Labor Costs

Think Like a CFO: How to Maximize Your Labor Spend

Human Resource’s top priorities include: finding the right people, getting them to join the team, onboarding, coaching, career development, and keeping everyone engaged and productive. These are areas where HR excels, and, of course, all of those things are profoundly important and necessary to the health of your organization. But, there’s also a big opportunity for HR professionals to add value to the financial side of the business. Start thinking about how different categories of workers — salaried, variable, seasonal — get paid and how best to maximize that spend. In other words, you need to supplement your HR knowledge and start thinking like your CFO. Here are some questions to consider: Are we overspending on labor? Labor costs are...

HR COE Labor Costs Benchmark Quiz

What role does HR play in labor costing? The path to achieving excellence in labor cost management is a continual journey that evolves over three phases. Find out what phase you’re in and get a customized action plan.. TAKE OUR QUIZ TO FIND OUT: Quiz will load down below shortly Content loading... Please enable javascript! Recruiting Benchmarking Quiz What’s preventing you from attracting and hiring top talent? To get to the next level, start thinking about how HR can partner with Finance to maximize your organization’s labor spend. Based on your responses, you’re in Phase 1: To get to the next level, continue to partner with Finance on more complex, and rewarding, labor cost management projects. Depending on your circumstances and...

The Biggest Cost of Doing Business: A Closer Look at Labor Costs

As any company leader knows, the biggest cost of doing business is often labor. Labor costs, which can account for as much as 70% of total business costs, include employee wages, benefits, payroll or other related taxes. Yet, according to a Paycor survey, HR professionals only spend 15% of their time managing labor costs. Attracting top talent, engaging new employees and developing them over the course of their career are always top of mind for HR professionals, but herein lies a critical opportunity for HR to step out of its comfort zone and contribute much-needed value to an area typically owned by Finance. The cost of employee benefits, which can account for up to 30 percent of overall labor costs, are a significant expense as well....

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. 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. Start by downloading the guide.

Labor Costing Overview

Paycor’s Labor Costing built within the Perform Time solution takes away the guess work and manual coding of hours by jobs, projects and tasks giving companies instant insight into hours worked on important labor categories

Test Your Knowledge: Compensation Trends Quiz

Test your knowledge on the latest compensation trends and what to expect in 2019 and beyond. TAKE OUR QUIZ: (Quiz will load below shortly) Content loading... Please enable javascript! Compensation Trends Quiz What’s preventing you from attracting and hiring top talent? Questions you answered correctly: Click to best answer Test your knowledge: Are employees set to receive significant wage increases in 2018? Can employers continue to inquire about a job candidate’s salary history? Will the Department of Labor’s increased White Collar Overtime Exemption return? Here’s a look at the latest compensation trends to help you prepare for what lies ahead. Compensation Trends select the Test your knowledge on the latest compensation trends and...

HR challenges are keeping CFOs up at night

It’s not always all about the Benjamins for CFOs (well… it is in a roundabout way). A good CFO is also concerned with a lot of the same things HR is. Human resources pressures don’t solely have an impact on that team, they also have an unmistakable ripple effect on your clients’ CFOs and their companies as a whole. In fact, according to the Duke CFO magazine Global Business Outlook survey (U.S. First Quarter, 2018), five of the top six challenges CFOs say they’re facing can be directly tied to the human resources department: Difficulty attracting/retaining qualified employees 45% Cost of benefits 33% Regulatory requirements 31% Government policies 31% Data security 30% Employee productivity 24% At Paycor, we found that 75% of successful,...

How to Effectively Manage the Cost of Seasonal Employees

The need for hiring temporary labor can be driven by holidays, special projects or even the weather. Hiring seasonal employees can be a cost-effective management strategy for small businesses owners as well as large chain stores and distribution centers. But, just like any business strategy, it’s one that can quickly go sideways if you’re not carefully monitoring it. That’s why the HR and Finance departments need to work together on this challenge. Five Questions to Ask before You Start Hiring 1. How many employees do you need to cover your busiest time of year? If you’re not monitoring year-over-year seasonal hires, you could be taken by surprise. You should also work with finance to determine the sales forecast and base the number of...

How to Establish Salary Ranges

HR leaders and CFOs don’t always work together but when your company starts to establish pay ranges, it’s important that they do. Keeping pay ranges accurate and updated is one of the most important drivers of recruiting and retention, so if you haven’t assessed how you’re paying your employees in a while, now’s the time to start. How to Establish Pay By using salary ranges, you can more easily control your payroll costs, as well as ensure that you’re paying your employees equally and fairly. Here’s how to do it: 1. Figure out if you want to lead, lag, or match You can either lead, lag or match the market when it comes to compensation. When you’re a market leader, top talent will view your company as a popular one (but, don’t forget, you...

Employee Turnover Guide

Download Your Guide to Curb Employee Turnover Tracking turnover can help HR and finance leaders understand root causes, estimate the cost-to-hire and plan for the ebb and flow of growth. Download our Turnover Guide to: Learn why employees leave Understand the negative effects of turnover Discover best practices to decrease turnover Complete the form and get your Turnover Guide instantly.

To Avoid an HR and Payroll Implementation Nightmare, Ask ONE Question

HR and payroll technology affect every aspect of your business, so if your current provider isn’t meeting your needs, your entire organization suffers. And yet so many business leaders settle for mediocre HCM because they’re (legitimately) afraid of implementing a new system. The good news: you can avoid an implementation nightmare by asking one simple question: Is My HCM Partner Collaborative? How can you tell if you’re working with a collaborative HCM company? It’s easy. Ask yourself: Do they talk more than they listen? If so, they probably aren’t taking the time to understand the particulars of your business, which is the root cause of most implementation nightmares. Related Article: 5 Questions to Ask Before Implementing a New...