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Paychex - Payroll Services 2021

Vendor Analysis

by Elizabeth Rennie

published on Jan 05, 2021

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Report Overview:

This NelsonHall assessment analyzes Paychex's offerings and capabilities in Payroll Services

Who is this Report for:

NelsonHall’s Payroll Services profile on Paychex is a comprehensive assessment of its offerings and capabilities, designed for:

  • Sourcing managers monitoring the capabilities of existing suppliers of managed payroll services and identifying vendor suitability for security services RFPs
  • Vendor marketing, sales, and business managers looking to benchmark themselves against their peers
  • Financial analysts and investors specializing in the HR and payroll technology and services sector.

Scope of this Report:

The report provides a comprehensive and objective analysis of Paychex payroll services offering, capabilities, and market and financial strengths, including:

  • Identification of the company’s strategy, emphasis, and new developments
  • Analysis of the company’s strengths, weaknesses, and outlook
  • Revenue estimates
  • Analysis of the profile of the company’s customer base including the company’s targeting strategy and examples of current contracts
  • Analysis of the company’s offerings and key service components
  • Analysis of the company’s delivery organization including the location of delivery locations.

Key Findings & Highlights:

Paychex (NASDAQ: PAYX), founded in 1971 and headquartered in Rochester, NY, is a provider of human capital management solutions, offering HR, payroll, benefits, and insurance services for small- and mid-sized businesses primarily throughout the U.S. and in select countries of Northern Europe. It is currently both the largest 401(k) recordkeeper (by total plans administered, currently >91k plans & >1m plan participants) and the 22nd largest insurance agency in the U.S., managing ~$2.5b in premiums annually.

Paychex offers a comprehensive suite of HR technology and managed services; each is enabled through its proprietary HCM technology, including:

  • HR outsourcing services (HR, payroll, benefits)
  • PEO services (co-employment model)
  • Retirement planning services
  • Insurance services.

Paychex targets small and lower middle market clients (generally <5k) for its managed payroll services offering. However, its solutions and platforms can scale to support larger middle market clients (>5k).

Paychex offers both partial and fully managed payroll services solutions. Beyond its HR and payroll services offering, Paychex also offers a range of add-on complementing solutions targeted to small and medium-sized business owners.  The solutions provide a "one-stop-shop" for small business administrative needs

As of May 31, 2020, Paychex employed ~16k workers across its businesses and supported >680k clients and >1.4m client worksite employees, providing payroll to an estimated 1 in 12 U.S. private-sector workers.

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