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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.
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.
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...
Automated Payroll, Onboarding and Timekeeping Helped Royal Chemical
Discover how Royal Chemical, a contract manufacturer, used Paycor solutions and customer service to eliminate manual onboarding, timekeeping and payroll. Paycor also provided real-time analytics and custom reporting, simplifying a once complex process for HR.
The Turnover Crisis in Manufacturing
An action plan for all HR and finance leaders It’s no secret—manufacturing is losing talent. As Baby Boomers leave the workforce and take valuable skills with them, it’s expected that nearly 3.5 million manufacturing jobs will open up by 2025. Two million of those jobs are expected to go unfilled because of the skills gap*. The longer positions go unfilled, the more the production process is disrupted. Company morale starts to decline, and manufacturers see profits dip as they’re unable to operate at full capacity. Automation and robotics may help fill some of the labor gap, but HR still needs to find humans to problem solve, analyze issues and manage output. If you’re trying to recruit in the manufacturing industry, you’re in a vicious...
Is Your Time and Attendance Solution Delivering Results?
Not all time and attendance solutions are created equal. Perhaps you’re manually keeping track of time cards or your automated time and attendance system isn’t living up to your expectations. Either way, it might be time to make a change. Modern time and attendance software should deliver results—mainly savings and accuracy—for any human resources department. Accurate Time Tracking Leads To Labor Cost Savings In any organization, employees usually are both the largest expense and the largest asset. Maintaining control of labor costs is critical to the overall bottom line and it all starts with accurate time tracking. According to the American Payroll Association (APA), organizations can experience anywhere between a 1% and 7% clerical...
Labor Law Updates
What are the latest NLRA rules and modifications employers need to know? Join us as we discuss the most noteworthy changes of labor law within the Trump era. Speaker: Justin Flamm As co-chair of Taft’s Employment practice, Justin handles a wide range of labor and employment matters. His experience includes lawsuits and administrative charges involving race, sex, age, disability and religious discrimination; wage and hour matters under the Fair Labor Standards Act; employee handbooks and workplace policies: and other issues relating to employment relationships.
2019 Social Security Taxable Wage Base
Both employees and employers have to pay social security tax and split the total amount due for each employee. Currently, the social security tax withholding rate is 6.2% for both employees and employers. For those self-employed, the rate is 12.4% because they have no employer to split the tax. However, the Old Age, Survivors and Disability Insurance (OASDI) program sets a limit on how much of an employee’s income can be taxed in a given year. This limit changes each year and is based on the average wage index. The Social Security Wage Base is the maximum gross income on which Social Security tax can be imposed on an employee.The limit is $132,900 for 2019, meaning any income you make over $132,900 will not be subject to social security...
The Turnover Crisis in Restaurants
An Action Plan for Owners and Operators Restaurants across the country are experiencing high volumes of turnover at an alarming rate. In 2016, turnover exceeded 70% for the second consecutive year, and the turnover rate in the fast-food industry reached 150%, the highest since data was first captured in 1995*. With record numbers of restaurants and more jobs to choose from, employees are willing to take risks to find the right fit. The demand for restaurant workers isn’t going away, so it’s critical to find the right HCM provider who can help solve your HR challenges with the right combination of technology and expertise. More than 3,000 restaurants across the country depend on Paycor to help onboard new hires, pay them accurately and...
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...
5 Benefits of Online Payroll Systems
There’s no denying we live in a digital world. We pay for fast food with our phone and use Venmo to repay a friend for concert tickets. Digital transactions are everywhere—including the workplace as more companies move to online payroll systems. Many businesses conduct their payroll process in-house in the form of full-fledged payroll departments or small business owners attempting to do it on their own. But there are a number of advantages to switching to an online payroll service. Take a look at some of the benefits your company or small business could reap by moving to online payroll. Online Payroll is More Affordable Do the math. How many hours does your accounting department or HR professionals spend preparing to run payroll and...
Rise Above the Status Quo: An Executive Summary
Our Biggest and Best Web Summit Yet! More than 18,000 people registered for Paycor’s two-day online Rise Web Summit, held in February, where industry experts offered advice on all things HR, from employee engagement to hot button compliance issues. If you didn’t get a chance to watch the webinars live, feel free to watch them on-demand. In the meantime, here’s a quick overview of each session and some of the key takeaways. The Future of HR Now more than ever, executives depend on the unique insights HR can bring to the table. However, there is a problem. Many HR leaders just aren’t thinking big enough. Our keynote speaker, DisruptHR’s Jennifer McClure, outlined four key strategies HR leaders can use to push past their comfort zones and...
Jacksonville Jumbo Shrimp Case Study
Needing a more efficient solution to manage time worked for their seasonal and part-time staff, the Jacksonville Jumbo Shrimp turned to Paycor for help. Discover how Paycor’s robust Perform Time solution drastically improved how the ball club tracks and reports on hours worked.
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.