Paychex 2016 Annual Report Download

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more
connected
how Paychex
makes clients more
connected to their
employees, their
businesses
FORTY-FIVE YEARS
OF EMPOWERING
BUSINESSES
2016

Table of contents

  • Page 1
    2016 e r o d m e t c e n con x e h c y a how P clients more makes ted to their connec ees, their employ ses s busine rS A E y E v Fi Forty- WEriNG o oF EMP SES S BUSiNE

  • Page 2
    financial As of May 31, 2016 Cash and Total Corporate INVESTMENTS $ 73% S&P 500 793 Million 102% PAYCHEX SToCk DEBT $ PERFoRMANCE Returns to shareholders in the last 5 years vs. S&P 500® average (as of May 31, 2016) 0 % 40 ROE Return on Equity DIVIDENDS PAID As a Percentage of Net ...

  • Page 3
    ... $942 $864 2012 2013 2014 2015 2016 TOTAL REVENUE ($Billion s) for the fiscal year ended May 31 *Refer to discussion of Non-GAAP Financial Measure included in Item 7 of our Annual Report for further information. 2016 2015 2014 2013 2012 $ $ $ $ 2.7 2.5 2.3 2.2 } $ 3.0 CAGR* *5-Year...

  • Page 4
    a team r, with e ic f f utive O f Exec ie h C d ent an Presid i, c c u M Martin yees emplo x e h c y of Pa 2 I 2016 ANNUAL REPORT

  • Page 5
    ... small- and mid-sized businesses into the next decade. Our mobile-first design and single, cloud-based platform make Paychex unique in the marketplace, fuel our growth, and give our clients the opportunity to grow with us. To our shareholders In fiscal 2016, we delivered enhancements that supported...

  • Page 6
    ... Flex platform. Paychex Flex Hiring gives employers access integrating time and attendance functionality and employee benefits. We believe we now have the bestin-market offerings for administrative users and employee self-service, which allow them access to our HCM suite from a single application...

  • Page 7
    ... for small- and medium-sized businesses. And, HRO Today awarded Paychex Flex a TekTonic Award for best-in-class mobile and cloud-based technology. We earned some valuable recognition this past year for Paychex Flex and the benefit our technology brings to our clients. 2016 ANNUAL REPORT I 5

  • Page 8
    ..., Acquisition acquired Advance Partners, a company that offers customizable solutions to temporary staffing firms, including payroll funding and outsourcing services. We are excited about the opportunity this acquisition and its leadership team provide and believe it's a great fit for Paychex and...

  • Page 9
    ... future. Today, 95 percent of all businesses in our country are small businesses - the landscapers, dry cleaners, restaurant owners, and service companies that Martin Mucci President and Chief Executive Officer Sincerely, are the backbone of our economy and clients Paychex serves every day. So, when...

  • Page 10
    The The e r o d m e t c e n con

  • Page 11
    ... when we introduced HR services to help clients manage their increasingly complex employment law obligations. Last year, expecting that a number of our clients would need help with new health care reform requirements, we proactively launched our Employer Shared Responsibility (ESR) Services, one of...

  • Page 12
    ... Flex in the cloud. So restaurant owners can review last month's wages with their accountant in real time. So construction workers can allocate labor to jobs at the worksite. So even the smallest retail shops can offer their employees big-company perks such as the ability to check their HR, payroll...

  • Page 13
    it's in the cloud 2016 ANNUAL REPORT I 11

  • Page 14
    ...While the idea of big data used to apply to only the largest companies, businesses of all sizes are taking advantage of the information in their company records - including those in their human resource, payroll, and benefit systems - to run a smarter operation and to gain an edge on the competition...

  • Page 15
    ... who prefer to manage their HR, payroll, and benefits online, and call, email, or IM a client service specialist in our 24/7 service center only when they need support. However a client wants to connect with Paychex, they can. It's Here The connections that drive businesses have never been stronger...

  • Page 16
    ... provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus...

  • Page 17
    ... AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended May 31, 2016 Commission file number 0-11330 Paychex, Inc. 911 Panorama Trail South Rochester, New York 14625-2396 (585) 385-6666...

