Early Life and Education
Chad Richison, born in Tuttle, Oklahoma, graduated from Tuttle High School and earned a Bachelor of Arts in Mass Communications from the University of Central Oklahoma (UCO) in 1993. At UCO, he was a member of the wrestling team.
Rise to Success
Richison's career began in sales with ADP, a global payroll provider. In 1998, he founded Paycom, a cloud-based human capital management software company. Paycom quickly grew and was one of the first companies to process payroll completely online. Under Richison's leadership, Paycom has been recognized by Fortune, Forbes, and Inc. Magazine for its growth. In 2014, Paycom went public on the New York Stock Exchange.
Key Business Strategies
Paycom's success is attributed to its innovative approach to payroll processing and its focus on employee self-service (ESS) technology. Richison emphasizes 100% employee engagement and usage of Paycom's database to streamline HR processes. According to financial services firm Morningstar, about one out of every two new customers are poached directly from ADP and billionaire Tom Golisano's Paychex. Its stock is up a blistering 1,800% since it went public in 2014.
Philanthropy
Richison is also known for his philanthropic efforts. He founded the Green Shoe Foundation, which focuses on helping adults reconcile childhood traumas. He also created the Richison Family Foundation. In 2020, he joined The Giving Pledge. He has donated millions to various causes. A notable donation includes $5 million to the American Cancer Society, which supported the opening of the Chad Richison Hope Lodge in Oklahoma City. UCO's football stadium was renamed the Chad Richison Stadium in recognition of his $10 million donation.