Month: April 2024

ROCHESTER, N.Y., April 11, 2024 /3BL/ – Paychex, Inc., a leading provider of integrated human capital management software solutions for human resources, employee benefits, insurance services, and payroll, has again been named among the Business Group on Health’s Best Employers for Excellence in Health & Well-being. For the 10th time, Paychex has been recognized for the company’s commitment to providing comprehensive and innovative benefits programs that advance the health and well-being of over 16,000 employees.

Paychex is one of 54 large U.S. employers to be recognized by a committee of judges based on comprehensive award criteria, including:

Holistic well-being strategy, including mental health, financial security, physical health, social connectedness, job satisfaction, flexibility, and time awayEngagement and the employee experienceMetrics and program evaluation

The organizations honored all demonstrate a well-being strategy with measurable objectives and incorporate the principles of diversity, equity, and inclusion into their health and well-being programs. 

Paychex is also one of 10 companies to earn additional acknowledgment for a commitment to employees’ emotional well-being through mental health programs.

“This is the 10thtime Paychex has been honored by Business Group on Health for delivering strategic health and well-being programs that support our employees,” said John Gibson, Paychex president and CEO. “Receiving additional recognition for how we are addressing employees’ emotional well-being is especially meaningful. We understand that mental health is as important as physical health and will continue to provide Paychex employees and their families with programs that support stress management, mindfulness, and overall happiness. At Paychex, we believe that happier and healthier employees create more engaged and productive teams that best serve our customers and our communities.”

Gibson added, “This strong commitment to our own benefits and well-being programs has allowed us to develop the deep insight and expertise needed to help our small and medium-sized business customers build affordable benefits strategies for their employees. Offering a competitive benefits package is critical for them to successfully compete against larger businesses for quality talent in a tight labor market.”

Paychex offers employees holistic benefits like world-class training, comprehensive medical and dental insurance, retirement savings and financial wellness programs, and extended mental, emotional, and physical resources such as the Employee Assistance Program (EAP), resilience training, and virtual meditation.

The company also supports well-being within the communities the company serves by contributing to local non-profit organizations that address mental health, physical health, financial health, and professional skills development. In 2023, the Paychex Charitable Foundation awarded four $1 million grants in funding to Mental Health America, Feeding America®, Junior Achievement USA®, and the National Urban League.

“I am delighted to honor each and every one of these employers, which demonstrably enhanced the health and well-being of employees and their families through leading-edge initiatives,” said Ellen Kelsay, Business Group on Health president and CEO. “In addition, their novel and impactful approaches focused on critical workforce issues, such as mental health and health equity. We congratulate all the winners.”

A full list of winners is available here. To learn more about Paychex employee benefits and well-being programs, visit our benefits page.

About Paychex 
Paychex, Inc. (Nasdaq: PAYX) is an industry-leading HCM company delivering a full suite of technology and advisory services in human resources, employee benefit solutions, insurance, and payroll. The company serves approximately 740,000 customers in the U.S. and Europe and pays one out of every 12 American private sector employees. The more than 16,000 people at Paychex are committed to helping businesses succeed and building thriving communities where they work and live. To learn more, visit paychex.com.

About Business Group on Health 
Business Group on Health is the leading non-profit organization representing large employers’ perspectives on optimizing workforce strategy through innovative health, benefits and well-being solutions and on health policy issues. The Business Group keeps its membership informed of leading-edge thinking and action on health care cost and delivery, financing, affordability and experience with the health care system. Business Group members include the majority of Fortune 100 companies, mid-sized companies, as well as large public-sector employers, which collectively provide health and well-being programs for more than 60 million individuals in 200 countries. For more information, visit www.businessgrouphealth.org.

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Last year, the Global Sustainability Standards Board (GSSB) – the independent body responsible for setting the GRI Standards – announced a new project to revise economic-related impact disclosures. This decision stemmed from feedback collected from reporters and other standards users, revealing challenges with ambiguity, inconsistent interpretation- suggesting that a comprehensive review would significantly improve the current disclosures.

In addition, the revision aims to better align the Standards with internationally agreed best practices. It’s important to note that the last update to economic impact disclosures took place in 2006, and since then, there has been a number of international developments related to how organizations should identify, manage, and report on their impacts on the economy including the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct. Both set clear expectations for businesses to take responsibility for the impacts they cause and those they contribute to or are linked to their business relationships.

Furthermore, this initiative is also motivated by the prevailing challenges that organizations of all sizes are facing: the ramifications of the pandemic persist, manifesting in a delicate global economy characterized by slow growth, high interest rates, rising debt levels, and pressure on global trade. This situation urgently calls for a reconsideration of the state-of-the-art approach to reporting organizational impacts on the economy, where GDP growth, profitability, and shareholder returns are primary measures of economic impact. However, there is a need for a more comprehensive approach that considers the UN’s Sustainable Development Goals (SDGs) along with broader societal and environmental factors.

GRI Standards are developed through a robust and transparent multi-stakeholder process, ensuring participation and expertise of diverse stakeholders. In January, the GSSB took a significant step forward by appointing a diverse Working Group to revise GRI’s Economic Impact-related Topic Standards. The working group is comprised of 17 members from various geographies and constituency groups representing business, investors, civil society, labor, and mediating institutions. Multi-stakeholder representation ensures that the standards are developed with a global perspective and in the public interest. GRI North America is pleased that the revision will incorporate North American interests, in part because of the invaluable contributions of North American stakeholders serving as Technical Committee members. The North American members hail from a diverse spectrum of backgrounds and organizations including representatives from Bank of America, The Predistribution Initiative, Deloitte, Columbia Business School, and Oxfam America.

Oxfam America’s representative, Sharmeen Contractor, shared her perspectives on the importance of the GRI Standard and the work to update the Economic Impact disclosures.

“Oxfam has been calling for corporate transparency for decades, and is a strong supporter of the disclosure standards as developed by the Global Reporting Initiative (GRI) especially its current efforts at enhancing the Economic Impact Standards. GRI has been steps ahead from most other reporting frameworks used by businesses as it is one of the few that does not only consider the risk of external factors to the company, but also the impact of the company on external environmental and social issues. Unmanaged potential or actual adverse climatic and human rights issues can not only harm the people and the planet, but also expose companies to significant legal, regulatory, operational, and reputational risks. The GRI’s consideration of impacts provides companies and investors essential information that is essential for risk mitigation.”

Sharmeen Contractor Lead, Market Systems and Investors, Oxfam America
Working group member

About GRI

GRI is the global, independent, standard setter that helps organizations be transparent and accountable for their impacts on the world. Our GRI Standards are a free public good that provides the global common language for organizations to communicate their environmental, social, and economic impacts.

GRI North America advances the use of the GRI Standards, credible impact reporting, and corporate transparency through stakeholder engagement activities and resource offerings such as GRI Community, GRI Academy, Licensed Software Partners.