Payworks Inc. Strengths, Domain Expertise, and Key Differentiators
Payworks’ deep knowledge of Canadian labor laws and compliance requirements sets it apart, helping businesses manage regulatory complexities. Its cloud-native platform, hosted in two Canadian data centers, ensures data security and compliance with local privacy laws. The comprehensive suite includes payroll, HR, time tracking, and more, all integrated to streamline operations. Its personalized service model, with dedicated representatives, drives a 98% client retention rate. Payworks is also beginning to leverage Gen AI to automate scheduling and compliance tasks, enhancing efficiency.
Payworks Inc. Recent Developments
Payworks concluded 2024 with a major leadership transition, appointing Michael Penman as its new President. Penman, who joined the company in 2016 as Vice President of Finance before advancing to CFO and COO roles, brings considerable financial expertise to guide Payworks' strategic direction in 2025 and beyond. This leadership change comes during what appears to be a period of growth for the Winnipeg-based company.
In January 2020, Payworks introduced a groundbreaking product – HR Advisory Services, providing clients with practical human resources, legal, and financial guidance. In partnership with Arete HR Inc., renowned for a decade of improving the well-being of Canadians, this move positions Payworks as an industry leader in comprehensive workforce solutions.
Payworks Inc. Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Payworks Inc. applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Payworks Inc. and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Payworks customers.
Payworks Inc. Overview
80 Payworks Way
Winnipeg, MB, R3Y 2L5, Canada
1 204-779-0537
https://www.payworks.ca/
Ownership: - x
Number of Employees: 500
Functional Markets: HCM,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communication, Construction and Real Estate, CPG, Distribution, Education, Government, Healthcare, Insurance, Leisure and Hospitality, Life Sciences, Manufacturing, Media, Non Profit, Oil Gas Chemicals, Professional Services, Retail, Transportation, Utility,
Payworks Inc. Key Enterprise and Cloud Applications
Payworks
Payworks Inc. Revenues, $M:
| Type/Year | 2023 | 2024 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| Enterprise Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Payworks Inc. Revenue Breakdown By Type, $M:
Payworks Inc. Enterprise Applications Revenues By Functional Markets, $M:
Payworks Inc. Enterprise Applications Revenues By Verticals, $M:
Payworks Inc. Revenues By Region, $M
| Region | % of Total Revenues | 2024 Total Revenues, $M | 2024 Enterprise Applications Revenues, $M | 2024 Cloud Applications Revenues, $M |
|---|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe | Subscribe |
Payworks Inc. Direct vs Indirect sales
| Type | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Payworks Inc. Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Payworks Inc. Customers
No. of Payworks Inc. Customers: 20000
No. of Payworks Inc. Enterprise Applications Customers: 20000
No. of Payworks Inc. Cloud Customers: x
No. of Payworks Inc. Cloud Subscribers: x
With a notable milestone of 20,000 customers reached in 2019, Payworks has solidified its presence in the Canadian market. Recognizing and celebrating its clients, Payworks features 20 highlighted customers on social media, emphasizing its unique personalized service experience. Key clients include Johnny, Jak's Restaurant Ltd, MC College, and many others.
Payworks Inc. Market Opportunities, M&A and Geo Expansions
Gen AI offers significant potential to automate payroll processes, reducing errors and saving time. Payworks can expand into industries like hospitality, retail, and healthcare, which have complex workforce needs. Enhancing its Human Capital Management (HCM) offerings with features like performance management could deepen client engagement. While focused on Canada, exploring markets with similar regulations is possible. Future integration of IoT for real-time workforce tracking could also be a game-changer.
Payworks Inc. Risks and Challenges
Payworks faces competition from global and local providers, requiring continuous innovation. Keeping up with AI and cloud advancements demands significant investment. Changes in Canadian labor laws could necessitate costly system updates. Its focus on Canada makes it vulnerable to local economic shifts.
Payworks Inc. Ecosystem, Partners, Resellers and SI
Payworks uses a direct sales approach, supported by local experts across Canada, ensuring tailored solutions. Strategic partnerships, like with the National Payroll Institute, enhance its credibility.
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
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