NORWOOD, Ohio - Less than two years after moving to a new corporate headquarters in Norwood, Paycor Inc. is getting close to filling up the new house.
The 136,000-square-foot building at 4811 Montgomery Road was built to hold about 850 employees. Paycor CEO Bob Coughlin expects the local job count -- now at 800 -- to reach more than 1,000 within two years.
He also expects Paycor to add 250 jobs nationwide this year, boosting its total 1,450. A software engineering facility north of Dallas is expected to triple in size to 175 employees within 18 months.
“I’m bullish on the economy,” Coughlin said. “I have the privilege of getting to visit many of our other offices. In the last five months, I've been to (11 cities, including Atlanta, Nashville, Boston, New York, Chicago and San Francisco). I can’t find any of those markets where things aren’t booming right now."
Coughlin said the growth could mean the construction of a second office building on its 17-acre site overlooking the Norwood Lateral.
"A new building creates too much capacity right away, so the interim step is, you go rent a floor of a building nearby and then you grow into that second building," he said. "It's probably three to five years out."
Paycor is a payroll-processing firm that developed software to help small- to mid-sized companies manage and analyze personnel records. In December, the company bought San Francisco-based Newton Software, which helps companies manage the employee recruitment process.
“What we want to do is provide software for all the things you need to do because you employ people,” Coughlin said. “Automated employee reviews are part of our next (software) release. We’re extending the HR suite to more and more functionality.”
As its suite of software products grows, so does Paycor’s customer count. It now has about 30,000 clients in 50 states, up from 24,000 two years ago. Revenue is expected to reach $165 million for the fiscal year ending June 30, up 22 percent from last year.
