Human capital management (HCM) platforms have become indispensable tools for midsize businesses seeking to streamline their HR operations. Paycor and Paylocity are two prominent HCM platforms that offer a range of features and functionalities tailored to meet the unique needs of organizations in this category. In this article, we will delve into the key features and differences between Paycor and Paylocity, providing a comprehensive overview to help businesses make informed decisions.
Automatic Updates and Payroll Configuration
Paycor simplifies payroll management by automatically updating payroll data in real-time. This eliminates the need for manual data entry and minimizes the likelihood of errors. Additionally, Paycor can be configured to automatically run payroll on a designated date and time, saving time and ensuring timely salary payments for employees.
Time and Attendance Module
To further streamline HR processes, Paycor offers a time and attendance module that seamlessly integrates with the payroll module. This integration enables accurate tracking of employee attendance and simplifies the calculation of payroll based on hours worked. The data flows directly from the time and attendance module to the payroll module, minimizing the risk of errors and ensuring payroll accuracy.
A unique feature of Paycor is its utilization of artificial intelligence (AI) to match job openings with potential candidates. Paycor harnesses the power of AI algorithms to find both active and passive job seekers who may possess the qualifications and skills required for specific roles at your company. This innovative approach expands the talent pool, increasing the likelihood of finding the right candidates for your organization’s vacancies.
Employee Self-Service Options
Recognizing the need for flexibility and convenience, Paycor provides employee self-service options that can be accessed from any device, including mobile phones. Employees can access their payroll information, view pay stubs, update personal information, and request time off through the intuitive self-service portal. This feature empowers employees and reduces the administrative burden on HR departments.
Onboarding Automation
The onboarding process can be time-consuming and cumbersome for HR teams. Paycor addresses this challenge by offering onboarding automation. Once employees have accepted an offer, they can fill out new hire documents from anywhere using Paycor’s intuitive onboarding software. This helps to expedite the onboarding process, enabling new hires to become productive members of the organization more quickly.
Talent Development and Performance Management Tools
Paycor’s talent development and performance management tools provide organizations with efficient solutions for performance reviews and employee development. With customizable templates, businesses can create performance review forms that align with their specific evaluation criteria. These tools facilitate meaningful performance discussions, boost employee engagement, and foster individual growth within the organization.
Paylocity Features
Paylocity’s Payroll Readiness Dashboard offers a centralized space where businesses can review and prepare for the end of each pay period. This comprehensive overview of payroll tasks helps HR teams ensure timely and accurate payroll processing. From verifying employee hours to reviewing pay rates, the dashboard provides a holistic perspective, minimizing errors and delays.
Automatic Time Tracking
Paylocity streamlines time tracking processes by automatically capturing employee hours worked. This eliminates the need for repetitive manual data entry, reducing the risk of errors in payroll calculations. Employees can record their time through various channels, such as web-based timesheets and mobile applications, enabling greater efficiency and accuracy in time tracking.
Automated Workflows for HR Tasks
Paylocity’s automated workflows simplify and accelerate HR tasks, such as open enrollment and benefits setup. These workflows streamline administrative processes, ensuring efficient communication and timely completion of essential HR functions. By reducing manual intervention, Paylocity minimizes errors, enhances compliance, and allows HR teams to focus on strategic activities.
Paycor and Paylocity are powerful HCM platforms designed to cater to the needs of midsize businesses. Paycor stands out with its automated payroll updates, time and attendance module, AI-powered job seeker matching, employee self-service options, onboarding automation, and talent development tools. On the other hand, Paylocity offers a payroll readiness dashboard, automatic time tracking, and automated workflows for HR tasks. Both platforms bring valuable advantages and can significantly enhance HR processes for midsize businesses. Evaluate your organization’s specific needs and preferences to determine which platform aligns best with your requirements.