Paycom

How Much Does Paycom Cost? 

Paycom uses a per-employee-per-month (PEPM) pricing model and its known as one of the premium HR & Payroll solutions in the US market. According to our experts, Paycom subscription can cost around $24-30 PEPM. This depends on the size of the company and the modules that you've selected for your business.

The cost per employee for Paycom ranges from $4-6 per month. It charges a one time implementation fee, which can range from $500 for 15 employees to $1200 for 40. These pricing models make it an attractive option for mid-sized business owners as the perfect software to automate your payroll needs

Who are Paycom?

Founded by Chad Richison in Oklahoma City in 1998, Paycom is a premium online HR and Payroll Software that has grown into one of the leading HR solutions in the market. If we had to pick an expertise, we'd say Paycom (as the name suggests) stands out for its Payroll automation, making it seamless and easy.

With over 30,000 clients at their disposal, and a team that builds their functionality from the ground up without the help of third party tools, Paycom has become one of the leading HRIS solution in the United States being the perfect software for SMBs.

Which Sized Companies fit Paycom the Best?

We believe that it's the best HRIS for small to mid sized companies, as It advertises itself as the perfect All-in-one solution for HR needs. Historically, Paycom has focused its attention towards companies with 50-1000 employees but their strategic direction has changed lately with them targetting larger enterprises as they continue to evolve their modules.

According to Enlyft, below is the revenue size for Paycom when it comes to business:

• 54% of Paycom customers are small companies (<$50M revenue).
• 25% are medium-sized companies.
• 15% are large companies (>$1000M revenue).

Paycom Modules

Paycom continues to evolve every single year as far as its features and modules are concerned. Here are some that caught our eye:

BETI (Better Employee Transaction Interface) 

BETI was introduced in 2021 and represents a significant innovation in payroll management. Key features of BETI include: 

• Enables employees to manage their own payroll Reduces errors in payroll processing 
• Saves clients money on payroll management Increases employee engagement with the payroll process 
• Strengthens Paycom's competitive advantage by deepening the switching cost moat 
• Has been widely adopted by existing Paycom clients

GONE (Automated Time-Off Request Tool) 

GONE was added to Paycom's Time-Off Requests tool in December 2023 and has recently been named a Top HR Product of 2024 by Human Resource Executive magazine. Key features of GONE include: 

• Automates time-off management with policy-compliant decisioning Enhances fairness, timeliness, and regulatory compliance in time-off requests 
• Approves or denies time-off requests based on predefined rules set by clients 
• Considers factors such as coverage thresholds, consecutive days requested, and submission time requirements 
• Offers auto-approve/deny options Eliminates decision fatigue across organizations 
• Reduces costs associated with manual time-off reviews (estimated at $30.92 per review) 
• Improves efficiency by eliminating tedious reviews for managers

Payroll Processing

What made Paycom the name it is today in the first place, was their payroll system. Paycom’s payroll module fully automates payroll, ensuring accuracy and compliance by managing tax calculations, deductions, and direct deposits. It minimizes manual errors, saves time, and handles expenses, garnishments, and payroll taxes. The system also supports flexible pay options like pay cards and daily pay and generates mapped general ledger reports for direct import. 

Time & Labor Management

The Time & Labor Management module streamlines time tracking and attendance by allowing employees to clock in, request time off, and view schedules. Managers can approve requests and track labor costs. It also includes automated scheduling, accurate time clocks, and labor allocation tracking to improve workforce management.

Talent Acquisition

This module streamlines hiring from job postings to onboarding, with features like applicant tracking, background checks, and electronic onboarding for smooth new-hire transitions. It automatically posts open positions to your company website, top career sites, and job boards. Candidate data integrates across the system upon application, removing the need for reentry.

HR Management

Paycom's HR management module centralizes employee data, benefits administration, and compliance tracking. It provides self-service tools for employees to update personal details and enroll in benefits. The system automates routine HR tasks, delivers customizable reporting, and supports compliance with evolving laws.

Learning Management

This module supports training and development by enabling course creation, assignment, and progress tracking to ensure compliance. It provides a mobile-friendly training experience, allowing employees to train anytime, anywhere. Additional features include a video content creator and performance evidence tools to enrich the learning process.