  • Page 18
    ... Litigation Reform Act of 1995 ...Item 1 Business ...Item 1A Risk Factors ...Item 1B Unresolved Staff Comments ...Item 2 Properties ...Item 3 Legal Proceedings ...Item 4 Mine Safety Disclosures ...PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases...

  • Page 19
    ... of payroll taxes, professional employer organizations, and employee benefits, including retirement plans, workers' compensation, health insurance (including health care reform legislation), state unemployment, and section 125 plans; • changes in health insurance and workers' compensation rates...

  • Page 20
    ..., and single sign-on, including self-service options and mobility applications. The HCM product suite integrates recruiting and applicant tracking, employee onboarding, payroll, employee benefits and human resource administration, time and attendance, and retirement services. Paychex Flex also...

  • Page 21
    ... portal. Paychex Online Payroll offers a suite of self-service and interactive services twenty-four hours a day, seven days a week. Both service models offer payroll processing, employee access online, general ledger service to provide payroll information to the client's general ledger accounting...

  • Page 22
    ...certain health insurance offerings. PEO services are sold through our registered and licensed subsidiary, Paychex Business Solutions, LLC. We also offer Paychex HR Essentials, which is an ASO product that provides support to our clients over the phone or online to help manage employee-related topics...

  • Page 23
    ... process for companies of all sizes. • Other human resource services and products: We offer the outsourcing of plan administration under section 125 of the Internal Revenue Code, allowing employees to use pre-tax dollars to pay for certain health insurance benefits and health and dependent care...

  • Page 24
    ... impact the small business community and provide a monthly regulatory update. Our Paychex Accountant Knowledge Center is a free online resource available through our website that brings valuable information and time-saving online tools to accounting professionals. The BuildMyBiz® website, which is...

  • Page 25
    ... to us. Seasonality There is no significant seasonality to our business. However, during our third fiscal quarter, which ends in February, the number of new payroll clients, new retirement services clients, and new Paychex HR Services worksite employees tends to be higher than during the rest of the...

  • Page 26
    ... this section on changes in health insurance and workers' compensation insurance rates and underlying claim trends for a discussion of health care reform as it impacts our PEO. We may not be able to keep pace with changes in technology or provide timely enhancements to our products and services: To...

  • Page 27
    ..., availability, and integrity of our data. Our service platforms enable our clients to store and process personal data on premise or, increasingly, in a cloud-based environment that we host. The security of our IT infrastructure is an important consideration in our customers purchasing decisions. As...

  • Page 28
    ... terms. Also, as a co-employer in the PEO, we assume or share many of the employer-related responsibilities associated with health care reform, which may result in increased costs. Increases in costs not incorporated into service fees timely or fully could have a material adverse effect on...

  • Page 29
    ... outside of Rochester, New York are at various locations throughout the U.S. and house our regional, branch, and sales offices and data processing centers. These locations are concentrated in metropolitan areas. Our international locations are primarily in Germany and house our German branch...

  • Page 30
    ...high and low sale prices for our common stock as reported on the NASDAQ Global Select Market and dividends for fiscal 2016 and the fiscal year ended May 31, 2015 ("fiscal 2015") are as follows: Fiscal 2016 Sales prices High Low Cash dividends declared per share Fiscal 2015 Sales prices High Low Cash...

  • Page 31
    ... average market capitalization. Our Peer Group is a group of companies with comparable revenue and net income, who are in a comparable industry, or who are direct competitors of Paychex (as detailed below). STOCK PRICE PERFORMANCE GRAPH $250 $200 $150 $100 $50 $2011 2012 2013 2014 2015 2016...

  • Page 32
    ... Year ended May 31, 2016 (1) 2015 (4) 2014 (2),(4) 2013 (3),(4) 2012 (4) Service revenue ...Interest on funds held for clients ...Total revenue ...Operating income ...Net income ...Basic earnings per share ...Diluted earnings per share ...Cash dividends per common share ...Purchases of property and...

