Paycom Software, Inc., (NYSE:PAYC), a leading provider of comprehensive, cloud-based human capital management software, announced updated data entry and task figures 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 $4.39 to $4.51, and is reflected in Paycom’s industry-first product.
“Our analysis of employee usage data continues to shine a light on the high costs associated with HR living in the middle of the data exchange process,” said Paycom founder and CEO, Chad Richison. “Today, our clients are achieving an average DDX score approaching 90%, with a goal to get all clients to 100%, which will drive further value for the organization.”
DDX, a comprehensive management analytics tool, gives employers insights into efficiencies gained through employee usage of HR technology and provides a real-time return on investment on that usage based on EY’s research.
“Healthy competition and innovation are at our core, and DDX gives us a scoreboard on how our employees are using and engaging with Paycom,” said Robin Boudreau, New England Patriots’ vice president of human resources. “Executing an employee usage strategy has enabled us to realize an even stronger return on our investment in Paycom, which is realized by our employees self-managing their data, thereby allowing us more time to drive our business objectives forward.”
When Paycom released DDX in early 2019, in-system ROI calculations were based on a late-2018 EY study. EY’s findings were recently updated by applying appropriate inflation factors to survey data, resulting in an uptick in the cost of manual data entry.
EY also concluded the average cost per HR task, which includes categories such as onboarding, benefits enrollment and time management, is $13.51, including $13.08 in labor. The cost per data entry of each of these tasks varies and can reach as much as $18.96. Additionally, according to EY’s research, the cost per HR task increased across every category of HR data, such as recruiting, expense management and training. 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. For more information, visit Paycom.com.