The Board of Directors is focused on the long-term sustainability of the business. It created The Compensation and Leadership (C&L) Committee and the Nominating & ESG (N&E) Committee. 

The CEO’s qualitative goals this year were also based on DEI and ESG program improvements. These goals will be included as a qualitative component to cash incentive plan metrics for all executivesin 2023.

The Company also strengthened its DEI community by creating Employee Resources Groups that actively work to support three Diversity Strategy Pillars: Education & Awareness; Community, Culture, and Engagement; and Growing a Diverse Workforce.

Pay equity is also the main company goal: according to a recent analysis, it reached 100% gender pay equality in the USA, where women and men are paid the same for the same job.

During 2022 the company was included on Forbes’ Best Employers for Diversity and Best Employers for Women lists.

It also supports employees’ professional growth and sense of community, providing training and benefits focused on their well-being (medical and dental insurance, retirement savings with a company match) and specific programmes to support employees. 

The Employee Assistance Program (EAP) provides extended mental, emotional, and physical resources and the Paychex Supplemental Paid Family Leave (PSPFL) is paid time away from work for employees’ needs.

The company also confirms its commitment to providing employees with a safe and comfortable working environment, providing access to various safety information, resources, and training material, which led to a 75% reduction in the number of reported new workers’ compensation claims in the last five years.

Stephanie Schaeffer, chief legal and ethics officer at Paychex, said: “Working for a better world is something Paychex has been doing since we were founded in 1971. As we’ve grown into the company we are today, with nearly 16,000 employees serving 730,000 clients, we’ve remained steadfast in holding ourselves to the highest standards of ethics, including an unwavering commitment to integrity. ESG is about applying that integrity across everything that touches our business – from how we use energy in our operations; to how we contribute to the quality of life in the communities we serve; how we establish our governance framework; to how our workplace is a place of diversity, equity, and inclusion.” 

As we have already reported, more and more companies are focusing on these issues, which are also of growing importance for talent retention.