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Paycom's work pays off
Local online payroll, human resources service company extends national reach

By Jim Stafford Published: March 18, 2008
About a year ago, Paycom founder Chad Richison bought 130 acres along the Kilpatrick Turnpike in far northwestern Oklahoma on which he planned to build a corporate headquarters for his online payroll business.

Those plans are on hold because Paycom has grown so quickly that the corporate headquarters Richison envisioned already have been outgrown by the fast-growing company.

"I thought: ‘I'm going to build 30,000 square feet and we're going to grow into it,' ” Richison said. "But we're already at 30,000 square feet, and we need another 12,000 in the building that we are in, which we can probably get in the next three or four months.”

Paycom employs 335 people in five cities, including about 165 at its Oklahoma City headquarters in the Lake Pointe Towers on Northwest Expressway. The company also operates in Dallas and recently expanded to Chicago, Atlanta and Fort Worth, Texas. It plans to add Phoenix and Houston this year.

"We're hiring pretty close to 50 people per month right now,” Richison said.

Many of the new jobs are in sales, while others are in new client setup, he said.

Paycom serves about 3,500 companies nationwide, providing online payroll and other human relations functions through its Web-based product. It stores the payroll information on servers in Oklahoma City and Dallas, processes and prints payroll checks and delivers them to the company sites via secure couriers.

After companies are brought on board, the new client setup specialists help the companies run their first couple of payrolls, then hand them off to a payroll specialist who provides ongoing service.

Paycom targets companies — with at least 50 employees — that already are outsourcing their payroll services, said Richison, a Tuttle native who founded the company in 1998.

The firm takes almost all of its clients from competitors such as payroll services giant Automated Data Processing, a company for which Richison once worked not long after he graduated from the University of Central Oklahoma.

Paycom has benefited from the development of its payroll product as an exclusive online service, Richison said. Competitors such as ADP were created well before the Internet exploded as a business platform, meaning their services require an "installed” database and IT specialists to maintain it at the client's site.

"We developed our systems almost in the 2000s,” Richison said.

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Chad Richison is shown in the board room at the Oklahoma City headquarters of Paycom, an online payroll company. BY JIM STAFFORD, THE OKLAHOMAN


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