Time
A code used to identify a job classification
What is a Job Code?
A logical grouping of employees based on shared characteristics that facilitates payroll processing because of common requirements such as employee type, pay frequency etc.
What is a Pay Group?
A unique 9-digit number assigned to a business by the IRS, which is used to identify the business’ tax accounts.
What is EIN (Employer Identification Number)?
A 3rd party org that partners with business to streamline HR, Payroll, and Benefits tasks
What is a PEO?
This competitor is focused on being a comprehensive global provider of cloud-based human capital management (HCM) solutions that unite HR, payroll, talent, tax, and benefits administration, and a leader in business outsourcing services, analytics, and compliance expertise. They offer multiple different HCM platforms, a breadth of additional services (401K, Insurance Agency, PEO, ASO options). They tout that they have been around for 75+ years and support over 1 million clients, paying 1 in 5 Americans.
The process of calculating the cost of producing a specific product or service
What is Job Costing?
Wages due for past services at a new pay rate
What is retroactive pay?
W-4, W-2, W-3, 941, 944, 940 are examples of these
What are Federal Tax Forms?
A life change that allows an employee to enroll or modify benefits outside OE
What is a qualifying life event?
This competitor's focus is on being the "Most Modern HCM provider". They offer a modern, single scalable solution. Their sales pitch focuses on drive ROI through Employee Engagement through social feeds. They have a strong presence with brokers & COIs due to not offering their own lines of insurance and strong integration capabilities. Sometimes prospects provide feedback that they can't tell the difference between Paycor & X-competitor because we are similar.
What is Paylocity?
Supplementary compensation that employees receive on top of their normal wages
What is Fringe Benefits?
The process of legally withholding a portion of an employers wages to satisfy and outstanding debt such as unpaid credit card bill, delinquent taxes, defaulted student loans or child support.
What is Wage Garnishment?
A state based payroll tax that funds unemployment efforts for those without a job
What is SUI?
A standardized way to electronically send information between businesses and can be used to transmit benefit information to insurance carriers, payroll software, or HRIS
What is an EDI (Electronic Data Interchange)?
This competitor differentates themselves on being the only "True-Single Database" through building their own technology. They plant landmines against other providers for integrations & acquisitions. In addition to single database, their sales process is very focused on the overall employee experience, claiming that employee's using the technology will provide a provable ROI.
What is Paycom?
A Standardized rate for wages and benefits that Government Contractors must pay workers
What is prevailing wage?
A comprehensive record of all financial transactions of a business, categorized into accounts like assets, liabilities, revenues, and expenses
What is a General Ledger?
Requires employers to provide health insurance coverage that meets minimum standards and report coverage details to the IRS
What is the Affordable Care Act?
The legal requirement for employers to offer continued health insurance coverage to eligible employees and their families after job loss or other qualifying events.
What is COBRA?
This competitor came to be in 2020 post a merger between Ultimate software and Kronos. They have historically been focused on the enterprise space, but are more recently coming down market with multiple payroll platforms. They preach "Culture. Product. Service" - touting their internal culture leading to having the most tenured workforce in HCM, therefore able to provide the best product and service.
What is UKG?
Additional compensation provided to employees who work non-traditional hours such as evenings, nights, or weekends
What is Shift Differential?
A payroll report submitted by gov-funded contractors to prove employees receive fair pay
What is Certified Payroll?
A mandatory annual filing with the Equal Employment Opportunity Commission (EEOC) that requires certain employers to provide demographic data on their workforce, including race, gender, and job categories.
What is the EEO-1 report?
Hospital Indemnity, Accident, Disability, LTC, and Life are examples of this
What is Supplemental Insurance?
This competitor is a global payroll provider that considers themselves to be a "tech company" vs an hcm company. They were founded in 2016 with a differentiator to integrate HR, IT, & finance with multiple applications. They are known to target the IT persona with their unique IT value prop and modern UI. They also offer a PEO model in additional to their HR IT & Finance platforms.
What is Rippling?