Paychex Shows ESG Progress in New Report

Published on:
by KnowESG,

Paychex, Inc.

KnowESG_Paychex Shows ESG Progress in New Report
Image courtesy of Paychex

Paychex, Inc. has unveiled its highly anticipated 2023 Environmental, Social, and Governance (ESG) Report, offering an insightful account of the company's endeavours as a leading provider of integrated human capital management software solutions.

With a profound commitment to "Working for a Better World," Paychex outlines its ongoing efforts to uphold ethical standards and responsible stewardship for its extensive clientele, which now surpasses 7,40,000 clients.

Stephanie Schaeffer, the Chief Legal and Ethics Officer at Paychex, emphasises the company's enduring dedication to ethical business practices, tracing back to its inception over five decades ago. She underscores their unwavering commitment to maintaining high ethical standards, especially given the pivotal role they play in managing critical business processes for their clients.

The 2023 ESG Report spotlights the substantial impact Paychex has already made and introduces fresh initiatives tied to the nine key pillars of the company's ESG programme:

  • Ethics: Paychex takes pride in its 15-year consecutive inclusion on the Ethisphere World's Most Ethical Companies list, recognising their exemplary dedication to business integrity and governance practices.

  • Governance: To better align executive compensation with ESG goals, Paychex has incorporated DEI and ESG programme improvement metrics into the incentive plans for all executives.

  • Privacy and Security: Paychex places utmost importance on safeguarding confidential client and employee information and maintaining top-rated security protocols validated by independent security rating services.

  • Diversity, Equity, and Inclusion (DEI): The company has launched a DEI Advisory Board, led by the CEO, to drive DEI initiatives across the organisation, with a focus on recruitment, employee resource groups, mentorship, training, and pay equity. Notably, 61% of Paychex employees in FY23 were female, and women held 53.5% of leadership roles.

  • Employees: Paychex remains dedicated to the well-being and professional growth of its 16,000+ employees, earning recognition on Training Magazine's APEX award list for the 22nd consecutive time. In FY23, the company delivered nearly 5,700 workforce training, skills development, and leadership programmes.

  • Environment: Paychex is actively adapting to evolving guidelines for reducing energy consumption and greenhouse gas emissions, pledging to update its environmental policy annually. The company has set the ambitious goal of achieving net-zero GHG emissions by 2050. In addition, they have significantly reduced paper mailings and recycled 74.8 metric tonnes of electronic waste in U.S. operations in FY23.

  • Community: Paychex's commitment extends to supporting thriving communities. In FY23, the Paychex Charitable Foundation initiated a $4 million strategic investment in well-being, benefiting organisations like Mental Health America, Feeding America, Junior Achievement USA, and the National Urban League.

  • Empowering Businesses: The Client Impact Report highlights how Paychex is empowering approximately 7,40,000 clients and processing payroll for 12 million U.S. private sector employees, helping them navigate the evolving world of work.

  • Occupational Safety: The Paychex Safety and Ergonomics team plays a pivotal role in providing employees with safety resources and training, resulting in a remarkable 61% reduction in new workers' compensation claims over the past five years.

For those interested in delving deeper into these achievements and initiatives, the Paychex 2023 ESG Report can be accessed at paychex.com/corporate/corporate-responsibility.

For more investor-related news

To view and compare company ESG Ratings and Sustainability Reports, visit our Company ESG Profiles page.

Source: Paychex

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