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The business world moves fast. Here, you’ll find the expert advice you need to stay ahead of the curve.
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The HR Playbook: 10 Metrics That Prove the Value of HR
HR is sitting on a gold mine of data. But there’s a problem—HR professionals aren’t data scientists and they often lack the support, resources and budget needed to make sense of the data, let alone measure its financial impact.Paycor reviewed proprietary data from nearly 3,000 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.Download our latest playbook to discover: Top challenges that keep the C-suite awake at night 10 key metrics HR teams must track How to calculate each metric Benchmarks to see how you stack up
How to Calculate Imputed Income for Domestic Partner Benefits
When is a domestic partner treated like a spouse? If one of your employees gets married, their spouse is entitled to some tax-free benefits offered by your company; health insurance is the primary one. If, however, that same employee is in a domestic partnership, no such luck… with one exception. If the domestic partner can also be claimed as a tax dependent on the employee’s income taxes, they’re treated like a spouse. To qualify as a dependent, the domestic partner must live with the employee full-time, have gross income of $4,150 or less, and receive more than half of their total financial support from the employee.What is imputed income? If you determine that domestic partners don’t qualify as a dependent and they receive health...
Why (and How) to Switch to a New HR & Payroll Platform
The right HR technology can enable you to better manage, develop and engage people and make better strategic decisions. However, the opposite is also true. Sticking with the wrong HR & Payroll provider can tank an otherwise healthy business.The consequences of NOT switching, and staying with a subpar HR & Payroll provider, touch every aspect of your organization. Obviously, HR and the payroll process are affected, but the inefficiencies can also impact recruiting, training and development, time & attendance and how you go about analyzing the data overall.So why don’t more organizations make the switch to a platform that better meets their needs?For starters, it can be a challenge to figure out how they differentiate. Not all...
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HR
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...
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...
Open Enrollment Benefits Assessment
Design the perfect open enrollment in 4 clicks. Take our interactive assessment, below, to see where you stand! (content will load shortly) Content loading... Please enable javascript!People Management
Webinar: October Web Summit - 5 Steps to Become a Strategic HR Leader
Enterprise growth requires executive leadership involvement to change the culture, focus, or services of an organization. To be successful, the growth strategy must focus on many things at once, including people. Every aspect of the organization has to work together, and here’s where HR is crucial. Whether it’s a new product, or a shift in competitive focus, HR is intrinsic to helping the company stay competitive.In order to drive growth and achieve optimal business results, HR and the leadership team must be on the same page with open lines of communication—which can be easier said than done. During this webinar, we’ll share proven tips and tricks to becoming an action-oriented, strategic HR leader. We’ll detail a 5-step process to help...
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...HR
Is Holiday Pay Mandatory In Your State?
The FLSA Only Requires Employers to Pay for Time Worked Unlike most of the European Union, the United States has no federal law requiring private companies to pay for national holiday time off (by law, all employees in the EU also get a minimum of 28 paid vacation days). The Fair Labor Standards Act (FLSA) requires an employer to pay its employees only for time worked. This means that if an employee takes the day off for Christmas, you don’t have to pay them for time not worked. But Most Employers Offer Paid Holidays In practice, though, most private sector employers in the US give their employees the day off for national holidays, or they pay them time-and-a-half for working on the day. Some companies also offer a floating holiday,...Compliance
Hiring Independent Contractors: Are They Right for Your Business?
In today’s booming gig economy, it’s becoming more common for businesses to hire freelancers or contract workers instead of employees to supplement their existing workforce. Independent contractors can be brought on to fill just about any role within a company, from janitorial services to members of the C-suite. Here’s the unique distinction: Independent contractors are self-employed and not considered a full-time employee of your company. The pros and cons of hiring independent contractors While this makes hiring freelancers attractive – knowing that the business is not responsible for additional overhead and equipment, payroll taxes, or benefits – you’ll also find some challenges and potential pitfalls that should be faced when you...
SaaS Payroll: 6 Tips to Find the Perfect Solution
Software as a Service (SaaS) is the term used for software that’s delivered and used totally online or in the cloud.As more businesses turn to online solutions to manage their workflows, do accounting, etc., it should be no surprise to see that payroll processing is no exception. From tax-filing and employee self-service to data security and compliance management, SaaS payroll automates routine tasks and ensures accuracy, so business leaders can focus on what really matters, improving the bottom line.If you’re in the market for an online payroll system, you’ll need a sharp eye to find the perfect match for your organization. Keep in mind, not all payroll software is created equal. Whether you want to go with a bare-bones solution or you’...
