While working in the senior living industry, Rich Murray was oftentimes underwhelmed with the service provided by his employers’ human capital management providers. One interaction with an employee experiencing a delay in changing payroll bank information was particularly eye-opening, especially when the human capital management firm he was dealing with cited a policy that would delay the change for a month.
Murray personally provided cash to the employee so she could care for her family. His frustration fueled his desire to run a financial services company that actually cared about the people served. “Our beginnings were very humble with our first office in the basement of a friend’s law office,” said Murray. “It was a grind knocking on doors and building a reputation in a new industry, and it was an uphill battle.”
Since its inception, TrustPoint HCM has grown revenue 20% to 50% YoY every year growing the client base from eight in 2014 to 44,353 in 2023. TrustPoint HCM is a human capital management firm with a mission to provide billion-dollar HR software solutions with boutique, expert support.
Under Murray’s leadership, the firm has gone from $0 in revenue to $3.5 million in annual recurring revenue with close to 20 employees. The firm has become one of the top-grossing license holders of UKG Ready, a $7 billion-a-year publicly-traded software platform, servicing the largest client on the platform among many other large mid-market firms. The next five years will be an exciting time of growth with the launch of a sub-brand named ReadyTax that provides payroll tax filing and payment services on a managed outsourced basis for other payroll companies.
Murray has also become a highly respected leader in the HCM field, presenting continuing education seminars at conferences with topics focusing on complete tax compliance, employee recruitment and engagement, industry-leading payment techniques for improving employee retention and highly coveted expertise developed for COVID-19 relief programs.
Looking back, Murray said he would advise his younger self to start earlier. “I should have had the courage to start a technology consulting firm sooner than I did because I am both excellent in this field and a natural entrepreneur,” he said. “I would also recruit coaches and mentors earlier than I did.”
As a leader, it’s important to understand how to leverage new technology. “Good leaders need flexibility to adapt to industry trends and changes, as well as empathy to allow more impactful and authentic connections with employees,” said Murray.
