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Benefits

HR

The HR Playbook: Reduce Turnover with Employee Benefits

The HR Playbook: Reduce Turnover with Employee Benefits

You know benefits are important to employees, but you might be surprised how big of an impact they actually have on employee turnover. After analyzing data from more than 30,000 medium and small businesses nationwide, Paycor discovered that as organizations add benefit plans, there is a significant decrease in turnover.In fact, organizations that offered the right mix of benefits saw turnover decrease 138%.The key is finding that right mix of benefits. Different generations want different things, and designing a benefits plan that fits a multigenerational workforce isn’t easy, but worth it in the long run in order to retain and attract talent.And that’s just the beginning. There are several factors to consider when designing competitive...

How to Build Irresistible Benefits Packages for Employees

How to Build Irresistible Benefits Packages for Employees

Employee Benefits Packages: Foundational to Workplace Satisfaction While a competitive salary is an essential part of attracting top talent, in today’s hot hiring market, the employee benefits package is just as important.More than ever before, employees are being offered robust and interesting job benefits as organizations strive to keep pace with the shifting culture of work today. Historically, offering health insurance and a 401k were the expected aspects of a benefits package. Today, employees are being offered benefits packages that include generous vacation policies and flexible working arrangements.In this article, we’ll share the most important aspects of an employee benefits package. You’ll learn what to offer in order to fully...

The Pros and Cons of Flexible Work Arrangements

The Pros and Cons of Flexible Work Arrangements

Back in the day, the primary determining factor for a candidate choosing your company over your competitors’ was salary. Nowadays, the tide is turning toward the employee benefits your company offers; specifically, flexible work arrangements. In fact, FlexJobs 2018 Annual Survey found that the top three factors today’s candidates look for in a job are: Work-life Balance Salary Flexible Work OptionsCompanies that offer flexible work arrangements reap big rewards, from access to top talent to increased retention rates. Enabling employees to work from home on a regular basis can also boost overhead cost savings when you’re not required to maintain office space for everyone. You’ll likely see improved attendance and productivity, as well as...

People Management

HR Statistics You Need to Know for 2020

HR Statistics You Need to Know for 2020

The world of human resources is constantly evolving. With the introduction of “gig” jobs like Uber and high-tech advancements, employees have more power than ever. There's a new desire to find a balance between work and life.There are more job openings than candidates. And opportunities to change jobs are abundant. Workers have less reason to rely on and remain loyal to their employers. Especially if their employers don’t offer employees what they want.With 2020 right around the corner, we’re looking at the stats and trends we’ve seen in human resources, hiring, and workplace culture. The future is here. So, it’s important to understand the current climate and be ready. General HR Trends and Statistics Candidates moving through the...

How and Why to Create an Employee Grievance Policy

How and Why to Create an Employee Grievance Policy

Regardless of size or industry, every company will eventually have its share of disputes and disagreements among its employees. These conflicts tend to lead to problems for your business – from unmotivated workers all the way to negative publicity or even employee lawsuits.The Role of Human Resources HR should work closely with management to ensure a formal grievance procedure and policy is in place. Having a formal process gives your employees a practical, efficient way to express their concerns. This enables you to get in front of any problems quickly, so they don’t turn into a bigger issue for your company. Keep in mind, when you address grievances, employees feel respected which is important for engaging and retaining your...

3 Reasons to Invest in a Learning Culture: Recruit, Retain, Engage

3 Reasons to Invest in a Learning Culture: Recruit, Retain, Engage

Learning is a win/win for employers and employees. Learning-driven organizations tend to be more efficient, create more customer value and market leadership, and report higher customer satisfaction. Employees of all ages, especially Millennials, see re-skilling and upskilling as critically important, and often it’s the deciding factor in their decisions to take a new job or stay at their current company.In Paycor’s Guide, “3 Reasons to Invest in a Learning Culture,” you’ll learn how to invest in and build a learning culture. You’ll also learn the “why behind the what,” and see firsthand how your company’s learning impacts your ability to recruit, retain and engage talented people.Download Paycor’s Guide for actionable tips and insights...

