Paylocity - Field Sales Team of the Year

Company: Paylocity, Schaumburg, IL, USA
Entry Submitted By: ValueSelling Associates, Rancho Santa Fe, CA
Company Description: ValueSelling Associates equips B2B sales professionals to compete on value, not price, using a time-tested methodology with proven results. Our expert Associates create custom sales improvement training delivered globally in over 17 languages. With ValueSelling, sales professionals get the tools, skills and processes to effectively qualify, advance and close more sales with higher margins.
Nomination Category: Sales Awards Team Categories
Nomination Sub Category: Field Sales Team of the Year

Nomination Title: Paylocity

The sky’s the limit for Paylocity (NASDAQ: PCTY), a cloud-based payroll and HR business headquartered in Schaumburg, Illinois. Ranked No. 9 in Fortune’s most recent “100 Fastest-Growing Companies” list, Paylocity generated $561 million in revenue, grew its earnings per share an average of 137%, and raised its valuation to $10.9 billion over the past three years.

As you know, success doesn’t happen overnight. Since 1997, Paylocity has been on a steady march to surpass industry behemoths like ADP, Paycheck and other competitors that have their knives sharpened in a $16 billion marketplace.

Paylocity designs its platform with young Millennial and Gen-Z users in mind, making sure that its human capital management (HCM) software is designed to feel like consumer software and apps such as Instagram and Amazon.

Since July 2019, the Paylocity sales team’s actions have been guided by the following shared corporate values:

Earn it every day
Growth fuels opportunity
Think next generation
Live the reputation
Be unbeatable together

Today with over 25,000 customers across the country, Paylocity proves that a corporate culture that everyone buys into, pays off.

Outline the team’s achievements since July 1, 2019 that you wish to bring to the judges’ attention (up to 250 words = 248).

Josh Scutt, VP of Sales, and Ryan Bonvillian, Regional VP of Sales for Paylocity Enterprise, had a stellar sales team and wanted to maximize success by harnessing that potential. After industry benchmarking, Josh and Ryan sought a more systematic way to grow revenue and make the existing sales process more efficient and effective. They adopted the ValueSelling Framework methodology and started tracking team metrics.

“We use the ValueSelling methodology to create standardized, consistent measurements. This allows individual account executive productivity to be up, which improves retention.” – Josh Scutt, VP of Sales, Paylocity

Within the year, Paylocity saw compelling results:

300%+ increase in rep productivity YOY in the Immediate Impact Group (in the role from 0 to 12 months)

Ryan is most proud of the 300% productivity increase in the Immediate Impact Group because “we know that Year One for new hires is very challenging, especially when you could have a 6- to 9-month sales cycle. We like to get reps to their second and third years so they can experience substantial success both personally and professionally.”

Only two people of 49 have left in the past two years. This 96% retention rate is unheard of in an industry where commoditization of product, service and people is common.

Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the team’s past performance (up to 250 words = 248).

Paylocity has been selling to larger customers throughout its 23-year history, but now it has become intentional in the enterprise space. The sales team now calls on a more sophisticated buyer in a commodity-driven market. As they implemented ValueSelling, the team’s overall confidence level grew and business conversations went from good to great.

The new reality of remote selling means engaging differently. Unlike its competitors who focus on problems and solutions, Paylocity goes straight to the heart of what matters for these businesses.

“Asking thoughtful questions and engaging in a purposeful business conversation is what immediately elevates us as a sales organization. That’s where we’re showing true value to our prospects and clients.” – Ryan Bonvillian, Regional VP of Sales, Paylocity Enterprise

The direct correlation was a growth in new deals over 500 employees. Any competitor would be happy with a 5% growth.

“We’ve used the power of value-based selling to stop the price war and to create personal and business value for prospects, which allowed us to take the average deal and increase it by over a year ago…just by selling on value, not leading with price.” – Josh Scutt, VP of Sales, Paylocity

The Paylocity sales team is exceeding its forecast, making metrics a moving target. Time from engagement to close keeps shrinking while close rates keep rising. At the end of 2019, Paylocity Enterprise sales team was at 130% of quota. By Q1 2020, the team was at 145% of quota. Paylocity—unbeatable together.

Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words = 64).

Attachments include:

Paylocity Ranked No. 9 Among Fortune’s Fastest-Growing Companies in the World
https://www.builtinchicago.org/2020/10/30/paylocity-fortune-fastest-growing-companies-2020-hiring

Video: Paylocity Culture
https://youtu.be/n_jQLGYgTNk

Video: Paylocity FY2020 Year in Review
https://youtu.be/wIAD_dVVQBU

Press Release: Paylocity Earns Multiple Spots on G2’s Best Software Companies of 2020
https://www.paylocity.com/resources/resource-library/press-release-paylocity-earns-multiple-spots-on-g2s-best-software-companies-2020/

Case Study: Weigel
https://www.paylocity.com/resources/resource-library/case-study-paylocity-puts-the-convenience-back-in-hr-and-payroll-for-weigels-stores/

Case Study: Stonewall Kitchen
https://www.paylocity.com/resources/resource-library/case-study-modernizing-hr-to-streamline-seasonal-hiring/

Case Study: The Boiling Crab
https://www.paylocity.com/resources/resource-library/case-study-now-serving-flexible-solutions-to-meet-growing-needs/

Video: Paylocity Customer as Co-Creator
https://youtu.be/zlfRIUHkqj4

Reviews of Paylocity from Enterprise Customers
https://www.paylocity.com/who-we-serve/company-size/large-business/

Video: Paylocity Enterprise Benefits
https://youtu.be/ejLSKL2y10Y