Market Perspectives

Paycom is a Vendor of Merit in Workforce Management Value Index

Posted by Ventana Research on Mar 1, 2022 6:00:00 AM

Ventana Research is sharing insights about Paycom, drawn from our latest Value Index research, which assesses how well vendors’ offerings meet buyers’ requirements. The 2022 Ventana Research Value Index: Workforce Management is a distillation of a year of market and product research efforts.

VR_VI_WFM_Logo (4)-pngPaycom’s Time and Labor Management offering includes its labor allocation, scheduling and time and attendance software as well as time clocks and support for attendance and absence, timecards, shift management and the needs of hourly labor. In all of our Value Indexes, we utilize a structured research methodology that includes evaluation categories designed to reflect real-world criteria incorporated in a request for proposal and vendor selection process for workforce management. We evaluated Paycom and 12 other vendors in seven categories, five relevant to the product (Adaptability, Capability, Manageability, Reliability and Usability) and two related to the vendor (Total Cost of Ownership/Return on Investment and Vendor Validation). To arrive at the Value Index rating for a given vendor, we weighted each category to reflect its relative importance in an RFP process, with the weightings based on our experience and on data derived from our Benchmark Research on Workforce Management.

Ventana_Research_Value_Index_Workforce_Management_2021_Paycom (1)Paycom was categorized as a Vendor of Merit, ranking 13th overall in this Value Index evaluation. It ranked 13th in Product Experience, where it performed best in Manageability, and 11th in Reliability. It ranked 13th in Customer Experience, where it performed best in Validation. Its overall performance was impacted by its lower rankings in TCO/ROI and Validation, which represent 20% of the weighting in the overall Value Index. Our assessment finds that Paycom could perform better in TCO/ROI — where it ranked 13th — in the depth of information on its support for organizations in this category. In Validation, where it also ranked 13th, it could provide references and have more depth in the services it provides. Paycom did not participate in the Value Index process, and this assessment was based on Paycom’s Time and Labor products available in September of 2021. Unlike many IT analyst firms that rank vendors from an IT-only perspective or consider futures or vision over what is available in the products today, Ventana Research has designed the Value Index to provide a balanced perspective of vendors and products that is rooted in an understanding of business drivers and needs. This approach not only reduces cost and time but also minimizes the risk of making a decision that is bad for the business. Using the Value Index will enable your organization to achieve the levels of efficiency and effectiveness expected and hoped for when investing in workforce management technology.

This research-based index is the most comprehensive assessment of the value of workforce management software in the industry. Technology buyers can learn more about how to use our Value Index by clicking here, and included vendors that wish to learn more can click here. Read the report here.

Topics: Human Capital Management, WFM, HR, Workforce Management, HR Tech, employee experience

Ventana Research

Written by Ventana Research

Ventana Research is the most authoritative and respected market research and advisory services firm focused on improving business outcomes through optimal use of people, processes, information and technology. Since our beginning, our goal has been to provide insight and expert guidance on mainstream and disruptive technologies. In short, we want to help you become smarter and find the most relevant technology to accelerate your organization's goals.