Paycom Ranks No. 1277 on the 2011 Inc. 500|5000.
Inc. magazine today ranked Paycom No. 1277 on its fifth annual Inc. 500|5000, an exclusive ranking of the nation’s fastest-growing private companies. The list represents the most comprehensive look at the most important segment of the economy—America’s independent entrepreneurs. Online retailer ideeli tops this year’s list. Paycom joins Spirit Airlines, television maker Vizio, Honest Tea, Dunkin Donuts and Metrokane, makers of the Rabbit corkscrew, among other prominent brands featured on this year’s list.
Paycom processes payroll for more than 8,000 customers in all 50 states; employs almost 500 workers, and continues to double revenue growth every other year. In August of this year, Paycom opened a new corporate headquarters to support their continued growth. The 90,000 square foot facility is located on 14 acres in northwest Oklahoma City. While currently hiring approximately 20 new employees each month, Paycom plans to add at least 500 jobs over the next three years. In addition to their headquarters in Oklahoma City, they also have offices in Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Fort Worth, Houston, Irvine, Los Angeles, Miami, New Jersey, Phoenix, St. Louis, Tampa, Tulsa and Washington D.C.
“To have our success and our growth recognized by Inc. magazine for the sixth year in a row is a real honor,” said Oklahoma entrepreneur and Paycom Founder and CEO Chad Richison. “It is also proof that our business model works. We listen to our customers, provide them with the cost effective solutions they need and follow it up with first class customer support. The result is an impressive 99% customer retention rate.”
Paycom provides online services designed to streamline payroll and HR processes. They eliminate the burden of installed payroll software’s purchase price, maintenance and support by providing the payroll product through Software as a Service (SaaS) over the internet. Customers enjoy a single application for Recruiting, Hiring, Payroll, Time Tracking, HRIM, Compliance, Benefits and COBRA Administration. Online convenience makes it more efficient to operate and less expensive than traditional alternatives.
In a stagnant economic environment, median growth rate of 2011 Inc. 500|5000 companies remains an impressive 94 percent. The companies on this year’s list report having created 350,000 jobs in the past three years, and aggregate revenue among the honorees reached $366 billion, up 14 percent from last year.
Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/5000.
Methodology
The 2011 Inc. 500 is ranked according to percentage revenue growth when comparing 2007 to 2010. To qualify, companies must have been founded and generating revenue by March 31, 2007. Additionally, they had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2010. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2007 is $100,000; the minimum for 2010 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Companies on the Inc. 500 are featured in Inc.’s September issue. They represent the top tier of the Inc. 5000, which can be found at www.inc.com/500.
About Inc. Magazine
Founded in 1979 and acquired in 2005 by Mansueto Ventures LLC, Inc. (www.inc.com) is the only major business magazine dedicated exclusively to owners and managers of growing private companies that delivers real solutions for today’s innovative company builders. With a total paid circulation of 710,106, Inc. provides hands-on tools and market-tested strategies for managing people, finances, sales, marketing, and technology. Visit us online at www.inc.com.
