Paychex, Inc. provides integrated human capital management (HCM) solutions for payroll, human resource, retirement, and insurance services for small- to medium-sized businesses. As of May 31, 2016, the company serviced approximately 605,000 payroll clients. Services and Products The company offers a portfolio of HCM services and products that allow its clients to meet their payroll and human resource needs. Clients could select services on an á la carte basis or as part of various product bundles. The company’s payroll-related ancillary services and human resource service (HRS) offerings often utilize the information gathered in the base payroll processing service, allowing the company to provide outsourcing services covering the HCM spectrum. The company also offers professional employer organization (PEO) services and provides insurance offerings through the Paychex Insurance Agency, Inc. (PIA) that allow employers to expand their employee benefit offerings. Paychex Flex is the company’s HCM software-as-a-service (SaaS) platform through which the company provides an integrated product suite that covers the employee life cycle from recruiting and hiring to retirement. Paychex Flex streamlines workforce management through technology and flexible choice of service. The platform uses a single cloud-based platform, with single client and employee records, and single sign-on, including self-service options and mobility applications. The HCM product suite integrates recruiting and applicant tracking, employee onboarding, payroll, employee benefits and human resource administration, time and attendance, and retirement services. Paychex Flex also provides technology-enabled service, with options that include self-service, a 24/7 dedicated service center, individual payroll specialist, and integrated service through the multi-product service center. In addition, large clients could utilize a relationship manager for personalized service. This platform services the company’s small-business clients, mid-market clients, and its PEO business. The company’s mobile apps are available for iOS and Android tablets and smartphones, and allow its clients and their employees to have full access to its products, offering various capabilities for both the employer and employee. Small-Business Clients The company simplifies their payroll with a combination of its products and customer service for a pay day. Small-business payroll is provided through the company’s core payroll, utilizing its Paychex Flex processing platform, or SurePayroll products. The company’s core payroll clients could opt for its full-service customer service model through its branch operations or use Paychex Online Payroll, the company’s Internet portal. Paychex Online Payroll offers a suite of self-service and interactive services 24 hours a day, 7 days a week. Both service models offer payroll processing, employee access online, general ledger service to provide payroll information to the client’s general ledger accounting software, and access to its Web-based report center and report writer. The company’s SurePayroll SaaS solution offers ‘do-it-yourself’, self-service and mobile applications for small business. The company’s small-business clients also benefit from its time and attendance products, which allow them to manage the gathering and recording of employee hours worked. Its suite of time and attendance products, including Web and mobile tools, could assist companies with the scheduling, tracking, and reporting of time, which could be beneficial to clients in complying with overtime regulations recently enacted by the Department of Labor. Other Paychex solutions, such as its comprehensive human resource outsourcing solutions are also available for its small-business clients. Mid-Market Clients The company’s mid-market clients are defined as approximately 50 employees with more complex payroll and employee benefit needs. These clients are serviced through the company’s Paychex Flex Enterprise solution set, which offers an integrated suite of HCM solutions on the Paychex Flex platform, or through its traditional mid-market platform. Clien
paychex inc (PAYX:NASDAQ GS)
911 Panorama Trail South
Rochester, NY 14625
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