Paychex Puts the Power of Data in Focus with Enhanced Analytics Through Paychex Flex
Paychex, Inc., a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services, today announced powerful enhancements to its analytics offering, available through Paychex Flex®. Announced in conjunction with the company’s presence at Human Resource Executive’s 19th annual HR Technology Conference and Exposition at McCormick Place in Chicago, Ill., the reports and analytics available through Paychex Flex meet the growing demands of HR leaders of today who are looking for quick answers and the ability to make more informed business decisions.
Paychex Flex is a full HCM suite that covers the employee life cycle from recruiting and onboarding to retirement, all while streamlining workforce management through innovative technology and flexible choice of service. Paychex Flex now presents function-focused analytics in context throughout the platform to guide users through otherwise complex pay, HR, and benefits decisions and processes.
“We understand that small- to mid-sized businesses crave analytics to drive everyday work and informed decision-making,” said Mike Gioja, Paychex senior vice president of IT, product management and development. “We recognize that our customers also require deeper, periodic analysis of their data in order to help protect and grow their business. As such, Paychex Flex offers both analytics to drive everyday work and powerful exploratory analytics that include the most complete picture of workforce cost available.”
According to a recent Paychex HR Survey, 72% of HR leaders report relying on analytics in their everyday work, and the majority (66%) of them say the number one reason for doing so is to help drive more informed business decisions.
While a broad range of analytics are available to today’s businesses, 46% of HR leaders say descriptive analytics – interactive reports and visualizations of what’s happening in their companies – offer the most value to them. Meanwhile, 39% feel that prescriptive analytics, which provide intelligent recommendations for action based on a business’ data, is the most important form of analytics. Only 15% of respondents, across clients large and small, indicated that predictive analytics – the application of vendor-proprietary models to forecast what might happen in the future – were the preferred type of analytics to run their businesses.
The Paychex Flex analytics and reports meet the need for both descriptive and prescriptive analysis, offering the following:
- “Quick answers” clearly displays the most frequently referenced pieces of information at a glance, with the option to dive deeper into the data available through a single click. The Paychex HR Survey revealed that 97% of HR leaders prefer insightful analytics and reports presented in context throughout the application, which easily allows for immediate action, as opposed to in a separate analytics tool.
- Function-focused dashboards are designed to support specific analyses and tasks (i.e. time and attendance, hiring, benefits, labor costs, headcount changes).
- Paychex Flex includes a powerful custom analytics and reporting tool to create reports and visualizations to meet the unique needs of sophisticated businesses.
- Paychex Flex offers administrators a broad library of popular HCM reports. Examples include reports that help employers determine full-time equivalent status of their employees under the Affordable Care Act, as well as those built to track and monitor non-exempt employee hours in light of the impending Overtime Rule. In addition to leveraging such reports, users may elect to receive push notifications.
HR Technology Conference attendees can learn more about Paychex Flex’s analytics and reports offering, as well as receive a demonstration, by visiting the Paychex booth (#630).
About the Paychex HR Survey Insight included in this news release features data from The Paychex HR Survey, administered by Survey Monkey via Cint. The survey was fielded online between September 9, 2016 and September 13, 2016. It polled 596 HR leaders who hold the titles of HR manager, HR supervisor, HR director, vice president of HR, or chief HR officer (CHRO) and are currently employed by businesses from 1-10,000+ employees.