What’s New for February 2024 Product Release
Our latest platform releases in Paychex Flex® are focused on improving the digital HR user experience with features designed to provide:
- Future-focused analytics
- Retirement readiness
- Flexible payment options
- Reporting solutions and more
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A Day in the Life of an HR Manager
Leah can now use powerful and predictive HR data to make more well-informed decisions. A new onboarding workflow helps her collect information on potential tax credits, while payment options offer her greater flexibility in processing payroll. Leah’s employees can thrive, too, with new retirement tracking tools.
Product Release Categories: What They Mean For You
Product Introduction
New Paychex technology solutions are introduced to address clients’ unique business needs as payroll and HR evolve, accompanied by in-app education and instruction to incorporate the product into your operations successfully.
Major Enhancement
Noticeable improvements are made to existing features in Paychex Flex, expanding the platform’s capabilities and offering you more tools to achieve business goals.
Feature Release
Additional features or enhancements are made to existing areas of the platform to improve overall user experience and efficiency while remaining at the front of the ever-changing technology landscape.
Minor Update
Subtle technology refinements are built to maintain a secure, best-in-class technology solution in the market, ultimately providing you with long-term value.
Product Introduction
This new product offering helps transform data into meaningful insights, answers, and solutions for your business. HR Analytics Premium provides guided analysis on workforce distribution and cost, turnover, retention, and pay.
HR Analytics Premium Plus (Coming later this year)
This new product offering builds on the HR Analytics Premium features and provides guided analysis and insights on workforce distribution and cost, turnover, retention, and pay with the addition of compensation benchmarks.
Major Enhancements
Retirement Readiness Tools
Your employees can access a goal tracker that projects their potential monthly income in retirement. This interactive calculator can help them proactively plan for a more stable future.
Maximize valuable tax credits when integrating the WOTC survey into the onboarding process.
Feature Releases
Beneficial Ownership Information (BOI) Reporting
To help your business stay current with the ever-changing federal requirements, we offer a reporting solution to help you file the necessary reports with the Financial Crimes Enforcement Network (FinCEN).
Flexible Payment Options
Having prompt and flexible payment options is essential to successful business operations. That’s why we offer multiple options, such as Same-Day ACH and Real-Time Payments.
Minor Updates
- Form I-9 Added to People Menu
- Payroll & Garnishment Hold Improvements
- PEO Payroll Hold Improvements
- Responsibility to Remit Communication Enhancement Taxpay
