Paycom Software, Inc., a leading cloud-based human capital management provider, commissioned a Forrester Consulting study revealing that surveyed businesses rely on an average of 6.17 HCM providers to manage the employee lifecycle. This multi-provider reliance results in significant data accuracy problems, hampering timely and effective workforce reporting.
Multiple HCM Providers Create Challenges
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Average of 6.17 HCM providers used per business.
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77% of respondents store employee data across multiple HCM databases.
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71% cannot transfer employee data seamlessly between platforms.
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80% experience workforce reporting issues due to inaccurate or fragmented data.
Business Impacts
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Poor data integrity leads to compromised decision-making and inefficient HR operations.
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Fragmented systems create a suboptimal user experience for employees and HR teams.
Desire for Single-Database HCM Solutions
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91% of HR technology leaders surveyed are interested in a unified HCM software built on a single database.
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84% expect improved data accuracy and positive impact on business goals from such a solution.
Paycom’s Single-Database Software Advantage
Chad Richison, Paycom Founder and CEO, emphasized the risks of multiple HR platforms, noting Paycom’s single-database software eliminates duplication and standardizes automated processes throughout the system. This design improves data integrity, workforce analytics, and compliance, providing HR and payroll professionals with a seamless, accurate experience.
As businesses grapple with the inefficiencies and risks of managing multiple HCM platforms, Paycom’s single-database software offers a streamlined, reliable solution that addresses data accuracy challenges and enhances workforce reporting. With overwhelming interest from HR leaders, single-database HCM solutions are poised to drive improved business outcomes across industries.
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