How to Calculate Imputed Income for Domestic Partner Benefits
When is a domestic partner treated like a spouse? If one of your employees gets married, their spouse is entitled to some tax-free benefits offered by your company; health insurance is the primary one. If, however, that same employee is in a domestic partnership, no such luck… with one exception. If the domestic partner can also be claimed as a tax dependent on the employee’s income taxes, they’re treated like a spouse. To qualify as a dependent, the domestic partner must live with the employee full-time, have gross income of $4,150 or less, and receive more than half of their total financial support from the employee.What is imputed income? If you determine that domestic partners don’t qualify as a dependent and they receive health...Employee Experience
Achieving HR Excellence
McKinsey found that the typical HR department still spends 60% of their time on transactional human resources. In today's world of dynamic and constant change, that just won't do.Why not?For starters, you can't recruit and retain top talent if you spend most of your time keying new hire data into payroll or processing administrative tasks.You can't discover new insights about how labor costs are affecting your bottom line if you're too busy manually tracking time and attendance.You can't optimize benefits for a multigenerational workforce if you're stuck hand-holding employees through open enrollment.Get to the next level of HR with a combination of technology and expertise.For nearly 30 years, Paycor has helped medium and small...
Strategies to retain your top performers
As unemployment rates have reached historic lows, it’s never been more difficult to find qualified candidates to hire. And as the labor market tightens and jobs go unfilled, productivity can be impacted. But before you jump at the next resume, beware. Making a bad hire can be even more detrimental to your business as the costs to replace an employee and train them quickly add up. Employee Benefit News reports that employers spend 33% of a worker’s annual salary to hire a new replacement.That’s why every business should be laser-focused on developing and retaining their rock stars. If your company is looking to boost retention, here are some tips to help keep your workforce intact. Create a great first impression Just because you’ve...
Webinar: BUILD Web Summit - Build a Burnout Resistant Culture
“The U.S. ranks 30th out of 38 countries in work-life balance which is the bottom 20%. Over 11% of employees in America work more than 50 hours per week.”Join us as we discuss ways to attack burnout from a work efficiency perspective in order to build a burnout resistant culture. Employers need to encourage and reward work efficiency in conjunction with work-life balance, instead of long, unproductive hours.Speaker: Eugene PartridgeEugene Partridge, III is the Director of Procurement for Paycor, Inc., as well as a speaker, author and music producer. He uses his influence to invoke change and his voice to deliver life changing messages of inspiration. He was honored to be a TEDx speaker in May 2019. He has spoken for Cincinnati USA...Labor Costs
The Turnover Crisis in Restaurants
An Action Plan for Owners and Operators Restaurants across the country are experiencing high volumes of turnover at an alarming rate. In 2016, turnover exceeded 70% for the second consecutive year, and the turnover rate in the fast-food industry reached 150%, the highest since data was first captured in 1995*. With record numbers of restaurants and more jobs to choose from, employees are willing to take risks to find the right fit.The demand for restaurant workers isn’t going away, so it’s critical to find the right HCM provider who can help solve your HR challenges with the right combination of technology and expertise.More than 3,000 restaurants across the country depend on Paycor to help onboard new hires, pay them accurately and...
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...
Automated Payroll, Onboarding and Timekeeping Helped Royal Chemical
Discover how Royal Chemical, a contract manufacturer, used Paycor solutions and customer service to eliminate manual onboarding, timekeeping and payroll. Paycor also provided real-time analytics and custom reporting, simplifying a once complex process for HR.Recruiting
The Impact of Hiring Contingent Workers
Economic times continue to be challenging, and employers are faced with determining new ways to manage their workloads, their workforces and their labor costs. With the gig economy in play, more and more companies are looking to hire freelancers, consultants or other types of outsourced workers to share the load and reduce the cost of doing business, such as skyrocketing health care premiums.Organizations such as Macy’s, JC Penny and many other retailers have taken advantage of contingent workers during the seasonal holidays for decades, and it’s paid off big time for their bottom lines. However, in order to know whether this strategy is advantageous to your businesses you must first understand both the positives and the negatives of...
Text Recruiting: Connect Quickly with Candidates
With low unemployment rates and job openings on the rise, recruiters and HR professionals need all the help they can get to win the race for top talent. Text recruiting is one tool that many are using because it immediately (and literally) puts job postings in the palm of candidates’ hands.There’s no denying that the way we communicate has changed. People rarely answer their phones anymore and you’re lucky if you get a reply to an email. But texting is another thing… it’s hard not to look when your cell starts to chirp or vibrate. In fact, a recent Deloitte survey found the average U.S. consumer checks their phone 52 times a day!Which makes integrated candidate texting a must have for any HR pro using an applicant tracking system (ATS)....HR
