Steven Sarowitz's career trajectory is firmly rooted in the technology sector, specifically in payroll software. His foundational education at the University of Illinois at Urbana–Champaign, where he earned a Bachelor's Degree in Economics in the late nineteen-eighties, provided the academic groundwork for his entrepreneurial pursuits. After gaining experience in the payroll industry, Sarowitz identified an opportunity to innovate within the field. This led him to establish his own company in the Chicago area in the late nineteen-nineties. Initially named Ameripay Payroll Ltd., this venture would later become Paylocity, the company that serves as the primary source of his wealth.
Under Sarowitz's leadership, Paylocity evolved into a prominent provider of cloud-based payroll and human capital management software. The company's core business involves offering comprehensive solutions that integrate payroll processing with human resources functions, helping businesses manage their workforce more efficiently. This includes features such as talent acquisition, time and attendance tracking, benefits administration, and compliance management, all delivered through a cloud-based platform. The strategic decision to focus on in-house like technology, coupled with outsourced service and liability protection, allowed Paylocity to carve out a significant niche in a competitive market. This approach aimed to provide clients with advanced technological capabilities while also offering the support and safeguards typically associated with outsourcing solutions.
A pivotal moment in Sarowitz's career and the growth of Paylocity occurred in the mid-two-thousands when the company went public. This initial public offering provided a significant capital infusion for the company and marked a substantial milestone in its expansion. As the founder of Paylocity, Sarowitz held a substantial ownership stake in the company. The public listing translated this ownership into considerable personal wealth, directly linking his financial standing to the market valuation and success of Paylocity. His wealth, therefore, is directly sourced from the value of his shares in the payroll software company he founded and grew.
Sarowitz's impact on the technology industry was further acknowledged in the late two-thousands. In recognition of his entrepreneurial achievements and leadership in the Midwest region, he was named the Ernst & Young Entrepreneur Of The Year. This award highlighted his success in building and scaling Paylocity into a leading technology provider. His career progression demonstrates a clear path from academic preparation, through hands-on industry experience, to founding and leading a successful technology enterprise that ultimately went public, solidifying his position as a significant figure in the United States technology landscape.
