SCHAUMBURG, Ill., July 26, 2023 – Paylocity (NASDAQ: PCTY), a leading provider of cloud-based HR and payroll software solutions, today announced new premium products and feature enhancements designed to drive greater productivity, enhance the employee experience, and improve business outcomes in its Human Capital Management (HCM) solution. Building on its history of innovation—including the industry’s first integration of generative AI—Paylocity recently launched several new products and feature enhancements, including advanced scheduling capabilities and greater insight and access into compensation trends — advancing its position as the most modern HCM platform on the market today.
Paylocity Redefines Modern HR with New Innovative Products and Feature Enhancements
The new additions to the Paylocity platform include Market Pay, advanced Scheduling, enhancements to its award-winning Learning Management System, an updated mobile app to further empower and engage employees, and new applications of generative AI:
Market Pay is a new premium product that provides comprehensive market pay data to help organizations pay their employees fairly, attract and retain top talent, and maintain compliance with laws and regulations—all in real time and directly within the Paylocity platform. Using Market Pay, Paylocity clients can make better compensation decisions, evaluate specific roles accurately, and comply with pay equity and job posting requirements in multiple states.
Market pay data has increasingly become a must have for organizations of all sizes, but especially larger ones where internal calibration is more difficult. According to a recent industry report, at least 75% of companies with 40-250 employees and 80% of firms with 500+ employees use market pay data to justify compensation decisions.
"Having market pay data in the platform we use every day helps us make more informed decisions about what we're paying our employees and supports data-driven decisions around compensation. This saves us time when we're working to keep pay competitive for various jobs—and of course, retaining our best talent," said Courtney Guppy, Senior Vice President of Human Resources at Crafton Tull, an architectural engineering firm based in Arkansas.
Advanced Scheduling premium functionality improves workforce management by enabling organizations to further automate scheduling, reduce labor costs, and minimize compliance risks. Businesses can build schedules for multiple locations by matching the most suitable employees based on job function or role, skill set, and certifications. The new functionality also includes real-time insights to help ensure the right coverage and minimize overtime expenses by anticipating hours needed for future shifts and enabling employers to identify employees who are approaching or have already reached overtime thresholds.
Advanced Scheduling also gives employees more power around their work schedules by using their mobile devices to swap shifts, claim open shifts, and manage their availability, all without requiring manager involvement. Workers increasingly use their mobile devices to manage their work schedules, with shift claiming via mobile device growing nearly 200% year over year.
Learning Management System (LMS) is a training platform that enables Paylocity clients to easily assign courses that cover new skills, policies, products, compliance, and other topics, with robust tracking capabilities. The latest enhancements to Paylocity’s LMS enable employees to create training content – including videos – and then easily share it via Community.
LMS already includes hundreds of “off-the-shelf” courses in a comprehensive catalog, including a new Safety Training Bundle of 20 courses from Go1 Premium to help clients ensure on-the-job safety and compliance. Clients only need to assign the course and then Paylocity platform manages the rest, including notices and reminders, tracking progress, and completion reporting. Everything is tied back to each employee record, so managers can track just like any other task in the system. Since July 2022, the number of assigned and completed courses increased by nearly 70%.
Generative AI debuted in the HCM industry for the first time on the Paylocity platform in April 2023, appearing as an embedded feature in Community, Paylocity’s online collaboration hub. By responding to a user prompt that outlines simple details like what they want to communicate, the target audience, and desired tone, the AI tool generates polished and professional messages, saving valuable time and effort.
Paylocity recently extended generative AI capabilities to streamline creation of compelling and compliant job descriptions. HR teams and hiring managers can now generate job descriptions that attract high-quality candidates, increasing the pool of potential applicants for each role. This streamlined process not only saves time but also supports an organization's talent acquisition efforts.
“Paylocity has purposefully built AI and machine learning into our platform to not only improve efficiency, but also improve effectiveness. The more you use the Paylocity platform, the smarter it gets. With more data, the platform makes real-time recommendations to impact business outcomes. ” said Steve Beauchamp, co-CEO of Paylocity. “At Paylocity, we believe in providing innovative solutions that deliver the future of HCM today, and our latest advancements reflect our commitment to redefining modern HR."
Headquartered in Schaumburg, IL, Paylocity (NASDAQ: PCTY) is an award-winning provider of cloud-based HR and payroll software solutions. Founded in 1997 and publicly traded since 2014, Paylocity offers an intuitive, easy-to-use product suite that helps businesses automate and streamline HR and payroll processes, attract and retain talent, and build culture and connection with their employees. Known for its unique culture and consistently recognized as one of the best places to work, Paylocity accompanies its clients on the journey to create great workplaces and help all employees achieve their best. For more information, visit www.paylocity.com.