Paychex Prepares Customers for Post-Pandemic Economy with Spring ’21 Release
Today, Paychex, Inc., the HR software and services company that provides the power of simplicity for increasingly complex workplaces, announced new functionality to Paychex Flex®, the all-in-one solution for HR, payroll, and benefits. The Spring ’21 release helps businesses with the need to increase the speed of hiring and onboarding new employees, as well as giving them the ability to better understand, measure, and manage labor costs. In addition, Paychex continues to enhance its solutions to support businesses as they navigate federal stimulus programs and work to meet state-mandated retirement planning.
“With more Americans getting vaccinated, many state restrictions relaxing, and businesses reopening, the competition for talent is fierce,” said Tom Hammond, Paychex vice president of corporate strategy and product management. “As we look ahead to the new normal, cash flow and talent management will continue to present unique challenges for employers, especially as millions of employees have renewed expectations for how, when, and where they work. Organizations’ ability to successfully navigate these new norms, as well as maximize the government stimulus available to them, will be critical during the post-pandemic recovery.”
The Spring ’21 release includes:
- Onboarding Self-Service: In an increasingly competitive hiring market, enhancements to the onboarding self-service experience will help accelerate speed-to-hire and lessen the administrative burden on business leaders. The latest upgrades simplify the user experience for entering and reviewing new-hire information, including the ability for administrators to invite new hires to register for Paychex Flex, electronically complete direct deposit and Form W-4, as well as digitally make bank and tax selections within the application. All actions are powered by an integrated e-signature solution that is designed with security and efficiency at the forefront and enables users to initiate processes on any device at their convenience.
- Labor Cost Hub: In addition to the current challenge of hiring and onboarding talent quickly, managing cash flow and labor expenses continues to be top of mind as the economy ramps up. The new Paychex Flex Labor Cost Hub gives customers and CPAs a holistic, real-time view of total payroll labor job costing and labor distribution in one place, enabling them to see how much they are spending on their largest operational expense – their workforce. For example, administrators can see the long-term cost of salary adjustments or compare overtime versus adding a new headcount. The Labor Cost Hub is the latest example in the Paychex’s larger strategy to provide businesses the data insights they need to drive profitability.
- Ongoing Stimulus Support: From the time the CARES Act passed in March 2020 through businesses currently seeking forgiveness for Paycheck Protection Program (PPP) loans, Paychex has continued to update its PPP solutions in near real-time. These ongoing upgrades include the ability for employers to easily navigate the complexities of the PPP and Employee Retention Tax Credit (ERTC) concurrently, a differentiator for the Paychex Flex solution. Quickly developing and deploying these updates in Paychex Flex has helped Paychex customers secure $65 billion in PPP loans and $2.1 billion in ERTC and Paid Family Leave (PFL) credits combined.
- State-Mandated Retirement Solutions: California joins Illinois and Oregon as the latest state to require employers to offer a retirement savings platform for employees or face financial penalties. Paychex, the No. 1 401(k) recordkeeper in the nation by total number of plans, now offers a Pooled Employer Plan (PEP) in addition to its traditional 401(k). Potential tax credit savings from the SECURE Act for eligible employers helps to offset startup costs and offers a feature-rich alternative to state IRA plans.
“We continue to evolve our next generation of talent management products to help business leaders find, hire, and retain employees quickly and effectively with an eye on driving engagement and managing labor costs,” Hammond added. “Our solutions today are more relevant than ever, and I couldn’t be more confident in saying that Paychex is fully prepared to help businesses succeed and thrive in the future of work.”
All updates in the Spring ’21 release are available today for current Paychex Flex customers. Learn how Paychex Flex helps businesses achieve their business goals — during the COVID-19 pandemic and beyond.
Paychex, Inc. (NASDAQ: PAYX) is a leading provider of integrated human capital management 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 more than 45 years of industry expertise, Paychex serves more than 680,000 payroll clients as of May 31, 2020 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.