New Study Demonstrates Benefits of Automating Time-Off Requests With Paycom
Paycom Software, Inc. (NYSE:PAYC) ("Paycom"), a leading provider of comprehensive, cloud-based human capital management software, revealed findings by Forrester Consulting on the potential cost savings and benefits enabled by Paycom's Time-Off Requests featuring GONE®, which automates the historically undermanaged time-off request process. According to the Forrester study, a composite organization representative of interviewed Paycom clients received a projected return on investment of up to 821% over three years.
Paycom's Time-Off Requests featuring GONE manages employee time-off requests through automated decision-making with configurable rules. The tool expedites time-off decision periods, frees managers from time-consuming reviews, and uses company policies and coverage needs to reduce bias. Using GONE for a three-year period, the projected, quantifiable benefits for the composite company from the commissioned study included:
- individual manager time savings of nearly one workweek* of unproductive hours annually
- HR, finance and administrative staff time savings of nearly five workweeks' time annually
- up to six workweeks of avoided overtime hours annually from more consistent staffing
"Without GONE, 10% of an organization's labor costs go substantially unmanaged, resulting in increased costs from overpayments, scheduling errors, staffing shortages and operational disruption," said Chad Richison, Paycom founder, CEO and chairman.
For its research, Forrester conducted interviews with Paycom clients using GONE. The interviewees expressed additional workplace benefits from using the software, including:
- improved employee experience with quicker response times and fairer decisions
- configurable time-off decisioning rules to fit current business requirements or needs
- removed burden on managers to scrutinize and uphold company time-off policies
- connectivity with other Paycom tools through its single database, eliminating redundant tasks and allowing for performance and other criteria to be included in decisioning
During an interview, a director of human resources in the retail industry said GONE eliminated the significant distraction and manual considerations associated with their organization's traditional approval process, which previously took up to 15 minutes per review. "With GONE, I know that all PTO requests are going to be handled instantly and fairly, without considering which individual is requesting it," they said.
Paycom commissioned the Forrester TEI study, New Technology: The Projected Total Economic Impact™ Of Paycom's Time-Off Requests Featuring GONE®, in fall 2024 to examine the potential financial impact of Paycom's Time-Off Requests featuring GONE on organizations. More information on the TEI study can be found here.
*Refers to a traditional 40-hour workweek.
About Paycom
For 25 years, Paycom Software, Inc. (NYSE:PAYC) has simplified businesses and the lives of their employees through easy-to-use HR and payroll technology to empower transparency through direct access to their data. And thanks to its industry-first solution, Beti®, employees now do their own payroll and are guided to find and fix costly errors before payroll submission. From onboarding and benefits enrollment to talent management and more, Paycom's software streamlines processes, drives efficiencies and gives employees power over their own HR information, all in a single app. Recognized nationally for its technology and workplace culture, Paycom can now serve businesses of all sizes in the U.S. and internationally.
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