Paycor Launches Pay Benchmarking and Labor Forecasting Tools

Paycor HCM, Inc., has released two new offerings, Pay Benchmarking and Labor Forecasting. The new offerings are intended to 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.