Compliance

4 Common Payroll Mistakes and How to Fix Them

4 Common Payroll Mistakes and How to Fix Them

Overtime Pay, Pay Equity, Workers’ Comp, Payroll Taxes Topics Covered Missclassifying Employees Pay Equity Workers' Comp Payroll Taxes Dump Your Payroll Provider Payroll Compliance: More Complex Than You Think From FLSA, EPA, Workers Comp and more, there are lots of federal laws to keep track of, and state and local taxes only add complexity. That’s why HR and business leaders need to have processes in place to consistently apply pay policies, accurately calculate overtime and streamline leave policies. If you don’t and your company is audited or sued, you won’t have the proper controls in place to quickly provide accurate records and audit trails. Here are four common Payroll mistakes you might be making: Misclassifying Freelancers and...

HR

Federal Tax Deposit 101: Everything Employers Must Know

Federal Tax Deposit 101: Everything Employers Must Know

What is a Federal Tax Deposit? Most would agree that taxes is not an exciting topic. But a full understanding of the rules around taxes is absolutely essential for employers. It’s a major responsibility to manage employees and follow the requirements of withholding taxes from employee wages.The IRS has specific and strict guidelines around withheld taxes. Any withheld taxes must be deposited to the IRS in the appropriate manner. This process is called the federal tax deposit.In this guide, we’ll outline the important aspects of payroll processing and the federal tax deposit.Before we dig into the federal tax deposit, these are the important areas within employee taxes and payroll. Paycheck calculation and preparation Withholding taxes...

401(k) Match Limits 2019: What Payroll Administrators  Need to Know

401(k) Match Limits 2019: What Payroll Administrators Need to Know

It’s a relatively small change, but it’s a change for payroll administrators to take notice of. As of November 2018, your employees’ contribution limits for their 401(k) increased to $19,000 from $18,500. The increase raises the total annual contribution amount (employee plus employer contribution) to $56,000 or 100% of the employee’s salary if they make less than that. Most companies typically offer 3-6% in matching funds, but there is no limit to the amount an employer can contribute as long as the annual cap isn’t reached. 2018 & 2019 401(k) Match Limits Defined Contribution Plan Limits 2019 2018 Difference Maximum employee contribution $19,000 $18,500 +$500 Catch-up contribution for employees aged 50 or older $6,000 $6,000 No...

Employee Experience

How to Recruit, Coach and Develop Teams

How to Recruit, Coach and Develop Teams

Employee engagement is a constant challenge. According to Gallup, only a third of workers say they feel motivated to add value and succeed on the job. Why is that? One reason might surprise you.Paycor surveyed more than 1,000 HR and finance leaders and found that while nearly everyone agrees teamwork is important, only a third say their company promotes effective teamwork. There’s a lot of evidence to suggest that ineffective teams reduce employee morale and engagement. So, what to do?Hire the right people, not the “best” people.Research shows that putting together a group of type-A high performers generates a degree of competitiveness to a point that can be counterproductive. Instead, focus on creating a team of mixed personalities...

Mobile Payroll App Pros and Cons

Mobile Payroll App Pros and Cons

Mobile applications, also called mobile apps or just apps, are computer programs that are designed to run on mobile devices such as iPhones, Android devices, tablets or smart watches. Apps are typically downloaded from distribution platforms such as Apple’s App Store or Google Play Store for Android devices. They were originally pretty basic tools mainly created to assist with productivity such as email and calendar apps, but the functionality became highly popular. Now literally millions of apps are available, including apps for mobile payroll.The first basic payroll self-service app came out in 2010. Over the past decade, and with advances in technology, employees can now access far more than just their pay stubs with a tap of the...

How to Create the Ideal Employee Experience

How to Create the Ideal Employee Experience

All companies covet an engaged, motivated workforce. When your people are engaged, they don’t behave like an average employee. They’re more like committed volunteers devoted to a mission, always seeking new opportunities to boost morale and make a difference. It’s no surprise then that, according to DecisionWise, in 2017, 73% of executives said employee engagement was a top concern. Yet Gallup’s annual survey of engagement continually finds that only 1/3 of employees are engaged at work. Most (51%) are not engaged and, even worse, 16% are actively disengaged. With so many companies focused on engagement, why don’t we see better results?A primary reason is that not all companies focus on the employee experience. Everything from onboarding...

