Paycom plans to break ground next month on an $11.8 million expansion of its Oklahoma City headquarters, the payroll and human capital management technology company said on Feb. 13. The addition would augment the 90,000-square-foot headquarters that Paycom opened at 7501 West Memorial Rd. in Aug. 2011, which is expected to reach capacity late next year.
City officials are weighing a proposal to provide $1.25 million in economic development incentives in connection with the expansion, newsok.com reported. Paycom estimates that the expanded headquarters will house nearly 700 workers.
The incentive package would follow a 2010 agreement under which the city approved $2 million worth of incentives and Paycom promised to create 492 new jobs. Since then, Paycom has created 186 jobs, the company said in a statement. The company will be eligible for the new incentives after it has fulfilled its prior job-creation commitment, Brent Bryant, manager of the city’s economic development program, told newsok.com.
“Paycom’s growth is further proof of Oklahoma City’s progression,” commented Oklahoma City Mayor Mick Cornett said. “These additional, well-paying jobs will have a major impact on our increasingly diverse economy. They are a great example of how a company can thrive in this market.”
Based on capital investment, state and local taxes as well as average first-year wages of close to $40,000, Paycom’s expansion will have an estimated economic impact of $143 million over the first five years. “Our growth is a testament to our focus on customer service and developing innovative solutions to streamline the HR process,” said Paycom CEO Chad Richison.”
Photo Courtesy of: www.paycomonline.com