Paycom started its journey as an online payroll service provider in 1998 under the wing of president and CEO, Chad Richison. Richison, who is also founder of the Oklahoma-based firm owns about 14% of the $17 billion company, which makes him worth around $2.4 billion, putting him in the ranks of America’s 400 richest people.
As the COVID-19 outbreak has unfurled, its effects have caused financial devastation across the world. Many have looked to billionaires to donate money to ease the squeeze on supplies, kits, face masks and ventilators. Some of the world’s richest are contributing to efforts, including Richison who has made multiple donations with The Richison Family Foundation.
This began in March with a $2 million pledge to the Regional Food Bank of Oklahoma who has prepared to make almost 45,000 food boxes for Oklahoma residents impacted by COVID-19.
“I am passionate about this state and want to help ensure Oklahomans who are or may soon be struggling due to the coronavirus don’t have to worry about food,” said Richison. “If needed, I will give more to feed Oklahomans during this time of crisis. We are all in this together, and together we will get through this.”
The executive also wrote a letter urging Oklahoma’s Governor, Kevin Stitt to do more to protect its residents. “I implore you to quickly prepare our state and its citizens for what is coming and what they can do to protect themselves and our state health care system. The future of Oklahoma lies squarely in your hands and I urge you to lead businesses and its citizens today. We need you.”
On April 2, the Richisons announced a $1 million donation to the Foundation for Oklahoma City Public Schools’ coronavirus relief efforts. The donation is set to help fund the foundation’s COVID-19 relief efforts, along with significant long-term investments in STEM-related initiatives, technology enhancements and other classroom and school site needs across the district.
This comes after a $100,000 donation from Richison to help Edmond Mobile Meals meet the increase in demand to feed the elderly safely. The donation provides services for over 200 seniors and makes it the single largest donation ever given to the organization.
“It’s important at-risk citizens have the ability to safely receive meals during this pandemic,” Richison said. “This is another means to ensure Oklahomans have access to food. Together, we will get through this.”
The Homeless Alliance also received a $200,000 donation from the Richison Family Foundation. This is set to help meet the new demands of safely providing food and hygiene supplies to people experiencing homelessness in Oklahoma City while allowing for social distancing.
“I’m happy to support these nonprofits that are stepping up to ensure all Oklahomans have access to these basic needs,” said Richison.