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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 attune 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.

Vision concept. Businessman looking at the horizon

Building Leaders Today for a Better Tomorrow

I am hard-pressed to make sense of the hesitation organizations have for building stronger leadership pipelines. In a recent Bersin by Deloitte study, organizations cited leadership as one of the most important challenges, yet only 6 percent are confident their organization is “ready” to make a change. Here is where I struggle: If we say leadership development is important, then why aren’t more companies taking initiative? The real answer is that many companies confine leadership to the “exclusive” few, failing to make long-term investments and neglecting to construct a larger leadership pipeline at all levels.

Leadership for the few

As more millennials take center stage, organizations will be forced to confront the increasing skills gaps, unless they make a conscious effort now to build leadership at all levels. The Bersin by Deloitte study shows that just 6 percent of respondents report having “excellent” programs in place to develop millennials, despite the fact that 53 percent of millennials aspire to become the leader or senior executive of their own organizations. But it’s not just millennials who feel left out; in fact, less than 50 percent of C-suite executives feel they are receiving any type of development at all.

Without the CEO’s stamp of approval, no long-term commitment to leadership development ever will stick. Organizations have to start by engaging from the top down. It is also important to begin the conversation about your business priorities as they relate to leadership. What does that look like? Keep the model simple, yet flexible to accommodate a variety of people.

Leadership for the now  

Leadership should be an ongoing investment; unfortunately, many organizations view it as a short-term series of episodic events that may occur one year, but not the next. Organizations that truly understand this will continue to invest in leadership development even during the bad times and later reap the rewards nearly triple or quadruple the levels of their competitors. Leadership isn’t a luxury you can just turn on and off when the time is right; rather, it is a necessity in which organizations should be investing.

Leadership for the future

The Bersin by Deloitte study identified that currently, 32 percent of organizations have a steady supply of leaders, while only 18 percent regularly hold their leaders accountable to identify and develop successors. Unless organizations can develop a steady supply of leaders and encourage those leaders to develop successors, leadership pipelines will be weak. Leadership must be treated as an ongoing strategic initiative in order to be effective.

New data-driven solutions are available to help organizations develop their leadership pipelines by better assessing leadership qualities, developing leadership paths and identifying what approaches work best. For instance, top-performing companies are leveraging learning management systems to create a central knowledge base where employees can access content, share knowledge and measure progress of professional development. Employers then can target the most successful learning experiences in order to scale training programs as their business grows and measure employee competencies to determine readiness for leveling up.

In today’s competitive business environment, companies must stay ahead of the game by continuously developing the leaders of tomorrow. Those that make the investment will be better equipped for success.

This is part two in our blog series on the four challenges facing HR in 2015 and beyond. Stay tuned for a more in-depth look at employee engagement. 



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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Collecting Time Data: Who Has the Time?

Businesses find that labor is one of the expenses taking a big bite out of their budgets every year. They strive to find a balance between labor and workload for optimal performance and cost effectiveness, but leave themselves vulnerable to serious risk without the proper tools and processes in place. Although a large cost, labor can be controlled with a few best practices.

  1. Control Overtime

Overtime enables you to manage higher workloads without increasing staffing levels. When used properly, overtime can be a powerful tool; however, overtime that is out of control can be costly. Paying overtime at a premium and working overtime that was not accounted for in the budget draws critical attention, which often results in managers looking for ways to minimize overtime hours. According to the Labor Management Institute, a good rule of thumb is to keep overtime at less than 5 percent of the total hours worked.

  1. Automate Time-Off Requests

Eliminate unnecessary paper trails and empower employees by giving them online access to the time-off request functionality through employee self-service portals. Employees can view available time and request time off, for which supervisors are notified immediately. Now you can put that pad of sticky notes to better use. They make for a great office prank, which I would know nothing about unless you ask Sarah.

  1. Automate Time Entry

If you have 100 employees rounding their time up by five minutes per day, five days a week, 52 weeks a year, you’re losing 2,167 hours a year. At $8 per hour, that’s an annual loss of $17,336! By automating your time collection, you can save on the hours and dollars you’re losing to inaccuracies.

  1. Consolidate to One System

Consolidating to one system improves the efficiency and accuracy of your time and attendance data collection. Employee information is entered into the system once and only once for all functionality. It eliminates redundant data entry, errors and omissions. Forget having to manually calculate time sheets and key that information into your payroll system; with a single-database solution, you simply update payroll with the time and attendance data, eliminating the additional work and possible margin for error.

Simplify the timekeeping process; eliminate errors, redundancies and omissions; and reduce spending for improved workforce productivity. Who doesn’t have time for that?



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.

man in caution tape

Redefine Employee Engagement Today for a Prosperous Tomorrow

Whether it’s improving employee engagement, increasing growth opportunities, achieving greater efficiencies or expanding skill sets, organizations across the country have similar goals. That means they also face many of the same challenges. With the correct learning management system (LMS), organizations can better meet these demands, while also creating a more nimble and productive workforce.

Before diving any further into the benefits of LMS, we must first look at one of the largest problems facing organizations today: the engagement crisis.

Employee engagement can’t be an afterthought anymore. It has too much impact on a company’s bottom line. According to research firm Bersin & Associates, companies spend nearly $720 million a year on engagement, and forecasts predict the amount soon will grow to about $1.5 billion. If companies are spending roughly half of what is estimated for the near future, what do they have to show for it now?

Deloitte’s global study of human capital trends paints a clearer picture of companies struggling to engage our 21st-century workforce. Only 13 percent of employees worldwide are actively engaged at work. Furthermore, when asked to evaluate their performance-management practices, only six percent believe their current process is worth the time, while 58 percent called their process “weak.”

Redefining engagement

When thinking of this new world of employee engagement, consider it a commitment to achieve an organization’s overarching goals and motivation for employees to contribute to overall business success.

But herein lies the problem: Today’s workforce has evolved; its members want and expect more out of the companies for which they work. Previous views of engagement have to change if organizations want to address the issue at hand.

Engagement isn’t something you can just “fix.” Organizations have to make a long-term commitment to continuously help employees learn and grow. Successful engagement is typically measured through one-on-ones and surveys, which could be conducted annually, quarterly or monthly, depending on your preferred frequency.

Time for innovative engagement strategies

How long does it take your new hires to reach full productivity? Is your employee training consistent across your locations? It pays to find out.

As business demands evolve, professionals at all levels have to continuously re-skill themselves to stay current and relevant. Corporate training programs should evolve as well to provide employees long-term development paths, up-to-date content and a more engaging digital learning experience.

This is the first post in our four-part series. Stay tuned to learn how your company can utilize a learning management system to drive organizational capability.


brooklyn.workman

by Brooklyn Workman


Author Bio: Brooklyn Workman is a graduate from Oklahoma State University where she double majored in accounting and agricultural communications. Brooklyn worked for Paycom upon graduation and served as both a sales representative and client relations representative. Brooklyn enjoys working hands-on with clients to provide them with solution sets that streamline their business operations. She now serves as the Director of Business Development where she oversees the ongoing development of new solutions and the evolution of Paycom’s existing products like benefits administration, performance and compensation management, COBRA, garnishments and document management among others.

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