Paycor Launches Pay Benchmarking and Labor Forecasting Tools

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Feb 06, 2024, 08:00 ET

New offerings enable business leaders to optimize compensation strategies and staffing levels

CINCINNATI, Feb. 6, 2024 /PRNewswire/ -- Paycor HCM, Inc. ("Paycor") (Nasdaq: PYCR), a leading provider of human capital management (HCM) software, today announced the release of two new offerings, Pay Benchmarking and Labor Forecasting. The new offerings will help HR and business leaders make more informed compensation decisions and enhance workforce planning.

Businesses today face a myriad of challenges, including managing labor demands, ensuring pay equity, and retaining top talent, all while striving to scale efficiently. Arming leaders with data-driven analytics empowers them to optimize key business decisions that unlock efficiencies, improve customer service and foster greater employee engagement.

By leveraging Pay Benchmarking, leaders can optimize compensation strategies and pay decisions based on industry standards and market data. In partnership with Visier, Paycor is providing regularly refreshed salary data for approximately 10 million jobs across the U.S. to give leaders greater confidence employees are being paid fairly and new offers are being extended at competitive rates.

Additionally, with Labor Forecasting, businesses can create optimal staffing schedules based on key demand drivers such as revenue, sales volume or customer traffic. This new solution meaningfully improves leader's ability to efficiently manage their staffing levels while providing customers with the best service possible.

"In today's fast-paced and competitive environment, HR leaders must make critical decisions about workforce pay and schedules quickly," said Ryan Bergstrom, Chief Product and Technology Officer at Paycor. "By regularly benchmarking compensation and leveraging demand drivers, leaders can adjust workforce plans and pay structures to engage and retain employees while delighting clients. These offerings not only allow us to continue to meet the evolving needs of our clients, but also empower leaders to optimize business decisions and growth potential."

Labor Forecasting and Pay Benchmarking will be available to all customers in Spring 2024.

About Paycor
Paycor's human capital management (HCM) platform modernizes every aspect of people management, from recruiting, onboarding, and payroll to career development and retention, but what really sets us apart is our focus on leaders. For more than 30 years, we've been listening to and partnering with leaders, so we know what they need; a unified HR platform, easy integration with third party apps, powerful analytics, talent development tools, and configurable technology that supports specific industry needs. That's why more than 30,000 customers trust Paycor to help them solve problems and achieve their goals. Learn more at paycor.com.

Paycor Media Relations:
Carly Pennekamp
513-954-7282
[email protected]

Paycor Investor Relations:
Rachel White
513-954-7388
[email protected]

SOURCE Paycor