Paylocity - Sales Management 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: Sales Management Team of the Year
Nomination Title: Paylocity Sales Management Team
Since 1997, Paylocity (NASDAQ: PCTY) has been on a steady march to surpass industry behemoths like ADP, Paycheck and other competitors in a $16 billion marketplace. A cloud-based payroll and HR business headquartered in Schaumburg, Illinois, Paylocity has focused on bringing its employees together under a set of values that drive every action among the Paylocity team and with its customers.
This is a testament to the leadership of Steve Beauchamp, CEO; Josh Scutt, VP of Sales; and Ryan Bonvillian, Regional VP of Sales for Paylocity Enterprise. In true team-focused fashion, the sales leaders turned down the opportunity to be nominated on an individual basis.
The sales management team has exemplified the company’s values in action:
- Earn it every day
- Growth fuels opportunity
- Think next generation
- Live the reputation
- Be unbeatable together
With such leadership at the helm, the company 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. Ranked No. 9 in Fortune’s most recent “100 Fastest-Growing Companies” list, Paylocity serves over 25,000 customers across the country.
Outline the team’s achievements since July 1, 2019 that you wish to bring to the judges’ attention (up to 250 words = 236).
The Paylocity sales leadership knew they had a stellar sales team. The key to replicable success was to maximize success by harnessing each rep’s 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 a 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.”
Add to that a 96% retention rate, which 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 = 247).
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.
With a 23-year history, the company has recently 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 took the average deal and increased it by over a year ago…just by selling on value, not leading with price.” – Josh Scutt, VP of Sales, Paylocity
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 website
https://www.paylocity.com/
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
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/
Linkedin: Steve Beauchamp, CEO, Paylocity
https://www.linkedin.com/in/stevenbeauchamp/
LinkedIn: Josh Scutt, VP of Sales, Paylocity
https://www.linkedin.com/in/joshscutt/
LinkedIn: Ryan Bonvillian, Regional VP of Sales, Paylocity Enterprise
https://www.linkedin.com/in/ryan-bonvillian-b01a6b2b/
Video: Paylocity Culture
https://youtu.be/n_jQLGYgTNk
Video: Paylocity FY2020 Year in Review
https://youtu.be/wIAD_dVVQBU
Press Release: Paylocity Appoints Tauhidah Shakir as Chief Diversity Officer
https://www.paylocity.com/resources/resource-library/press-release-paylocity-appoints-tauhidah-shakir-as-cheif-diversity-officer/