Our purpose is to be an essential partner to small and medium sized businesses.
Helping Businesses Succeed
Paychex began by offering a single, revolutionary payroll product to address the unmet needs of small businesses. As we’ve grown, we’ve rapidly evolved to become a true advocate for businesses of all sizes — from startups to corporations — by anticipating the needs of our customers with innovative products, services, and support.
Our mission is to make it simple for businesses of all sizes to pay and manage their employees. We make their payroll easy and automatic. We handle their benefits programs. We guide them through their human resources challenges. We keep them up to date with ever-changing laws and regulations. We do it all in the way our customers want – online and mobile, over the phone, in-person, or any combination of the above.
We were founded 50 years ago to relieve the complexity of running a business and make our customers’ lives easier, so they can focus on the success of their business.
Support to Navigate a New Era of Work
When the economy was at its lowest point during the COVID-19 pandemic, Paychex helped businesses persevere by sharing our extensive knowledge and expertise in HR, payroll, and compliance.
As the workplace has continued to evolve, challenges are coming from many different angles — making it more difficult to run a business. Paychex is committed to expanding our brand promise to address the new and evolving business realities our customers face each day.
Through our SaaS-based HR software solution, Paychex Flex®, and the expert service we deliver to our customers, Paychex has helped clients navigate challenges including recruiting and retaining talent during the Great Resignation, enhancing benefit offerings, and transitioning to a digitally-enabled distributed work environment. Our technology and services are not only helping customers meet these new business demands, they are creating business efficiencies, saving our clients time and money.
HR Technology to Drive Business Efficiency
Paychex has been focused on introducing new features and enhancements to our SaaS-based HR software solution, Paychex Flex®, to help customers meet the demands of the new era of work. From solutions to address the challenges presented by the tight labor market to supporting employee financial well-being, here is an overview of select product releases from the past fiscal year that are helping to drive business efficiency and productivity:
- Retention Insights: A predictive analytic to identify employees who may be more likely to consider leaving the organization.
- Pay Benchmarking: Allows employers to compare compensation details by position against national data provided by the Bureau of Labor Statistics.
- Compensation Summary Report: Provides employees access to a view of their compensation beyond their direct pay—a critical business strategy for retaining employees.
- Financial Wellness: Offers financial wellness support for managing household budgeting, debt, taxes, and saving for the future through am integration with FinFit®.
- Paychex Pre-Check: Helps support paycheck accuracy by providing a secure review of the gross-to-net paystub in advance of payday.
Addressing the Retirement Savings Crisis
By making retirement plans simple and affordable, Paychex makes it easy for business owners to establish a plan for themselves and their employees.
In January 2021, Paychex was among the first retirement providers in the industry to introduce a Pooled Employer Plan (PEP). The PEP helps expand plan access for businesses with reduced fiduciary liability, simplified plan management, and lower-cost plan expenses when compared to single-employer retirement plan offerings.
Paychex is also helping businesses meet the requirements of a growing number of state mandates that require employers to offer a retirement savings program for employees by state-specific deadlines or face financial penalties.