How Much Does Paycom Cost?
Paycom is a premium priced solution in their market. They charges companies on a per paycheck basis. When converted to a Per Employee Per Month fee, a Paycom subscription can cost anywhere from $22-31 PEPM, depending on the size of your company and the modules included in your scope.
In addition to the software fees, Paycom will typically charge a one-time implementation fee. Paycom's implementation fees are typically about 10-20% of the annual software fees (i.e., $10-20K implementation fee on a $100K annual purchase)
What Modules Are Included with Paycom?
- Benefits Admin
- HR / Employee Files
- Time & Attendance
- Recruiting / ATS
For most small to medium sized companies, Paycom can serve as a one-stop-shop for all of their HR-related needs. Paycom started off as a payroll provider, but has continued to develop broader capabilities over the years.
Paycom, generally, does not make it easy for companies to integrate 3rd party HR tools (like an ATS or performance management tool), so buyers are steered towards taking an all-in approach.
Who is Paycom?
Paycom was founded in Oklahoma City in 1998 and is still led by their founder, Chad Richison. Paycom started off as a payroll software platform, but over the years, has developed a full suite of HR software features.
One of the defining features of Paycom is their focus on building their entire suite of tools internally without acquiring third party companies or white labeling competitors' tools. This has led Paycom to develop a well unified solution, but can come at the cost of rapid feature development and 3rd party integration capabilities.
What Sized Companies Fit Paycom Best?
Paycom is considered a Mid-Market HRIS, which means the system works best for companies with between 50 and 500 employees. Mid-Market solutions are designed to be an all-in-one HRIS for companies with fairly standard HR requirements.
Mid-Market solutions typically take about 2-3 months to implement and do not require external consultants to successfully implement and manage the solutions. Mid-Market solutions can be limited in how scalable they are, due to a lack of custom workflow tools and limited rules engines.