Paychex Release Focuses on Efficiency, Cost-Containment

Paychex Labor Cost Hub

Paychex announced new functionality in Paychex Flex. The platform’s Spring ’21 release helps businesses speed up hiring and onboarding new employees, and better understand, measure and manage labor costs.

In addition, Paychex continues to enhance its solutions to support businesses as they navigate federal stimulus programs and work to meet state-mandated retirement planning requirements.

The @Paychex Spring '21 release helps businesses speed up hiring and onboarding, and better understand, measure and manage labor costs. #HR #HRTech Click To Tweet

Tom Hammond, Paychex vice president of corporate strategy and product management, said competition for talent will be fierce as businesses recover from the pandemic. “As we look ahead to the new normal, cash flow and talent management will continue to present unique challenges for employers, especially as millions of employees have renewed expectations for how, when and where they work,” he said.

The release includes:

  • Onboarding Self-Service: Enhancements to onboarding self-service will help accelerate speed-to-hire and lessen the administrative burden on business leaders, Paychex said. This round of upgrades are meant to simplify the UX of entering and reviewing new-hire information, including the ability for administrators to invite new hires to register for Paychex Flex. New employees can also electronically complete direct deposit and Form W-4s and make bank and tax selections within the platform.
  • Labor Cost Hub: To help businesses hire and onboard and manage cash flow and labor expenses, the new Labor Cost Hub provides a holistic, real-time view of total payroll, labor job costing and labor distribution in one place. For example, administrators can see the long-term cost of salary adjustments or compare overtime versus adding a new headcount.
  • Ongoing Stimulus Support: Since March 2020, Paychex has updated its PPP solutions. These upgrades include the ability for employers to navigate the complexities of the PPP and Employee Retention Tax Credit concurrently.  
  • State-Mandated Retirement Solutions: California joins Illinois and Oregon as the latest state requiring employers to offer a retirement savings platform. Paychex’s introduced a new Pooled Employer Plan (PEP) to go along with its traditional 401(k).  

The release’s features are available as of today for existing Paychex Flex customers.    

Image: Paychex

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