Paychex 2011 Annual Report Download - page 9

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7
2011 Annual Report
U. of P.
WINS AGAIN
Retirement Services
Our leadership in the 401(k) recordkeeping business continues
to grow. A premier industry survey ranked us as the number one
provider of new 401(k) plans for the eighth year based on sales
won. And, for the first time, that same survey rated us first in
total recordkeeping plans serviced. We now have 57,000
401(k) clients, 12% more than last year, with assets of over
$15 billion. Paychex services approximately one in every ten
401(k) plans in the United States.
Acquisitions
In addition to our ongoing product development, we completed
two important SaaS acquisitions during fiscal 2011. Both are
leading online providers whose services complement existing
Paychex offerings, and bring even greater product technology
and growth opportunities.
The acquisition of SurePayroll expands our access to the
online payroll market with its easy-to-use, Web-based product.
Over 30,000 small businesses looking for an online, self-
service alternative now use SurePayroll. The addition of those
businesses to our client base helped drive Paychex’s client
growth by more than 5% in fiscal 2011. And, we believe there’s
significant opportunity for even greater growth as an estimated
five million small businesses that currently do their payroll
manually look for a better option. Paychex and SurePayroll
share a commitment to providing quality customer service.
The difference between the two lies in how much control a
client wants. Small businesses that want a low-touch, do-it-
yourself offering with help available if they need it can choose
SurePayroll. Those that want a high level of personal interaction
and a dedicated payroll specialist will have that in the Paychex
model.
For the tenth straight year, the
Paychex Training and Development
Center – the University of Paychex
– was cited by
Training
magazine
as one of the world’s best employer-
sponsored career development
organizations. The Center
delivered over 950,000
employee hours of
instruction in fiscal 2011,
while our knowledgeable
and highly trained
sales and service
personnel
also provided
industry-leading
training in
support of our
clients.
W
W
W
W
W
W
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W
W
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W
W
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W
W
W
I
Ftht
O
2.1
Billion
Total Revenue