FORTUNE Names Paychex to 2008 List of ''100 Best Companies to Work For''
Fifth appearance on the list for leading payroll and HR services company
ROCHESTER, N.Y.--(BUSINESS WIRE)--
FORTUNE announced today that Paychex has been ranked number 51 on the 11th annual "100 Best Companies to Work For" list, up from number 70 last year. Paychex, a leading provider of payroll and human resource services, also appeared on the 2002, 2003, 2004, and 2007 lists. This year's full list and related stories appear in the February 4 issue of FORTUNE, available on newsstands January 28 and at www.fortune.com today.
"We're incredibly pleased to be recognized as one of the best places to work in America again this year," said Paychex president and CEO Jonathan J. Judge. "We work hard every day to make Paychex the kind of place where our employees find meaningful work with a chance to contribute, opportunities for growth, terrific benefits, and a caring environment. This honor shows we are on track and heading in the right direction."
A driving factor for the list this year is that these companies excel in creating jobs. The 100 companies on the 2008 list added 67,000 employees to their payrolls in the past year and employ a total of nearly 1.6 million employees, up 16% from the number employed by companies comprising last year's list. FORTUNE recognized Paychex's training as one of the things that make the company a great place to work. Paychex provided 1.2 million hours of training to its employees last year, averaging 107.5 hours per employee.
About the "100 Best Companies to Work For" List
To pick the "100 Best Companies to Work For," FORTUNE works with Robert Levering and Milton Moskowitz of the Great Place to Work Institute to conduct the most extensive employee survey in corporate America. Of some 1,500 firms that were contacted, 406 companies participated in this year's survey. Nearly 100,000 employees at those companies responded to a 57-question survey created by the Great Place to Work Institute, a global research and consulting firm with offices in 30 countries. Most of the company's score (two-thirds) is based on the results of the survey, which is sent to a minimum of 400 randomly selected employees from each company. The survey asks questions related to their attitudes about the management's credibility, job satisfaction, and camaraderie. The other third of the scoring is based on the company's responses to the Institute's Culture Audit, which includes detailed questions about pay and benefit programs and a series of open-ended questions about hiring practices, methods of internal communications, training, recognition programs and diversity efforts, etc. After evaluations are completed, if news about a company comes to light that may significantly damage employees' faith in management, that company may be excluded from the list.
Any company that is at least seven years old with more than 1,000 U.S. employees is eligible. The deadline for applying for next year's list is March 31, 2008. For an online nomination form, go to www.greatplacetowork.com.
Paychex, Inc. (NASDAQ:PAYX) is a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex(R). Human resource services include 401(k) plan recordkeeping, health insurance, workers' compensation administration, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. Paychex was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices and serves over 561,000 payroll clients nationwide. For more information about Paychex and our products, visit www.paychex.com.
Source: Paychex, Inc.
Released January 22, 2008