3 Technology-Driven Changes Impacting Your Business
 3 Technology-Driven Changes  Impacting Your Business

3 Technology-Driven Changes Impacting Your Business

This Time, It’s Really Happening. Benefit brokers and Financial Advisors face similar disruptive forces in the modern marketplace. The fact is, your clients are turning to technology to streamline and simplify their lives and satisfy an increasingly tech savvy workforce. Feels like you’ve been hearing this for years, right? Well, there’s a good reason for that feeling: you have. The truth is that the much ballyhooed technology disruption has been slow going because change is hard, until one day it just happens. Disruptive innovations are like that: lots of talk for years and then all of a sudden, the bomb goes off. Here’s why change is finally happening.

Three Drivers of Change

Regulation and Compliance

While there is a great deal of uncertainty about how a Trump administration will ultimately handle healthcare and retirement regulation in the future, one thing is certain: compliance anxiety isn’t going away, it’s just taking on new forms. One scenario is that compliance at the federal level gets simpler even as the complexity at the state and local levels ramp up. Whatever the outcome, business owners have come to realize that they need technology to handle compliance for them. In any case, your clients need you to lead their thinking.

Millennials

Millennials are another driving force. First, they’re taking over. By 2020, millennials will make up nearly half of all U.S. workers (Brandon Weber, Upworthy, 9/2013). And millennials overwhelmingly dislike paper and clunky spreadsheets. They prefer the ease, speed and functionality of online transactions. According to CIO magazine, 1 in 10 millennials said they wouldn’t even consider applying for a job at a company that doesn’t accept applications via a mobile device. Millennials, who were “born digital,” bring to the workplace a fundamentally different set of expectations. Dr. Ron Rowes, chief medical officer at Prominence Health Plan, said it well: “If you look at the demands of millennials on our society as consumers, they are a group that uses services such as Amazon and the Internet who aren’t really used to person-to-person service per se. They’re used to reaching out when they need something, getting instant gratification, moving on and only coming back when they have the need again” (USA Today, Feb 7, 2016). To remain competitive, small business owners will cater to the preferences of millennials. As a broker or advisor, now more than ever, your clients need your counsel and leadership to help manage this shift.

Need for an Integrated Solution

Clients are demanding an integrated solution that unifies benefits administration, retirement and everything in between, including all aspects of HR. Integration is simply no longer a nice to have, it’s mission critical. Your clients want to be able to select best of breed technologies that talk to each other. It’s not just about a unified platform; your clients don’t want the hassle of downloading and uploading data. They expect data to flow freely from platform to payroll and vice versa.

Helping our partners get the most out of our service so you can enable your clients to keep ahead of the curve is key to your success and ours. Let’s talk about how our integrations can improve your clients’ HR and payroll experiences today. Click here to refer a client today.

More to Discover

2019 HR & Compliance Web Summit: Executive Summary

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...

Payroll Risks and Controls: Everything You Need to Know

Payroll Risks and Controls: Everything You Need to Know

Believe it or not, running payroll is a risky business The IRS estimates that 40% of small to medium-size businesses end up paying a payroll penalty each year. Whether you’re a large organization or a small one, there’s always a risk of payroll errors leading to fines, penalties and sometimes litigation. Protect yourself from fraud and human error Businesses that run payroll on their own, especially small businesses, are at a much higher risk of being disrupted by fraudulent activity and human error. From ghost employees to hour padding to buddy punching, when a company lacks the appropriate internal controls to manage its payroll, it can run into big trouble. Here are 6 common payroll risks and controls you can implement to mitigate...

401(k) Match Limits 2019: What Payroll Administrators  Need to Know

401(k) Match Limits 2019: What Payroll Administrators Need to Know

It’s a relatively small change, but it’s a change for payroll administrators to take notice of. As of November 2018, your employees’ contribution limits for their 401(k) increased to $19,000 from $18,500. The increase raises the total annual contribution amount (employee plus employer contribution) to $56,000 or 100% of the employee’s salary if they make less than that. Most companies typically offer 3-6% in matching funds, but there is no limit to the amount an employer can contribute as long as the annual cap isn’t reached. 2018 & 2019 401(k) Match Limits Defined Contribution Plan Limits 2019 2018 Difference Maximum employee contribution $19,000 $18,500 +$500 Catch-up contribution for employees aged 50 or older $6,000 $6,000 No...

Banker

Paycor + Regions Bank: A Homerun Partnership for the Birmingham Barons

Paycor + Regions Bank: A Homerun Partnership for the Birmingham Barons

Providing fans with an unforgettable experience is paramount for the Birmingham Barons. From sales and ticket takers to concessions and ballpark operations the entire Barons staff plays a vital role in making home games at Regions Field a can’t miss event for the community. And as preparation starts for opening day, hiring takes off. With nearly 700 seasonal employees hired each year, the Barons rely on Paycor to help automate manual HR processes like payroll, reporting and timekeeping.Check out this video to learn how Paycor has increased efficiency and streamlined HR operations for the Barons.