  • Page 33
    ... which include: the purchase of accounts receivable as a means of providing payroll funding to clients in the temporary staffing industry; a cloud-based accounting service; payment processing services; payment distribution services; and a small-business loan resource center. Our mission is to be the...

  • Page 34
    ... payroll funding and outsourcing services. Our full-service Paychex Employer Shared Responsibility ("ESR") services continued to show strong market acceptance and growth in fiscal 2016. The Affordable Care Act ("ACA") sets forth specific coverage and reporting requirements that employers must meet...

  • Page 35
    ...and information to clients, small businesses, and other interested parties. We provide free webinars, white papers, and other information on our website to aid existing and prospective clients with the impact of regulatory changes. The Paychex Insurance Agency, Inc. website, www.paychexinsurance.com...

  • Page 36
    ...the Fiscal Years Ended May 31: In millions, except per share amounts 2016 Change 2015 Change 2014 Revenue: Payroll service revenue ...HRS revenue ...Total service revenue ...Interest on funds held for clients ...Total revenue ...Combined operating and SG&A expenses ...Operating income ...Investment...

  • Page 37
    ...: $ in billions As of May 31, 2016 Change 2015 Change 2014 Paychex HR Services client worksite employees ...Paychex HR Services clients ...Health and benefits services applicants ...Retirement services plans ...Asset value of retirement services participants' funds ... 944,000 35,000 150,000 74...

  • Page 38
    ...% 10% $1,003.9 105.0 427.3 $1,536.2 Total expenses increased 7% for fiscal 2016 and 10% for fiscal 2015. Fiscal 2015 was impacted by costs relating to the new minimum premium plan health insurance offering within our PEO, introduced in January 2014, which contributed three percentage points of the...

  • Page 39
    ... 2015 and 36.5% for fiscal 2014. The decrease in the effective income tax rate for fiscal 2016 is related primarily to a net tax benefit that was recorded for income derived in prior tax years from customer-facing software we produced. During the first quarter, we engaged tax specialists to assess...

  • Page 40
    ... meet short-term funding requirements related to deposit account overdrafts and client fund obligations arising from electronic payment transactions on behalf of our clients in the ordinary course of business, if necessary. No amounts were outstanding against these lines of credit during fiscal 2016...

  • Page 41
    ... functions, while Paychex and Advantage provide all centralized back-office payroll processing and payroll tax administration services. Under these arrangements, Advantage pays the Associates commissions based on processing activity for the related clients. When we acquired Advantage, there were...

  • Page 42
    ...related to the timing of collections from clients and payments for compensation, PEO payroll, income tax, and other liabilities. Investing Cash Flow Activities In millions 2016 Year ended May 31, 2015 2014 Net change in funds held for clients and corporate investment activities ...$ 339.7 Purchases...

  • Page 43
    ... to timing of purchases, sales, or maturities of investments. The amount of funds held for clients will vary based upon the timing of collection of client funds, and the related remittance of funds to applicable tax or regulatory agencies for payroll tax administration services and to employees of...

  • Page 44
    ... activity related to stock-based awards: The decrease in activity related to stock-based awards for fiscal 2016 compared to fiscal 2015 and for fiscal 2015 compared to fiscal 2014 was largely driven by a decrease in proceeds from the exercise of stock options. Shares of common stock acquired through...

  • Page 45
    ... on funds held for clients also includes net realized gains and losses from the sales of available-for-sale securities. PEO insurance reserves: As part of the PEO service, we offer workers' compensation insurance and health insurance to client companies for the benefit of client employees. Workers...

  • Page 46
    ... stock-based awards to employees, including grants of stock options, are recognized as compensation costs in our consolidated financial statements based on their fair values measured as of the date of grant. We estimate the fair value of stock option grants using a Black-Scholes option pricing model...

  • Page 47
    ... We manage the available-for-sale securities to a benchmark duration of two and one-half to three and three-quarters years. During fiscal 2016, our primary short-term investment vehicles were bank demand deposit accounts, VRDNs, high-quality commercial paper, and government agency discount notes. We...

