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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.
Leap Year Payroll: How to Handle 27 Pay Periods
If you pay employees bi-weekly, you normally have 26 pay periods a year. But 2020 brings you an extra one—thanks, leap year. True, an extra pay period isn’t exclusive to leap years, sometimes it just depends on which day of the week you pay your employees. But regardless of when it occurs, it can cause headaches for HR and payroll administrators who aren’t prepared.There are a few ways to approach a 27-pay-period year, but the most important thing is to communicate your plan to your workforce. Make sure they understand what to expect so there aren’t any surprises surrounding their paychecks. How to Pay Employees During a Year with 27 Pay Periods Option 1: Everyone gets an extra paycheck. Woo-hoo! The extra paycheck would be for the same...
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...
Webinar: October Web Summit - The Data you Need to Know to Win Over the CFO
Paycor reviewed proprietary data from nearly 30,000 customers and found that many standard HR and recruiting metrics are tactical, in that they track project management, or, at most, basic dollar-in, dollar-out cost analysis. The most successful HR teams map people management metrics to business outcomes. And that gets the C-suite to pay attention.Paycor’s Tim Ruge will analyze the critical HR metrics that matter to the C-suite, so they can see HR in a brand new light. Plus, he’ll provide some tips to start benchmarking and implementing these metrics.Speaker: Tim RugeTim Ruge is Paycor’s Director of Product Marketing, focusing on the HR Center of Excellence and various compliance topics. Since joining Paycor in 2012, Tim has helped...
What is a W-4 Form?
What is a W-4 Form? W-4 forms are essentially very basic tax returns filled out by employees. Specifically, it tells employers the correct amount of tax to withhold from the employee’s paycheck. Need a W-4 Form? Download it here. Why are W-4s important? The accuracy of an employee’s W-4 submission will determine the size of their tax refund (or bill) at the end of the year. The amount withheld should be as close as possible to their actual tax obligation—a big deficit can be an unwelcome surprise and may be accompanied by further penalties. Withholding more than necessary is considered by some employees as an easy way to save but, while refunds may seem like a nice treat, you are taking away the chance for employees to invest (or use)...
W-2 Employer Responsibilities
What is a W-2 Form? W-2 forms are an important part of employees’ tax filings, listing all wages and salary paid along with the amounts withheld for taxes and benefits. W-2 forms include information about your business and employee details along with how much employees earn (including tip income), how much they withhold for tax (as specified on their W-4 form) plus social security and Medicare contributions, also factoring in retirement and special benefits plans. A W-2 form is required for all employees. However, for independent contractors, for whom taxes are not withheld, an employer is required instead to submit a 1099-MISC form, which simply reports payments. (Here’s how to figure out whether someone is an employee or an independent...
2020 Small Business Health Insurance Requirements
Small business owners aren’t insurance experts and they shouldn’t have to be. Many businesses are so small that the folks in charge of evaluating benefits packages are sometimes in the dark about the myriad compliance requirements surrounding health insurance coverage. Even though small businesses that employ fewer than 50 full time employees aren’t legally bound to offer health insurance, many of them offer coverage to improve employee engagement and morale and also to attract the best talent. So, if your company plans to provide health insurance for your employees, it’s important that you understand your choices and the laws around them.If you’re looking to offer health insurance in 2020 you should consider adding these five popular...SMB
3 Restaurant Problems That Human Resources Can Help Solve
People get into the restaurant business for a lot of reasons but managing complex HR challenges is usually not one of them. As a restaurant owner or operator, you’ve got a lot on your mind - menus, vendors, pricing, and of course keeping your customers well-fed and happy. The problem is, those complex HR challenges - the ones you don’t want to think about it - can become serious problems if you don’t get a handle on them. The good news is, with the right strategy and the right technology, you can dramatically simplify complex HR challenges before they become problems, protect your business, and get back to doing what you love to do. Restaurant PROBLEM #1: SCHEDULING THE WORKFORCE You don’t need us to remind you that restaurant profit...CFO
The Importance of Non-Financial Incentives
Employees are motivated by more than money. Finding, recruiting and hiring talented people is just the beginning. Keeping them motivated throughout their careers is another challenge entirely. Ideally, talented people will have such a great work ethic that they’ll stay engaged no matter how they feel. But let’s face it, how we feel influences how we approach our work.Great managers need to become experts at keeping employees engaged—companies with highly engaged employees are more productive, have 21% higher productivity, and staff are more likely to stick around (Gallup). The problem is, though employee engagement is on the rise, it’s still only a minority of the US workforce who are engaged at work. Employee engagement is way more...
2020 Report: The Future of HR
The landscape of HR is shifting from everyday HR functions to strategic HR initiatives like recruiting, people & labor cost management and more. To gauge the present and future of HR, Paycor interviewed more than 500 leaders of medium and small businesses.In this trends report you’ll learn: Where the best HR & business leaders plan to invest the most money Why CFOs are losing faith in HR’s ability to work with data (and what you can do) Which 2020 compliance regulations are keeping leaders up at night and what you should do to mitigate risk Why 48% of business leaders believe many core HR functions will be automated by 2022 And more!
How to Ensure Your Compensation Management Program Is on Target
Having a healthy, competitive employee compensation program can improve existing employee morale and also make attracting top talent a breeze. Compensation data that’s in line with your competition can give your hiring managers important information they’ll need when making a job offer to a candidate (this applies to raises and bonuses as well). Additionally, it can help your company remain compliant with Fair Labor Standards Act (FLSA) regulations when you can easily show that equitable compensation is paid across the board.So, how’s your compensation management program looking? If your answer is, “I don’t really know” or “We don’t have one,” keep reading. What is Compensation Management? Compensation management is how companies ensure...
2019 HR & Compliance Web Summit: Executive Summary
With 20,000+ registrations, this was Paycor’s biggest and best web summit yet!Industry experts like Jennifer McClure offered actionable insights and advice on all things HR, from self-care for the HR pro to in-the-news compliance issues. If you missed the live webinars you can watch them on our on-demand webinar page.In the meantime, here’s a quick overview of each session. 5 Steps to Become a Strategic HR Leader | Speaker: Lori Kleiman In today’s business environment only 20% of HR professionals interact with the executive suite. Lori Kleiman says it’s time to stop waiting for your gold embroidered invitation and finally take your seat on the leadership team. Ready to become a strategic HR leader? Follow this 5 step plan: Engage...
Webinar: October Web Summit - Wage and Hour Basics: Past, Present and Future
Do you know Wage and Hour? If you need a primer or a just a refresher, this session is designed to give you an overview of the Department of Labor’s Wage and Hour Division—what it does, and what you as an employer need to do to keep on top of important issues. During this session we’ll learn more about some of the nation’s most comprehensive federal labor laws including minimum wage, overtime pay, recordkeeping, child labor, family and medical leave, and much more!Speaker: Amy LetkeAmy is the founder of Integrity HR, Inc. Amy provides workplace solutions to improve performance, reduce liability and increase profits. She is passionate about helping other entrepreneurs and business owners achieve success.
Buyer's Guide To HCM And Payroll Technology
An HCM platform is the foundation of your business, and choosing the technology is one of the most important decisions you'll make.
Get ExpertiseLabor 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.