Payroll processing giant Paycom is planting roots in Grapevine and showing off its amenity-filled 150,000-square-foot operations center that’ll house 1,000 employees by the end of the year.
The four-story building, which sits on 14 acres at 3489 State Highway 121, is the company’s largest office space outside Oklahoma City, where its 500,000-square-foot headquarters is surrounded by a 150-acre campus.
At Tuesday’s grand opening, Paycom founder and CEO Chad Richison said the company’s future plans include a second building in Grapevine.
“We’ve invested heavily in Grapevine and plan to grow our roots here for decades to come,” Richison said. “Paycom is one of the fastest-growing companies in America, and it makes sense for us to expand here given the talent pool that exists in this area.”
The office first opened in the fall, unifying its North Texas employees who were previously spread out across leased offices in Lewisville, Fort Worth and Farmers Branch. About 500 employees work at the office now, with plans to bring on the remaining 500 by the end of the year.
Paycom grew its workforce by 28% last year, closing out 2021 with 5,385 employees.
The company’s software-as-a-service application has clients in all 50 states, including the New England Patriots. It provides cloud-based HR tools for recruitment, onboarding, expense reporting, benefits documentation and retirement.
Paycom, which Richison founded in 1998 when he was 27-years-old, went public in 2014 and was added to the S&P 500 in 2020. It competes with companies like Workday Inc. and Automatic Data Processing Inc.
The company crossed the $1 billion mark in revenue last year — up over 25% from a year earlier. It’s projecting full-year revenue of $1.3 billion this year and, since it has only captured 5% of the total addressable market so far, it has a long runway, Richison said.
Paycom bought the land for the project from the city of Grapevine, which provided $5 million in tax incentives. Across the street from the office is the headquarters for Japanese tractor and equipment manufacturer Kubota, which built its $50 million North American headquarters there in 2015.
Perks at Paycom’s new office include hurricane-resistant windows, $4 meals at the cafeteria from local partners and wellness coaches available for appointments to aid with employee mental health.
But the standout is a large fitness center open each day from 6 a.m. to 9 p.m. It includes six basketball hoops, table tennis, racquetball courts, volleyball and fitness equipment. Personal trainers offer free 30-minute to 45-minute sessions each morning, in addition to other classes offered throughout the day, such as pilates, yoga and boot camp.
AJ Griffin, Paycom’s director of government and community affairs, said the company isn’t disclosing what it spent on the Grapevine project, which includes its fourth data center on the bottom level. The first two data centers are in Oklahoma City and a third is located near the Grapevine office.
In November, Paycom signed a construction contract for another building at its Oklahoma City headquarters, a project that will cost between $60 million and $70 million and will take two years to complete, its annual report said.
In March, Fast Company ranked Paycom seventh on its list of the 10 most innovative companies, saying it gave employees more visibility into their paychecks. And Forbes named Paycom to its list of America’s best midsize employers.
Paycom has also been rated as a top 100 place to work for women in a 2021 list from Comparably, which works to make workplaces transparent and rewarding.
Fifty-one percent of Paycom’s workforce is made up of women, its latest annual report said. In addition, nearly half of its executive and senior-level officials and managers are women. One-third of the workforce is made up of ethnic minorities.
Looking at this year’s challenging economic environment, the tightening labor market presents an opportunity for Paycom because companies are looking to automate more processes, Richison said in Paycom’s last earnings call.
“You have to do more with less and one way to do more with less is to have the right technology that you’re deploying for everyone,” he said.