Paycom Launches Robust Talent Management Suite
Complete Pay Data Integration and Online Personnel Action Forms Unique to Market
October 19, 2012 Oklahoma City – Paycom, the pioneer of internet payroll, announced today the launch of their robust Talent Management suite. This new addition to Paycom’s already strong suite of Human Capital Management tools offers employers powerful Talent Management intelligence in one application with complete pay data integration and online Personnel Action Forms (PAFs). Talent intelligence helps companies hire and retain the top talent needed to grow their business.
“The goal of our Talent Management technology is to eliminate redundant HR activities and streamline workforce processes that help businesses get the right people in place to drive growth,” said Chad Richison, Paycom CEO.
With the launch of Talent Management, Paycom has created the first ever online PAF system. By providing managers the ability to complete PAFs within the Paycom payroll and HR application, managers eliminate the use of paper forms and manually entering data when updating system information.
Research from Giga Information Group reports that employee retention can be improved by developing a pay-for-performance culture. Paycom’s Talent Management solution empowers employers to fairly link effort and compensation to align employee and organizational goals and inspire maximum employee performance. With the Performance Management tool employers can build a comprehensive library of positions with standardized salary grades, required competencies, and performance goals. Online performance reviews allow managers and employees to see how their individual performance rates and contributes to the overall business strategy.
The World at Work 2011-2012 Survey reports that salary increase budgets, at the median, have remained steady throughout 2011 and 2012, at approximately 2.9%. Paycom’s Compensation Budgeting tool uses the merit budget, performance rating scale and compa-ratios to automatically populate a merit matrix with compensation increases in sync with an employee’s performance and where the salary currently falls compared to the salary range midpoint. The merit matrix is budget neutral but helps businesses reward and retain top performers and manage poor performers.
“Paycom’s existing customers are already seeing the benefits of our Performance Management and Compensation Budgeting tools and they are ecstatic about the automated PAFs. These tools make their jobs easier and when added to our other HR and Payroll tools, they now have everything they need in one application to handle employees from their first day of employment to their last,” Randy Peck, Paycom Director of Operations said.
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Oklahoma City-based Paycom pioneered the Internet payroll market in 1998 as the first 100 percent online payroll provider. Now with a robust suite of HR tools, Paycom is the largest and fastest-growing exclusively online provider of full-service payroll in the U.S. Paycom serves customers in all 50 states from 21 offices across the country. To learn more visit www.PaycomOnline.com