Coming Soon: New Benchmarking and People Analytics to Enhance Business Insights for Paychex Flex® Users
Today, the HR function is becoming even more integral to the strategic business decision-making process due to the growing availability of advanced HR and workforce data. The power of this data comes when business leaders and HR professionals can easily access and interpret HR analytics to turn insights into action seamlessly. For more than 52 years, Paychex has been at the forefront of simplifying the complexities facing American businesses while continuously anticipating, developing, and implementing the right technologies to help our customers succeed in a dynamic market.
Paychex has joined forces with Visier, the globally recognized leader in people analytics and workforce solutions, to offer new benchmarking reports and an enhanced HR analytics solution to our 740,000 customers. This new technology relationship will enhance the analytics currently available in our established enterprise-level reporting. Additionally, the combined solution will perfectly complement our industry-leading HR advisory services.
Integrated into Paychex Flex®, the company’s cloud-based SaaS solution, the combined data sources will provide validated analytics for accurate benchmarking and text insights to medium and small businesses across the United States for a modern approach to analytics beyond traditional business intelligence (BI). This is in addition to the already robust reporting module with more than 160 reports available to Paychex customers, 19 of which are live reports, including Paychex Retention Insights, a predictive analytics model built by Paychex data scientists to help identify an employee’s risk of resigning.
The following will be available to customers to view directly in Paychex Flex through a self-service model or in a shared analytics workspace with one of the 700 dedicated and experienced Paychex HR professionals providing personalized guidance and actionable HR advice:
- Core HR and Compensation Analytics: Guided analyses and intuitive insights on workforce distribution and cost, attrition, turnover, retention, pay, and equity.
- Compensation and Salary Benchmarking: AI-driven model with compensation benchmarks to compare workforce compensation against 750 million market data points.
Paychex has a long history of investing in scalable HR technology solutions and services that enable our clients to be more efficient, optimize business performance, and remove obstacles of everyday challenges. Customers can expect to see and hear more about our relationship with Visier and the enhanced analytics and reporting capabilities as the new solution rolls out over the next few months.