New Compensation Management Solution Drives Pay Transparency, Retention and Engagement

Rhea-AI Summary

Paycor HCM, Inc. (Nasdaq: PYCR) has launched Paycor Compensation Management, a new solution designed to streamline compensation planning and enhance employee engagement. This tool aims to reduce manual work, provide pay transparency, and offer Total Reward statements. Key features include:

- Insights into pay benchmarking, benefits, perks, and career development
- Budget management and pay cycle tools
- Future view analytics for assessing proposed pay changes
- Flexible configuration options for budgeting and reward approvals

The solution addresses the critical role of compensation in employee retention, as highlighted by Paycor's recent survey of over 7,000 professionals. It empowers leaders to make informed decisions and communicate effectively about compensation with both candidates and current employees.

Positive

• Launch of new Compensation Management solution to streamline planning and enhance engagement
• Reduction of manual work and potential errors in compensation processes
• Improved insights for leaders into pay benchmarking and total rewards
• Enhanced ability to manage budgets and pay cycles efficiently
• Potential for increased employee retention through better compensation management

Negative

• None.

New offering empowers leaders to collaborate cross-functionally to streamline compensation planning

CINCINNATI, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Paycor HCM, Inc. (Nasdaq: PYCR) ("Paycor"), a leading provider of human capital management (HCM) software, today announced the release of Paycor Compensation Management, a collaborative solution purpose-built for leaders who want to streamline compensation planning while engaging and retaining employees. The solution significantly reduces time-consuming, error-prone manual work and helps leaders motivate employees with pay transparency and Total Reward statements.

In a recent survey of more than 7,000 professionals, Paycor found that compensation is among the top three reasons employees choose whether to stay at their current company or seek employment elsewhere. Paycor Compensation Management gives leaders insights into pay benchmarking, benefits, perks, career development and recognition programs that together make up an employee’s total rewards. These insights make leaders more confident when talking about compensation to potential job candidates and current employees, including those who may be flight risks. Paycor Compensation Management helps leaders stay within budget, manage pay cycles, and conduct efficient approval processes. With the solutions’ future view analytics, managers gain increased visibility into employee event timelines and can assess the impacts of proposed pay changes.

“Today’s leaders are constantly confronted with the challenge to cost-effectively attract and retain top talent, while providing fair pay within budget,” said Ryan Bergstrom, Chief Product and Technology Officer at Paycor. “By providing modern tools to dynamically manage budgets and pay cycles, we can directly address this demand. Our flexible configuration options for budgeting and managing reward approvals shorten cycle times and enable informed compensation decisions, empowering leaders to drive employee engagement and retention.”

To learn more about how our new solution can drive employee retention and engagement, please visit Paycor Compensation Management.

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.

Media Relations:
Madeleine Dudas
513-273-7298
PR@paycor.com

Investor Relations:
Rachel White
513-954-7388
IR@paycor.com

FAQ

What is Paycor's new Compensation Management solution?

Paycor's new Compensation Management solution is a collaborative tool designed to streamline compensation planning, enhance pay transparency, and improve employee retention and engagement. It offers features like pay benchmarking insights, budget management tools, and future view analytics for assessing pay changes.

How does Paycor Compensation Management help with employee retention?

Paycor Compensation Management helps with employee retention by providing leaders with insights into total rewards, enabling pay transparency, and facilitating informed compensation discussions. It addresses compensation, which Paycor's survey identified as one of the top three reasons employees decide to stay with or leave a company.

What are the key features of Paycor's Compensation Management solution?

Key features of Paycor's Compensation Management solution include pay benchmarking insights, total rewards statements, budget management tools, pay cycle management, efficient approval processes, and future view analytics for assessing the impact of proposed pay changes.

When did Paycor (PYCR) announce its new Compensation Management solution?

Paycor (PYCR) announced its new Compensation Management solution on August 8, 2024.