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Things you can find in Canada: Justin Trudeau, poutine, Tim Hortons, and the toonie—and now you can also find Paycom. The payroll provider and HCM is heading to the Great White North.
Paycom announced on its Q2 earnings call that the company is expanding its flagship offering, Beti, to clients in Canada, aiming to better serve businesses with a global footprint.
“Now, more North American businesses will be able to improve their payroll processing by giving their employees a more transparent and user-friendly experience in Canada with Beti,” Paycom President and CEO Chad Richison told investors.
The company also announced its Q2 revenues at $401 million, up 27% YOY.
Richison said the move would open the company’s target market to organizations with more than 10,000 employees.
It follows an April announcement that Paycom made its Global HCM offering available to more than 180 countries and in 15 languages.
“We’re not picking the easiest countries. We’re picking the countries that have the greatest amount of US-based company employees,” Richison said
Canada is the first stop, but offering Beti in about 20 additional countries would allow Paycom to meet the needs of its US-based clients, he said.
Betting on Beti. Paycom is doubling down on its efforts to push customers toward Beti, its automated employee-driven payroll system launched in 2021. Beti lets employees see and adjust their payroll to address issues before checks are cut.
About 60% of existing clients have moved to Paycom’s new employee self-service approach, according to Richison, although it’s been a “harder slog” to keep moving existing Paycom clients.
“We’ve been changing out the jet engines on our plane in mid-flight here,” Richison said. “Beti dramatically changes the way our clients do their payroll, produces a dramatic ROI. So, we have to remain disciplined. We’re not going to make a client go on it. We have to sell them on it and it takes a while.”
To help make the case for the other 40% of clients, Paycom commissioned a total economic impact study to identify the ROI for HR teams who switch to Beti. That study found that Beti reduced time spent processing payroll by 90%, according to a company report.