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Paychex launches Coronavirus Help Center, including tools to better understand funding available for your business
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The Coronavirus Help Center has information you need to help your business navigate during these unprecedented times.

Understand and apply for funding to help your business remain open, continue paying your employees, and recover from unplanned circumstances due to the COVID-19 pandemic with our easy-to-use online tool.

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Additionally, get details about the specific federal relief programs and refundable credits available through the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES), and other helpful resources to help you take care of your business and your people.

We recommend discussing these options with your accountant or trusted advisor to determine the best course of action to leverage the incentives available.

We’ve created a report that is currently available for Paychex Flex® users, clients not on Paychex Flex, and former clients to help make applying for a Paycheck Protection Program (PPP) loan simpler. Find more information about the PPP loan application process in our customer support section.

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Preparing Your Team to Launch a Human Capital Management Strategy

HCM
Article
03/16/2016

Implementing a human capital management (HCM) strategy requires a well-trained, focused HR department. From ensuring everyone on your HR team is ready to embrace an HCM initiative to working with business partners in order to demonstrate the initiative's importance, your HR team's planning and communication may help determine your business's HCM success. Here are some ways your HR team can prepare to launch an HCM strategy in the year ahead.

Evolving from Functional to Strategic Roles

In concept and in practice, what an HR department does is evolving. There may always be rote transactions, from handling benefits enrollment to managing time and attendance reports. However, with an HCM strategy, HR leaders assume a more important strategic role in helping businesses make the most out of their human capital assets. Helping your HR team to see their role as strategic contributors to the company at a higher level can help prepare them to take on the tasks associated with HCM.

Changing Attitudes Toward HR

In many cases, business leaders find there are misconceptions about the role of HR. Many view HR strictly as a resource related to recruiting and benefits. When your company implements its HCM strategy, it may be helpful to educate leaders throughout the company about the intent of the HCM strategy and how it will it benefit them in particular and the company as a whole. You should also emphasize the importance of HR as a partner within the business, with the power to improve everything from data access to employee productivity.

Using Strategic HR Technology

A proven way to make the most of HCM is to maximize productivity through HR technology. HR technology can help streamline an HCM strategy in multiple ways, from providing better access to data to eliminating unnecessary administrative tasks. By determining your company's technology priorities, your HR department can do a better job helping launch your HCM strategy. Once they help scope out the situation, it may become possible to invest in the tools and training needed to make the most impact.

In summary, an HCM solution can transform the way your business operates. But it's important to provide direction and support to your HR team in order to help them make the transition. From helping HR understand their expanded role to investing in the technology needed to successfully roll out an HCM strategy, advanced preparation can help you ensure the success of your strategic initiative.

 

This website contains articles posted for informational and educational value. Paychex is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, Paychex. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant.