There are numerous payroll software tools available on the market today. Paycor, on the other hand, stands out with a somewhat unusual approach to helping small and medium-sized businesses. This software suite allows you to manage the majority of your HR and payroll activities from a single platform. Small firms may not need to transfer these vital duties to inexperienced employees or outsource them to costly third parties.
This article will provide an in-depth explanation of the Paycor software and will assist you in deciding whether or not to utilize it.
What Exactly Is Paycor?
Paycor is a cutting-edge human resources (HR) solution for small and medium-sized businesses (SMBs). It has several tiered pricing options that vary depending on the exact HR services your firm requires. While there are many tools available to help you efficiently recruit and onboard employees, track employee hours, and administer employee benefits and payroll, Paycor shines in one area in particular: analytics.
The program can generate a wide range of charts and graphs that not only report on current workforce data but also forecast future workforce trends and performance drivers. You can view benchmark data to evaluate how your company stacks up against the competition and obtain employee performance measures to guarantee your employees are performing properly. Paycor is our top choice for firms looking for the best HR software with exceptional analytics features for these and other reasons.
How Does Paycor Work?
Paycor provides a single platform for small to medium organizations to manage all HR functions, from onboarding and payroll to costs and talent development. The employer or HR department site allows you to maintain your organization chart, submit corporate announcements, and receive updates on new hires and the onboarding process. Paycor also allows you to conduct payroll, set up benefits administration, and manage open jobs and expenses.
Employees have access to a self-service site where they may examine internal announcements, and pay stubs, manage their own benefits and paperwork, and request time off. Employees can also receive information about forthcoming events, such as performance reviews, benefit selection, and other responsibilities, using the Paycor mobile app.
Features of Paycor Software
Paycor’s principal function is payroll, but it has evolved into a collection of tools and services to assist HR departments with tax filing, recruitment, career and talent management, and onboarding.
Employee self-service portal saves HR staff burden by providing employees with access to available money for on-demand pay, visibility of pay stubs, and discretion over benefit selection.
Let’s look at some of Paycor’s other features:
#1. Analytics and Reporting
While many HR solutions offer some level of standard or customized HR reporting, Paycor stood out in terms of analytics. To help you view your workforce data, the company provides hundreds of prebuilt dashboards, charts, and graphs. When we examined the software, for example, we were struck by how it delivers data charts on topics like headcount broken down by job type, such as full-time employee or part-time employee.
Another interesting feature we discovered is that the software provides predictive statistics based on your company’s HR history, allowing you to plan for future trends and make informed decisions. Other HR software solutions do not have this feature.
Data benchmarking is another unique analytics tool that Paycor offers, providing a clear picture of how your company compares to others in your industry.
#2. Recruiting and Onboarding
Except for the Basic package, all Paycor plans provide crucial capabilities to automate employee onboarding, which is industry standard. Paycor also provides powerful talent management capabilities. With Outlook and Google Calendar interfaces, for example, you can examine candidate flow and status during the recruitment process and plan phone screens.
Paycor also sells recruiting and hiring software if you want to take your recruitment to the next level. applicant dashboards, unique hiring procedures, interview scorecards, career pages, employee referrals, and applicant messaging are all available with this program.
#3. Performance Management
When a new employee joins your team, you may manage their employee performance using a variety of Paycor solutions. We were particularly impressed by the software’s performance management tools, which aid in one-on-ones, performance reviews (with templates), goal monitoring, 360-degree feedback, and pulse surveys. Employees can also identify colleagues and track their career progression against skills using the app.
#4. Time Tracking
Paycor integrates a lot of HR services into one package, although time tracking remains an optional component. Paycor Time allows your employees to clock in and out of work through a browser or mobile app. From your dashboard, you can create employee schedules and quickly view everyone’s attendance. Employees may track and request paid time off (PTO) from their personal dashboards, and you can run reports to see how much money you’re spending on labour or overtime.
#5. Benefits Administration
Benefits Advisor is a Paycor benefit administration feature. The admin dashboard displays a range of information, such as current activity, graphs or charts with recent data, alerts or notifications, and bookmarked sections. Paycor’s benefits feature automates open enrollment based on the start date of a new hire.
Employees can see plans and choose specific benefits provided by your organization. They’ll see a running total of how much benefits will cost them per pay period when they select among medical, dental, vision, and basic life insurance.
#6. Tax Filing
When you use payroll software like Paycor, you also get tax services. You don’t have to worry about tax computations, filing, or payments because the software and company handle it for you. Paycor also handles the distribution of W-2 and 1099 forms as needed.
Advantages and Disadvantages of Paycor Software
After we’ve gone over what this software is and how it works, let’s quickly go over the good and bad points:
Pros of Paycor
Paycor made the list of the top payroll services for small businesses because it offers several payment plans, making it a scalable solution. If you have varied payroll schedules or need to perform a one-time payment, unlimited payroll runs come in handy. The employee self-service site (and mobile app) decreases the effort of the HR department while giving employees more control in selecting benefits, requesting time off, and examining pay stubs. On-demand pay isn’t usually available in payroll systems, thus it’s a key advantage of working with Paycor.
Cons of Paycor
Paycor can be used as a complete HCM system, although time tracking is an optional feature. Furthermore, its cost makes it ideal for medium to large organizations. You should also consider the additional expenses for scenarios such as paycheck rollbacks, tax corrections, and check copies. Paycor usually charges a setup cost for most programs, but they occasionally run specials that allow you to forgo that fee, so keep a lookout for such.
