Chad's early days
Chad Richison graduated from the University of Oklahoma with a degree in journalism.
He started his career in payroll processing with ADP, an HR management company.
Finds a niche problem
While working there, Richison discovered that due to the lack of a competent database, businesses struggled to track and update employee HR information.
He quit his job to start Paycom, which offered one of the first online database solutions for managing HR and payrolls.
Convincing the world
Although Richison recognized the scope of automation in payroll departments; the world at that time, did not.
Paycom's early days involved Richison making several cold calls, convincing potential clients about the prospects of the internet.
Paycom even expanded its services to include additional HR management solutions.
The hard work pays off
Fortunately, the hustle paid off.
- Ten years later, Paycom's client list grew to more than 8000 customers.
- To further set itself apart, Richison expanded Paycom's existing repertoire with new functions such as candidate tracking & verification, expense management, document solutions.
Wall street visit
For the next chapter of Paycom's journey, Richison wanted to take Paycom public in the New York Stock Exchange.
- The successful IPO generated $64.3 million USD for the company.
- Paycom used most of that money to pay off its debt.
Recognized as one of the fastest-growing public companies by Fortune and Forbes, Paycom's yearly revenues have been growing at an average rate of 23%.
Paycom's revenue increased from $566 million USD in 2018 to $1.137 billion USD in 2022.
With these figures, Paycom is on a steady incline to dominate the payroll processing industry.