Paychex 2014 Annual Report Download - page 5

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The products, technology, and personal service that drive
the progress and financial performance of Paychex – and
make us an industry leader – rely on the dedication of
Paychex employees to generate outstanding results.
I am proud of what they delivered during fiscal 2014.
Our core payroll, SurePayroll, retirement services, and
HR Services sales teams produced revenue growth that
generated strong momentum in fiscal 2014. In particular,
our Human Resource Services revenue grew at a double-
digit rate, powered in large part by demand for our HR
outsourcing solutions. Our payroll services sales reached
its highest increase in business sold since the recession.
Our operations organization delivered
record-breaking results. Their unfailing
commitment to customer service
excellence led us to our best-ever client
retention rate, approximately 82 percent of our client base
at the beginning of fiscal 2014. And, our client satisfaction
results were in line with record levels. We ended the year
with approximately 580,000 payroll clients, an increase of
about 2 percent over the previous year.
If numbers tell the story, then the story written by
Paychex employees this year is one of excellence and
impressive achievement. We made sure that nearly
10 million American workers were paid
accurately and on time; that’s one in every
15 private-sector workers. We moved
$600 billion for our clients and their
employees. That makes Paychex the ninth-largest
mover of funds based on transaction volume.
Our leadership in the retirement services industry
continues. For the fourth straight year, a leading
retirement industry publication ranked Paychex
the number one 401(k) plan
recordkeeper, with 65,000 plans.
We service one of every ten 401(k)s
in the country. We also continued to
demonstrate our industry leadership
in compliance matters, reviewing nearly 6,500 state and
federal regulatory changes during the past year to make
sure that our products keep pace with the constantly
shifting regulatory environment.
I think it’s also important to recognize the excellent job
our employees did, coast to coast, during one of the
harshest winters we’ve had, ensuring that our clients’
needs were met. Even in the worst conditions, as one
storm followed another, the plans we prepare and
practice in the event of emergencies or natural disasters
worked extremely well, and the partnership and service
commitment our employees demonstrated is a testament
to the strength of our service model – always putting our
clients first.
Topping off the great work of our
employees, Paychex was also
honored to once again receive
Ethisphere Institute’s recognition
as one of the World’s Most
Ethical Companies. We take great
pride in this distinction, as we are entrusted with some of
our clients’ most important information and confidence.
TECHNOLOGY
INVESTMENTS
We believe the continued investments we are making
in our leading-edge technology set us apart from the
competition and position us for greater long-term growth.