Paycom Software, Inc., (NYSE:PAYC), a leading provider of comprehensive, cloud-based human capital management software, announced updated cost estimates of data entry and HR tasks to its usage management analytics tool, Direct Data Exchange® (DDX™), based on the latest findings by professional services firm Ernst & Young (EY). EY found the average cost of a single manual data entry made by an HR professional increased from an average of $4.51 to $4.70.
“Implementing an employee usage strategy tied to the analytics generated by DDX helps businesses achieve maximum ROI from their HR technology through real-time monitoring and tracking of usage trends,” said Chad Richison, Paycom’s founder and CEO.
An award-winning HR product launched in 2019, DDX is a comprehensive management analytics tool that gives employers insights into efficiencies gained through employee usage of HR technology and provides a real-time estimated return on investment for that usage based on EY’s research, which is reflected in Paycom’s industry-first product.
“DDX sheds light in real time to areas where an organization’s system could be utilized more efficiently and fully,” said Steve Boese, HR Technology Conference program chair and co-host of the HR Happy Hour podcast. “It’s a really powerful tool for HR folks and also provides them an opportunity to engage with employees.”
When Paycom released DDX in early 2019, in-system ROI calculations were based on a late 2018 EY study. EY updated its calculations by applying inflation factors to survey data, resulting in an uptick in the cost of manual data entry.
While the new average is $4.70, EY also concluded that the cost per data entry of each task varies and can reach as much as $19.77. Additionally, according to EY’s annual research, the cost per HR task has continued to increase across every category of HR data — such as expense management, personal information and more — since the original survey launched in 2018. Paycom’s DDX automatically calculates these costs for clients so they can, in turn, drive employee usage of Paycom’s Employee Self-Service® technology.
With the launch of DDX, Paycom became the first in the human capital management industry to provide a tool that assists employers in determining what appropriate employee usage of HR technology looks like and how to measure it. DDX allows Paycom’s clients to estimate ROI to encourage employee usage of Paycom technology at their companies.
As a leader in payroll and HR technology, Oklahoma City-based Paycom redefines the human capital management industry by allowing companies to effectively navigate a rapidly changing business environment. Its cloud-based software solution is based on a core system of record maintained in a single database for all human capital management functions, providing the functionality that businesses need to manage the complete employment life cycle, from recruitment to retirement. Paycom has the ability to serve businesses of all sizes and in every industry. As one of the leading human capital management providers, Paycom serves clients in all 50 states from offices across the country.