Paycom

Last updated
Paycom Software, Inc.
Paycom
Company type Public
Industry Software SaaS HCM
Founded1998;26 years ago (1998) [1]
Founder Chad Richison
Headquarters Oklahoma City, OK, U.S.
Area served
  • United States
  • Canada
  • Mexico
  • United Kingdom
Key people
  • Chad Richison (Co-CEO)
  • Chris Thomas (Co-CEO)
  • Craig Boelte (CFO)
Services Cloud-Based Payroll Services
SaaS
HRM
RevenueIncrease2.svg US$1.66 billion (2023)
Increase2.svgUS$451 million (2023)
Increase2.svgUS$341 million (2023)
Total assets Increase2.svgUS$4.20 billion (2023)
Total equity Increase2.svgUS$1.30 billion (2023)
Number of employees
7,300 (2024)
Website paycom.com
Footnotes /references
[2]

Paycom Software, Inc., known simply as Paycom, is an American online payroll and human resource software provider based in Oklahoma City, Oklahoma with offices throughout the United States. [3] [4] It is attributed with being one of the first fully online payroll providers. [5] It has been recognized by Fortune and Forbes as one of the fastest-growing publicly traded companies in the world, and as one of the World's Most Innovative Enterprise Companies by Fast Company in 2022. [6] [7] [8] Founded in 1998, it reported annual revenue of $1.375 billion for 2022, up from $1.06 billion for 2021. [9]

Contents

History

Paycom was founded in 1998 by Chad Richison, who previously worked in the payroll processing industry. [10] It began as an online payroll service provider for businesses, and expanded to offer additional services including human resource management in 2001. [3] On April 15, 2014, Paycom opened for trade on the New York Stock Exchange under the ticker symbol PAYC.

In 2011, Paycom moved its headquarters to a new 90,000 square foot office building, remaining in Oklahoma City. [5] The same year it released additional services including E-Verify, onboarding, expense management, and document storage. [11] In 2014, Paycom built a 90,000-square-foot addition to its headquarters—effectively doubling the size of its offices. [12] The company completed construction on its third and fourth buildings (in 2016 and 2018, respectively), bringing the total square-footage of its corporate campus to 500,000. [13] [14] In May 2022, Paycom held a grand opening ceremony for a new 150,000 square-foot operations center in Grapevine, Texas. [15]

CEO Chad Richison was the highest paid executive in the United States in 2020, earning $211.13 million from Paycom as part of a 10-year performance contract. The compensation consists mostly of stock shares that only vest if the company reaches specific stock price benchmarks by 2026 and 2030. [16] [17]

In July 2021, Paycom announced the release of Beti, an enhancement to its payroll system allowing employees to complete their own payroll. [18] Later that year, they bought the naming rights to the Paycom Center, home of the Oklahoma City Thunder. [19]

Awards and recognition

Paycom received the Service Bureau of the Year Award in 2013, and was also named to the Metro 50 List of Oklahoma companies with the largest growth from the previous two years. [1] Paycom has been named a top workplace in Oklahoma by The Oklahoman for nine consecutive years, including No. 1 in 2016. [20] Paycom also made Deloitte's Technology Fast 500 list in 2015 and 2016. [13]

In 2010, it received a Stevie Award for Sales Department of the Year in the Financial Services category, [21] following up with another in 2011 for Best Sales Training Manager of the Year. Inc. recognized Paycom as a Top 100 Job Creator in 2012 and 2013, [22] and as one of the Fastest-Growing Private Companies for the years 2006 - 2014. [23] In 2014, Paycom was named to the inaugural Build 100, which recognizes less than 1.5 percent of U.S.-based companies that are noted as sustained-growth champions. [24]

Paycom ranked No. 28 among large businesses on Glassdoor's 2015 Best Places to Work in the U.S. list. [25] In 2013, Glassdoor named Paycom one of the Top Five Best Places to Work in the U.S. [26] and recognized Paycom again in 2014 as one of the Best Places to Work. Paycom also ranked on Glassdoor's Top 25 Most Difficult Companies To Interview list. [27] The same year it received the EPCOR David DeMarea Payments Innovation Award. [28] In 2020 and 2021, they were ranked on Top Workplace USA's list of organizations with over 2,500 employees. [29]

Paycom won HR.com's Leadership 500 Excellence Awards in 2014 and 2015. Paycom earned its place in the midsize company rankings based on its outstanding achievements in leadership development and programs. [30]

Paycom was named one of the Wall Street Journal’s Best Managed Companies in 2019, [31] In 2021, they were named one of the Best Companies for Women to work in the United States by Comparably. [32]

Paycom was added to the S&P 500 in January 2019, and was listed sixth on Fortune’s 2019 100 Fastest-Growing Companies List. [33] [34] [35] [36]  The list is a ranking of the world’s top three-year performers in revenues, profits, and stock returns. [35] [33]

