Paycor is a cloud-based human capital management (HCM) software platform focused on small and mid-sized businesses (SMBs), typically those with 10 to 1,000 employees. Paycor's platform covers the full range of HR and workforce needs: payroll processing, onboarding, time and attendance, benefits administration, compliance, and employee data management. Beyond core HR and payroll, Paycor offers a talent suite covering recruiting, performance management, learning, and career development. As of FY24, Paycor served over 30,000 customers with roughly 2.7 million employees on its platform. Paycor charges on a per-employee-per-month (PEPM) basis, bundling HCM modules together. Revenue grows through two levers: adding new customers and growing headcount on the platform, and expanding PEPM by cross-selling additional modules and selling larger bundles. Paycor also earns interest income by holding client payroll funds between collection and disbursement. Paycor sells primarily through a direct sales force, with benefits brokers as a key indirect channel influencing roughly half of field bookings. Paycor also offers an Embedded HCM channel, where software partners embed Paycor's HCM into their own platforms. Paycor's growth strategy centers on expanding its direct sales footprint, scaling the broker and embedded channels, and moving upmarket toward larger customers — average new customer size has grown 30% since the IPO.