ROI OF TIME & ATTENDANCE SOFTWARE
Calculating employee hours manually, through any method, has the potential to be fraught with errors. Even the most detail-oriented people are prone to make mistakes. The slightest error or miscalculation can cost your business hundreds or even thousands of dollars. An automated timekeeping process nearly eliminates the possibility of human calculation errors, and with it the time spent trying to fix these errors. Instead of wasting time trying to identify mistakes, your staff can run reports to track employee behavior and find new ways to save your organization revenue.
Properly tracking time for employees also reduces time theft. Nearly half of all employees participate in some form of time theft, which accounts for massive amounts of lost productivity and revenue. Time & Attendance system provides measurable ROI – return on investment – as soon as its implemented. Once the software is live administrators can see who is clocked in, from where, and run useful payroll reports, like who is close to reaching overtime. Let’s examine a few categories Time & Attendance software can help you monitor to provide real ROI:
- Overtime: Unplanned and unforeseen overtime payouts can be a huge payroll cost. As mentioned above, Time & Attendance software can be utilized to monitor employees who are close to reaching overtime and send alerts to employers in order to find a suitable replacement or to send the employee home.
- Absence: From planned vacation time to surprise sick days, employee absence makes up a large amount of payroll expenses. Managing absences with a Time & Attendance software allows employers to track accrued time off accurately and make appropriate adjustments.
- Accuracy: All too often companies pay employees for the time they’re scheduled to work. In some cases, this policy works fine, but what if certain employees are always late? Or leave early? Maybe take a two hour “business” lunch? These people are time thieves and still receive payment for hours not worked. By automating the collection of time actually worked, organizations can guarantee employees are getting paid for the work they’re actually performing.
Additionally, an automated timekeeping system drastically reduces the amount of time it takes to calculate hours worked. A properly integrated Time & Attendance software can apply company policies (like overtime rates, accruals, and job title rates) to every employee.