As we approach the holiday season we all are looking for gifts for our loved ones and colleagues. One gift that many should consider is finding a bag of money within your organization. This may seem like a major task for such a short period of time; however, it really could be as simple as finding more efficient ways to track and manage a geographically diverse workforce.
What is the catch, you ask?
Like anything that has the ability to make positive change there is some effort required to realize the gains of deploying a solid time and attendance system. Labor costs represent the largest expense for any organization and finding ways to efficiently control errors will have a major impact on profits. When an organization has a geographically diverse workforce, the room for payroll calculation errors grows substantially.
There are three major benefits that executive can expect when properly deploying a time and attendance system.
- Reduction of total payroll cost of up to 5%.
Eliminating buddy punching
Eliminating erroneous pay calculations
Union rules
Multiple job assignments
Per diem requests
- Eliminating time rounding
Eliminating manual processing
Reducing payroll administration time
- Increased customer acquisition and retention.
Improve visibility and management of team-member engagement
Ensures you have the right people in the right location at the right time
Never leave a client wondering if someone will show up to the job site
Helps exceed client expectations and allows for a high level of customer service
Improved profit-protection.
More efficiently manage overtime costs
Mitigate risk of non-compliance
According to Chicago based Seyfarth and Shaw Partners, wage and hour litigation is the #1 exposure area in Corporate America
Reduction of workers compensation claims by tracking on-the-job accidents accurately
Bottom line
There are many reasons why any organization would want to better track and manage their employee’s times. And a variety of data collection methods are available to collect punches no matter where the employee is working. These methods include biometric time clocks, integrated voice response, PC or mobile devices such as smart phones and tablets.
For a typical client, the payback begins immediately with a complete return on investment in four months. Within these 4 months the client will reduce payroll errors and streamline processes. All of this while reducing overtime and optimizing resources that are currently in place.
The question remains are you willing to see if you can find that hidden bag of money this holiday season?
And please read about our human capital management systems.