7 Ways HR Leaders Are Helping Their Companies Thrive
The Paychex 2022 Pulse of HR Survey examined how human resources (HR) leaders are delivering on both HR and business objectives while serving employees’ needs. Following are seven key findings that CPAs should be aware of.
1. HR Leader Face Time Crunch
Managing remote employees and flexible schedules has created additional demands on HR. Half of those surveyed found HR software/technology boosted their efficiency, and close to 40 percent found it eased administrative burdens. Companies using a new payroll solution/technology reported significant savings:
- 37-percent savings in tax preparation time
- 36-percent savings in time spent on reporting and entering information into multiple systems
- 29-percent savings by giving employees self-service capabilities
2. Successful HR Leaders Leverage Key Tactics
Acquiring new talent is critical to businesses and time-consuming for HR leaders. Top tactics include:
- Using third-party job sites to boost openings and increase job applicants
- Offering remote work and higher pay
3. Attention Must Be Paid to Employee Engagement and Retention
HR leaders are challenged with engaging and retaining their workforce. Larger companies with 500 or more employees have used tactics that may prove helpful to all businesses. For example, larger companies are 33 percent more likely to provide pay transparency and 42 percent more likely to have “stay” conversations. HR leaders are also:
- Increasing flexible hours and remote work (41%)
- Increasing compensation (36%)
- Focusing on employee engagement (35%)
- Committing to diversity, equity and inclusion (DEI) (31%)
4. Hybrid Work Helps Employees Thrive
Offering alternate worksites and schedules is beneficial to employee morale and productivity. Companies with remote or hybrid workers have increased by 124 percent, and flexible scheduling increased by 50 percent. HR leaders plan to manage employees by using:
- A system to plan and track manager/employee check-ins (41%)
- Technology to optimize remote employee productivity (39%)
- A confidential way for employees to receive answers from HR (37%)
- Increased training to optimize remote employee productivity (36%)
- Online tools to keep managers and employees connected (35%)
A full 60 percent of larger businesses will use employee training and skill building to support remote career advancement.
5. Supporting Employee Well-Being Has Become the Keystone of Better Business
Tackling employee well-being is a priority for today’s HR leaders, with 60 percent expressing burnout as a concern, an increase of 18 percent from before the COVID-19 pandemic. HR leaders plan to help by:
- Offering flexible work schedules (41%)
- Emphasizing work/life balance as part of company culture (31%)
- Encouraging managers to create clear job descriptions/expectations (29%)
- Providing training on avoiding burnout (26%)
- Creating confidential ways for employees to communicate concerns (26%)
6. HR Leaders are Prioritizing DEI
HR leaders are incorporating DEI initiatives, with 71 percent of HR leaders doing at least one of the following:
- Offering bias and DEI-related training (33%)
- Ensuring that vendors/partners have a commitment to DEI (33%)
- Making DEI guidelines easily accessible (30%)
- Getting a skilled consultant to create a plan (28%)
7. Companies are Expanding and Optimizing Benefits
Companies are expanding benefit offerings to meet employees’ priorities. Benefit offerings have increased an average of 22 percent compared to before the COVID-19 pandemic.
HR Tools and Technology Benefit Business Goals
The Pulse of HR report reveals the link between meeting the needs of employees and business success, and the important role that HR tools and technology play in doing this effectively.
To keep up with changing demands, HR leaders are leveraging tools and technology to manage responsibilities, engage employees and achieve HR and business goals.
Access the full report at paychex.com/secure/whitepapers/hr-pulse-2022.
Survey Methodology: The 2022 Paychex Pulse of HR Survey was conducted via an online survey from April 15 to May 6, 2022, among 1,000 HR decision-makers at U.S. companies with 20 or more employees. It is the sixth in an annual series of benchmark surveys investigating HR leaders’ challenges, priorities and use of technology.
Paychex, a national leader in payroll services for small to midsize businesses, is proud to be a NJCPA member benefit provider. Learn more at njcpa.org/benefits.