Business

The Success Story of the World’s First Online Payroll Company

Chad Richison
Written by Ralpha

The fastest ever-growing company according to Forbes and Fortune

Paycom is a well-known software that aids in HR technology and provides fully automated, online payroll systems. Paycom became the first leading company to introduce a fully automated online payroll system. This is how such a unique idea emerged from a young entrepreneur and grew into one of the fastest growing software companies in the world. Paycom is based in Oklahoma City, and Chad Richison is the CEO of Paycom.

Scenarios leading to Foundation of Paycom

Chad started his career as a payroll salesman before shifting to human resources management. Following that, he relocated to Colorado to provide his payroll service, but in 1998, he resigned from his job and returned home, eventually founding Paycom.He had in-depth knowledge of payroll because of working with these companies, which led him to the conclusion that it was the technology that was attempting to hold the company back.

Chad Richison introduced new facilities like automated identity verification, budget tracking, as well as report analysis and storage systems in 2011. Eventually, Paycom started making money, and he turned his focus to charity and is a major contributor to many Oklahoma based NGOs.

Founding Paycom

Chad Richison

The most serious problem plaguing the payroll industry was a lack of competent disc space and grouping databases, which contributed to his discovering Paycom, which provided those services at a low cost. He used to go to every individual asking the public if they wanted such a platform and even made a lot of phone calls looking to obtain it during the industry’s early stages. As a result, he was initially a salesman as well as the company’s CEO. Convincing naive clients of the internet’s potential was one of the toughest tasks he encountered early on, and it was a significant challenge for a year old, according to Richison.

Paycom began as a digital payroll service provider for businesses of all sizes and has since enlarged into other areas such as human resource management and employee relations management. On April 15, 2014, the company was started on the New York Stock Exchange under the ticker symbol PAYC. The industry’s initial public offering was a massive success, with 6,645,000 shares sold and over $64.3 million raised. He started investing some of his own cash in the company and purchased another 52,600 shares as soon as the IPO was completed.