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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.
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...
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.HR
The Different Types of Turnover
Voluntary vs. Involuntary Turnover Regardless of business type there are two main types of employee turnover: voluntary and involuntary. Within each of those categories, however, you’ll find various reasons for why a company might have employee turnover. While the term “turnover” sometimes has a negative connotation, not all turnover is bad. For example, when a poorly performing employee is let go and replaced with someone who is motivated and excels at their job, productivity can soar. This new worker can bring bottom-line benefits, as well as provide an overall boost to team morale. What is involuntary turnover? Involuntary turnover includes layoffs or reductions in force and terminating poorly performing employees. The first type of...
How to Make the Most Out of Small Business Tax Credits
Paying taxes is a necessary evil of running a small business Just the mere thought of year-end can really stress some folks out. Paying federal, state and sometimes local small business taxes can take a big bite out of a company’s bottom line. And sometimes it can feel like all of that hard-earned income is going straight into Uncle Sam’s coffers. Fortunately, if you take advantage of a handful of small business tax credits they can help reduce the sting. Note that these are just a few tax credits available to qualified small businesses. Always consult your accountant to make sure you’re taking advantage of the maximum available. Tax Credits vs. Tax Deductions First things first. It’s important to keep in mind that there’s a definite...SMB
How to Pay Yourself as a Business Owner
Paying Yourself Sounds Like a Dream Come True Having the opportunity to set your own salary sounds like a dream come true, right? Being self-employed has lots of perks but it also has a whole slew of rules that people who are employed by companies don’t have to follow. One of the big rules is around how self-employed people pay themselves. Do You Really Have a Salary? It’s common to hear business owners talk about their salary from their business, but that’s not really how most business owners typically get paid. How small business owners pay themselves out of the business depends on how the company is set up from a legal standpoint. S corps, C corps, sole proprietorships and LLCs, all have different rules governing how their owners,...
Webinar: A Time Solution Made Simple
As an owner or employer, it is extremely important to stay in control of your costs and you can with Paycor Time. Automating how you schedule employees and how they clock in and out is the first step to gaining insight on how to monitor and track labor costs. Stay in control! Speaker: Rob Whitworth and Lyle Weissinger Rob Whitworth is a Principal Product Manager for Payrcor's Perform Time soltuion. He has been with Paycor since 2013 and has been in the time and attendance industry for 17 years. Lyle Weissinger is a Senior Product Marketing Manager for Paycor's time solutions.
Webinar: 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. Join our webinar to understand how to manage and prepare for turnover before it happens so that you can reduce the impact on your bottom line. Plus, we'll share how restaurants are using technology to solve their HR challenges. Speaker: Henry Link Henry is a Principal Marketing Program Manager at Paycor. Through his extensive research in the HR...
Webinar: 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 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...
Webinar: 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.
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.