HR Strategy

Arcoro Announces New Members of HR Partner Network

arcoro-announces-new-members-of-hr-partner-network

Arcoro®, a proven provider of human resources  (HR)  management solutions for the construction industry, announced several exciting new partner relationships as well as the launching of its own payroll solution. The announcements occurred at the 2023 Partner Conference and Arizona Construction Workforce Management Summit held in Phoenix, AZ, on Oct. 17.

Arcoro is adding HCSS and ABC Insurance Trust to its trusted partner network as well as expanding its partnership with Aktion & Associates. Arcoro is also launching its own payroll solution to complement the company’s Core HR module, simplifying the payroll process even more for current and prospective customers. The solution has been made for construction, which includes payroll processing, the filing of taxes, and, if needed, providing certified payroll reporting to maintain compliance.

Arcoro is extremely excited to announce our very own Construction Certified Payroll Module and our partnership with HCSS and the ABC Insurance Trust. In addition, we are excited to expand our relationship with Aktion & Associates in being our first true reseller within the Sage and Acumatica eco-systems, says Chad Mathias, Senior Vice President of Sales & Strategy. These four key announcements reflect Arcoro’s commitment to our clients and the construction industry. We anticipate a warm reception from the construction marketplace and look forward to an exciting 2024.

About Arcoro’s newest partners:

HCSS is the trusted leader in construction software for estimating, field entry, project management, safety, digital plans, fleet management and telematics. For 35 years, the company has used annual user group meetings to listen to customers resulting in innovative software to manage every part of the project lifecycle. With 24/7 instant support and a proven implementation process, HCSS has helped improve operations for over 3,500 companies ranging from $1M to billions in revenue across the United States and Canada.

ABC Insurance Trust and its subsidiary ABC Insurance Services, Inc. provide employee benefits, plans and services to ABC (Associated Builders and Contractors) member companies and chapters. The Trust has more than 60 years of experience helping construction companies navigate the ever-changing benefits landscape. The Trust staff includes noted experts on employee benefit design, compliance, prevailing wage regulations and other benefits issues that impact the construction industry. The Trust is well known for its unique proprietary plans, top-shelf customer service and commitment to helping ABC members improve their benefits offerings.

Aktion Associates, Inc. is a national software reseller and IT infrastructure provider focused on the architectural, engineering & construction and distribution and manufacturing industries. Aktion Associates delivers industry-specific and market-leading application solutions coupled with application solutions with proven business process transformation skills that deliver the best Net Promoter Scores in the ERP industry for small and medium-sized businesses.

About Arcoro

A rapidly growing SaaS company, Arcoro offers proven modular HR solutions for the construction and contracting industries. The company’s leading product suite and software platform offer end-to-end HR functionality to help drive business outcomes. With Arcoro’s flexible solutions, customers select the modules that meet their needs for talent acquisition, talent management, core HR, benefits administration, time, and attendance tracking and more. Learn more at arcoro.com.

