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Fact: A study by the American Payroll Association shows that employers lose 4.5 hours per week per employee in time theft. This means that without an effective time and attendance management solution, employers are statistically paying employees for a total of 6 weeks worth of stolen hours, out of 52 weeks every year. That’s a whopping lot!
LOST TIME in businesses amounts to much more than sick-days and paid leaves. The real loss comes from incremental employee attendance indiscretions. For instance, when a worker is habitually late for 20 minutes every morning, it translates to them being paid for 80 hours of lost time every year. When figures like this are collated for multiple employees, the results are enormous. The direct cost implications of lost-time to the employer, on any level of business, over a fiscal year is easily mind-boggling when worked out.
Your goal as an employer of labour is to derive exact productive value from them, otherwise, the arrangement is unbalanced. If there is a chance you might be paying for hours your employees put no work in for, then it is time to review your time and attendance management option — Here are five reasons why;
The foremost usage of time and attendance software is to stem the bleeding of funds through employee time fraud. The best-in-breed timekeeping software employs the biometric means of clocking in, thereby eliminating any chance of buddy punching, and producing results that are 100% accurate. You also get to cut spending in two ways – by eliminating time-theft, and by bypassing the costs for manual monitoring and supervision. Human error is completely eradicated thanks to an automated process flow. Hence with the increased operational efficiency and manpower availability, your organization can grow freely.
The transparent reports generated by a time and attendance solution will ensure that time cheats are flagged and not rewarded equally as diligent employees. This builds an environment of fairness and equality that everyone in the workplace would appreciate. Ordinarily, disgruntled employees who feel victimized by the additional work thrust on them as a consequence of the time fraud of a colleague will more often than not ‘get their own’ back in a passive-aggressive manner… at the employer’s expense. They will either commit time-fraud themselves or illicitly reward themselves with company resources in another way. When HR monitors time and attendance with timekeeping software, a level playing field and neutrality are introduced to the workplace, further simplifying the work of that department.
Time and attendance management solutions provide an effortless basis for a performance review; and for calculating overtime payments, benefits, and leave-time used or due. Employees create data points every time they clock in or out, which accumulate in a database from which detailed reports are generated and for thorough analysis. Huge amounts of workforce data generated provide insights that enable data-based forecasting, to measure performance and calculate payroll.
It is easier to create, share and track schedules with web-based time and attendance systems. Shift management is streamlined as employee schedules can easily be created on the basis of location, attendance requirements and such. Centralized access to employee work hours and locations across an organization offers visibility to optimally utilize a workforce. Unbalanced work schedules are minimized with a resultant reduction in total expenditure. Also, workstation tracking enabled by time and attendance solutions gives the employer a detailed overview of attendance behavior of staff designated to specific work locations.
Time and attendance solutions generate records that are easy to retrieve and review – as needed in the event of an audit or litigation (involving employees) for instance. Establish the innocence of an employee with irrefutable recorded-evidence, or prove their guilt. Timekeeping records also serve as a basis for the assessment of adherence to labor regulations. The digital records are inarguable, and unlike paper-based ones, they are indestructible. A biometric time and attendance solution would go further to eliminate any ambiguity of identity.
But wait……there’s more! The Ideal Solution would give you all of that plus…
A Cloud-based time and attendance software would give you instant access to your attendance data from anywhere on the planet; and multiple, remote or new locations don’t present any challenges either.
Depending on the procedure, employees can waste as much as 5 minutes every morning on manual attendance documentation. Between the manual data-capture and cataloging steps of certain traditional methods, the entire process is sometimes far too complex to be efficient. Time and attendance management solutions are user-friendly, making life easier for your HR department and employees in general.
By The Ideal Solution, we mean iClocker. A mobile, cloud-based, solution fit for all time and attendance needs. We are talking remote time and attendance supervision, multiple location tracking, offline clock-in/clock-out, biometric recognition, real-time reports, shift and leave management, single device feature and so much more.
Even more, you can get started with a free trial at the click of a button…. It really doesn’t get any better than iClocker.