Labor Costs

Leap Year Payroll: How to Handle 27 Pay Periods

Leap Year Payroll: How to Handle 27 Pay Periods

If you pay employees bi-weekly, you normally have 26 pay periods a year. But 2020 brings you an extra one—thanks, leap year. True, an extra pay period isn’t exclusive to leap years, sometimes it just depends on which day of the week you pay your employees. But regardless of when it occurs, it can cause headaches for HR and payroll administrators who aren’t prepared.There are a few ways to approach a 27-pay-period year, but the most important thing is to communicate your plan to your workforce. Make sure they understand what to expect so there aren’t any surprises surrounding their paychecks. How to Pay Employees During a Year with 27 Pay Periods Option 1: Everyone gets an extra paycheck. Woo-hoo! The extra paycheck would be for the same...

The Future of HR

The Future of HR

Paycor asked 500+ CEOS, CFOs and HR executives about their human resources challenges, the impact of artificial intelligence and big data and their priorities over the next few years. We compiled the results and are sharing the findings and key takeaways in our report, The Future of HR. Here’s a sneak peek. 45% of Human Resources Professionals Are Concerned About Recruiting & Retention With unemployment at an all-time low, companies are being forced to up their recruiting game or risk missing out on top talent. But it’s not just about attracting employees. The average worker will change jobs at least 12 times throughout their career, which puts pressure on HR to engage, train and develop talent so they’ll never want to leave. This is...

Webinar: October Web Summit - The Data you Need to Know to Win Over the CFO

Webinar: October Web Summit - The Data you Need to Know to Win Over the CFO

Paycor reviewed proprietary data from nearly 30,000 customers and found that many standard HR and recruiting metrics are tactical, in that they track project management, or, at most, basic dollar-in, dollar-out cost analysis. The most successful HR teams map people management metrics to business outcomes. And that gets the C-suite to pay attention.Paycor’s Tim Ruge will analyze the critical HR metrics that matter to the C-suite, so they can see HR in a brand new light. Plus, he’ll provide some tips to start benchmarking and implementing these metrics.Speaker: Tim RugeTim Ruge is Paycor’s Director of Product Marketing, focusing on the HR Center of Excellence and various compliance topics. Since joining Paycor in 2012, Tim has helped...

Recruiting

Maintaining Recruiting Compliance

Maintaining Recruiting Compliance

Between the Department of Labor (DOL), the Equal Employment Opportunity Commission (EEOC), the Office of Federal Contract Compliance Programs (OFCCP), and the rest of the alphabet soup of government agencies, employers definitely have their hands full when it comes to maintaining compliance over hiring decisions. This situation is especially true for small and medium-sized employers, who can already be stretched thin when it comes to their resources in general. HR teams at these companies are usually small – sometimes only one person. And they’re in charge of every aspect of the company’s people management. It’s easy to see how the added burden of managing recruiting compliance – much less keeping track of and understanding it all – can...

Interview Scorecards And Scheduling Tools

Interview Scorecards And Scheduling Tools

Interview Guides and Scorecards Paycor Recruiting’s Interview Guides and Scorecards improve new hire quality by allowing you to better prepare your team for interviews while also automating how you collect their feedback along the way. Interview scorecards help your team evaluate talent and predict the best hires in a variety of ways. Paycor Recruiting’s tools allow you to take a more strategic approach to hiring. Recruiters can better prepare their team for interviews and automatically gather hiring manager feedback. HR Directors can promote consistency in the hiring process and drive data-based hiring decisions. Executives can mitigate the risks of a bad hire and reduce turnover. Recruiters Improve interview skills Accelerate decision...

The 7 Most Important Recruiting Metrics

The 7 Most Important Recruiting Metrics

Good data is the key to driving any good business decision, and the area of talent management is no exception. But with so much information to analyze, how do you know what it is you really need to know? Seven recruiting metrics that matter When it comes to recruiting, here are the seven metrics that should matter to HR professionals. Time-to-Fill Are your recruiters performing at a high level? Do you need to make improvements to your overall process? Time-to-fill tracks the number of days it takes to fill a job, from posting a job req to when a candidate accepts your offer. Time-to-fill can reveal important things about the effectiveness of recruiters and your overall recruiting process, including: if the hiring process is taking too...