HR technology insights from Paycor TECH+
The ongoing shift of HR from a transactional center to a strategic center that supports the organization’s all-important people strategy is reflected in the innovations we see in the HR technology marketplace. BTR HR Technology Consultant Kelly Zimmerman recently attended the Paycor TECH+ annual broker partner conference to learn what’s new with Paycor’s HCM platform and to hear from industry thought leaders on the state of HR technology. Here are some insights we believe will be useful to our broker partners and clients.
Engage employer clients with storytelling. The keynote session focused on how brokers can tell a story to stand out from the competition while adding value to clients’ businesses. Former Pixar animator, Matthew Luhn, advised making the story memorable, impactful and personal. One notable statistic shared is that only 5% of delivered information is remembered without a story, versus 65% with a story. Every story should include:
1) The problem (what’s worrying your client),
2) The solution (how you/the tech can solve it), and
3) The excitement around the resulting success (benefits to the organization)
Workplace disruptors. While a session on workplace disrupters didn’t provide any new insights from what we’ve been talking about the past year, we believe the information is worth repeating because few employers can escape the impact of these disrupting factors:
- Multiple generations in the workforce. Each with differing needs, expectations, and communications preferences.
- All generations use phones…a lot. Employers (and tech providers) lacking a mobile strategy must catch up quickly to compete (whether for talent or market share).
- War for talent. The labor shortage is driving everything from expanded leave policies to tools to help employees learn new skills. Behind it all is increasingly smart technology.
- Changing employee expectations. While employee expectations may differ by generation, one commonality is the expectation that the technology at work is as good at what they have at home, making it hard for employers to keep up.
- Focus on engagement, productivity and experience. Each is a critical aspect of a healthy workforce and all are inter-related. For instance, employee engagement is essential to retention and productivity, while a positive employee experience increases worker productivity and engagement. And, there’s technology to support it all.
- Digital advancements require continuous learning. The work world is rapidly changing with technology performing many tasks that require minimum human insight. As the technology improves, employees will need to embrace lifelong learning to remain relevant—no matter what their role.
Technology shifts. We began this post noting the shift of HR from a transaction center to a strategic center. The implications of this are significant. Following are some related takeaways:
- Full-service platforms. The majority of employers (65%) look to HCM platforms to be an end-to-end solution, despite our experience that this is not always the right approach. Even the best full-service platform may not handle highly complex requirements or have one or more weak functional areas compared to best-in-class point solutions.
- Related, integration is increasingly common. Both technology vendors and carriers are rising to the meet the need for technology tools to work together.
- Consider demographics when making HR technology decisions to increase adoption. To accommodate a diverse workforce, look for flexibility, e.g., tools that can support email, text, and chat.
- Best-fit solutions. A best-fit solution is “the right technology for the right client at the right time.” As technology evolves quickly, solutions need to include/consider the use of mobile capabilities, business intelligence, consumerization and artificial intelligence. As the tools improve, employers can expect better management decisions and more engaged employees.
Paycor platform update. Ryan Bergstrom, Paycor’s chief product officer, closed the conference with an overview of Paycor’s product development. Bergstrom said the goal of Paycor’s platform is to “create productivity through empowerment,” and noted that a great place to work and grow comes from “leveraging a technology that knows you, knows your people, and knows your business.” Paycor platform updates included:
- Benefits – A two-tiered solution and standardized EDI.
- Scheduling – A two-tiered solution with capabilities to access schedules from anywhere, preview labor costs in real time, incorporate availability rules, and quickly create shift templates.
- Analytics – Now included in recruitment, time, and learning (already part of payroll and HR); introduction of predictive and benchmarking capabilities.
- Compensation planning – Supports pay rate changes, set budgets/guidelines, merit increases, auto push to payroll, and employee notifications (all expected to be live by Q3 2020).
- On demand pay – Partnerships with DailyPay and Instant allows immediate transfer to pay card or bank account with option for employer to cover employee costs.
- Other – State-specific compliance, multiple FEINs, global payroll partner, expanded integration ecosystem, and voice command for routine automation.
Reach out if you need more information on Paycor’s HCM platform or other solutions. We help benefit advisers understand the HR tech market and identify best-fit solutions for clients. Contact us at 1-877-299-8155 or visit bentechre.com.