Paycom is a company that offers human capital management and payroll tools to help employers and HR teams focus on strategies to drive businesses forward. Pulse 2.0 interviewed Paycom Vice President of Human Resources Jennifer Kraszewski to learn more.
Jennifer Kraszewski’s Background
Kraszewski has over 25 years of HR experience developing and leading transformative, business-focused human capital strategies in high-growth industries, where she increased efficiencies, achieved business compliance, and fostered employee engagement. And Kraszewski said:
“Prior to joining Paycom, I was the senior director of HR for a Fortune 100 company, as well as the HR director for a restaurant and franchising company.”
“As Paycom’s vice president of human resources, I am responsible for the executive-level leadership and guidance of the company’s HR operations. This includes policies and procedures that impact our team, employee engagement, and talent management. Since joining Paycom, I’ve helped secure national recognition with awards like Gallup’s Exceptional Workplaces and Top Workplaces USA for large employers, as well as recognition for our outstanding leadership development programs honored in HR.com’s Leadership Excellence and Development Awards.”
Opinion About Macroeconomic Climate
In your opinion, has the current macroeconomic climate affected the company in terms of payroll literacy, and why this is going to be a tenet of 2023 financial wellness plans? Kraszewski noted:
“The current macroeconomic climate has increased the need for companies and employers to emphasize payroll literacy and ensure they’re meeting the payroll needs of their workforce while providing a transparent, seamless experience along the way. Payroll errors can cost a company time, valuable resources and employee trust.”
“According to a survey by Morning Consult, 58% of people say they would have difficulty paying bills and making purchases if just $100 were missing from their paycheck. Nearly all who were polled said the ability to check and fix payroll errors before payday would positively affect them both personally and professionally. Conversely, a survey of Paycom conducted via OnePoll revealed that around 4 in 5 employees are frustrated by outdated workplace tech, and 70% would take a pay cut for software that’s twice as good as the technology they currently use. Payroll literacy plays a key role in financial wellness strategies to improve the workplace and payroll experience.”
What are Paycom’s core products and features? Kraszewski explained:
“Paycom provides human capital management and payroll software that allows employers and their HR teams to focus on strategies that drive the business forward by streamlining and automating administrative processes.”
“Beti, a first-of-its-kind technology, further automates and streamlines the payroll process by empowering employees to do payroll themselves, increasing efficiencies and accuracy. According to a Forrester Consulting Total Economic Impact™ study commissioned by Paycom in June 2023, with the implementation of Beti, a composite company reduced the amount of labor needed to process payroll by 90%. Products like Beti help ensure payroll accuracy, mitigate risk, and allow companies to keep their most important promise to their most important asset: paying their employees correctly and on time.”
“On average, 1 in 5 payrolls contain an error, costing businesses an average of $291 per error, according to an Ernst & Young survey commissioned by Paycom. That’s why automated options that allow employees to find and fix errors before payroll runs are critical. Implementing Paycom means payroll peace of mind.”
“Paycom also offers Global HCM, a way for employers to manage their entire domestic and international workforce across 180+ countries — all within one software. Plus, leaders will appreciate centralized reporting for their growing global teams.”
“Paycom is a growth-minded organization. We were the first company to offer payroll entirely online, the first with a single-source database, and the first to allow employees to do their own payroll. We believe nothing holds us back but our ideas.”
Evolution Of Paycom’s Technology
How has Paycom’s technology evolved since launching? Kraszewski pointed out:
“Paycom continues to evolve as the needs of businesses and employers change based on trends and needs of the labor market. For nearly 25 years, Paycom has simplified businesses and the lives of their employees through easy-to-use HR and payroll technology. Empowering employees to manage their own HR data increases transparency and changes the game. At Paycom, we’ve always been innovators. Even in 1998, Paycom was one of the first companies to process payroll completely online. We were even named as one of Fast Company magazine’s World’s Most Innovative Companies. In 2023, we won the BIG Innovation Award and have been named one of America’s Greatest Workplaces by Newsweek. Innovation is in our DNA.”
What have been some of Paycom’s most significant milestones? Kraszewski cited:
— Launching in 1998 and becoming the first company to process payroll completely online.
— Debuting Beti in 2021 for people-focused payroll processing.
— Earning awards like:
— Newsweek’s America’s Greatest Workplaces 2023
— Newsweek’s America’s Most Trusted Companies 2023
— Top Workplaces USA – three years in a row!
— Gallup Exceptional Workplaces
— Human Resource Executive’s Top HR Products
— Employing over 6,000 people, and our people are our best and most important resource after all.
Differentiation From The Competition
What differentiates Paycom from its competition? Kraszewski concluded:
“Paycom is leading the industry with its employee-guided payroll technology, Beti. By empowering employees to manage their own payroll, the process is streamlined, reliable, and transparent. This evolution is a win-win for employees and employers by improving accuracy and making processes faster and simpler for all.”
“Paycom is capable of providing all-in-one innovative solutions like Beti because our software is built entirely by us. This means no integrations or partnerships causing unnecessary headaches. Having a single software HR platform can remove hours of wasted time and elevate the employee experience. Plus, Paycom software is available on an easy-to-use mobile app, which means employees can update their information, request time off, and more from any location.”