Paylocity (PCTY) Launches Products for Workforce Engagement
Paylocity PCTY recently unveiled two new products, Recognition & Rewards and Employee Voice, which are aimed at assisting business leaders and HR teams in fostering a positive culture and enhancing employee engagement.
These additions are based on Paylocity's history of innovation, which includes the integration of generative artificial intelligence (AI) into various aspects of its human capital management (HCM) platform and the launch of Community, a social collaboration hub. The new products are designed to strengthen workplace relationships to ensure that the employees feel appreciated in their work environment.
To boost employee engagement, the company has introduced a holistic solution that bridges the gap between recognition and rewards, ultimately improving productivity and staff retention. The new Recognition & Rewards product extends the existing peer recognition features within the Paylocity platform.
PCTY has also unveiled Employee Voice, a unique approach to enhancing employee engagement and retention that goes beyond conventional surveys. This innovative feature, integrated into the Paylocity platform's existing AI capabilities, combines advanced technology with a scientifically rigorous approach.
Starting in early 2024, both Recognition & Rewards and Employee Voice will be accessible for an extra fee.
Shares of Paylocity, which currently carries a Zacks Rank #3 (Hold), have gained 2.2% year to date compared with the Zacks Computer and Technology sector’s rise of 37.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Paylocity Holding Corporation Price and Consensus
Paylocity Holding Corporation price-consensus-chart | Paylocity Holding Corporation Quote
Paylocity Faces Tough Competition in the HCM Market
HCM is a process employed by organizations to draw in, hire, educate, nurture and keep top talents in order to reach both immediate and long-term goals. This framework enables businesses to invest in their workforces, enabling them to make substantial contributions to achieving company objectives.
According to a Fortune Business Insights report, the global HCM market is projected to reach $46.85 billion by 2029 from $25.53 billion in 2022, witnessing a CAGR of 9.1%.
Some notable players in the HCM market include SAP SAP, Oracle ORCL, Workday WDAY and Paylocity.
SAP's HCM solutions offer forward-looking and strategic answers for essential HR and payroll functions, timekeeping, talent management, employee experience management and workforce analytics. These solutions are tailored to meet the vital requirements for workforce transformation.
Oracle Fusion Cloud HCM is one of the leading providers with its comprehensive suite that encompasses all necessary elements. This includes an exceptional employee experience, cloud-native infrastructure and ongoing innovation. These qualities result in a more efficient workforce, increased customer satisfaction and enhanced business profitability.
The Workday HCM suite empowers organizations to embrace change by delivering valuable workforce and operational insights. It stands out as the sole global enterprise application that integrates human resources, benefits, talent management, payroll, time and attendance as well as recruitment into a unified platform.
Paylocity provides a user-friendly product suite designed to simplify and automate HR and payroll operations, support talent acquisition and retention, and foster a strong corporate culture and employee engagement. Renowned for its distinct company culture and consistent recognition as a top workplace, the company partners with its clients to establish excellent work environments and empower all employees to reach their full potential.
The Zacks Consensus Estimate for PCTY’s fiscal 2024 revenues is pegged at $1.41 billion, indicating year-over-year growth of 19.92%. The Zacks Consensus Estimate for earnings is pegged at a profit of $5.58 per share, indicating year-over-year growth of 8.35%.
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