Announcing the Fall Product Update
At Paycor, we believe every client should have the latest product features without having to pay for an upgrade. That’s why we introduced Perform, one platform that integrates payroll, HR and time and attendance. By releasing new functionality into Perform each quarter based on direct client feedback, we are continuously improving our solution for all users.
The Fall Product Update included many new features, from new reporting dashboard customization to simplified open enrollment processes. Several of these new features help companies address the pressures they are feeling, such as pressure to gain efficiency and cut costs, promote an engaged workforce and spend more time on strategic planning.
Gaining efficiency and reducing costs
76% of CFOs say they plan to cut costs in the next two years, meaning companies need to be more streamlined and efficient than ever. In this update, Paycor rolled out several new features that help our clients simplify processes to increase efficiency, including:
* Group term life automation: The calculations of group term life
policies and premiums are now automated, saving our clients time and
* Streamlined open enrollment: A series of client-suggested ideas will make this year’s open enrollment easier than ever before: clients can copy custom instructions from prior enrollments, view eligible employees during the enrollment period and account for differing check dates between employee paygroups.
Driving employee engagement
According to a recent Gallup poll, 70% of U.S. employees are not engaged at work. A major component of employee engagement is the feeling of being recognized and appreciated for the value workers bring to the organization, and one of the most concrete ways employees experience that recognition is through compensation.
* Total Compensation Report: Clients can see a comprehensive breakdown of employee wages, benefits and taxes, in a format that is ready to share with each employee. Understanding their total compensation package paves the way for higher employee engagement. See an example report here.
Spending time on strategic analysis
Overwhelmed with the day-to-day tasks of doing business, the average executive is only able to spend 15% of his or her time on strategic initiatives. By making data easy to interpret into meaningful information, one of the new features in this update enables company leaders to make strategic labor decisions:
* More flexible dashboard: Our updated dashboard charts show clients a clear picture of labor costs and the employee population. Additionally, clients can customize the types of charts they see, how charts are arranged and the information each chart displays.
With the new features listed here and more, the Fall Product Update allows Perform to relieve four major pressures companies are feeling today. But companies gain additional benefits with our unique client-driven development process that ensures clients automatically receive the latest features. Discover how our clients’ ideas become product features in this infographic. If you’re interested in learning more about Paycor, contact us today.
Sources: Deloitte, Department of Labor, Gallup’s 2013 State of the American Workplace Report, McKinsey and Company