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Labor Costs
Nearly half of HR leaders in medium and small businesses doubt that what they do impacts the bottom line. Learn how HR can help predict and manage an organization’s most important expense.
How Manufacturers Can Both Reduce Labor Costs and Add Value for Employees
Your workforce is one of your largest expenses. It’s also your greatest risk. To be competitive, manufacturers need to be agile, responsive, and understand how to maximize their talent. Cutting-edge manufacturers are adding value to their employees by providing a workplace where they can grow and develop. They’re also wisely allocating labor costs to the projects and shifts that will maximize efficiency.Labor costs are the largest item on your balance sheet, so an effective cost-reduction plan should balance resources and cost control. While a reduction in force is typically the go-to action when discussing cost-cutting, it’s often not the best way. Replacing employees can be very costly, and lost institutional knowledge can take years...
9 Ways to Manage Costs and Prepare for Future Growth
In this guide, Paycor outlines nine ways to cut costs, with an eye toward a return to health and profitability in the future. Some of these approaches you’ll have already implemented, others might not work for your business. Rather, the list is meant as a framework for a conversation between CFOs and HR leaders, both of who will come to these decisions with a unique and valuable perspective.
Webinar: How to Drive Retention with Compensation Planning
Pay and Compensation play a critical role in employee retention and recruitment. Join Paycor's product team as we spotlight 3 reasons to consider a compensation planning tool that will allow you to create a strong compensation strategy that reduces turnover and helps attract the right talent. We will demonstrate how to get HR Leaders out of the weeds of admin and recordkeeping and providing managers with tools to make more informed decision about pay practices.
Webinar: Industry Focus - 8 Ways Manufacturers can Manage Costs and Prepare for Future Growth
Manufacturers will always be an essential business. However, even as there is an unprecedented need for this key industry, many manufacturers are struggling: worldwide lockdowns have hurt demand while all-important supply chains have been badly damaged by factory shutdowns, particularly in China. In this webinar, Paycor will cover how HR and Finance leaders can work together to help make the tough decisions now to set their organizations up for future success.Speaker:Brett Beilfuss
How Businesses are Managing the New Reality of Work: A Paycor Survey
COVID-19 changed the way nearly everyone works and left a lot of unknowns about how to budget and make plans to move forward. To understand exactly how coronavirus impacted medium and small-sized businesses and their workforces, Paycor surveyed nearly 600 HR and finance leaders.Did they need government funds? How many workers did they furlough or layoff? Are employees working from home now? How’s team morale? And perhaps more importantly, what are their plans for the future?This guide offer a pretty good idea of how business leaders are feeling, what keeps them up at night, and what approaches they’re taking to solve problems.
The Ins and Outs of Small Business Start-Up Costs
The thought of owning their very own successful small business is an exciting dream for a lot of people. The appeal of not answering to anyone, aside from customers, can be a real driving force for someone who wants to step away from a 9-5 job. Before stepping away from a stable income, however, potential small business owners need to take a step back and think about the actual costs to get started. We’ve compiled this handy list of financial considerations to think about prior to taking the big leap into ownership.Before you can even start, you need to know these three things: What is the product or service you want to sell? Who will be your ideal customers or clients? How do you plan to get the word out about your business? Your...
Take Our HR Benchmarking Quizzes
Paycor's research shows that 75% of high-functioning HR teams spend their time on mastering key pillars of HR excellence. Want to know how your team stacks up against others? Take our benchmarking quizzes to find out and get customized action plans based on your results. Recruiting Benchmark Quiz Benefits Benchmark Quiz Labor Costs Benchmark Quiz People Management Benchmark Quiz Compliance Benchmark Quiz
Webinar: COVID-19 and Unemployment Cost Management
With unemployment across the U.S. skyrocketing, Ohio and 18 other states are revising unemployment laws to ease the burdens of Americans everywhere. How will these laws affect business owners? What do leaders need to do to remain compliant? Watch this webinar to learn more. Speakers: Ezrie Yellin and Katie Watkins Ezrie has worked in the HR compliance industry for 15+ years. He works across HIREtech’s technical and business teams to ensure that all products and services deliver the best user experience while enabling compliance across the employee life cycle. Katie leads the client relations team at HIREtech for several products, including Unemployment Claims Management. Her proficiency in cultivating processes that bridge the gap...
