"What we can achieve in life is only limited to our imagination, and when we do good deeds, the whole world unites to help us."
If you like the above statement, you have to know more about Chad Richison, the billionaire who pledged to give most of his wealth away. His focus on creating more value for his customers led him to be one of the richest people in the country.
His net worth exceeds $3.8 billion, making him the richest person in Edmond, Oklahoma.
Who is Chad Richison?
Chad Richison is an American entrepreneur and founder of Paycom.
Paycom is a comprehensive online payroll and human resources technology provider that helps companies attract talent, retain employees, and efficiently track and manage employees' time.
Chad Richison started his first business in high school.
Chad Richison was born and raised in Tuttle, Oklahoma. He started his first business hauling hay and learned three lessons during high school.
- Working hard is important.
- Honor commitments are essential to success.
- Surrounding yourself with good people is critical because no one can succeed alone.
He graduated from the University of Central Oklahoma with a bachelor's degree in Communications in 1993. Richison started his professional career in sales and moved to Colorado to work for a regional payroll company.
Richison created the first online payroll system.
After gaining valuable experience in the payroll processing industry, Chad Richison created Paycom in 1998. He changed the industry by taking the payroll process online before expanding his offers to include human resource management in 2001.
As a result, Paycom was named to the Greater Oklahoma City Chamber's Metro 50 list of fastest-growing companies. Chad Richison still owns about 14% of Paycom shares.
In 2014, Chad Richison took the company public under the ticker symbol PAYC and redefined the human capital management industry by allowing companies to navigate a rapidly changing business environment effectively.
Richison continues to live with his family in Edmond, Oklahoma. According to Forbes 400, he is one of six billionaires residing in Oklahoma and is the youngest Oklahoman on the list.
He pledged to give half of his wealth away.
Richison is very generous with his money. For example, in 2015, he donated $10 million to the University of Central Oklahoma. In 2020, Richison pledged to donate half of his wealth to The Giving Pledge, a non-profit organization that encourages wealthy people to donate their wealth to charitable causes.
He also created two foundations.
- The Green Shoe Foundation offers five-day retreats to improve and impact individual lives and communities. It encourages individuals to embrace their past and create spaces for themselves to prosper.
- The Richison Family Foundation focuses on education, foster care, food supplies, and mental health.
Have you heard about Richison before reading this article?