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There’s never been a better time to be in HR. There’s so much to learn and so many exciting trends to follow. Here you’ll find our best thinking on the HR, finance, compliance and technology topics that will define the future of work.
How Long to Keep Payroll Records
Running a business, you know that compliance isn’t just about being compliant—you also need to prove it. You never know when the IRS, the DOL or the EEOC will demand to see your paperwork, which is why it’s so important to retain payroll records. To make things more complicated, each agency has its own rules for which documents you have to keep and for how long. The good news is, you don’t have to buy more filing cabinets. HR software can automatically store everything you need, with the added benefit of simplifying the whole payroll process. Why You Need to Retain Payroll Records At a federal level, you’re keeping payroll records primarily for three agencies: The IRS The Department of Labor (Wage and Hour Division) The EEOC These...
PTO Payout Laws By State
Most companies have formal paid time off policies. Regardless of whether you call it vacation time, sick time, furlough, PTO, PDO or some combination of the above, you should pay attention to states’ laws. This is a hot topic, with so many employees delaying using their accrued time off over the course of the pandemic. Considering the unusual circumstances, many companies have rewritten their PTO policies to allow unused days to rollover into 2021. Does your state require employers to payout PTO? Surrendering your terminated employees’ accrued and unused vacation time isn’t subject to federal law, but it’s important to pay attention to states’ laws since regulation is under their purview. If your company has locations in multiple states,...
Does Your Workforce Need Implicit Bias Training?
Promoting diversity and inclusion is a win/win. Studies show that diverse workplaces generate 1.4x as much revenue and are 120% more capable of hitting financial targets than less diverse ones. How is that possible? Well, for one, we know that a diverse team will bring diverse perspectives; you’re simply going to generate a broader array of ideas and possible solutions to business challenges when you’re hearing from more than just one type of person (e.g., a team of engineers who all went to the same school, learned from the same professors and graduated in the same class will most likely all come up with the same kinds of ideas). We’re all motivated to recruit and hire more diverse teams (and we have some compliance issues to consider...
Employee Safety During COVID-19: Compliance Toolkit
Vaccines are coming to the rescue, but we’re not out of the woods yet. HR leaders can’t afford to take their eye off the ball when it comes to employee safety and compliance. Now’s the time to think about creating a vaccine policy that works for your organization, and it’s not too late to implement workplace testing. If an employee does test positive for COVID-19, you’ll want to make sure you’re ready to offer the right information and support to your whole team. Paycor is offering this free compliance toolkit, including customizable letter templates to use when you: Create a mandatory vaccine policy Implement workplace testing Inform your team that an employee has tested positive for COVID-19
Getting a Handle on Employee Absenteeism in Manufacturing
Absent employees represent a significant cost to any business, but it poses a particular problem for manufacturers. In factories, employees fill more specialized and skilled positions that play key roles in the manufacturing process. An absent employee may not only impact his or her immediate function but every other function downstream in the process. Some experts estimate employee absenteeism can cost the U.S. manufacturing industry $3 billion every year in lost productivity.Common Causes of Staff Absenteeism Many factors can have an impact on employee attendance but some of the more common causes include: Illnesses or injuries Stress and depression Low morale, disengagement or general job burnout Caring for a sick child or elderly...
Electronic Visit Verification for Home Health Care
As technology continues to impact and improve our lives, it also changes the way we have traditionally done things. In the healthcare industry, for example, one area of significant growth—COVID crisis—has been the home healthcare market. Even established brick-and-mortar healthcare facilities are exploring home healthcare options. As a result, the government has recognized the importance of establishing guidelines for tracking and monitoring home health care visits. What is Electronic Visit Verification? Electronic visit verification (EVV) is a way to confirm and track home health care services electronically. EVV was established in the 21st Century Cures Act of 2016 to keep better records of home health care services provided and...