What Sets Paycor Apart
Paycor, as an HCM, bridges the gap between a payroll app and a human resource information system (HRIS). It handles more than payroll but not as much as an HRIS, making it an excellent choice for small to midsize organizations. Paycor’s on-demand pay is a unique feature that not all payroll or HCMs provide, allowing employees to choose when they are paid (per day, per week, biweekly, monthly, and so on).
Offering on-demand pay is one perk that might attract new staff or aid in employee retention. The self-service employee site and mobile app allow employees to choose how and when they are paid, as well as have control over benefits and the option to clock in and out from their mobile devices.
Paycor Pricing Plan
Paycor provides programs for small (fewer than 50 employees) and medium-sized (50 to 1,000 employees) enterprises. Unlike some of its competitors, it does not demand a minimum number of employees.
If you need a small business HR strategy for fewer than 50 employees, you have four options:
- Basic: Paycor’s automated onboarding, payroll and tax services, HR management tools, and compliance support are available for £99 per month + £6 per employee each month.
- Essential: This plan includes everything in the Basic plan, plus features for time and attendance, new-hire onboarding, e-verification, HR checklists, templates, and reporting, for £159 per month plus £9 per employee per month.
- Core: This plan contains everything in the Essential plan, plus automated processes, personnel directory and org charts, scheduled reminders, HR statistics and benchmarking, pre-built dashboards, and a variety of performance management capabilities, for £199 per month plus £12 per employee per month.
- Complete: This plan includes everything in the Core plan plus advanced HR features such as scheduled reports, payroll analytics, general ledger reporting and integrations, 360-degree 401(k) EDI integration, and one-on-one guidance from a certified HR professional for £299 per month plus £16 per employee per month. According to Paycor, this is its most popular plan.
Paycor waived setup fees on these plans at the time of this review, but it previously charged a one-time setup fee for the Essential, Core, and Complete plans, which ranged from £59 to £199 depending on the plan tier selected.
Customer Support
Paycor offers self-guided support via a support centre, webinars, manuals and whitepapers, an HR lexicon, and an employee knowledge base. Meanwhile, registered account administrators can call customer service during business hours on weekdays. Paycor also provides contact forms, email, and web chat, as well as one-on-one assistance from experienced human resource specialists.
While Paycor appears to have a plethora of help alternatives, we thought it was worth highlighting that many customer reviews suggest that its customer service personnel can be difficult to reach at times. Paycor is certified with the Better Business Bureau and has an A+ rating with the organization.
While this vendor does not give the same amount of analytics as Paycor, employers do receive personalized customer care from a dedicated HR manager.
Is Paycor Right for Me?
Paycor is a human capital management (HCM) platform that offers more features and tools to HR teams, such as onboarding, career and talent management, and on-demand pay. Its custom pricing does not provide a clear picture of how much you’ll pay for the extras, but past pricing implies it’s significantly more expensive than most payroll software on the market.
Paycor Is Excellent For:
- Small to medium-sized organizations that require automated payroll services, as well as benefit administration and onboarding solutions. It’s a good choice when you require more than just payroll but not a full HRIS.
Paycor Is Not Appropriate For:
- Budget-conscious startups and small businesses. Paycor’s plans are very customizable, allowing you to add on the features and tools you require, but you may find that you’re paying for more than you require.
How Do I Do Payroll on Paycor?
You can choose a pay plan and approve hours worked after you’ve configured everything in your Paycor account and employees have entered their tax information. If you use Paycor’s time-tracking software, the data automatically syncs; otherwise, you must manually enter hours. Paycor handles payroll automatically; simply review the dashboard and final results before running payroll.
What Features Should a Payroll Service for Small Businesses Have?
You want a payroll service that is simple to set up, provides payroll processing and management, allows for tax filing, generates detailed payroll reports, offers direct deposit to your employees, allows employees to make changes as needed, and provides quality customer support.
How Do I Set up the Paycor App?
To get started, download Paycor Employee Mobile from the App Store or Google Play. After downloading and installing the app, you may configure it by connecting in to your account with the same Paycor username and password you use to access the browser-based platform.
Does Paycor Have Time-tracking Tools?
Paycor does provide time and attendance functions. The web interface and mobile app allow employees to clock in and out. These features are offered as an add-on to a subscription.
Does Paycor Support Employee Scheduling?
Yes, Paycor has scheduling tools to assist managers in creating unique schedules. Paycor can also automate scheduling by populating your schedule template with employee availability.
Do all Paycor Plans Include Reporting and Analytics?
No, reporting and analytics are not included in the Basic plan. Select the Essentials, Core, or Complete plan to have access to reporting tools and the report builder. Select the Complete plan to gain access to all analytics tools.
Does Paycor Have a Mobile App?
Paycor does, in fact, provide a mobile app for both iOS and Android smartphones.
Conclusion
Paycor is a one-of-a-kind payroll service in the business since it isn’t quite an HRIS, but it provides significantly more functionality than standard payroll software. If your employees desire to be paid more frequently, on-demand pay is a great alternative that may lead to lower turnover.
Custom pricing is a terrific approach to guarantee you receive exactly what you need for the size of your organization, but the lack of cost transparency makes comparing Paycor to other payroll systems you may wish to employ instead difficult. If possible, conduct additional study and be thoroughly convinced before employing the product.
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