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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.
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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...
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...
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...
How to Fight the Hidden Costs of Unplanned Overtime
Discover the data-driven way to master overtime planning Most organizations spend approximately 70% on “people costs” (e.g., wages, benefits, etc.). If you don’t have meaningful, actionable data on your biggest expense, you’re headed for disaster. As an example, take unplanned overtime, a problem that impacts pretty much everyone. Business leaders see it eating away at profits. HR sees it as a dangerous liability. And studies show people who work more than 40 hours a week increase their risk of burnout six-fold, in comparison to people who work less than 35 hours a week. Accurately Predict Unplanned Overtime with Data Analytics The only way to solve the problem is to be able to accurately and consistently forecast overtime expenses. 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...CFO
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,...
Webinar: Why Do You Need Time and Attendance?
Learn the benefits an automated time solution will provide your organization. Plus, also discover if your existing Time solution is delivering results!
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.
Small Business Payroll 101
From the biggest corporation to the newest mom and pop, it takes a lot of moving parts to run a business of any size. And while the operational differences between large and small businesses are significant, one thing remains the same: payroll. Payroll processing is something you’ll have to do on a regular basis. And it’s important to get it right every single pay period. If you’re wondering how to do small business payroll, there are several payroll processing options from which to choose. But which is best for you? Keep reading to discover the pros, cons and estimated cost for three of the most common types of payroll processing for small business owners. Keep Small Business Payroll In-House The key question here is: how much is your...
Take Labor Costs Quiz
The path to achieving excellence in labor costs management evolves over three phases. Find out which phase you’re in and get a customized plan.
Take QuizLabor 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.