Phillip Leytes

Phillip Leytes asked if there's an opportunity to directly monetize Iwant in the future, or if it should primarily be viewed as a retention and module cross-sell play.

Answer

Chad Richison, President and CEO of Paycom Software, stated that Iwant's monetization would primarily come through increased sales and retention, as it enhances access to value and automation. He emphasized that Iwant is part of a broader, differentiated value proposition and is not something the company intends to telegraph for future direct monetization.

Phillip Leytes asked if there's an opportunity to directly monetize the IWant product in the future, or if it should primarily be viewed as a retention and module cross-sell play, given its differentiated market position.

Answer

Chad Richison, President and CEO, stated that IWant's monetization is expected to come through increased sales and improved retention, as it helps clients access the value and automation already created within the system. He emphasized that IWant is part of a broader strategy to deliver enhanced value, suggesting that clients are achieving a different, accelerated value today compared to a couple of years ago.

Phillip Leytes, on for Siti Panigrahi, asked for an update on Paycom's international strategy and whether there are plans to expand into more countries in the coming years.

Answer

CEO Chad Richison responded that the company continues to build out its international strategy, centered on its Global HCM product. While they have built out native solutions for four countries, they continue to work with clients to identify new markets and also leverage partners to fulfill certain needs abroad.

Phillip Leytes, on for Siti Panigrahi, asked about the go-to-market structure for the integrated Airbase offering, specifically whether it would be sold by a single sales team or separate reps.

Answer

Executive Chairman Steven Beauchamp explained that Paylocity will use a hybrid sales model. The primary sales force will identify initial opportunities, with product experts assisting in the sale. These same experts will also focus on cross-selling the solution into the existing client base, a model consistent with how Paylocity sells other specialized products.