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Recruitment & Retention

Retirement Expectations Evolve as Workforce Ages According to Principal® Survey

Principal Financial Group® | January 16, 2024

The picture of retirement is evolving with more Americans turning 65 in 2024 than any year1 before. According to new research from Principal Financial Group®, expectations around how and when to retire by generation vary greatly – placing increased focus on employee engagement and personalized investment strategies to help improve financial security and retirement readiness. Phased retirement appeals to younger workers who want to retire earlier According to the Principal Financial Well-Being IndexSM, among Americans in the workforce, gradually decreasing hours is the most desired way to retire (52%) and is most preferred by Generation X (67%) and millennials (56%). Baby boomers and Generation Z report similarities in how they want to retire, with nearly half preferring to move immediately from working full-time to not working at all. This echoes the most common approach taken by current retirees surveyed2, a group in which just over one quarter (28%) either transitioned careers or gradually phased down from their primary career. “Attitudes and expectations for retirement continue to evolve, and we expect the desire to approach retirement in phases will continue to grow with future generations,” said Chris Littlefield, president of Retirement and Income Solutions at Principal®. While there are some similarities in how generations want to retire, they have different expectations on timelines and the age at which they plan to retire. The youngest generation, Gen Z, expects to retire at 55 – approximately 10 years earlier than baby boomers (68) and Gen X (64), and four years sooner than millennials (59). Employees prioritize saving for retirement The survey revealed employees are focused on balancing basic needs with long-term savings outcomes against a backdrop of ongoing economic pressures that continue to top their list of concerns. Employees of all generations ranked saving for retirement as their top financial priority, followed by affording basic needs and paying off consumer debt3. "Saving for retirement is the No. 1 financial priority for employees surveyed, which validates that access to workplace benefits and financial wellness programs is helping Americans save for retirement and achieve better financial outcomes,” Littlefield said. “Going forward, increased personalization as well as tailored savings and investment strategies that take into account an individual’s financial goals, lifestyle, health care needs, dependent care obligations, retirement income expectations, and other unique factors will help achieve improved financial security in retirement.” Retention and recruitment of older employees critical for business success Employee interest in phased retirement has added value for employers. Most employers (77%) agree that the knowledge older employees have about their company is crucial to their business’s success. Employers concerned with “having valuable employees retire” are more likely to take actions to either retain them or hire employees who previously retired from other companies. Despite this, not all employers have experience with offering phased retirement. Only 11% of small and midsized businesses4 reported they offer phased retirement job opportunities on a regular basis compared to nearly one quarter of large businesses5. However, interest is there, as 61% of businesses that don’t offer a phased retirement still receive questions from employees about the options. See all results and insights from the latest Principal Financial Well-Being IndexSM (PDF). According to the Alliance for Lifetime Income This wave included a survey of 137 individuals between the ages of 50 and 75 who consider themselves retired or have previously fully retired and gone back to work. In order to be included in the survey sample, employees must work full-time, and their employer has to offer either health insurance or retirement as an employee benefit. Businesses with 2-499 employees Businesses with 500-10,000 employees About the Principal Financial Well-Being IndexSM The Principal Financial Well-Being IndexSM surveys business owners, decision makers and business leaders aged 21 and over who work at companies with 2-10,000 employees and offer either health insurance or retirement as an employee benefit. The nation-wide survey, commissioned since 2012, examines the financial well-being of American workers and business employers. In 2020, the Well-Being Index was transformed from an annual survey to a regular pulse, offering three waves, revisiting questions and measuring sentiment regarding timely issues in the small and midsized business marketplace. In the first pulse of the Well-Being Index in 2022, the employee audience was added to the survey to compare and contrast key sentiment from employers. The survey was commissioned by Principal® and conducted online by Dynata from November 6-13, 2023, with a total of 500 business owners, decision makers and business leader participants and a total of 200 employee participants. This wave included a survey of 127 individuals who consider themselves retired or have previously fully retired and gone back to work. The research report focuses on providing a holistic perspective on key trends and timely issues in the small and medium business market. About Principal Financial Group® Principal Financial Group® is a global financial company with 19,500 employees1 passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping more than 61 million customers1 plan, protect, invest, and retire, while working to support the communities where we do business, and build a diverse, inclusive workforce. Principal® is proud to be recognized as one of the 2023 World’s Most Ethical Companies® by Ethisphere2, a member of the Bloomberg Gender Equality Index, and a “Best Places to Work in Money Management3.”

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HR Strategy

HireRight Receives Non-Binding Acquisition Proposal from General Atlantic and Stone Point Capital

HireRight | December 12, 2023

HireRight Holdings Corporation a leading provider of global background screening services and workforce solutions, announced that it has received a non-binding proposal from General Atlantic, L.P. (“General Atlantic”) and Stone Point Capital LLC (“Stone Point”), and their respective affiliated funds (collectively, the “Sponsors”), to acquire all of the Company’s outstanding shares of common stock that are not already owned by the Sponsors for $12.75 in cash per share. The board of directors of the Company previously formed a special committee of independent directors (the “Special Committee”) to evaluate and consider any potential or actual transaction proposal from the Sponsors and any other alternative proposals or other strategic alternatives that may be available to the Company. There can be no assurance that any definitive agreement will result from the proposal submitted by the Sponsors or that any transaction will be consummated. The Company and the Special Committee do not intend to comment further about this proposal unless and until they deem further disclosure is appropriate. A copy of the Sponsors’ proposal letter is available as an exhibit to General Atlantic and Stone Point’s statements of beneficial ownership on Schedule 13D/A as publicly filed on Friday, December 8, 2023, with the United States Securities and Exchange Commission. About HireRight HireRight is a leading global provider of technology-driven workforce risk management and compliance solutions. We provide comprehensive background screening, verification, identification, monitoring, and drug and health screening services for approximately 37,000 customers across the globe. We offer our services via a unified global software and data platform that tightly integrates into our customers’ human capital management systems enabling highly effective and efficient workflows for workforce hiring, onboarding, and monitoring. In 2022, we screened over 24 million job applicants, employees and contractors for our customers and processed over 107 million screens.

