The rapid change of events in the world, triggered mainly by the pandemic and application of new technologies, has seen some companies advance while others face challenge after challenge.
Chad Richison and his Oklahoma City team have overcome many hurdles to advance Paycom’s payroll system into the list of the world’s most innovative companies.
Not only did Fast Company award Paycom a spot on its prestigious top 10 most innovative companies list in the enterprise category, but Paycom was the only human resources (HR) and payroll software provider on the list.
This tech company found its way onto the prestigious top 10 list with the release of its newest online payroll platform in 2021 called Beti (Better Employee Transaction Interface).
How Beti Enhances Visibility into the Payroll System
Chad Richison created Paycom and continues to lead as its CEO. Under Richison’s leadership, Paycom has risen to become a top architect in shaping the human capital management and payroll industries over the recent years.
Paycom uses Beti to cut through the noise of its competitors and carve out a specific niche within the HR/payroll technology space. For many years, HR managers have struggled with the intricacies of payroll and other administrative systems, but with Beti, these issues are virtually eliminated.
Launched in 2021, Beti further automates the payroll process by allowing employees to access, view, verify, troubleshoot, and approve their paychecks before payroll runs.
Employees already manage all other aspects of their compensation — including timecards, expenses, PTO requests and benefits — and giving them the ability to verify their own payroll is a leap forward for the process’s evolution.
Beti automates and streamlines payroll by empowering workforces to manage their own data, helping reduce the errors behind costly retroactive adjustments, such as direct deposit reversals, ledger corrections, wire transfers, rushed manual checks and more.
Benefits of Beti
Beti benefits any business by:
- Ensuring accuracy of information, which reduces company liability.
- Minimizing processing steps and eliminating data re-entry.
- Allowing employees to resolve their payroll issues without involving the HR department, saving time and company resources.
- Reducing direct deposit reversal and the payroll fees associated with correcting inaccurate data.
With Beti offering such groundbreaking benefits, Paycom caught the attention of Fast Company and earned its way into the ranks of the world’s most innovative companies.
At a time in the business sector when most employees have been working remotely, this online payroll system provides easy access to HR management tools for all employees no matter where they work.
Paycom’s Rise to Global Innovative Ranks
Beti is only the most recent of many innovative solutions that Paycom has created for the payroll sector over the years.
Thanks to the hands-on approach by Chad Richison and his team, the tech company has continuously provided well-defined and structured cloud-based human capital management software solutions to businesses of every shape and size for many years.
Paycom began by targeting clients with small and mid-sized enterprises but quickly advanced to serve major brands like the New England Patriots.
Following its 2014 spring initial public offering, Paycom started trading on the New York Stock Exchange (NYSE), joining the S&P 500 in 2019.
Since Paycom’s launch of Beti, many businesses have adopted the technology. Feedback has been overwhelmingly positive, due to the way it empowers employees, improves data accuracy and increases efficiency for HR managers.
Paycom also solidified itself as a viable competitor to other businesses in the HR technology space when Beti earned the 2021 top HR product honor by Human Resource Executive magazine at the HR Technology Conference & Exposition.
As a driver of this progressive trend, Paycom continues to improve and redefine human capital for many different sectors of business.
Paycom’s Driving Force
Paycom’s market penetration has enabled the company to maintain and provide cloud-based software solutions that thrive on a core record system sustained in a single database for easy and full management of the employment cycle.
Notably, as Paycom continues to provide innovative HR solutions with its technology, Chad Richison and his team continue to stay in close contact with the company’s community, as evidenced by their recent giving activities.
Paycom recently donated $15,000 to Oklahoma Contemporary to facilitate free art experiences for families in the Oklahoma City area.
The team also recently donated $50,000 to Freedom Center of Oklahoma City to support the center’s educational programming about the civil rights movement in Oklahoma.
Paycom continues to operate at the highest heights of innovation while remaining grounded and caring about the people they serve and who helped make the company the success it is today.
