Paychex
Encyclopedia
Paychex, Inc. is a payroll
and human resource
service company
which serves approximately 572,000 businesses in the US. The company is headquartered in Penfield, New York
and has more than 100 locations across the country. The company provides services including Payroll Services, Time and Labor Management, HR Administration & Compliance, 401(k) Employee Benefits, Group Health Insurance, and Paychex HR Solutions.
in 1971. Golisano started the company with $3,000 and the idea to make payroll outsourcing easy and affordable for small businesses. He saw an untapped market of American businesses with fewer than 100 employees, and went to his employer at the time, a regional payroll processor for big businesses, with his plan. The company wasn't interested, and Golisano started Paychex, employing only himself.
The operation grew to include 18 franchises and partnerships, which were eventually consolidated into one private company in 1979. In 1983, Paychex went public and began trading on The NASDAQ Stock Market. Since then, Paychex has registered a record of steady growth. In fiscal 2011, Paychex revenues exceeded $2 billion, as mentioned on their website.
Payroll
In a company, payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. Payroll plays a major role in a company for several reasons...
and human resource
Human resource management
Human Resource Management is the management of an organization's employees. While human resource management is sometimes referred to as a "soft" management skill, effective practice within an organization requires a strategic focus to ensure that people resources can facilitate the achievement of...
service company
Company
A company is a form of business organization. It is an association or collection of individual real persons and/or other companies, who each provide some form of capital. This group has a common purpose or focus and an aim of gaining profits. This collection, group or association of persons can be...
which serves approximately 572,000 businesses in the US. The company is headquartered in Penfield, New York
Penfield, New York
Penfield is a town in Monroe County, New York, United States. The population was 36,242 at the 2010 census.The town was incorporated in 1810 by the proprietor, Daniel Penfield, who purchased the town lands in 1795 and moved to the area in 1809. Penfield is a suburb of Rochester, New York...
and has more than 100 locations across the country. The company provides services including Payroll Services, Time and Labor Management, HR Administration & Compliance, 401(k) Employee Benefits, Group Health Insurance, and Paychex HR Solutions.
History
Paychex was founded by Tom GolisanoTom Golisano
Blase Thomas Golisano is an American businessman and philanthropist. He is the founder of Paychex, the second-largest payroll processor in the United States and former co-owner of the Buffalo Sabres hockey team and of the Buffalo Bandits lacrosse team...
in 1971. Golisano started the company with $3,000 and the idea to make payroll outsourcing easy and affordable for small businesses. He saw an untapped market of American businesses with fewer than 100 employees, and went to his employer at the time, a regional payroll processor for big businesses, with his plan. The company wasn't interested, and Golisano started Paychex, employing only himself.
The operation grew to include 18 franchises and partnerships, which were eventually consolidated into one private company in 1979. In 1983, Paychex went public and began trading on The NASDAQ Stock Market. Since then, Paychex has registered a record of steady growth. In fiscal 2011, Paychex revenues exceeded $2 billion, as mentioned on their website.
| Name | Tenure |
|---|---|
| Tom Golisano Tom Golisano Blase Thomas Golisano is an American businessman and philanthropist. He is the founder of Paychex, the second-largest payroll processor in the United States and former co-owner of the Buffalo Sabres hockey team and of the Buffalo Bandits lacrosse team... |
1979 – October 2004 |
| Jonathan J. Judge | October 2004 – July 2010 |
| Martin Mucci | October 2010 – present |
Awards and recognition
Paychex ranked number 39 on FORTUNE's 12th annual "100 Best Companies to Work For" list in 2009. It also appeared on the 2002, 2003, 2004, 2007, and 2008 lists.Primary Competition
- ADPAutomatic Data ProcessingAutomatic Data Processing, Inc. Automatic Data Processing, Inc. with about $10 billion in revenues and approximately 545,000 clients, is a provider of business outsourcing solutions. ADP offers a range of human resource, payroll, tax and benefits administration solutions...
- CeridianCeridianCeridian Corporation is a global business services company in the human resources, transportation and retail markets, serving businesses worldwide with employees in the USA, Canada, Europe and Mauritius. It was a publicly traded company on the New York Stock Exchange until it was acquired in 2007...
- Paylocity CorporationPaylocity CorporationPaylocity Corporation is a provider of online payroll and human resource solutions. It operates primarily a software-as-a-service business model. Its competitors include ADP and Paychex.- History :...
- Payroll Guardian International, Inc.
- Intuit Online Payroll