Paycom’s Direct Data Exchange Update Reflects Latest EY Findings
January 07 2020 - 4:05PM
Business Wire
Paycom Software, Inc., (NYSE:PAYC), a leading provider of
comprehensive, cloud-based human capital management software,
announced updated data entry and task figures to its usage
management analytics tool, Direct Data Exchange™ (DDX™), based on
the latest findings by professional services firm Ernst & Young
(EY). EY found the average cost of a single manual data entry made
by an HR professional increased from an average of $4.39 to $4.51,
and is reflected in Paycom’s industry-first product.
“Our analysis of employee usage data continues to shine a light
on the high costs associated with HR living in the middle of the
data exchange process,” said Paycom founder and CEO, Chad Richison.
“Today, our clients are achieving an average DDX score approaching
90%, with a goal to get all clients to 100%, which will drive
further value for the organization.”
DDX, a comprehensive management analytics tool, gives employers
insights into efficiencies gained through employee usage of HR
technology and provides a real-time return on investment on that
usage based on EY’s research.
“Healthy competition and innovation are at our core, and DDX
gives us a scoreboard on how our employees are using and engaging
with Paycom,” said Robin Boudreau, New England Patriots’ vice
president of human resources. “Executing an employee usage strategy
has enabled us to realize an even stronger return on our investment
in Paycom, which is realized by our employees self-managing their
data, thereby allowing us more time to drive our business
objectives forward.”
When Paycom released DDX in early 2019, in-system ROI
calculations were based on a late-2018 EY study. EY’s findings were
recently updated by applying appropriate inflation factors to
survey data, resulting in an uptick in the cost of manual data
entry.
EY also concluded the average cost per HR task, which includes
categories such as onboarding, benefits enrollment and time
management, is $13.51, including $13.08 in labor. The cost per data
entry of each of these tasks varies and can reach as much as
$18.96. Additionally, according to EY’s research, the cost per HR
task increased across every category of HR data, such as
recruiting, expense management and training. Paycom’s DDX
automatically calculates these costs for clients so they can, in
turn, drive employee usage of Paycom’s Employee Self-Service®
technology.
With the launch of DDX, Paycom became the first in the human
capital management industry to provide a tool that assists
employers in determining what appropriate employee usage of HR
technology looks like and how to measure it. DDX allows Paycom’s
clients to estimate ROI to encourage employee usage of Paycom
technology at their companies.
About Paycom
As a leader in payroll and HR technology, Oklahoma City-based
Paycom redefines the human capital management industry by allowing
companies to effectively navigate a rapidly changing business
environment. Its cloud-based software solution is based on a core
system of record maintained in a single database for all human
capital management functions, providing the functionality that
businesses need to manage the complete employment life cycle, from
recruitment to retirement. Paycom has the ability to serve
businesses of all sizes and in every industry. As one of the
leading human capital management providers, Paycom serves clients
in all 50 states from offices across the country. For more
information, visit Paycom.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200107006062/en/
Jason Bodin 1-800-580-4505 media@paycom.com
Paycom Software (NYSE:PAYC)
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