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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 to Process Payroll
The best way to process payroll is to not process payroll. Your HR & Payroll provider should do that for you. The truth is payroll is too time intensive and complicated (especially if your business has locations in more than one state). Payroll compliance can get tricky too if you don’t have an expert keeping track of every new rule and regulation.The good news is, payroll software can help businesses automate much of the process, prevent compliance headaches and ensure you don’t pay employees incorrectly.Whether you are struggling to do it all yourself or have a payroll provide like Paycor take care of most of the work for you, it’s good to know all the steps that go into process payroll. Let’s walk through them.(If you are ever...
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.
Small Business Guide to Switching Payroll Providers
Small businesses are often afraid of switching payroll companies, but are they right to be? Sure, it can be stressful. Setting up payroll is complicated enough, so is a change really necessary? The reality is, getting payroll right is so important—even small errors can lead to big fines, angry employees and wasted hours putting things right—that sticking with a payroll provider that doesn’t work well for you just isn’t an option. Is Your Current Payroll Provider Offering Enough? It’s easy to be tempted to stick with what you know, regardless of the problems with your current payroll provider. Choosing to switch providers certain isn’t an easy decision—but ask yourself: Is time being wasted on repetitive admin tasks? Does payroll need to...
For our HR & Benefits Technology Partners: The State of American Business in 2021
Paycor surveyed 2,600 leaders of medium and small businesses (your clients and prospects) to find out what they are thinking at the close of the year and how they’re planning for 2021. Paycor delivers these insights to our broker partners to help you better understand what your clients need from you at this critical moment. Here’s an executive summary of the report. For more, click on the download button at the bottom of the page. Part 1: Benefits A majority of your clients and prospects (86%) are concerned about mental health in the workplace, but nearly half (45%) are “not sure” how benefits can address these concerns. Part 2: The Finance/HR Relationship Roughly 40% of respondents agreed that HR and Finance are working more closely...
Webinar: Paycor Virtual Payroll Platform Overview - 12/22 @2PM ET
Focus on what you do best. We’ll take care of the rest, behind the scenes.Over the years, Paycor has conducted hundreds of user groups, one-on-one interviews, and group discussions with HR leaders. One thing we discovered is that HR teams spend nearly 70% of their time on inefficient administrative tasks, some of which are still paper-based. To make a difference in your organization, your team needs to simplify and streamline HR, benefits administration and compliance so you can focus on what you do best.Join us as one of our solution experts walks through how Paycor’s Payroll solution can help you solve some of your biggest HR challenges.Speaker: John RedingJohn is the Senior Director of Deal Success and Pre-Sale Support for Paycor. A...
Webinar: Look Forward Webinar Week - Wage and Hour 101 - 12/10 @2pm ET
This session is eligible for 1 HRCI and 1 SHRM credit.Understanding the basics of wage & hour requirements can help you avoid penalties, prevent lawsuits and promote healthy relationships with employees.Join us for our upcoming webinar as we introduce the basics of Wage & Hour requirements.Key topics discussed: - Basics of exempt versus non-exempt classification - Paying non-exempt employees - Recordkeeping requirements - Overtime and travel time considerationsSpeaker: Kara GovroKara Govro is a Senior Legal Editor for Mammoth HR and been with Mammoth HR for over 5 years. Thursday, December 10 2pm ET
The State of American Business: 2021
Paycor surveyed more than 2,000 HR and Finance leaders about their plans for the new year. Download our newest report to find out what they said. Here are just a few insights you’ll discover: The one thing HR and Finance don’t agree on The one thing Finance leaders say they do better than HR leaders The #1 thing all business leaders are most concerned about heading into 2021 You’ll also get a lot more on what your peers are thinking about remote work, benefits and compliance.
HR Basics for Small Business
Human Resources can mean a lot of different things. What’s required—and what you’re able to accomplish—will depend on your company, your industry and the technology you have available. In a small business, HR ‘teams of one’ often mostly play defense, doing their best to to stay compliant, manage administrative tasks and just make sure employees are paid on time. With so much on their plates, HR professionals can struggle to find time to improve other aspects of people management—like recruitment, scheduling and onboarding. The good news is, HR technology allows you to minimize manual tasks, so you can get out of the weeds and focus on the bigger picture. Let’s run through the essential HR basics for small businesses—and how technology...
Is it Really That Complicated to Set Up Payroll for a Small Business?
Paying employees is one of the core responsibilities of any company. But the idea of setting up payroll for the first time is enough to cause nightmares for many small business owners. It’s not just that it takes time—it’s that small errors can come at a big cost to your business and run the risk of big fines from the IRS. The decision any small business owner has to make is whether to set up payroll all by yourself or get help. You might wonder, is it really so complicated? Let’s take a look at what setting up payroll will look like if you go it alone or if you choose to use a Payroll provider. Setting Up Payroll Alone First Steps The reality is, doing it alone really is difficult—especially if you don’t have experience. The most...
Common Attendance Management Mistakes—and How to Fix Them
Why Attendance Management Matters Showing up is half the battle. You can have the most talented team—but it won’t do you any good if they aren’t actually present. Absenteeism is a big problem: 3% of the entire workforce is absent on any given day, the Department of Labor have estimated. And you can’t ignore tardiness either: 20% of Americans are late for work at least once a week, according to YouGov polling. Lost minutes add up and so does lost productivity, which hurts your bottom line. To understand (and prevent) poor attendance you need to track who is turning up for work, and when. But this isn’t easy—especially when more and more work is happening remotely. Common Time and Attendance Management Mistakes As an HR leader, you’re...
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.
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.