A commissioned study conducted by Forrester Consulting on behalf of Paycom revealed how Paycom tech benefited a composite organization representative of interviewed customers. In the study, Paycom’s single HR software featuring Beti®, an industry-first payroll solution that empowers employees to do their own payroll:
- reduced time spent correcting payroll errors by 85%
- lowered labor for payroll processing by 90%
- saved HR and accounting teams over 2,600 hours per year
- gave employers benefits worth $3,775,365 over three years
Forrester Consulting used the companies it interviewed to create a composite business with 2,500 employees, 70 U.S.-based locations and multiple pay structures. It also considered how Paycom influences a factor that can’t be easily quantified: employee trust.
How does Paycom improve employee trust and reduce data errors, according to the Forrester Consulting study?
The Forrester Consulting study found Paycom’s single HR software connects employees with their data to reduce trust-breaking errors. It also automates tedious, time-consuming tasks so HR professionals can focus on people, not fixing preventable problems.
Beti, Paycom’s employee-guided payroll experience, is the key to the software’s benefits. First, it automatically flags payroll errors and other issues that require attention. Then, Beti guides employees to correct those mistakes before payroll runs.
The ability to review and correct their checks ahead of time gave employees much more visibility into what affects them most, according to the Forrester Consulting study. At the same time, Beti empowers HR to “break out of the weekly payroll cycle” to focus on more important tasks like:
- performing investigations
- entering new markets
- fostering diversity, equity and inclusion
- researching compliance trends
- building out additional benefits for employees
With time, Paycom helps companies build a culture around tech usage. As employees use Paycom and engage with their data, they become more aware of the factors influencing their pay.
“With Paycom and Beti, we are using payroll to engage employees in their pay and benefits,” said one vice president in the customer service industry. “I have never seen payroll used as an employee engagement tool so to me, it is incredible.”
By extension, employees invest in their data’s accuracy early and help ensure it’s right — before an error breaks the trust they have in their employer. Ultimately, Beti helps generate confidence and assurance in payroll. As a result, less employees look for work elsewhere.
“The longevity of my employees at the sites that have the full Paycom experience has increased from nine months to 16 months on average,” said a payroll manager in the manufacturing industry. “Those employees are staying 75% longer.”