- Paycom Software, Inc. (PAYC, Financial) research shows businesses struggle with fragmented HCM systems.
- 91% of HR leaders are interested in a unified single-database HCM solution.
- 77% of respondents face challenges with data accuracy due to multiple HCM databases.
Paycom Software, Inc. (PAYC), a leader in cloud-based human capital management software, has revealed through a study conducted by Forrester Consulting that companies use an average of 6.17 human capital management (HCM) providers to manage the employee life cycle. The reliance on multiple systems is leading to data accuracy issues that obstruct efficient workforce reporting. The study highlighted that 77% of respondents store employee data across various HCM databases, and 71% face challenges in transferring this data across platforms.
Chad Richison, Paycom's founder and CEO, emphasized that utilizing multiple HR platforms compromises data integrity and affects user experience. In contrast, Paycom's single-database software eliminates these duplications, automating and standardizing processes for a seamless experience. This aligns with the needs of about a third of HR professionals who aim to enhance workforce analytics and minimize compliance risks in the next 12 to 24 months.
Additionally, the study shows a strong preference among HR professionals for a unified HCM approach, with 91% expressing interest in a single-database solution and 84% believing that such a system could positively impact their business goals through improved data accuracy. As Paycom continues to offer streamlined HR solutions, it strengthens its position in the market, serving businesses of all sizes in the U.S. and internationally.
