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Benefits
84% of employees who are happy with their benefits report high job satisfaction. Learn how to unlock the true power of benefits.
The Growing Problem of Employee Turnover
Turnover is a major challenge for business leaders, and with historically low unemployment, it’s only getting worse. The high demand for talent has led to “ghosting” from candidates who accept a job and then never show up after they get a better offer somewhere else. Employee turnover is time-consuming and expensive, but you may have a secret weapon: benefits. Learn how the right mix of benefits can improve turnover by up to 138%.Share this Infographic On Your SitePlease include attribution to https://www.paycor.com with this graphic.Banker
3 Reasons CFOs Should Care About Employee Benefits
If you think the realm of employee benefits is strictly HR’s domain, it’s time to change your thinking. Labor costs, including employee benefits, is often the largest expense of any organization and should be closely watched by both HR and finance.More financial leaders are taking an interest in human resources and starting to expand their influence outside the traditional areas of accounting. A recent Robert Half survey showed CFOs are more likely to expand their reach into HR more than any other department.39% of CFOs said their role expanded into HR the most Source: Robert HalfIf you’re hands-off when it comes to employee benefits, it’s time to get his/her attention. Here are three reasons why a CFO should care: A Healthy Workforce =...CFO
5 Cost-Containment Strategies to Make Benefits a Competitive Advantage
A diverse mix of benefits are one of the most critical tools employers can offer to attract top talent—but companies can’t ignore the impact benefits have on retention. Still, some financial leaders hesitate to invest in a variety of benefits packages due to the costs involved.Paycor analyzed more than 30,000 medium and small businesses and found that as organizations offer more benefit plans, there’s a substantial improvement in turnover. Specifically, organizations offering six benefit plan types saw turnover improve 138%.Check out our infographic below which examines five cost-containment strategies CFOs should consider to avoid breaking the bank.
Communicating Benefits to a Multigenerational Workforce
Your clients spend $11.60/hr. (on average) per employee on benefits, which represents a huge investment for small and mid-sized businesses (Bureau of Labor Statistics). But as you know, there’s also an investment of time; think of the many hours you spend guiding your clients through the process of crafting a benefits strategy that addresses the needs of the 5 generations in the workforce.But here’s the problem: if a tree falls in the woods, does anyone hear it?If open enrollment is confusing for your clients, imagine how their employees feel. Without the right education, employees stick with the benefits they know, and they may never know that there was a better option for them.According to Aflac, 46% of Americans take less than 30...
Webinar: How to Dramatically Reduce Turnover with the Right Employee Benefits
Find out how high-performing companies crack the benefits code and increase business performance, recruiting effectiveness and retention rates.Speakers: Skip Young Skip is Paycor's resident benefits expert. With over 7 years experience in the HCM industry, Skip leads Paycor's Benefits and HR product strategy.Broker
Improve Turnover with Employee Benefits
Diverse benefits plans are widely seen as one of the most important tools employers can offer to attract top talent—but companies shouldn’t ignore the impact benefits can have on retention.Paycor examined our customer base of more than 30,000 medium and small businesses and discovered that as organizations offer more benefit plans, there is a significant improvement in turnover. Specifically, organizations offering six benefit plan types saw turnover improve 138%.For many of the broker partners we work with, retaining talent is a major concern for their clients. But it doesn’t have to be. Check out our infographic below which details the importance of selecting and offering the right mix of benefits for employees.Broker
How (the Wrong) HR Technology Makes Open Enrollment Harder
Tell your clients that “buyer beware” definitely applies to benefits administration software. Capterra, an online software review site, features 300 ben admin systems as of 2019, and only 7 providers with more than 300 reviews are rated 4.5 stars or higher. (Not to brag, but Paycor’s benefits technology is one of those seven.) That means there’s a lot of bad technology out there. But don’t take our word for it. Here’s what a Capterra user had to say about a well-known benefits administration provider: "Our provider failed to execute open enrollment, so employees were not enrolled with the new health insurance provider for weeks into the new year. They failed to cancel our old health insurance, so we were doubled billed. Overall, it seems...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...
Webinar: 5 Steps to a Highly Effective Benefits Strategy
Find out how high performing companies crack the benefits code and increase business performance, recruiting effectiveness and retention rates.Speaker: Skip Young Skip is Paycor's resident benefits expert. With over 7 years experience in the HCM industry, Skip leads Paycor's Benefits and HR product strategy.
Webinar: BUILD Web Summit - Build a Competitive Compensation Plan
Learn how to build a compensation plan that keeps you in line with the market and maintains compliance.Speaker: Christine Ippolito Christine Ippolito, SPHR, SHRM-SCP is the Founder and Principal of Compass Workforce Solutions, LLC, a consulting firm providing strategic human resource expertise to small businesses to reduce exposure and increase profitability. She has served clients in a leadership capacity for 25 years in multiple industries and environments within Fortune 250, venture capital and equity-backed companies, as well as privately held and family-owned businesses.
Webinar: BUILD Web Summit - Build a Compelling Benefits Package
Learn how to build benefits by assessing culture, segmenting the population and utilizing benchmark reports to determine the best options for your organization. We will also discuss how benefits have grown from foundational to experiential and the latest pillars of wellbeing.Speaker: Andrea TobenAndrea has 15 years in Human Resources and Operations management with extensive knowledge in strategic benefit plan design focused on cost savings, competitiveness, and employee satisfaction with enthusiasm toward developing a culture of wellbeing and consumerism. Experienced in regulatory compliance, communications & employee engagement, wellness program implementation, vendor relations, retirement plans. Her experience also includes payroll...
Buyer's Guide To HCM And Payroll Technology
An HCM platform is the foundation of your business, and choosing the technology is one of the most important decisions you'll make.
Get ExpertiseOpen Enrollment and Benefits Administration
Simply defined, employee benefits are any form of non-cash compensation beyond a regular salary or wage that employers offer their workforce. There are some benefits that employers are required to provide by law, such as making payments on an employee’s behalf for unemployment, Medicare and Social Security. And there are other benefits that employees have come to expect, such as health insurance and paid time off. Organizations looking to lead the pack will often promote “benefits in kind” such as telecommuting, flexible schedules or wellness programs in order to differentiate themselves from the competition.
But anyone in HR can tell you, there’s nothing simple about benefits. From stressful open enrollment periods to endless employee questions, benefits administration is no joke. Finding the right HR partner who can streamline the process and help educate your employees on their benefits options is crucial. Paycor offers the technology and expertise you need to simplify open enrollment while analyzing the real-time data you need in order to maximize the value of your benefits program.