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Paylocity (PCTY) Unveils Features for Next-Generation Workers
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Paylocity (PCTY - Free Report) has unveiled some innovative features aimed at transforming talent acquisition, employee engagement and retention for the next generation of workers. As Generation Z, or Gen Z, becomes the largest group in the workforce with more than 17.1 million employees, companies are recognizing the need for customized features.
For job seekers, applying for positions is now easier with the option to scan QR codes or send texts using a new feature, making the process quick and straightforward. Another addition lets applicants have real-time conversations with recruiters through two-way texting, offering immediate communication.
Paylocity also allows candidates to share their preferred name, answer optional identity questions, or hide information that could lead to bias in hiring, promoting inclusivity and reducing partiality. Seamless integration with LinkedIn, ZipRecruiter and Indeed lets candidates apply for multiple jobs directly from these platforms. New integrations with Gmail and Outlook calendars simplify interview scheduling for candidates.
These features are available on Paylocity’s highly-rated HR mobile app, giving employees consumer-grade experiences. With the app, employees can clock in and out, stay updated with internal posts using community and manage PTO requests and paycheck details anytime and anywhere. This approach caters to various worker types, including remote or deskless employees, showcasing PCTY’s commitment to improving engagement and productivity across diverse work setups.
These initiatives are expected to aid top-line growth in the upcoming quarters.
The Zacks Consensus Estimate for PCTY’s fiscal 2024 revenues is pegged at $1.39 billion, indicating year-over-year growth of 18.26%. The Zacks Consensus Estimate for earnings is pegged at a profit of $6.07 per share, indicating year-over-year growth of 17.86%.
Paylocity’s Recent AI Advancements to Fend Off Competition
The company has unveiled a series of new artificial intelligence (AI) features aimed at making HR processes smoother and offering more personalized experiences for employees. These features include AI-driven optimized schedules for the workforce and tailored learning plans, as well as intelligent recommendations.
Paylocity's AI strategy involves various approaches to enhance business efficiency, provide actionable insights and improve user experience. The company has integrated AI-driven recommendations into its Learning Management System, improving the learning experience and ensuring that training aligns with individual career goals.
One key aspect of PCTY's AI enhancements is the personalized recommendation features across multiple products, such as Recognition & Rewards, Employee Voice and Community. For example, Recognition & Rewards now includes a feature called Recognitions to Give, which uses AI to suggest opportunities for users to acknowledge their peers' achievements. This has led to a notable increase in peer-to-peer recognitions.
These advancements are expected to fend off competition from players in the HR and payroll software solutions market.
Automatic Data Processing’s ADP Workforce Now is a complete HR software package designed to meet the needs of small, medium and large companies. It is built on a unified database, making it easy to access important information whenever needed. The software offers different package options tailored for various industries and seamlessly connects with existing tools, partners, or pre-integrated apps from the ADP Marketplace.
monday.com is known for its versatility and offers many features to meet the diverse needs of HR teams. It provides templates like a feedback tracker and an applicant tracker. The free plan is great for startups and small teams wanting to quickly start with HR software. For larger organizations, the Enterprise plan offers advanced features and scalability for managing bigger businesses.
Workday is a cloud-based software that handles both finance and HR management. It has an intelligent data core that connects financial and employee data, giving valuable insights for informed decision-making. WDAY is a top choice for enterprise businesses to manage complex HR processes effectively.
Paylocity has acquired Trace, an innovative solution for headcount planning, which helps organizations plan and manage their workforce effectively. This acquisition is likely to aid PCTY in positioning itself as a tough competitor in the HR and payroll software solutions market.
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Paylocity (PCTY) Unveils Features for Next-Generation Workers
Paylocity (PCTY - Free Report) has unveiled some innovative features aimed at transforming talent acquisition, employee engagement and retention for the next generation of workers. As Generation Z, or Gen Z, becomes the largest group in the workforce with more than 17.1 million employees, companies are recognizing the need for customized features.
For job seekers, applying for positions is now easier with the option to scan QR codes or send texts using a new feature, making the process quick and straightforward. Another addition lets applicants have real-time conversations with recruiters through two-way texting, offering immediate communication.
Paylocity also allows candidates to share their preferred name, answer optional identity questions, or hide information that could lead to bias in hiring, promoting inclusivity and reducing partiality. Seamless integration with LinkedIn, ZipRecruiter and Indeed lets candidates apply for multiple jobs directly from these platforms. New integrations with Gmail and Outlook calendars simplify interview scheduling for candidates.
These features are available on Paylocity’s highly-rated HR mobile app, giving employees consumer-grade experiences. With the app, employees can clock in and out, stay updated with internal posts using community and manage PTO requests and paycheck details anytime and anywhere. This approach caters to various worker types, including remote or deskless employees, showcasing PCTY’s commitment to improving engagement and productivity across diverse work setups.
These initiatives are expected to aid top-line growth in the upcoming quarters.
The Zacks Consensus Estimate for PCTY’s fiscal 2024 revenues is pegged at $1.39 billion, indicating year-over-year growth of 18.26%. The Zacks Consensus Estimate for earnings is pegged at a profit of $6.07 per share, indicating year-over-year growth of 17.86%.
Paylocity Holding Corporation Price and Consensus
Paylocity Holding Corporation price-consensus-chart | Paylocity Holding Corporation Quote
Paylocity’s Recent AI Advancements to Fend Off Competition
The company has unveiled a series of new artificial intelligence (AI) features aimed at making HR processes smoother and offering more personalized experiences for employees. These features include AI-driven optimized schedules for the workforce and tailored learning plans, as well as intelligent recommendations.
Paylocity's AI strategy involves various approaches to enhance business efficiency, provide actionable insights and improve user experience. The company has integrated AI-driven recommendations into its Learning Management System, improving the learning experience and ensuring that training aligns with individual career goals.
One key aspect of PCTY's AI enhancements is the personalized recommendation features across multiple products, such as Recognition & Rewards, Employee Voice and Community. For example, Recognition & Rewards now includes a feature called Recognitions to Give, which uses AI to suggest opportunities for users to acknowledge their peers' achievements. This has led to a notable increase in peer-to-peer recognitions.
These advancements are expected to fend off competition from players in the HR and payroll software solutions market.
Shares of this Zacks Rank #2 (Buy) company have lost 3.5% year to date against the Zacks Computer and Technology sector’s growth of 9% due to tough competition from Automatic Data Processing (ADP - Free Report) , monday.com (MNDY - Free Report) and Workday (WDAY - Free Report) . You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Automatic Data Processing’s ADP Workforce Now is a complete HR software package designed to meet the needs of small, medium and large companies. It is built on a unified database, making it easy to access important information whenever needed. The software offers different package options tailored for various industries and seamlessly connects with existing tools, partners, or pre-integrated apps from the ADP Marketplace.
monday.com is known for its versatility and offers many features to meet the diverse needs of HR teams. It provides templates like a feedback tracker and an applicant tracker. The free plan is great for startups and small teams wanting to quickly start with HR software. For larger organizations, the Enterprise plan offers advanced features and scalability for managing bigger businesses.
Workday is a cloud-based software that handles both finance and HR management. It has an intelligent data core that connects financial and employee data, giving valuable insights for informed decision-making. WDAY is a top choice for enterprise businesses to manage complex HR processes effectively.
Paylocity has acquired Trace, an innovative solution for headcount planning, which helps organizations plan and manage their workforce effectively. This acquisition is likely to aid PCTY in positioning itself as a tough competitor in the HR and payroll software solutions market.