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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.
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.
How to Apply for a Coronavirus Small Business Loan
(This article covers Economic Injury Disaster Loans (EIDLs). Read our explainer on Paycheck Protection Program (PPP) loans.)UPDATE JULY 9: On July 6, the PPP resumed accepting applications. The updated deadline to apply for a loan is August 8, 2020.UPDATE JUNE 17: On June 15, the S.B.A. announced that is has resumed accepting applications for EIDL loans and EIDL loan advances from qualified small businesses and agricultural businesses.UPDATE MAY 8: The S.B.A. reduced the maximum loan amount from $2 million to $150,000 and will now only accept EIDL applications from agricultural businesses. If you’ve applied previously, prior to April 15 —when the application portal closed—you’ll be reviewed on a first-come, first-served basis.UPDATE...
Coronavirus Aid Relief & Economic Security Act: What SMBs Need to Know
On March 27th, the Coronavirus Aid Relief and Economic Security Act (CARES Act) was enacted to provide financial relief to those impacted economically as a result of the Coronavirus pandemic.Paycor is waiting for additional guidance from the IRS and the Department of Labor to determine how we can best support our clients. We will communicate more information once guidance becomes available.The CARES Act keeps in place the credits established in the Families First Coronavirus Response Act, enacted March 18, 2020. View an infographic with the details here. Below is a list of additional details released as part of the CARES Act. Advance Payment of Payroll Credit Under the CARES Act, employers could get the payroll tax credit in advance. The...
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...
Webinar: COVID-19 Command Center: Instant Insights and Tools for Crisis Management
As part of Paycor’s commitment to keeping our customers informed and compliant during the COVID-19 crisis, we’re excited to announce the release of Paycor’s COVID-19 Command Center, an analytics and HR solution that delivers the instant insights and tools you need to make business-critical decisions. We will walk you through Paycor’s COVID-19 Command Center and demo the features and functionality and so you HR Leaders can make better decsions using real time data that you can manipulate and customize according to the needs of your business.Speakers: Kelly Silverman and Nabeel Sattar
Unemployment Rates By State - Coronavirus
Historic Unemployment Claims As more COVID-19 regulations are passed and businesses temporarily close their doors, the U.S. is seeing historic weekly unemployment benefit claims across all 50 states. In fact, the previous two weeks have seen nearly 9 million unemployment claims. According to the U.S. Bureau of Labor Statistics, roughly 5.6% of the U.S. civilian labor force has applied for unemployment benefits—as of March 28—which is higher than the peak unemployment of the Great Recession at 4.8%. Unemployment Rates By State State Unemployment Claims (Ending 3/28/20) State Unemployment Rate* Alabama 80,186 4.2% Alaska 14,523 7.5% Arizona 89,064 3.1% Arkansas 26,944 3.1% California 878,727 6.5% Colorado 60,784 2.6% Connecticut 33,182...
Paycor's COVID-19 Command Center
We're excited to announce the release of Paycor's COVID-19 Command Center, a new analytics solution that delivers instant insights for crisis management. With the COVID-19 Command Center, you'll be able to: Prepare with real time insights Plan with actionable data Respond with the help of HR experts Recover quickly by playing the long game now Discover how your organization can make the best possible decisions with real time data, actionable insights and expert HR counsel.
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.