B2B Payments

Tech Boosts HR’s SMB Influence, Paychex Report Finds

A new report from Paychex finds that SMB HR professionals are taking on a more prominent role at small- and medium-sized enterprises thanks to more sophisticated smart technology at their fingertips.

The Paychex Pulse of HR Survey, released for this first time Monday (June 19), surveyed more than 300 HR decision makers at companies with between 50 and 500 employees. Three-quarters of survey respondents told Paychex that HR smart technology has helped them to achieve greater influence and leadership within their organizations.

According to the report, 41 percent of HR professionals said they meet with either the CEO, CFO or both at least once a week, while nearly a third agree that they have access to this upper-level management if and when they need it.

Technology has become critical to HR professionals’ ability to provide value-added services within the company. Sixty percent of respondents told Paychex that the HR tech they use is “very effective” for processes like payroll, retirement and benefits management, and time and attendance tracking. According to Paychex, this means these professionals “feel that the technology is allowing them to maximize their effectiveness when it comes to the administration of critical business functions.”

“Technology is a powerful tool in our everyday lives and especially for HR leaders, with the right solution offering countless opportunities for increased accuracy and efficiency,” said Paychex President and CEO Martin Mucci in a statement. “Technology, combined with knowledgeable service professionals, can empower today’s HR professionals to make objective, data-driven workforce recommendations to the C-Suite that will ultimately help achieve the organization’s overall business goals.”

Still, Paychex found, there is room for improvement in how HR professionals deploy tech. Less than a quarter surveyed said they are using a single, integrated suite of solutions, while nearly half say they have to use multiple separate systems with only some integration. That means these professionals spend time rekeying in data in various platforms, with 30 percent saying they spend as much as 29 hours a month doing this.



B2B APIs aren’t just for large enterprises anymore — middle-market firms and SMBs now realize their potential for enabling low-cost access to real-time payments and account data. But those capabilities are only the tip of the API iceberg, says HSBC global head of liquidity and cash management Diane Reyes. In this month’s B2B API Tracker, Reyes explains how the next wave of banking APIs could fight payments fraud and proactively alert middle-market treasurers to investment opportunities.

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