Steven Beauchamp

Steven Beauchamp has led Paylocity Holding Corporation since 2007, serving as CEO and now Co-CEO, transforming the company from a small Chicagoland payroll processor into one of the fastest-growing cloud HCM platforms in the United States. Paylocity targets the mid-market segment — companies with 20 to 5,000 employees — a sweet spot that is large enough for sophisticated HR needs but often underserved by the largest platforms that focus on enterprise accounts. Under Beauchamp's product vision, Paylocity differentiated itself through an emphasis on modern user experience and social collaboration features. The platform includes tools like Community (an internal social network), Surveys, Peer Recognition, and Video — features that transform the HCM system from a back-office administrative tool into an employee engagement platform used daily by the entire workforce. This approach was initially dismissed by some industry observers but proved prescient as companies increasingly valued employee experience and engagement tools. Beauchamp's strategy has delivered impressive results: Paylocity has grown revenue from under $100 million at IPO in 2014 to over $1.4 billion, with consistently high growth rates and expanding margins. Client retention rates exceed 92%, reflecting the platform's stickiness once embedded in client operations. Key variables for Paylocity's stock include mid-market employment trends, competitive dynamics against ADP, Paychex, and Paycom, success in up-selling additional modules to existing clients, and the ability to maintain premium growth rates as the company scales.