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Paycom’s ease of use greatly reduces the amount of time it takes to process payroll. A typical payroll takes about 30-45 minutes to process for our four branches. We found ADP’s system to be just the opposite. It was a cumbersome system that was not at all intuitive or...
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Good quality
Review #898636 is a subjective opinion of poster.
1 comment
Paycom's reply to:

Paycom's Future

I am currently an employee at Paycom and i think there is definetly a bright future for Paycom. There are also alot of things Paycom needs to improve on. I am going to list a couple of things I think Paycom needs to change that will help us Paycom in the long run. I was doing some calculations on a revenue per employee basis compared with other current public payroll companies. We (Paycom) as a company has somewhere around 200 employees and we produced 14 million dollars in revenue last fiscal year. It calculates to $70,000 of revenue produced per employee. ADP produced 9 Billion dollars of revenue last fiscal and employees 47,000 people. ADP produced $180,000 of revenue per employee. Paychex is another payroll company that is very similiar to Paycom. It employs 12,200 people and it produced 2 Billion dollars of revenue last fiscal year. The calculations come out to be $163,000 of revenue per employee. What all these numbers mean is that Paycom running about 2-3 times less efficient then other current payroll companies. This is not going to help Paycom in the long run. Paycom really needs to look at their strategies and figure out what they need to make Paycom more effecient. They really need to find out if having 99% client retention is really something that can be actually cost effecient. What good does it do to go public and then your 1st quarter operatin margin is 3 times worse then your competitors. This will catch investors eyes and not in a good way. As a payroll specialist I find it too easy for customers to call me and ask questions when I know if they have logged in and tried they could of figured it out theirself. This is really great and nice for the customer, but it is not great for all the specialists that have to take all those kind of calls all day and can get all of our tax issues done on time. I think we are very understaffed in the first place. Having this strategy might produce enough revenue in the short term, but its not good for the long term health of the company. In five years, if Paycom ever goes public. We will run into huge operating margin problem and also see an employee retention problem because all of it will stem from our 99% client retention (spoiling the client) strategy.
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Location
Oklahoma City, Oklahoma
Review #135988 is a subjective opinion of poster.
30 comments
Paycom's reply to:

Paycom: The Online Payroll Company:One big lie after another

Paycom is a 3rd party online payroll and hr administrator. The concept is great,but the major problems begin at the corporate level, particularly in management. I will never do business with a company with such low hiring standards and poor regard for their employees, nor would I ever recommend their services to any person I know in the accounting or HR field. For one, they are constantly hiring and firing account managers. For example, they just laid off 8 out of 16 employees within their Denver office. How can I rely on a company that seems to be sinking faster than the Titanic. Save yourself the trouble and stick with you current Payroll Administration and HR outsourcing or find one of the companies that have been around for more than just 10 years. Good luck to you.
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Location
Lakewood, Colorado
Review #122556 is a subjective opinion of poster.