent of organizations anticipate spending 20 percent or more in the coming years, which fuels a greater demand for HR technologies. According to a Towers Watson study, one in three companies plan to change its HR software structure within the next two years.

With an influx of new technologies hitting the market, it is reported as much as 60 percent of software functionality is not being used. Are you getting all you paid for out of your HR software or is it becoming shelfware?

Three Main Reasons HR Software Is Underutilized

  1. Lack of proper usage – HR software isn’t strictly an HR tool; rather, the functionalities and information provided should transpire throughout the organization. Manager self-service, employee self-service and reporting are tools intended to empower others, giving them access to the pertinent information they need. If used correctly, HR software should make work easier and give HR more time to be strategic. Don’t just take it from me; here’s an open letter from your employees.
  2. Lack of time – Paycom’s CIO once said, “Technology should do two things: It either makes your life easier or it empowers you to do things you couldn’t before.” HR software should be simple and easy to use. The reason many implementations fail is because the process takes too much time. This is partly due to overcomplicated system installs. Integrated or on-premise systems have underlying complexities and might not always adapt well with existing solutions. Oftentimes, these scenarios put a huge time constraint on IT and HR.
  3. Lack of proper training – All too often, companies lack the training needed to effectively deploy and manage HR technology solutions, and as a result, products are left collecting dust on the shelf. Switching systems is daunting, which is why it is important to have a service representative there to guide you through the implementation process and beyond. This representative becomes your lifeline, but only if he or she knows every offering or application through and through. If your HR software partners for its offerings, chances are you may be passed around from person to person looking for answers.

As the HR software market continues to heat up and companies shift their focus toward improving technologies, fully equipped HR teams stand a far greater chance of delivering value. However, there’s more to it than just having the right software. Organizations must use their HR software to its fullest capabilities, and those who get it will outperform the rest of the pack.

Don’t let your HR software become just another prop on the shelf.



Author Bio: Lauren is an enthusiastic writer who is passionate about numerous topics surrounding the HCM industry including talent management and acquisition, technology, document management and leadership, just to name a few. Lauren has been with Paycom for over a year and has taken on roles as a blogger, social strategist and community relations coordinator. In her spare time she enjoys DIY“ing,” exploring the city and keeping up with her two dogs, Deacon and Cookie.

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Small Employers, Listen Up: ACA Fine May Impact You

Up until this point, small businesses – those with less than 50 full-time or full-time equivalent employees – were not faced with costly fines like their Applicable Large Employer (ALE) counterparts under the Affordable Care Act (ACA). But that’s no longer the case, according to a tax imposed under Internal Revenue Code Section 4980D.

The IRS announced it no longer will waive penalties for small employers who reimburse or pay an employee’s health insurance premium that is not a part of an employer sponsored group plan. The rule, which was already in place for ALEs, will impose a $100 per-day excise tax on employers who continue this practice. The maximum amount an employer will be fined in a calendar year is $36,500 per employee.

Small employers, however, are not subject to the ACA’s Employer Shared Responsibility provisions, which require ALEs to offer affordable coverage that provides minimum value and essential coverage to a certain percentage of their employees. ALEs subject to the rule then could be fined on a month-by-month basis for individuals who receive a tax credit through an exchange, also known as a health insurance marketplace.

The rule was established in IRS Notice 2013-54, 2013-40 IRB 287, which stated that “employer payment plans” fail to comply with the ACA’s group health plan. Under this guidance, “employer payment plan” applies to group health plans where an employer chooses either to reimburse employees for all or some of their premium expenses paid for that individual’s coverage, in lieu of offering health insurance. Temporary relief was available for ALEs, but that expired June 30.

While this is one of the first penalties small businesses face as a result of the ACA, employers with less than 25 full-time equivalent employees may qualify for tax credits, which could aid more than 90 percent of U.S. firms.



Author Bio: A writer, speaker and young business leader, Jason has been the communications pulse for a number of organizations, including Paycom. A featured writer on human capital management technology, leadership and the Affordable Care Act, Jason launched Paycom’s blog and social media channels, helping empower organizations around the nation. Jason is attuned to the needs of businesses and recently helped develop a tool to aid organizations in their pursuit to comply with the ACA; one of the largest changes in healthcare the country has seen. While working in athletics for ESPN and FoxSports, Jason learned the importance of hard work and branding. In his free time he enjoys adventuring with his family, reading and exploring new areas to strengthen his business acumen.

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An Open Letter to HR

Juggling benefits, payroll, hiring and onboarding is quite the act to pull off. These are laborious tasks that need to be tended to, but there are also other items and forums where HR must assist. Take, for instance, any time employees want to know how their sick time accrues or need their last two pay stubs for income verification.

But what if there were a different way? What if employees took these burdens off HR’s plate?

Here is a letter from your most valued assets, your employees, asking to be a load-lifter for your HR department.

Dear HR,

We know you’re extremely busy. Handling an entire workforce is no easy task. It’s apparent you can handle a heavy workload, but the truth is you don’t have to answer every menial employee question that comes across your desk.

Any of these common questions sound familiar?

  • “Can I get a copy of my last pay stub?”
  • “Will my vacation time cover this?”
  • “What steps should I take in order to level up in the company?”
  • “What do my benefits cover?”
  • “How much does adding a dependent cost?”

We don’t want to have to ask you these questions, but you hold the answers. Just in the past year, 24 percent of workers had HR queries, almost half of those being pay slip-related.

The right technology can take these simple requests off your plate. If we had more access, we could:

  • Access pay rates, schedule earnings and deductions and pay vouchers any time;
  • Submit W-4s, I-9s and direct deposit forms securely;
  • Change contact information and have it automatically update throughout the system;
  • Punch web time clocks or input hours into a web timesheet;
  • Submit and approve timesheets;
  • Monitor PTO accruals and submit time-off requests;
  • Enroll in benefits with decision-making tools like a sample paycheck with new deduction amounts; and
  • Access, complete and sign performance reviews.

You would have more time to be strategic or, heck, even take a vacation! (I assume you get that, too?)

Currently, just 5 percent of employees can access HR and payroll information 24/7, according to a recent study. As a mobile workforce becomes more commonplace, HR is under immense pressure to ensure information is easily available to all staff members.

We don’t want you to carry that burden, so we’re here with a solution. It’s called Employee Self-Service from Paycom. With Employee Self-Service, we are empowered to make informed decisions. So, we encourage you to check it out.

A recent study revealed that when asked whether we (your employees) had “sufficient access to the information needed to do our jobs,” only 33 percent of us responded that we did to a great extent.

Trust us to handle our own information; we are willing to take on that responsibility, freeing you from the mundane constraints.

Your Employees

 



Author Bio: Lauren is an enthusiastic writer who is passionate about numerous topics surrounding the HCM industry including talent management and acquisition, technology, document management and leadership, just to name a few. Lauren has been with Paycom for over a year and has taken on roles as a blogger, social strategist and community relations coordinator. In her spare time she enjoys DIY“ing,” exploring the city and keeping up with her two dogs, Deacon and Cookie.

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