Paychex Recognized Among the World’s Most Admired Companies by FORTUNE Magazine
Paychex, Inc., a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services, has been named to FORTUNE® magazine’s list of the World’s Most Admired Companies. The annual list honors companies globally for their outstanding financial performance and leadership on nine criteria, from investment value and quality of management and products to social responsibility and innovation. The rankings are considered the definitive report card on corporate reputation.
“As we reflect on a year that has continued to present challenges to businesses nationwide, we’re grateful to our 15,000 employees for their commitment to innovation and service. This commitment has allowed Paychex to quickly adapt and continue to deliver on our brand promise of providing the power of simplicity for increasingly complex workplaces,” said Martin Mucci, Paychex chairman and CEO. “This recognition reflects the corporate values, business practices, and commitment to clients, employees, and communities that have been the cornerstone of Paychex for more than five decades.”
The technology and service expertise Paychex provides businesses has taken on even greater significance and purpose during the COVID-19 pandemic. In the past year, the investments Paychex has made in its software, rapid response support, and innovative solutions include:
- Employee Retention Tax Credit Support – As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Employee Retention Tax Credit (ERTC) helps certain businesses claim tax credits on qualified wages paid to employees and health plan expenses in 2020 and 2021. In addition to creating educational assets, including videos and webinars, to explain the potential benefits of the ERTC, Paychex introduced a new offering, the Paychex ERTC Service. The service helps businesses retroactively identify tax credits and file amended returns to claim the credit based on wages already paid. The Paychex ERTC Service leverages the Paychex Flex® technology to streamline and automate the amendment process, providing support for customers to help identify and access government stimulus funds that could keep their business open. To date, the company has helped its customers apply for $6 billion in total tax credits in addition to $65 billion in Paycheck Protection Program (PPP) stimulus funds.
- Paychex Flex Enhancements – In response to ongoing employee safety and HR challenges presented by the pandemic, new functionalities were quickly expanded in Paychex Flex, the company’s SaaS-based HR software. These capabilities include COVID-19 leave tracking support, COVID-19 testing and vaccination status tracking, and access to COVID-19 testing solutions through a partner relationship. In addition to the COVID-19-related enhancements, Paychex also launched Paychex Pre-Check, an innovative solution that gives employees the opportunity to confirm paycheck accuracy before payday and introduces new efficiencies into the payroll cycle for employers.
- Critical HR and Compliance Support – Paychex and its team of 600+ accredited HR consultants and in-house compliance experts have helped clients navigate the unchartered and evolving HR and regulatory landscape of the past two years, where regulations from state and local governments are changing daily.
- Employee Benefit Solutions – As labor and talent challenges put pressure on U.S. businesses, Paychex has helped its clients remain competitive. Paychex provides employee benefits packages to help meet the health and wellness needs of workers, including financial wellness. The Paychex Pooled Employer 401(k) Plan (PEP), which gives business owners access to a simpler, more cost-effective retirement saving option, has resulted in the creation of more than 10,000 plans.
FORTUNE partners with Korn Ferry to determine the most highly regarded companies in 52 industries. Executives, directors, and analysts rate companies within their industry based on the criteria. To earn recognition as one of the most admired, a company’s score must be within the top half of its industry. Paychex was recognized for its leadership in the financial data services category.
For the complete list of the World’s Most Admired Companies, visit: https://fortune.com/worlds-most-admired-companies/.
Paychex, Inc. (Nasdaq: PAYX) is a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by 50 years of industry expertise, Paychex served more than 710,000 payroll clients as of May 31, 2021 across more than 100 locations in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting paychex.com and stay connected on Twitter and LinkedIn.