Demotion Letter Template
There’s nothing better than seeing employees thrive, but setbacks and slips in performance do happen. One way to address performance problems is a demotion. Sometimes, it’s necessary to take a step back before you can take two steps forward. Download Demotion Letter Template When is a Demotion Necessary? In an ideal world, there wouldn’t be demotions. They are a sign something’s wrong: it could be that an employee has failed to respond to a performance improvement plan or they could just be disengaged. A demotion is the last stop before termination. If you believe the person has potential and is worth investing in, then a demotion might be the best way forward. Demotions are risky, though. You could end up with an employee who is even...
Maximum PTO Accrual Letter
Encouraging employees to use their vacation days can feel strange. After all, nobody wants to leave themselves under-staffed and the rest of their team over-worked. On the other hand, what if employees rarely ever, or even never, take time off? That’s been a question facing business owners this year, as vacation plans were delayed, then cancelled, and PTO built up like never before.One problem is, PTO payout laws can turn unused PTO into an unwanted financial liability. There’s also a risk of schedule chaos down the line as everyone tries to use their days up at once. Most worrying of all is that employees who go too long without a break, even by choice, risk ending up disengaged and burned out. Download Sample Maximum PTO Accrual Letter...
Payroll Card vs Direct Deposit
Choosing the Right Payment Method for Your Employees It doesn’t take much business experience to know that getting your compensation strategy right is crucial for recruiting and retaining top talent. But paying employees isn’t only about a question of how much. You also need to know how to pay them. What makes things more complicated is this: almost a quarter of American households are unbanked or underbanked. Either they don’t have a bank account or, if they do, still rely on non-traditional financial services like pay day loans or check-cashing services. This could be down to something as simple as lack of traditional banks close to home, looking to avoid high fees or just not having enough funds to meet minimum balance requirements....
How HR Software Can Boost Your Compensation Strategy
You can put in all the work you want developing a great company culture, but if you don’t get compensation strategy right, you’ll be fighting a losing battle to motivate and retain your employees, and you’ll miss out on attracting top talent.It’s never been more important: with the rise of remote work, intangible benefits like in-office culture or work location offer less of a pull factor. Meanwhile, the stats show employees are working harder than ever and it’s only natural they’ll expect to be rewarded. The tools you still have at your disposal, like merit increases and bonuses, have a big role to play keeping your workforce productive and engaged.Sixty-nine percent of organizations say that compensation trends are important or very...
How to Grow a Small Business - A Guide for HR
The goal of a small business is simple: grow. The bigger the business, the more job security for all employees, the more talented people you can hire and the better chance you have of making a difference in your industry.In a small business, everyone chips in. Growing a business isn’t just the job of the CEO and CFO—everyone has a part to play. If you’re an HR leader (even a “team of one”), you can shape the kind of company that you want to work for and have your say in decisions that affect the business’s bottom line. Creating an Amazing Company Culture It’s hard to fix a plane when it’s in the air. The same applies to companies: the kind of workplace culture that’s put in place right at the start will have a big impact down the line. A...
A Small Business Guide to Giving a Raise
An employee asks for a raise—now what? In 2020, economic uncertainty prompted many companies to freeze salaries. As businesses bounces back, don’t be surprised if employees come knocking. It might be a headache for managers, but it doesn’t have to be. If your decision is guided by a broader compensation strategy, you can proceed with confidence. What to Do When an Employee Asks for a Raise When an employee plucks up the courage to ask for a raise, a manager’s immediately reaction is all important. It’s natural to feel a little irritated or even offended—that’s okay, what matters is that you don’t show it. The employee needs to know that you’re on their side.Instead of making promises or explaining why it isn’t possible, ask the employee...
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Paycor has what might seem at first glance to be an unusual perspective on HCM technology. After nearly 30 years working with leaders of medium and small businesses, we’ve found that while our customers benefit from best-in-class technology, technology alone is not enough. To solve problems and grow, you need technology plus expertise. That’s why we invest so much time in providing you thought leadership in the form of articles, guides, whitepapers, infographics, video, quizzes and more. Our articles in particular feature some of our “hot takes” on topics and trends HR and finance leaders need to know about. We hope you enjoy, and get some practical inspiration, for our thought leadership on all things HR.