If your small business is growing rapidly and adding more employees, it's probably time to think about a better solution for tracking time and attendance. While a salaried setup may have worked initially, managing hourly employees now requires accurate tracking and a reliable time and attendance system. Here’s how implementing tracking software can make all the difference:
Improve Accuracy: Accurate time and attendance records are critical for managing costs. Studies reveal that time theft—whether intentional or accidental—costs U.S. businesses up to $11 billion each year, affecting about 75% of companies. Automating time tracking helps eliminate these costly errors, ensuring your payroll is accurate and fair.
Stay on Top of Labor Laws: There are countless labor laws tied to accurate time tracking, helping ensure employees aren’t underpaid. Automated tracking software reduces human error, which accounts for nearly 70% of inaccuracies, so you can stay compliant and avoid potential fines.
Make the Transition Easy: Shifting from manual processes to automated tracking doesn’t have to be overwhelming. The right solution integrates with an HCM (Human Capital Management) platform, providing a smooth, all-in-one experience that simplifies time tracking, attendance, and compliance.
The sooner you make the switch, the faster you’ll gain a competitive edge. Putting off this upgrade might mean falling behind, while your competitors benefit from tools designed to make business smoother and more efficient. Here’s why time and attendance tracking software should be on your radar.
AUTOMATION AND TIME MANAGEMENT
Easy-to-use software allows employees to submit their hours daily or weekly depending on your requirements. This automation improves time management for both your:
- HR team — not tracking down every employee and every hour worked
- Employees — spend minimal time worrying about hours
In fact, studies have shown that automating tasks like time management can reduce wasted time by nearly 69% by making tedious and repetitive tasks a thing of the past. Forbes adds that according to employees surveyed in a report, automating small tasks like time and attendance saves them up to two work hours a day, equal to 240 hours per year.
PAYROLL INTEGRATION
For employees, payroll disturbances can be terribly inconvenient for those who rely on their paychecks to pay bills and feed their families. While most workers would love to have enough in savings for those slight bumps in the road in payroll, it's not always the case.
According to studies reported in Forbes, 28% of people making $50,000-$99,999 'usually' or 'always' live paycheck to paycheck, and 70% of them are in debt. LendingClub Corporation adds that another 40% with incomes over $100,000 also live paycheck to paycheck, with at least 12% of those struggling to pay important bills.
As for HR, disruptions in payroll can become more time-consuming to correct than the free time the team has to offer. There are a lot of important moving parts for HR to address to ensure employees are happy and productive and the company is on track for growth — and no time for mistakes. When timesheets automatically sync with payroll, there is less lift and more accuracy.
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SUPERVISION
Although there is a misconception that less supervision is more motivating, research often says otherwise. According to Chron, "One of the most important purposes of supervision is to provide a supportive and comfortable atmosphere in which employees can feel comfortable at work."
With the right time and attendance tracking software, supervisors can easily manage time and attendance dashboards to keep tabs on employee productivity. This can be a great way to acknowledge and reward employees who are on track and discuss potential solutions for those underperforming.
Your tracking software solution can allow you to create and edit schedules, browse and change employee time cards, leave requests that need approval, create customizable time and attendance reports, and more.
MOBILE USAGE
Mobile usage has been rapidly growing in the workplace over the last decade or more. While it was once forbidden to bring your phone out at work, it has now become a requirement — if not a necessity.
According to a study conducted by Samsung, 93% of workers use their smartphones at work. The report also found that as much as 33% of their workdays are spent on a cellphone, with some occupations seeing much higher figures. To support mobile-friendly usage even further, the cellphone company adds that nearly half (42%) of participants surveyed preferred their cell phone for work over other devices.
The right time and attendance software will allow employees and employers to manage time and attendance from a mobile app, keeping these essential tasks easily accessible to those who need them — not to mention further improving efficiency and productivity.
IMPROVE YOUR TIME AND ATTENDANCE SOLUTION
An HCM platform takes your HR team to the next level, improving their impact on employees and the company's growth by freeing up precious time to focus on more important matters and contribute to the bottom line. Easy integrations to your HCM are essential to accessing all your accounting needs in one place.
When you're ready to explore all of your HCM and integration options for more growth opportunities, contact our team at Your Payroll Department.
After all, time is money, and the only way you're going to get some back is by automating small tasks that are better suited for technology. Click the "Let's Chat" button to get this party started.
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The YPD Team
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Heather Palermo : | August 07, 2020
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