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Paycom's software claims top spot in Oklahoma Inc.

Oklahoma City-based Paycom Software Inc.

he spectacular growth of Oklahoma City-based Paycom Software Inc. (NYSE: PAYC) — ranked No. 1 on the 2020 Oklahoma Inc. list of Oklahoma public companies — can be measured in some ways that fit neatly in a spreadsheet.

And in other ways that are more easily seen in its impact on the community.

For instance, in the July 2019 to June 2020 period encompassed by Oklahoma Inc., Paycom produced a one-year return to shareholders of 36.6%, revenue growth of 21.4% and earnings per share change of 12.9%.

All of those growth indicators were at or near the top percentage gains among all Oklahoma public companies.

“Our results were driven by strong demand for our solutions in a large and expanding human capital management market,” said Chad Richison, Paycom’s founder and CEO. “We added a record number of new clients and increased our annual revenue retention rate to 93% at the end of 2019, all while our value proposition continued to resonate with more and more businesses and their employees.”

Founded in 1998 as one of the nation’s first web-based HR and payroll technology companies, Paycom has consistently developed its own proprietary technology to solve challenges of a critical business segment known as human capital management.

Today, Paycom claims 26,000-plus clients across the United States. At the end of 2019 it employed 3,765 people in Oklahoma City and satellite locations around the country.

Paycom’s innovation and growth have earned it numerous local and national honors, including a No. 6 ranking on Fortune magazine’s 2019 Fastest-Growing Companies list of domestic and foreign publicly traded companies.

Fueling Paycom’s long growth arc was the creation of proprietary, app-based products that track the entire employment life cycle across five distinct categories: talent acquisition, talent management, payroll, HR management and time and labor management. Employees of Paycom client companies have instant access to all their data, whether on phones, tablets or computers.

“We launched hundreds of new product enhancements to help businesses, highlighted by Direct Data Exchanged and Manager on-the-Go,” Richison said of two recently developed products. “Direct Data Exchange, an industry first, measures all data changes made by employees and all duplicative data entries made by client representatives that should have been made by the employee. This tool allows us to quantify the cost savings accrued, in real time, when the employee makes the change themselves the first time.”

Paycom’s Manager on-the-Go is a mobile tool that provides 24/7 accessibility to manager-side functionality of its software through the same Paycom app managers use as employees. Manager on-the-Go was recently named a Top HR Product for 2020 at this year’s HR Technology Conference.

While the COVID-19 pandemic resulted in severe downturn in nationwide business activity since March, Paycom weathered the challenges by maintaining its focus on areas it could control, Richison said. The company focused on providing “world class” service to its clients, developing new technologies and increasing the number of new clients added to its platform, he said.

“To date, I have been pleased with our execution on all three of these fronts, which I believe will further strengthen our market position in the quarters and years to come,” Richison said. “Our successes over this time frame wouldn’t be possible without our committed co-workers who continue to display grit and dedication, even in the face of the pandemic.”

In fact, Richison was named one of Glassdoor’s Highest Rated CEOs During the COVID-19 Crisis, based on employee submitted feedback. He is the only Oklahoma-based company CEO to earn a spot on the list of the top 25 chief executives selected in the United States.

Beyond the numbers that can be measured on a spreadsheet, Paycom’s impact on the local community can be seen most vividly in its massive headquarters campus in far northwest Oklahoma City. Its employees operate out 500,000 square feet of space in four buildings. Paycom also maintains a secondary operations center in the Dallas area.

Paycom’s sustained success also has rippled across the community through its philanthropic support of nonprofit organizations that that provide assistance to those in need.

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