How to Fight the Hidden Costs of Unplanned Overtime
How to Fight the Hidden Costs of Unplanned Overtime

How to Fight the Hidden Costs of Unplanned Overtime

Discover the data-driven way to master overtime planning

Most organizations spend approximately 70% on “people costs” (e.g., wages, benefits, etc.). If you don’t have meaningful, actionable data on your biggest expense, you’re headed for disaster.

As an example, take unplanned overtime, a problem that impacts pretty much everyone. Business leaders see it eating away at profits. HR sees it as a dangerous liability. And studies show people who work more than 40 hours a week increase their risk of burnout six-fold, in comparison to people who work less than 35 hours a week.

Accurately Predict Unplanned Overtime with Data Analytics

The only way to solve the problem is to be able to accurately and consistently forecast overtime expenses. And the best way to do that is by mining your workforce data. If your HCM (human capital management) data is in the cloud, chances are you already have access to all the data you need to forecast and manage overtime costs. That’s because the “secret” to predicting overtime is in the data that’s housed in your HR, payroll and time & attendance systems.

Here’s the trick: you need a tool that extracts that data and presents it back to you in a meaningful, actionable way. Think of this way: you need a tool that separates the signal from the noise.

The best data analytics tools enable you to filter, customize and tailor information to fit your unique needs. For example, a best-in-class workforce data tool will enable you to:

  • See how much of your total pay is overtime pay
  • Reveal overtime trends
  • Drill down to specific problem areas (e.g., which managers or office locations are responsible for the most unplanned overtime)
  • Easily create a graphical report that you can customize to suite the tastes of your audience

Most importantly, when evaluating a data analytics tool, pay close attention to how easy or hard it is to manipulate and customize the data. (And don’t be fooled by a fancy demo). If you can’t easily interact with and manipulate the data, all the information in the world won’t help you take meaningful action and solve real world business problems.

So, what next?

To learn more about data analytics, visit our Workforce Insights Hub to read articles and see how Paycor's brand new solution can help you solve your biggest business problems.

Or see it in action. Watch a 45-second demo of Workforce Insights now.

Sources: Harvard Business Review, Aragon Institute of Health Sciences

More to Discover

How to Process Payroll

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...

Webinar: How Businesses Are Managing the New Reality of Work

Webinar: How Businesses Are Managing the New Reality of Work

COVID-19 changed the way we work and left a lot of unknowns about how to move forward. Recently, Paycor surveyed nearly 600 leaders of small and medium-sized businesses about their plans for 2020. Watch to learn the results of the survey and what approaches business leaders are taking to solve problems caused by the pandemic. Speaker: Matt BergantinoAs Director of Content, Matt leads a team of researchers, journalists and subject matter experts who are plugged into the news of the day, 24/7. Paycor's content team is dedicated to providing business insights that are so valuable, timely and easy-to-consume that people keep coming back for more.

Webinar: Paycor Virtual HR Platform Overview - 10/21 @3pm ET

Webinar: Paycor Virtual HR Platform Overview - 10/21 @3pm 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 HR solution can help you solve some of your biggest HR challenges.Speaker: John Redding John is the Senior Director of Deal Success and Pre-Sale Support for Paycor. He is...

[Infographic] Here’s How Businesses are Managing the New Reality of Work

[Infographic] Here’s How Businesses are Managing the New Reality of Work

Paycor surveyed nearly 600 leaders of small and medium-sized businesses about their plans for 2020. In this infographic, the HR and CFO leaders we surveyed describe the impact COVID-19 had on their business, including whether or not they received government funding.Share this Infographic On Your SitePlease include attribution to Paycor with this graphic.