Q2 Recession Guide Fa Indd
center of excellence by How to Decrease Costs & Increase Engagement THE HR PLAYBOOK PART 1: CONTROL COSTS & DO MORE WITH LESS. . . . . . . . . . . . . . . . . . . . . . 5 1. Don’t Miss Out on WOTC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 2. Outsource Payroll. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 4. Accurately & Consistently Manage Unplanned Overtime. . . . . . . . . . . . .12 PART 2: DRIVE ENGAGEMENT & RETENTION . . . . . . . . . . . . . . . . . . . . . . . . .20 8. Empower Frontline Managers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21 9. Help Employees Learn New Skills. . . . . . . . . . . . . . . . . . . . . . . . . . . . .23 10. Commit to Continuous Feedback. . . . . . . . . . . . . . . . . . . . . . . . . . . . .25 11. Provide Access to Healthcare Payment Plans . . . . . . . . . . . . . . . . . . . . . 27 13. Invest in New Ways to Listen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31 ABOUT PAYCOR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33 What’s Inside: EXECUTIVE SUMMARY In uncertain economic times leaders look to reduce expenses, but cut too deep or trim the wrong budgets, then employee engagement, productivity and retention can take a hit. You need a strategy that manages to both control costs and increase overall engagement. Here’s how to do it. Control Costs & Do More with Less • Automate to reduce human error. Manual processes of all kinds are prone to honest mistakes, blind spots or fraud. For example, 75% of companies are victims of timecard fraud (American Payroll Association). 19% of expense reports have errors (GBTA). And it’s easy to miss common tax credits, like WOTC, if your HR systems don’t automatically identify and process them. • Automate to save time. Consider just one example: 45% of shift workers say they still receive paper schedules (Ximble). Rule of thumb: any process that relies on paper is both error-prone and unnecessarily time consuming. • Use analytics to discover new efficiencies. If your HR, payroll, and time systems are unified and can “talk to each other,” you have access to a wealth of data that can save your business time and money. When evaluating a data analytics tool, pay attention to how easy it is to manipulate and customize the data. EXECUTIVE SUMMARY Drive Engagement & Retention • Invest in leaders. Managers account for 70% of variance in employee engagement (Gallup). But leaders are in short supply. 53% of companies do NOT feel confident that they could replace their most effective managers with internal candidates within a month. Investing in leadership training pays off, because without great leaders, employees are far less likely to be productive, loyal or engaged. • Give workers a sense of momentum. 91% of employees say that career development and training are important factors when deciding whether to take a new job or stay at their current one (MetLife). To keep workers engaged, give them opportunities to learn new skills. • Make employee benefits meaningful. 86% of leaders are concerned about mental health in the workplace. And the pandemic taught us that mental wellbeing is multifaceted. For example, 72% of Americans are stressed about their finances (American Psychological Assoc). Work with a healthcare broker to customize benefits which address the needs of your diverse, multigenerational workforce. EXECUTIVE SUMMARY
