Early Life and Education
Chad Richison, an Oklahoma native, graduated from Tuttle High School and earned a Bachelor of Arts in Mass Communications from the University of Central Oklahoma in 1993. During his time at UCO, he was a member of the wrestling team. Before founding Paycom, Richison gained experience in the payroll industry, starting his career in sales with ADP and later working for a regional payroll provider in Colorado.
Rise to Success
Richison founded Paycom in 1998 at age 27 in Oklahoma City, initially focusing on online payroll services. The company was one of the first to process payroll completely online. He took Paycom public on the New York Stock Exchange under the ticker symbol PAYC in April 2014. Richison's leadership has been key to Paycom's growth, with revenues reaching $1.88 billion in 2024.
Key Business Strategies
Paycom's success stems from its innovative approach to human capital management. The company offers a unified, cloud-native platform that streamlines HR processes. Richison emphasized employee self-service technology, allowing employees to manage their own HR data. Paycom's strategy also includes proprietary development of its technology and Software-as-a-Service (SaaS) pricing, providing employers with easy access to payroll data.
Philanthropy
Richison is deeply committed to philanthropy, signing the Giving Pledge in 2020. His philanthropic efforts focus on education, foster care, food supplies, and mental health. He founded the Green Shoe Foundation, which provides retreats to help adults address past experiences and founded the Richison Family Foundation. In 2020, he made a $5 million donation to the American Cancer Society and has supported various local organizations. In 2021, the University of Central Oklahoma's football stadium was renamed the Chad Richison Stadium in recognition of his contributions.