Paychex Flex® Perks Earns 2024 Top HR Product of the Year Award
Human Resource Executive Magazine recognizes new HR technology innovations
Paychex, Inc., a leading provider of integrated human capital management software solutions for human resources, employee benefits, insurance services, and payroll, has earned recognition as a "Top HR Product of the Year" for Paychex Flex Perks, a curated digital marketplace for employee benefits.
This is the fourth time a Paychex solution has been named to the Top HR Product of the Year list as part of this annual awards program, which is designed to showcase new HR technology innovations with an emphasis on how they are breaking new ground and impacting the market.
Market research shows that 63% of American workers stated they were likely to participate in voluntary benefits from their employer, indicating that employees expect their employers to provide programs in addition to traditional benefits such as a retirement plan, paid time off, and healthcare insurance.
"It is an honor for Paychex Flex Perks to be recognized as a 2024 Top HR Product of the Year for the direct impact we expect this solution will have on business leaders, HR professionals, and ultimately their employees," said Tom Hammond, Paychex vice president of strategy, partnerships, and business development. "A cross-functional team has worked diligently to bring to market a frictionless, enterprise-level benefits ecosystem that enables small and medium-sized businesses to augment established benefit offerings or make employee benefits available for the first time. Now more than ever, a comprehensive and unique benefits offering is critical to any business competing for talent in a tight labor market."
Integrated directly into Paychex Flex, the company's cloud-based SaaS solution, Paychex Flex Perks is a digital marketplace of employee benefits curated to address the needs of today's diverse, five-generational workforce. The technology is tailored to the employee's user experience, making it easy and intuitive to enroll in benefits, including early access to earned wages, financial wellness solutions, and voluntary lifestyle benefits. Employees can self-select additional benefits based on their personal needs, which frees up time for business owners and HR leaders to focus on more strategic initiatives that are required to run a business. Paychex Flex Perks services are paid through employee payroll deduction at no cost to the employer.
"Small and medium-sized businesses often face challenges when competing against larger organizations for the best talent in a competitive labor market," said Steve Boese, president and co-founder of H3 HR Advisors and HR Technology Conference chair. "Paychex Flex Perks gives smaller organizations access to a set of attractive and meaningful employee benefits like access to earned wages, pet insurance, financial wellness tools and more, that augment the employer's benefits offering and enhance the overall employee value proposition. Additionally, Paychex Flex Perks makes it simple for the organization to adopt these programs and make them available to employees, making it easy to implement and to begin adding value right away, and ultimately drive an improved employee experience."
This year's award program received more than 100 written submissions, from which a judging panel selected a subset of technology solutions to demo before awarding 13 products with the honor of Top HR Product of the Year. The full list of the 2024 award-winning products can be viewed here: hrexecutive.com/unveiling-the-winners-2024-top-hr-tech-products-of-the-year/
Attendees of the 2024 HR Technology Conference & Expo in Las Vegas this September 24-26 can demo Paychex Flex Perks at the Paychex booth (#9009) on the expo floor. A Paychex expert will also present an in-person educational session during the conference, outlining a roadmap for choosing HR technology that meets the user experience expectations for a modern workforce. For a complete overview of how to connect with Paychex at HR Tech, visit go.paychex.com/hr-tech-conference-and-expo.
About Paychex
Paychex, Inc. (NASDAQ:PAYX) is an industry-leading HCM company delivering a full suite of technology and advisory services in human resources, employee benefit solutions, insurance, and payroll. The company serves over 745,000 customers in the U.S. and Europe and pays one out of every 12 American private sector employees. The more than 16,000 people at Paychex are committed to helping businesses succeed and building thriving communities where they work and live. Visit paychex.com to learn more.
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