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2016 ANNUAL REPORT
I 9
The Future of Work Is Here
Today’s workplace is far different than it was 10, even five years ago.
Technology has disrupted nearly every aspect of how business gets
done, and you’d be hard-pressed to find an industry it hasn’t touched
–
even those you might not think of as being on the leading edge. It’s also
affecting where business gets done, with 3.7 million non-self-employed
workers in the U.S. now working from home at least half the time, up
103 percent since 2005.1
At the same time, companies of all sizes are facing new challenges.
Chief among them: attracting and retaining employees with the
right skills. Demand for top talent is outpacing supply, driving up
the cost of recruiting and hiring that talent.2 This has led to pressure
to derive more output from workers; as the cost of labor goes up,
businesses must find new ways to increase productivity and efficiency,
or risk hurting their bottom lines.
These two forces
–
new technology, new challenges
–
have led to the
rise of human capital management (HCM) solutions, as they’re called.
HCM solutions tie together all the stages of the employee journey
–
from recruiting, screening, and onboarding, to payroll, HR, and benefits,
all the way on to retirement
–
giving employers new ways to connect
with their employees. Recruiters with candidates. Workers with the
resources they need to be more efficient. Owners with data that can
help them run a smarter business. Indeed, the connections that power
businesses are closer than ever.
With the workplace changing so quickly, Paychex isn’t just keeping
pace
–
we’re leading the charge.
You see, we’ve been here before. We were the ones who pioneered
small-business outsourcing because we saw too many owners
spending their time on administrative tasks instead of on making
their business successful. We again were ahead of the market 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 the first such solutions on the
market. For more than 45 years we’ve looked over the horizon and
prepared for change before it came.
And we’re doing it again. Today, we’re creating the future of work.
e future of work is hereThe future of work is hereThe future of work is here