  • Page 48
    ...million, after taxes, for a twelve-month period. Such a basis point change may or may not be tied to changes in the Federal Funds rate. Our total investment portfolio (funds held for clients and corporate investments) averaged approximately $5.0 billion for fiscal 2016. Our anticipated allocation is...

  • Page 49
    ... are regularly reviewed for potential write-off. No single client is material in respect to total accounts receivable, service revenue, or results of operations. Item 8. Financial Statements and Supplementary Data TABLE OF CONTENTS Description Page Report on Management's Assessment of Internal...

  • Page 50
    ... 31, 2016, and as a part of their integrated audit, has issued their report, included herein, on the effectiveness of the Company's internal control over financial reporting. /s/ Martin Mucci Martin Mucci President and Chief Executive Officer /s/ Efrain Rivera Efrain Rivera Senior Vice President...

  • Page 51
    ...conjunction with the related consolidated financial statements. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of May 31, 2016, based on criteria established in Internal Control - Integrated Framework (2013) issued by the...

  • Page 52
    PAYCHEX, INC. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME In millions, except per share amounts Year ended May 31, 2016 2015 2014 Revenue: Service revenue ...Interest on funds held for clients ...Total revenue ...Expenses: Operating expenses ...Selling, general and administrative ...

  • Page 53
    ... share amount As of May 31, 2016 2015 Assets Cash and cash equivalents ...Corporate investments ...Interest receivable ...Accounts receivable, net of allowance for doubtful accounts ...Prepaid income taxes ...Prepaid expenses and other current assets ...Current assets before funds held for clients...

  • Page 54
    ... other comprehensive income Total Balance as of May 31, 2013 ...365.4 Net income ...Unrealized losses on securities, net of tax ...Cash dividends declared ...Repurchases of common shares ...(6.2) Stock-based compensation ...Stock-based award transactions ...3.8 Balance as of May 31, 2014 ...363...

  • Page 55
    ... ...Acquisition of businesses, net of cash acquired ...Purchases of other assets ...Net cash used in investing activities ...Financing activities Net change in client fund obligations ...Dividends paid ...Repurchases of common shares ...Equity activity related to stock-based awards ...Net cash...

  • Page 56
    ... certain health insurance products. PEO services are sold through the Company's registered and licensed subsidiary, Paychex Business Solutions, Inc. Paychex HR Essentials is an ASO product that provides support to the Company's clients over the phone or online to help manage employee-related topics...

  • Page 57
    ...31, 2015; and 2) purchased receivables related to funding arrangements with clients, resulting from the acquisition of Advance Partners in December 2015, of $187.0 million as of May 31, 2016. Accounts receivable are written off and charged against the allowance for doubtful accounts when the Company...

  • Page 58
    ... it receives advance payments for set-up fees from its clients. The Company defers revenue associated with these advance payments, recognizing the revenue and related expenses over the expected life of its clients. PEO revenue is included in service revenue and is reported net of certain direct pass...

  • Page 59
    ...: All stock-based awards to employees are recognized as compensation costs in the consolidated financial statements based on their fair values measured as of the date of grant. The Company estimates the fair value of stock option grants using a Black-Scholes option pricing model. This model requires...

  • Page 60
    ... are expected to reverse. The Company records a deferred tax asset related to the stock-based compensation costs recognized for certain stock-based awards. At the time of the exercise of non-qualified stock options or vesting of stock awards, the Company accounts for the resulting tax deduction by...

  • Page 61
    ...No. 2016-10 addresses implementation issues identified by the FASB-International Accounting Standards Board Joint Transition Resource Group for Revenue Recognition (TRG). • ASU No. 2016-08 "Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations (Reporting Revenue...

  • Page 62
    PAYCHEX, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2016, with early application permitted. This guidance is applicable to the Company's ...

  • Page 63
    ... of integrated financial, operational, and strategic services to support independent staffing firms, were acquired by a wholly owned subsidiary of the Company. Advance Partners offers customizable solutions to the temporary staffing industry, including payroll funding and outsourcing services, which...

  • Page 64
    ... shares of Paychex common stock at an exercise price per share set equal to the closing market price of the common stock on the date of grant. All stock options have a contractual life of ten years from the date of the grant and a vesting schedule as established by the Board. The Company issues new...

