Paycom Publishes Eight Key Findings About Employee Self-Service Technology
Paycom Software, Inc. (“Paycom”) (NYSE:PAYC), a leading provider of comprehensive, cloud-based human capital management software, has released new research in the form of a white paper, The Role of Self-Service Software: Get the Most Out of a Crucial Technology, that provides insight into the current benefits of, barriers to, uses of and overall employer satisfaction with HR self-service technology.
The survey, conducted with HR.com, included 705 HR professionals who represent a broad cross section of employers, ranging from small businesses with under 50 employees to corporations with 20,000 or more employees. About 44 percent of respondents represented organizations with 500 or more employees.
Paycom’s white paper focuses on the top eight findings from the survey results:
- Increased Efficiency: Eighty-seven percent of respondents agreed that self-service technology is the most efficient way to provide employees with payroll and HR information. Among firms with over 5,000 employees, 94 percent agreed.
- Room for Growth: Forty-three percent of organizations with self-service technology still use paper or email for the completion of Form I-9 and other onboarding forms. Although ability and access exist, self-service technology is not being properly utilized, leaving significant room for tech growth, and we expect to see workplace self-service technology being used more widely in the near future.
- User Friendliness Is Key: Ease of use and single login are the two most desirable aspects of self-service technology.
- Boosted Employee Engagement: Eighty-one percent of HR professionals agreed that self-service technology positively impacts employee engagement.
- Reduction of Paper and Email Dependence: When it comes to benefits enrollment and address changes, the number of organizations relying on paper-based processes for these functions dropped from about two-thirds to about one-quarter when utilizing self-service technology.
- Less Data Entry: In nearly half of organizations with self-service technology, HR still manually enters up to 50 percent of their employees’ data, indicating room for improvement in achieving the full benefits of employee self-service technology.
- Barriers Still Exist: According to 41 percent of respondents, the most common barrier to having employees enter data into self-service technology was HR’s concern of whether employees can do so with accuracy.
- Reduced Compliance Risk: About 50 percent of HR professionals agreed that having employees enter their own data increased the employees’ accountability for data accuracy. That, in turn, reduced compliance risk.
“Giving employees access to good, easy-to-use HR technology improves employee engagement and provides employers with more accurate data,” said Chad Richison, Paycom’s founder and CEO. “Creating a positive employee experience could have beneficial effects across an organization and even has potential to have significant positive impacts on the bottom line.”
To learn more about the eight key discoveries discussed in Paycom’s new white paper, The Role of Self-Service Software: Get the Most Out of a Crucial Technology, visit www.paycom.com/resources/whitepapers/.