Paychex,a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services, has been recognized as a 2023 Top New Product honoree for Paychex Retention Insights within the Human Capital Management Tools category of the annual list. This is the second consecutive year the company has been included on the list for its product innovation and business impact on the accounting industry for both clients and individual firms.
“At Paychex, we are constantly looking for ways to augment the technology behind Paychex Flex with the extensive business data we have to deliver tools that can simplify the challenges of our customers and address market trends we are tracking,” said Frank Fiorille, vice president, risk, compliance, and data analytics at Paychex. “Paychex Retention Insights is a perfect example of a report that leverages cutting-edge AI and machine learning technology delivered through an intuitive and actionable analytics report that can help our customers strategically retain top talent before they put their notice in. It is an honor to be recognized by Accounting Today for an innovation that is positively impacting the tax and accounting professionals we partner with.”
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Paychex Retention Insights is a proprietary predictive analytics model built by Paychex data scientists based on millions of records of anonymized employment data. The predictive model is available to Paychex Flex customers as a live and interactive report that identifies risk factors that can help predict if an employee has the potential to resign.
As one of the 2022 World’s Most Ethical Companies, Paychex applied the same level of ethical standards to the company’s advanced analytics efforts. For Retention Insights, rigorous quality control techniques were used by a Paychex team of ethics, legal, and compliance professionals for fair results based on appropriate information.
As a predictive analytics tool, Paychex Retention Insights provides actionable and ethical information to assist clients in mitigating employee turnover risks. Paychex research has shown that clients using the Retention Insights report were able to reduce turnover by 15% to 20% compared to clients that didn’t use the report. The research looked at clients that used Paychex Retention Insights between January 2022 and October 2022 and clients that did not access the live report or employee report during the same timeframe.
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“Businesses across the board are looking for ways to be more strategic with the HR data and analytics they have available. The accounting industry is no different, as they prioritize growing CAS models for their firms to become strategic advisors for their clients,” said Maureen Lally, vice president of marketing at Paychex. “Providing access to Retention Insights to our tax and accounting partners is just one of the many unique ways that firms can leverage the power of Paychex to enhance their services.”
Tax and accounting professionals looking to expand their Client Advisory Services (CAS) practice and leverage the analytics and insights from the Paychex Retention Insights report to advise clients with strategies to retain top talent in a tight labor market and help clients prioritize their retention efforts. The analytics can be accessed through AccountantHQ, a Paychex accountant-specific dashboard, to provide deeper, proactive, and strategic consultation to help clients achieve better business outcomes.
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