  • Page 65
    ... In July 2011, the Board approved a special award of performance-based stock options under a Long-Term Incentive Plan. Subsequent grants of this award have been made upon hire of new officers. Under this award, stock options were granted to officers with vesting dependent on achievement against long...

  • Page 66
    ... awards is equal to the closing market price of the underlying common stock as of the date of grant and is expensed over the requisite service period on a straight-line basis. The following table summarizes restricted stock activity for the year ended May 31, 2016: Restricted shares Weighted-average...

  • Page 67
    ...of December 31, 2015. Effective January 1, 2016, the Company began offering a qualified ESPP to all employees. Under this new ESPP, the Company's common stock can be purchased through a payroll deduction at a discount to the market price. The Plan allows for a discount of up to 15% based on the sole...

  • Page 68
    ... securities and other cash equivalents as of May 31, 2016 are money market funds and bank demand deposit accounts. As of May 31, 2015 money market securities and other cash equivalents included money market funds, bank demand deposit accounts, short-term municipal bonds and commercial paper. 50

  • Page 69
    ...Balance Sheets is as follows: May 31, In millions 2016 2015 Funds held for clients ...Corporate investments ...Long-term corporate investments ...Total funds held for clients and corporate investments ... $3,997.5 220.6 441.1 $4,659.2 $4,273.4 366.6 399.8 $5,039.8 The Company's available-for-sale...

  • Page 70
    ... 1 valuations are based on quoted prices in active markets for identical instruments that the Company can access at the measurement date. • Level 2 valuations are based on inputs other than quoted prices included in Level 1 that are observable for the instrument, either directly or indirectly, for...

  • Page 71
    ... in funds held for clients and corporate investments consist primarily of securities classified as available-for-sale and are recorded at fair value on a recurring basis. The Company's financial assets and liabilities measured at fair value on a recurring basis were as follows: May 31, 2016 Quoted...

  • Page 72
    ... are mutual fund investments, consisting of participants' eligible deferral contributions under the Company's non-qualified and unfunded deferred compensation plans. The related liability is reported as other long-term liabilities. The mutual funds are valued based on quoted market prices in active...

  • Page 73
    ...244.6 3.2 247.8 215.4 $ 32.4 During fiscal 2016, the Company acquired intangible assets with weighted-average amortization periods as follows: customer lists - 9.7 years; other intangible assets - 5.0 years; and total - 9.5 years. Amortization expense relating to intangible assets was $15.9 million...

  • Page 74
    ... and liabilities are as follows: In millions May 31, 2016 2015 Deferred tax assets: Compensation and employee benefit liabilities ...Other current liabilities ...Tax credit carry forward ...Depreciation ...Stock-based compensation ...Tax benefit of uncertain tax positions ...Other ...Gross deferred...

  • Page 75
    ... fiscal 2016, the Company engaged tax specialists to assess the qualification of its customer-facing computer software for the federal "Qualified Production Activities Deduction" under Internal Revenue Code Section 199, and the regulations thereunder. Based on this assessment, the Company concluded...

  • Page 76
    ... Income. The amount of accrued interest and penalties associated with the Company's tax positions is immaterial to the Consolidated Balance Sheets. The amount of interest and penalties recognized for fiscal years 2016, 2015, and 2014 was immaterial to the Company's results of operations. 58

  • Page 77
    ... and free rent were $4.3 million, $8.5 million, and $6.7 million for fiscal years 2016, 2015, and 2014, respectively. Note M - Employee Benefit Plans 401(k) plan: The Company maintains a contributory savings plan that qualifies under section 401(k) of the Internal Revenue Code. The Paychex, Inc...

  • Page 78
    ... to meet short-term funding requirements related to deposit account overdrafts and client fund obligations arising from electronic payment transactions on behalf of clients in the ordinary course of business, if necessary. No amounts were outstanding against these lines of credit during fiscal 2016...

