Paycom Software is seeing double-digit revenue growth, and is still hiring research and development staff in Oklahoma City at a rapid pace.
The company’s total revenue was $33.3 million for the second quarter, up from $23.9 million a year ago, primarily due to the addition of new clients, the company said.
Paycom CEO Chad Richison believes Paycom’s movement towards more mobile-based solutions will meet the demands of the next generation of workers.
As younger employees enter the workforce, they will expect to be able to access their time card, pay information and other human resources data via one application on their phone or tablet, he said.
“As my children and a new generation of workers step in, they are going to expect this type of function and technology,” he said.
The firm launched Paycom Push Reporting during the second quarter of the year, which allows employees to generate individualized reports via their mobile device.
After opening news sales offices in five new cities during the first quarter of the year, Paycom has considered hiring research and development staff at a rapid clip in Oklahoma City over the past few months, Richison said, although the company declined to provide firm numbers.
The company has increased its research and development staff by about 120 percent since the beginning of the year, with about 90 percent of those hires in Oklahoma City, Richison said.
Since 2011, the company has expanded its number of employees in Oklahoma City by about 500, according to data from the Oklahoma City Economic Development Trust. At the end of 2013, the company had 841 employees across the United States.
Canacord Genuity and Barclays have rated Paycom’s stock a buy and issued glowing reports about the company after it reported second-quarter earnings this week that beat estimates.
“Paycom should be a comparatively conservative, above-average grower with a stock price that follows along a similar trajectory,” said Raimo Lenschow, analyst for Barclays in a note to investors.
CORRECTION: An earlier version of this article listed the number of U.S. employees at the end of 2014. The year has been changed to 2013.