The Giving Pledge
After graduating, Chad Richison began his career in the payroll industry. He received a gift from ADP and worked there for two and a half years. Meanwhile, Chad realized that there were many inefficiencies and problems in the wage management system. Companies that use these apps often complain that they are wasting too much of their time because of the manuscript that the HR department had to do. chad richison eventually moved to Denver and started working for a regional salary company. He realized that even his new clients faced problems similar to the ones ADP users often complained about. Immediately upon identifying the trends, Chad realized that there were a limited number of companies focused on resolving the issue. That’s where the idea for Paycom came to him. “The first idea is to guide the winning entrepreneurs and is the key to success,” said Richison
$ 20bn market for human resource management software in the U.S. it was an opportunity Chad Richison did not want to miss. Encouraged by market size and the philosophy of having a first-time converter, Chad returned to Oklahoma and began working for Paycom.
Since Chad Richison needed a living and did not want to choose a career, he decided to sell his house in Denver and applied for a Small Business Management loan and disbursed his 401 (k). This gave him the money he needed to continue building Paycom. He started using forms from other income providers as templates, and designed all the pages and buttons of the online interface himself. Using simple tools like Lotus notes, Microsoft Word, and Paint, Chad Richison was able to create a workflow for the first version of Paycom software. After completing the first version, the challenge was to look for customers who were ready to use his product. At the time, there were a few potential customers in Oklahoma City and nearby cities, but they did not even have an internet connection. However, Chad Richison was of the opinion that the Internet would eventually become a standard, especially for small businesses. In 1998, Chad Richison introduced Paycom as a business payment service provider. Later, Richison expanded it into additional offerings such as the Employee Self Service (ESS) software, which was Paycom’s first concept.