  • Page 79
    .... Paychex Advance subsequently borrowed approximately $56 million under this line, which remains outstanding as of the date of this report. Letters of credit: The Company had irrevocable standby letters of credit outstanding totaling $43.0 million both as of May 31, 2016 and May 31, 2015, required...

  • Page 80
    ... agreements with its officers and directors, which require the Company to defend and, if necessary, indemnify these individuals for certain pending or future claims as they relate to their services provided to the Company. Paychex currently self-insures the deductible portion of various insured...

  • Page 81
    PAYCHEX, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Note P - Quarterly Financial Data (Unaudited) In millions, except per share amounts Fiscal 2016 August 31 Three Months Ended November 30 February 29 May 31 Full Year Service revenue ...Interest on funds held for clients ...Total...

  • Page 82
    ... that information required to be disclosed in the Company's reports filed under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), such as this report, is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure...

  • Page 83
    ...the Company, Mr. Gibson served as President and Chief Executive Officer for AlphaStaff, a national provider of human resource outsourcing services to small- and medium-sized businesses. Prior to joining AlphaStaff in 2010, Mr. Gibson was President of the HR Management Division of Convergys, a global...

  • Page 84
    ... with Related Persons" within the section "CORPORATE GOVERNANCE," and is incorporated herein by reference. Item 14. Principal Accounting Fees and Services The information required by this item is set forth in the Company's Definitive Proxy Statement for its 2016 Annual Meeting of Stockholders...

  • Page 85
    ... from Exhibit 10.18 to the Company's Form 10-K filed with the Commission on July 16, 2010. (10.9) Paychex, Inc. 2002 Stock Incentive Plan (as amended and restated effective October 12, 2005) Form of Non-Qualified Stock Option Award Agreement (Officer), incorporated herein by reference from Exhibit...

  • Page 86
    ...Award Agreement (Board), incorporated herein by reference from Exhibit 10.21 to the Company's Form 10-K filed with the Commission on July 15, 2011. Paychex, Inc. 2002 Stock Incentive Plan (as amended and restated effective October 13, 2010) Form of Non-Qualified Stock Option Award Agreement (Officer...

  • Page 87
    ... requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on July 22, 2016. PAYCHEX, INC. By: /s/ Martin Mucci Martin Mucci President and Chief Executive Officer...

  • Page 88
    PAYCHEX, INC. ELEVEN-YEAR SUMMARY OF SELECTED FINANCIAL DATA In millions, except per share amounts Year ended May 31, 2016 2015 2014 2013 2012 Results of operations Revenue: Service revenue ...Interest on funds held for clients ...Total revenue ...Total expenses ...Operating income ...Investment ...

  • Page 89
    2011 2010 2009 2008 2007 2006 $2,036.2 48.1 2,084.3 1,297.9 786.4 5.8 $ 792.2 $ 515.3 $ 1.42 $ 1.42 361.8 362.4 $ 1.24 $ 100.5 $ 671.3 $ - $1,496.2 35% $1,945.8 55.0 2,000.8 1,276.0 724.8 4.5 $ 729.3 $ 477.0 $ 1.32 $ 1.32 ...

  • Page 90
    ... the Board of Directors. Transfer Agent and Registrar Please send inquiries, certificates for transfer, address changes, and dividend reinvestment and stock purchase requests to: American Stock Transfer & Trust Co. 6201 15th Avenue, 2nd Floor Brooklyn, NY 11219 1-800-937-5449 Direct Reinvestment and...

  • Page 91
    ... TEAM • Martin Mucci President and Chief Executive Officer • Efrain Rivera Senior Vice President, Chief Financial Officer, and Treasurer • Mark A. Bottini Senior Vice President, Sales • John B. Gibson Senior Vice President, Service • Michael E. Gioja Senior Vice President, Information...

  • Page 92
    ... We provide our clients the freedom to succeed. our mission We will be the leading provider of payroll, human resource, and employee benefit services by being an essential partner with America's businesses. our values We act with uncompromising integrity. We provide outstanding service and build...

  • Page 93
    4 5 45th ANNIVERSARY 1971- 2016 twitter.com/paychex facebook.com/paychex linkedin.com/company/paychex