Paychex, a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services, has been recognized on FORTUNE magazine’s inaugural list of America’s Most Innovative Companies. The recognition as a 2023 innovator was awarded to Paychex for the company’s commitment to industry-leading HR solutions while fostering a culture of innovation. The list, presented by FORTUNE and Statista, Inc., features 300 top-scoring U.S.-based organizations.
“It is an honor to be considered one of America’s most innovative companies by FORTUNE,” said John Gibson, president and CEO of Paychex. “Innovation is one of the guiding values that each Paychex employee demonstrates every day that allows us to continually deliver solutions and customer experiences that meet the growing HR needs of our customers. We will continue to be relentless in understanding the needs of business owners and their employees that will result in solutions that improve business outcomes for our customers.” Gibson added, “Through the hard work and dedication of our 16,000 plus employees, Paychex is recognized as one of the most innovative, most admired, and most ethical companies.”
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To help address modern workforce trends and the marketplace challenges facing American businesses and workers, Paychex has delivered highly impactful service and technology offerings and enhancements to Paychex Flex®, the company’s SaaS-based HR technology software solution.
- The Paychex Employee Retention Tax Credit (ERTC) Service was introduced to help eligible businesses retroactively identify the tax credits and file amended returns based on wages and health plan expenses paid on behalf of employees in 2020 and 2021. The service leverages Paychex Flex technology to streamline and automate the process. To date, Paychex has helped over 50,000 customers apply for billions in total tax credits.
- Paychex Retention Insights is a proprietary predictive analytics model built by Paychex data scientists based on millions of records of anonymized employment data. The predictive model is available to Paychex Flex customers as a live and interactive report that helps identify risk factors that may help predict if an employee has the potential to resign.
- Paychex Flex Hiring and Paychex Flex Onboarding automate tasks and actions for a streamlined and fully digital hiring and onboarding process. Enhancements include the ability to post a position digitally to popular job boards and digital offer letters, to advancements allowing new hires to complete critical documentation, including direct deposit authorization, W4, state withholding forms, and Form I-9s from the device of choice for a paperless onboarding experience.
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Evaluation criteria for the 2023 list prioritized the four dimensions of innovation: product, process, culture, and revenue growth, with FORTUNE and Statista selecting America’s Most Innovative Companies 2023 based on product innovation, process innovation, and innovation culture. Statista deployed online surveys where employees could score their own company on a scale system. Additionally, Statista surveyed experts in various fields – from recruiters to management consultants and patent attorneys, while also looking at IP portfolios to analyze the quantity and value of company patents.
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