Paychex 2011 Annual Report Download - page 7

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2011 Annual Report 5
medium-sized businesses. The payroll, human
resource, and benefit services we provide our
564,000 clients allow them to concentrate on what
they do best, giving them the freedom to succeed.
This commitment requires us to develop and deliver
a continually expanding product set, coupled with
exceptional customer service. That happens by
making significant investments in our business.
Payroll
Following the implementation in fiscal 2010 of an
enhanced platform for our core payroll processing, we
are making further product development investments
in our next generation, software-as-a-service (SaaS)
application. We have combined our offerings in the
mid-market space to help our clients handle every
aspect of the “hire-to-retire” employee life cycle.
Paychex One-Source Solutions brings payroll, HR and
employee benefits management, time and attendance,
applicant tracking, and expense management together
in one online offering. Over the next few years, we will
expand our technology infrastructure to incorporate
additional service offerings, including more fully
integrated solutions for both our small-business clients
and our more complex Major Market Services clients.
Over half of our current MMS clients use the existing
SaaS option available through the MMS platform.
Human Resource Services
Our investments in product development yield new
offerings that are crucial to our success and bring
value to our clients. In fiscal 2011, we introduced
Paychex HR Essentials, a human resource offering
that allows businesses to receive expert guidance and
support over the phone or online, on topics ranging
from employment law and safety and loss programs to
employee handbooks. We also launched a new time
and attendance system for small businesses, targeting
those with fewer than twenty-five employees. The self-
contained clocks have “plug-and-play” simplicity that
eases the challenge of payroll time collection for our
clients.
These investments produce results that power
growth for our company. Paychex HR Solutions,
which includes HR Essentials as well as our full
ASO (administrative services organization) and PEO
(professional employer organization) offerings, now
serves 567,000 client employees across the country
through our network of over 400 Human Resource
Generalists. That represents a 13% increase over fiscal
2010. Our HRGs function as account managers for
clients, and work on site with them to solve HR and
benefits needs.
Insurance
An 8% increase in insurance clients means more than
100,000 businesses now choose to get their workers’
compensation and group health insurance, and other
group benefits, through Paychex Insurance Agency.
In addition, the agency last year provided almost
100,000 employees and their family members with
health insurance. In total, our agency placed nearly
$1 billion in premiums for our complete array of
insurance coverage on behalf of our clients. We
continue to see our insurance agency as an area with
great opportunity for growth.