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Payroll

ADP® Assist with Generative AI Features Makes HCM Decisions Easy, Smart and Human

ADP | February 02, 2024

ADP®, a leading global technology company providing human capital management (HCM) solutions, announces the availability of ADP Assist, a cross-platform solution powered by generative AI (GenAI). ADP Assist enhances HR productivity, aids decision-making with data-driven insights, and streamlines day-to-day tasks for practitioners, managers, employees and executives with simple, human-like conversations. It harnesses the power of ADP's unparalleled data and expertise along with GenAI to simplify the world of work. ADP Assist builds on ADP's current AI capabilities and is currently in early release with some ADP clients today with a planned rollout for all clients. "For 75 years, ADP has been at the forefront of payroll and HR innovation. With ADP Assist, we're providing an intelligent platform that simplifies HR tasks, leaving time for people leaders to be more strategic," says Maria Black, president and chief executive officer of ADP. "It's not just another technical solution; it's a comprehensive experience that combines ADP's unmatched HCM dataset and expertise to empower HR professionals, leaders and employees." Data Drives Innovation Data is at the core of all ADP products and solutions, informing and driving ADP's approach to innovation and AI technology. ADP has the industry's largest and deepest HCM dataset with over one million clients spanning 140 countries and 41 million wage earners globally. ADP's extensive and unique dataset is used to train ADP's AI to anticipate what users want and need. ADP Assist turns unmatched data into highly credible and actionable insights so that clients can make smarter decisions. Easy, Smart and Human "In a constantly changing workplace, innovation must keep up and meet people's real-world needs," says Sreeni Kutam, president of global product and innovation at ADP. "ADP Assist is the next step in our vision to create an HR ecosystem that is not only efficient but empowers employees and HR professionals alike. We've created a platform that understands the complexities and dynamics of modern HR management and offers smart, user-centric solutions. And, as always, we are committed to the secure and ethical use of data to support these technologies." ADP Assist seamlessly integrates with ADP products across multiple ADP platforms. It anticipates what users want and proactively delivers actionable insights in plain language. Using an intuitive, conversational interface, ADP Assist provides valuable and contextual insights which touch every aspect of HR – payroll, time, talent, benefits, recruitment, analytics, reporting and compliance. ADP's portfolio of currently available GenAI- and AI-powered tools deliver the following capabilities Easy payroll. ADP Assist validates payroll information. It checks for payroll anomalies and uses GenAI to identify and help resolve missing tax registrations and answer questions by drawing on ADP's large, up-to-date dataset of compliance information. This saves HR effort and helps clients to ensure employees are paid accurately and on time. Smart analytics. ADP Assist uses GenAI to dramatically simplify report creation by understanding context and generating insightful reports in an easy-to-understand format. HR practitioners and leaders can easily access internal, national and global workforce data from ADP's deep HCM dataset to analyze compensation, turnover, candidate profile relevancy and talent market insights. Human insights. Intelligent and AI-based HR support for employees and clients can anticipate and solve common employee problems across HR, payroll, time and benefits. This reduces frustration for employees and eliminates certain low-value tasks for managers and HR practitioners. ADP Assist can send personalized, proactive notifications to employees on their mobile device or desktop to help resolve HR issues quickly, keeping them productive. AI-powered conversational interface makes it easy for employees to get the information they need without involving HR. Search by Intent. The RUN Powered by ADP payroll and HR solution features an omni search bar that understands intent behind the search terms and uses GenAI to mine ADP's deep knowledge base to deliver easy-to-use and effective content. "In the age of AI, the better the data, the better the artificial intelligence," says Holger Mueller, vice president and principal analyst for Constellation Research, Inc. "ADP is uniquely well-positioned in the field of HCM vendors given the breadth and depth of its data. ADP is using that data to make AI more human, focusing on customer success in a worldwide space. This really makes a difference not only for HR practitioners but for leaders and employees." About ADP Designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential. HR, Talent, Time Management, Benefits and Payroll. Informed by data and designed for people.

