- October 5, 2024 8:56 am
- California
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 in the U.S. and Europe, and pays one out of every 12 American private sector employees.
The company has surpassed the 100,000 milestone for the number of 401(k) clients served, now administering plans for 103,595 clients as of April 2022. This builds on the company’s record of being ranked the largest 401(k) recordkeeper in the U.S. by total number of plans for the 11th consecutive year by PLANSPONSOR magazine in June 2021.
Paychex was founded in 1971 with an insight by B. Thomas Golisano. Payroll is complex for small and medium-sized businesses and Paychex can make it simple. We were the original disruptors, starting small but thinking big. Today we are a leading provider of integrated human capital management solutions for HR, payroll, retirement plans, employee benefits, business insurance.
Paychex’s growth in 401(k) recordkeeping has been driven in part by the introduction of the company’s Pooled Employer Plan (PEP) in early 2021. Launched as a result of the SECURE Act of 2019, the Paychex PEP provides business owners a simple, cost-effective 401(k) plan option. Paychex was one of the first to introduce a PEP among retirement plan providers.
“In today’s competitive hiring environment, offering a retirement savings benefit is not a luxury; it’s a necessity to attract and retain talent. On top of that, we continue to see more employers offer plans and states adopt mandated retirement savings programs intended to help address the nation’s retirement savings crisis,” said Michael Majors, vice president, human resource services, Paychex. “As the largest 401(k) recordkeeper in the U.S., we listen to our clients’ needs and work with them to offer the best 401(k) plan for their employees and their business.”
Paychex offers affordable 401(k) plans for any size business, with features that include:
Annual Paychex Pulse of HR Report
The 2022 Paychex Pulse of HR Report provides a comprehensive, in-depth look at how HR leaders are adapting to support their employees in a new era of work. The sixth annual report from Paychex, Inc., a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services, shows that only 15% of companies have staff working exclusively on-site, reflecting the growing emphasis on remote and hybrid work.
The survey of 1,000 HR leaders across the U.S. reveals that as more teams are dispersed and adopt flexible schedules, HR professionals believe tools and more opportunities for training and career development are essential to supporting remote/hybrid employees and managers, including:
“The current environment has redefined the priorities of an HR professional, forcing them to adapt at lightning speed,” said Alison Stevens, director of HR Services, Paychex. “With the right tools and peer insights, HR professionals can respond to what matters most to their workforce, deliver on what they need to be happy and engaged, and create a workplace – no matter where they’re working from – that benefits their employees and their business.”
" With the right tools and peer insights, HR professionals can respond to what matters most to their workforce, deliver on what they need to be happy and engaged, and create a workplace– no matter where they’re working from – that benefits their employees and their business. "
Martin Mucci
Chairman & CEO