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Paycor
Overview
Paycor went public in 2021 symbolizing their transition from regional payroll solution, to a large national HRIS player. They have taken a best-in-class approach to growing their system, as they've acquired cutting edge ATS, Performance and Engagement solutions. Paycor is typically a cost-effective option and has landed well in industries like the nonprofit sector where their price point and scheduling capabilities are prioritized.
Learn More: Request a vendor report comparing Paycor and their competitors
Market Segment
Paycor is considered a Mid-Market HRIS, which means the system works best for companies with between 50 and 350 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.
Blog: How Long Does it Take To Buy and Implement an HRIS
Costs
Paycor charges companies on a subscription basis and is often one of the more cost-effective solutions on the market. Paycor's solution can cost anywhere from $13-19 PEPM, depending on the scope and modules included
In addition to the software fees, implementing Paycor will require a one-time implementation fee. Paycor will charge ~ 10-20% of the annual software fees for their implementation fees (i.e., $10-20K implementation fee on a $100K annual purchase)
Blog: How to Negotiate an HRIS Agreement
Strengths
- Paycor takes a best-in-class approach to growing their product and has acquired two market leaders in Newton (ATS) and 7Geese (performance & engagement)
- Despite being a full-featured HRIS, Paycor is one of the lowest cost options on the market
- Paycor’s payroll module is one of their strongest tools and they provide comprehensive tax support services behind it
- Paycor has made a large investment in support and implementation resources in the last six months, building out a new service office in Colorado
- Paycor’s scheduling tools have developed significantly over the last few years
Weaknesses
- Due to their growth by acquisition approach and the multiple databases in the system, Paycor’s reporting tools can be lacking in real-time data
- Although Paycor is investing in service, they faced a series of layoffs during COVID and haven’t fully re-staffed their support teams
- Paycor’s user interface is straightforward and navigable but could use a more modern update
- Paycor’s typical customer is in the 50-350 employee space and their can be scalability concerns for companies with complex needs and reporting structures
Integration Capabilities
Paycor integrates with most accounting systems and benefit carriers and provides those integrations during implementation. They also have experience working with most well-known players in those segments. Paycor can also build custom integrations with 3rd party HR tools via APIs but doesn't have the same expertise or marketplace partners as some of their peers
Free Tool: HRIS Requirements Builder
Global Capabilities
While Paycor can serve as a global system-of-record enabling international employees to onboard, complete performance reviews and manage leave, the Paycor team has primarily focused on serving domestic clients. Their support teams are all in the US and global payroll would require a 3rd party
Modules Offered
- Payroll
- Benefits Admin
- HR / Employee Files
- Time & Attendance
- Onboarding
- Recruiting
- Learning
- Performance
- Engagement
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