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Workforce Management

beqom Announces Its Acquisition of PayAnalytics, Solidifying Its Position as the First Advanced Platform for Pay Equity and Total Compensation

beqom | December 14, 2023

beqom, a provider of compensation and performance management solutions, announced it will acquire PayAnalytics, a cutting edge pay and workplace equity software provider. The global movement toward workplace equality has made it imperative for organizations to address wage gap challenges head on, for both competitive and regulatory reasons. beqom's acquisition of PayAnalytics means that companies can now embed pay equity into their compensation processes and daily decision-making, to create a culture of fair pay, build on a data-driven compensation strategy, and meet global pay equity regulatory requirements. The acquisition positions beqom uniquely in the market as provider of the most complete advanced total compensation and pay equity solution. The PayAnalytics solution, designed by a team of data scientists and HR leaders, empowers companies to analyze pay for gender and other forms of demographic fairness, and take appropriate action. Through multivariate regression analysis, it identifies factors influencing pay and proposes remedies for unexplained pay gaps. By delivering these advanced analytic capabilities in the context of a plug-and-play pay equity methodology, PayAnalytics will add the capability to embed instant and always-on pay equity into the real-time compensation processes managed by beqom, supporting data-driven pay decisions for new hires, merit increases, and promotions. beqom's compensation modeling optimizes the budget impact for pay equity remediation scenarios. Together, the solutions will provide companies with unprecedented abilities to attract and retain talent, drive performance, and optimize costs, while ensuring compliance and reducing risk. "Pay equity is no longer a niche area, it's a business essential, and the focus must go well beyond compliance and risk. Our in-depth research shows that companies that excel in pay equity have higher profitability, greater customer satisfaction, innovate better, and win the war for talent," says Kathi Enderes, Senior Vice President Research and Global Industry Analyst at The Josh Bersin Company. "Done right, pay equity is not a once-a-year-project but a way to run the company for equity. The right technology is vital because it's a complex undertaking. Combining the advanced pay equity capabilities of PayAnalytics with beqom's total compensation platform means that companies can embed a consistent and continuous focus on fair pay in their entire talent lifecycle, helping make their rewards function systemic and accomplishing higher rewards maturity." Customers can expect business as usual while having the possibility of benefiting from the expanded range of solution capabilities. Both companies are committed to maintaining the high level of service expected by their customers, while offering them broader and deeper functionality and expertise in compensation and pay equity management., Each will continue to drive product innovation in their respective domains, while tightening the integration between the two suites of products. "What distinguished the PayAnalytics solution and team for us was their specialized expertise and sophisticated data approach enabled by a great product. Additionally, the company's headquarters in Iceland places them strategically with a global perspective, straddling both the EU and the US. This unique positioning gives PayAnalytics an inherently global DNA and mindset, a distinction that beqom, headquartered in Switzerland, can appreciate firsthand," says Fabio Ronga, beqom CEO and co-founder. "Consequently, PayAnalytics exhibits a deep understanding and proven experience in navigating the complexities of global enterprises dealing with diverse local regulations. These factors serve as key differentiators that set the solution apart from others in the market. We look forward to working with the whole team on keeping PayAnalytics at the forefront of pay equity software solutions, and to bring that expertise to beqom's customers." "We founded PayAnalytics to eliminate the gender pay gap by applying data analytics and arming HR managers with quantitative decision-making tools," says Sigurjon Palsson, PayAnalytics CEO and co-founder. "We are excited now to join forces with beqom and take pay equity to the next level. By linking those analytics to compensation processes, customers now will be able to close the loop and create a culture of continuous fair pay." beqom was founded in 2009 with the mission to help the world's largest enterprises keep their people motivated and productive through comprehensive, equitable, and transparent performance and rewards. PayAnalytics was founded in 2016 to eliminate the gender pay gap by applying quantitative decision-making tools. About beqom beqom is a unified total compensation platform — managing compensation, employee performance, sales performance, pay equity, and recognition all in one place. beqom makes it easy for HR teams to handle every aspect of total compensation management at scale by empowering HR leaders to personalize compensation strategies with their organizations' needs. With beqom, employees understand their value, perform at their peak, and are rewarded fairly for their contributions. About PayAnalytics PayAnalytics is a cloud-based software solution that enables HR managers and consultants to conduct their own salary review, measure gender and other demographic discrepancies in pay, and offers recommendations on how to close pay gaps. Their reporting and visualization tools allow HR managers to understand the impact of hiring, promotion, and salary adjustment decisions on pay gaps, and to understand trends in their pay structure.

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