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References

  1. 1 2 Collinsworth, Alice (22 September 2006). "UCO grad's company earns honors for record growth". Edmond Sun. Retrieved 25 November 2013.
  2. ↑ "2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 15, 2024.
  3. 1 2 Stafford, Jim (18 March 2008). "Paycom's work pays off, local online payroll, human resources service company extends national reach". The Oklahoman . Retrieved 25 November 2013.
  4. ↑ Lawson, Michael S. (2010). Leading Change in Turbulent Times: How Effective Leaders Execute Change and Land Safely in Health and Business. AuthorHouse. ISBN   978-1-4520-9289-8.
  5. 1 2 Bruns, Brian (25 August 2011). "Paycom CEO predicts company growth". The Journal Record. Retrieved 25 November 2013.
  6. ↑ "Fortune 100 Fastest-growing companies". Fortune. September 11, 2017. Retrieved 27 February 2018.
  7. ↑ Konrad, Alex (23 May 2017). "Meet the fastest growing public tech companies in 2017". Forbes. Retrieved 27 February 2018.
  8. ↑ Woodruff, Jay (2022-03-08). "The 10 most innovative enterprise companies in 2022". Fast Company. Retrieved 2022-03-11.
  9. ↑ "Paycom Software, Inc. Reports Fourth Quarter and Year-End 2022 Results". www.businesswire.com. 2023-02-07. Retrieved 2023-02-17.
  10. ↑ Mecoy, Don (29 November 2009). "Loss leaves boss driven to succeed". The Oklahoman. Retrieved 25 November 2013.
  11. ↑ Black, Ron (26 August 2011). "Paycom Celebrates Grand Opening of New National HQ". Ron Black Radio. Retrieved 25 November 2013.
  12. ↑ Bailey, Brianna (9 June 2014). "Paycom projects growth at Oklahoma City headquarters". The Oklahoman.
  13. 1 2 Money, Jack (9 February 2017). "Strong Paycom earnings report sends stock soaring". The Oklahoman.
  14. ↑ "Oklahoma City-based Paycom stock soars after second quarter growth". Oklahoman.com. August 2, 2018.
  15. ↑ "S&P 500 giant Paycom opens highly anticipated Grapevine center, its second-largest office". Dallas News. 2022-05-11. Retrieved 2022-06-02.
  16. ↑ Gelles, David (2021-04-24). "C.E.O. Pay Remains Stratospheric, Even at Companies Battered by Pandemic". The New York Times. ISSN   0362-4331 . Retrieved 2021-04-25.
  17. ↑ Reuter, Dominick. "The CEO of a company you've probably never heard of earned $211 million in compensation last year — and the title of highest-paid chief executive, according to a new ranking". Business Insider. Retrieved 2021-05-20.
  18. ↑ Griffin, David. "Paycom Launches New Self-Managed Payroll System". www.news9.com. Retrieved 15 July 2021.
  19. ↑ Crain, Nick. "Thunder Announce 15-Year Naming Rights Agreement With Oklahoma City-Based Paycom". Forbes.
  20. ↑ "Oklahoma Top Workplaces 2021". Top Workplaces.
  21. ↑ "2010 Winners – Company Paycom". The Stevie Awards for Sales & Customer Service. 2010. Retrieved 25 November 2013.
  22. ↑ Malave, Ted (24 October 2013). "OKC based Paycom named a top job creator by Inc. Magazine". KFOR-TV Channel 4. Retrieved 25 November 2013.
  23. ↑ "Paycom Becomes Eight Year Inc. 500-5000 Honoree" . Retrieved 25 November 2013.
  24. ↑ "The Build 100". Inc. Retrieved 27 May 2014.
  25. ↑ Sahadi, Jeanne (9 Dec 2015). "Employees love working at these companies". CNNMoney. Retrieved 8 Jan 2015.
  26. ↑ Karol, Gabrielle (11 Dec 2013). "The Best Medium-Sized Companies to Work For and Why". Fox. Retrieved 27 May 2014.
  27. ↑ Smith, Jacquelyn (9 August 2013). "The 25 Companies That Give The Most Difficult Job Interviews". Forbes. Retrieved 25 November 2013.
  28. ↑ "Paycom received EPCOR award". The Journal Record. 4 November 2013. Retrieved 25 November 2013.
  29. ↑ "The Best Companies to Work For 2022". Top Workplaces. Top Workplaces. Retrieved 23 February 2022.
  30. ↑ "Winners Revealed for the 2014 Leadership 500 Excellence Awards". HR.com. 10 April 2014.
  31. ↑ "Explore the Management Top 250". Wall Street Journal. 2019-11-22. ISSN   0099-9660 . Retrieved 2020-02-07.
  32. ↑ Staff, Journal Record (2021-12-21). "Paycom named a top company for women nationally | The Journal Record" . Retrieved 2022-02-17.
  33. 1 2 "100 Fastest-Growing Companies". Fortune. Retrieved 2020-06-17.
  34. ↑ "Paycom No. 6 on Fortune's list of fastest-growing companies". The Journal Record. 2019-08-16. Retrieved 2020-06-17.
  35. 1 2 "Oklahoma business briefs for Aug. 17, 2019". Oklahoman.com. 2019-08-17. Retrieved 2020-06-17.
  36. ↑ Novet, Jordan (2020-01-23). "Cloud software vendor Paycom beats rival Workday into the S&P 500 because of one key metric: profit". CNBC. Retrieved 2020-06-17.
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