Paychex, Inc., a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance solutions, has been named a winner in the 2022 BIG Innovation Awards presented by the Business Intelligence Group for its Paychex Pre-Check technology solution, which gives employees the opportunity to confirm paycheck accuracy before payday and introduces more automation into the payroll cycle for employers.
Paychex Pre-Check provides employees the opportunity to preview their paycheck with a self-review of the gross-to-net paystub on a device of their choice to confirm its accuracy before payday. This solution was designed to increase payroll processing accuracy, reduce errors, and expenses associated with payroll corrections, and offer a streamlined feedback loop between employers and employees through Paychex Flex®, the company’s SaaS-based HR software solution.
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“Payroll is the foundation of the employer-employee relationship. When errors occur, it erodes trust. This not only compromises employee engagement, it compromises employee retention—a threat that is only amplified by current labor market conditions,” said Tom Hammond, vice president of Corporate Strategy and Product Management at Paychex. “Allowing employees visibility into their paycheck amount ahead of time ensures they can review their pay so there are no surprises on payday.”
With nearly half of workers saying they would leave their current employer after two payroll errors and almost a quarter of employers report spending at least 15 hours a month validating timecards, Paychex Pre-Check provides workers and administrators a solution to help mitigate such risks. Employees are notified on the channel of their choice – including, smartphones, smartwatches, and smart speakers – that their gross-to-net paystub is ready to be securely reviewed. Employees perform the review in Paychex Flex and are prompted to confirm the amount’s accuracy or report an issue to the employer’s administrator, who can address the potential error before payday. Critical employee data is secured in our Paychex Flex platform already backed by industry-leading security standards.
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Organizations from across the globe submitted their recent innovations for consideration in the BIG Innovation Awards. Nominations were then judged by a select group of business leaders and executives who volunteer their time and expertise to score submissions. Business Intelligence Group’s proprietary and unique scoring system selectively measures performance across multiple business domains and rewards those companies whose achievements stand above those of their peers.