9 Ways to Manage Costs - Infographic
HR and business leaders are looking to cut costs—but cut too deep, or in the wrong places—and you’ll pay for it down the road. Check out this infographic to learn the 9 ways business leaders can manage costs and return to profitability in the future. Forego Discretionary Spending Develop a 90-day cashflow forecast based on your fixed and variable costs. Then, stress test the forecast against best/worse-case scenarios. You want to get a sense of how much (and where) you need to cut. Reduce Extra Supplies & Inventory Reevaluate inventory and supplies from the bottom up—ask what you need, rather than what you can reduce. Consider both best-case and worse-case scenarios: running down stocks might leave you unable to meet the demand of a...
8 Ways Manufacturers Can Manage Costs and Prepare for Future Growth
It’s no surprise that many manufacturers are struggling: worldwide lockdowns have hurt demand while all-important supply chains have been badly damaged by factory shutdowns, particularly in China. At the same time, many businesses have been forced to temporarily cease operations, with remote work not an option. Businesses are hurting and even a quick return to normal won’t fix things. View 8 Ways Manufacturers Can Manage Costs Challenges Ahead Stay at home orders, radically reduced demand and disrupted supply chains are putting enormous pressure on the manufacturing sector. No matter how the upcoming months play out, manufacturing will be dealing with the ripple effect of this public health crisis for a long time. To help, we are sharing...
Webinar: How to Develop a Business Continuity Plan
April COVID-19 Web SummitWe’re all doing our best right now during these unpredictable times to protect our families, communities, employees and businesses. As many organizations have scrambled to launch business continuity plans to respond to the current crisis, there are things we’ve learned that will help us prepare for the future. Join Paycor’s Adam Leisring for insights into creating business continuity plans and key takeaways that can be applied from this pandemic.Speaker: Adam Leisring Adam Leisring is Paycor’s Senior Director of Information Security and is accountable for security aspects in Paycor’s Corporate IT and SaaS offerings. Having spent over 11 years with the organization and with a background in Information Security,...
Webinar: How HR & Finance Can Reduce Costs
April COVID-19 Web SummitBusinesses are facing the difficult task of sustaining operations and serving customers while also limiting expenses during this crisis. Join Paycor’s Chief Human Resources Officer, Karen Crone and Chief Financial Officer, Adam Ante, to discover the top ways SMBs can reduce short-term costs and prepare to return to future growth. Speakers: Karen Crone and Adam Ante Karen Crone is the Chief Human Resources Officer at Paycor. Karen is responsible for scaling Paycor’s people practices in support of its rapid growth and for reinforcing its strong culture across an evolving geographic footprint. Her current focus is on enhancing Paycor’s culture and developing its future leaders. She’s a graduate of Miami University...
How COVID-19 Is Impacting the Labor Market
As the demand for labor shifts and the unemployment rate rises, workers and employers adjust.
View the ImpactLabor Costs, Overtime, Turnover and More
Labor costs, especially if you’re not tracking them, have a way of getting out of control. Employee wage growth (or lack thereof), overtime, employee turnover and time theft are just a few of the ways things can go off the rails. Yet, according to a recent Paycor survey, HR professionals only spend 15% of their time managing labor costs. So, why isn’t it more of a priority?
There’s a number of ways HR can help reduce labor costs. Overtime expenses tend to wreck the most havoc on a budget, which is why it’s important to figure out the culprit and create a plan to deal with it. Try hiring temporary workers during peak times of productivity or streamline the overall process. You can curb time theft and buddy punching with technology and modern time and attendance software/products. In the restaurant industry, margins are already thin but optimizing schedules can help reduce labor costs.
And that’s just a start. HR can use workforce analytics to obtain key information about talent and how it influences current and future business strategy. As an HR pro, you have the power to predict what’s going to happen—it’s all in the data.