Paycom Releases DDX Update Based on Latest EY Findings
12 Dezembro 2023 - 6:05PM
Business Wire
Paycom Software, Inc. (NYSE:PAYC) (“Paycom”), a leading provider
of comprehensive, cloud-based human capital management software,
announced updated cost estimates of data entry and HR tasks within
its usage management analytics tool, Direct Data Exchange® (DDX™).
These figures are based on the latest findings by professional
services firm Ernst & Young (EY), who found the average cost of
a single manual data entry made by an HR professional increased
from $4.70 to $4.78.
“Since launching DDX in 2019, we have strategically shown
thousands of businesses the estimated ROI when employees own their
own data,” said Chris Thomas, Paycom’s chief operating officer.
“The cost of manual HR data entries continues to rise, further
proving the need for employees to own their data.”
An award-winning HR product, DDX gives employers insights into
efficiencies gained through employee usage of HR technology. It
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.
“While self-service HR solutions have been widely available for
some time, there still exists tremendous opportunity for their
increased adoption and usage across most organizations,” said Steve
Boese, HR Technology Conference program chair and co-host of the HR
Happy Hour podcast. “Insights from DDX help HR leaders make the
case for increased investment in HR solutions and enable them to
demonstrate the positive returns on the investments in HR
technology that are a direct result of eliminating slow, expensive,
low-value-add and error-prone manual processes.”
EY regularly updates its calculations by applying inflation
factors to survey data. This year’s study also includes
consideration for manual payroll tasks completed by HR
professionals. When payroll tasks are included, the average cost of
a single manual data entry rises from $4.78 to $5.35.
These estimated costs are only averages. EY also concluded that
the cost per data entry of each task varies and can be as much as
$21.18. 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.
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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version on businesswire.com: https://www.businesswire.com/news/home/20231212824642/en/
Larisha Hunter media@paycomonline.com
Paycom Software (NYSE:PAYC)
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