Homegrown Ohio Company Embraces Fintech to Redefine HR and Payroll Services
Cincinnati’s Paycor has a Silicon Valley mindset and is choosing to keep growing in Ohio.
Paycor is a perfect example of a fintech company that transformed itself from a small homegrown Ohio startup into a large, fast-growing and innovative human resources and payroll solutions company with customers in all 50 states. Due to Paycor’s rapid growth, it outgrew its relatively new office building in Norwood.
With locations throughout the U.S., there was no guarantee that Paycor would expand in its home state. JobsOhio partnered with REDI Cincinnati to keep the company in Ohio. In early December 2016, Paycor’s management announced expansion plans in the Cincinnati area, investing $8 million in the region. The expansion was expected to add 1,064 jobs and retain 731. The expansion will include adding six stories – a total of 195,000 square feet – to their 136,000-square-foot existing headquarters.
“JobsOhio has been an amazing partner through this,” said Stacey Browning, president of Paycor. “We’re proud to be a great success story for Ohio.”
The company has demonstrated impressive growth over the past decade, making Cincinnati Business Courier’s Fast 55 list for 11 consecutive years. The Paycor client base ranges in companies from 100 employees to 14,000 employees. Paycor’s employee count has risen to over 1,400 and includes FC Cincinnati, Madtree Brewing Co., Cincinnati Zoo & Botanical Garden and the Cincinnati Reds. Paycor also acquired a California-based software firm, Newton, an applicant tracking system assisting small and medium-sized employers in hiring, in 2015.
“Paycor illustrates Ohio’s strength in IT and innovation,” said JobsOhio President and Chief Investment Officer John Minor. “Paycor is a perfect example of how cloud-based software companies start-up, grow and succeed in Ohio.”
Bob Coughlin, CEO of Paycor, saw opportunity in leveraging technology to help small to mid-sized companies. Coughlin told the Cincinnati Inquirer during a 2011 interview that he wrote a 20-page business plan and sold $500 shares to friends and family to raise $100,000. He matched that with a small business loan and cashed out a retirement plan for another $50,000. According to Coughlin, the business had to evolve as technology and demands from clients changed. That strategic approach and determination paid off.
“Paycor is a fast-growing, hometown company,” said Johnna Reeder, president & CEO of REDI Cincinnati, which worked closely with JobOhio to keep Paycor in the region. “Supporting expanding regional businesses like this one is part of our DNA, and we couldn’t be happier to see Paycor bring these jobs to its Norwood campus.”