Tracking Time and Attendance is critical for all organisations, no matter what size or what methods are used to determine employee pay. Having an automated time and attendance managing software in place helps organisations across all industries save HR bandwidth, reduce operational costs, lead to better reporting and enable consolidation of employee attendance data.
Many departments across the business, from benefits to payroll, are affected by the capabilities of Time and Attendance software. The main emphasis of Time and Attendance software is to help maintain an efficient, productive, and cost-effective workforce.
As organisations are becoming dynamic, the optimisation of the workplace is becoming more challenging. In the ever-evolving workplace of today, many chargeable work hours happen outside the office and even outside normal work hours. Increasingly more employees are working from home, from remote locations, and while on the move. Even though this allows businesses to be more effective and flexible, it can also make tracking employee work time quite problematic. Time and attendance software allows an organisation to build a clear picture of employee time-keeping through comprehensive reports on attendance, absenteeism, overtime, flexi-time, rostering, and holiday leave. In addition to preventing expensive fraud through time theft, the software can benefit your company by:
- Creating more strategic schedules to limit the amount of overtime paid to employees.
- Automating accruals for paid time off, benefits, and more so that the HR and accounting teams have to spend less of their time doing so and hence save operational costs.
- Tracking and modifying employee pay scales as needed during their tenure with the organisation.
- Setting up lines of communication with employees about their time and attendance regularisations to reduce misunderstandings and increase transparency.
- Make budgeting and job cost calculations simpler and more effective since time and attendance are more predictable.
- Match specific employees’ areas of expertise with the departments and shifts that can most benefit from them to reduce wasted time and improve efficiency.
- Implementing quality time and attendance software can also help you better comply with labor laws and company policies.
An increasingly large number of companies around the world are looking to increase their profits by better managing the available resources and carrying out day-to-day tasks and operations in a more efficient way. An automated time and attendance management software is one of the best tools available to employers today to conceive, create and implement an efficient and profitable business model that maximises employee potential. Following are some of the ways a time and attendance system can help businesses save money -
1. Time and Attendance Tracking Software Limits Overtime Costs
If your organisation’s unplanned overtime costs are creeping up, time and attendance tracking software can put the HR department back in control in several ways. For example, nowadays many time-tracking solutions include built-in employee scheduling systems that proactively flag inadvertently scheduled overtime. They also make it simpler for managers to schedule employee time effectively, minimizing the need for on-the-spot overtime decisions.
In addition, an advanced time tracking system that will text or email managers real-time alerts if an employee is about to cross into overtime helps managers take immediate action, even if they’re miles away from any given worksite.
2. Time and Attendance Tracking Software Reduces Admin Costs
When an organisation shifts from a manual time-tracking system to an automated time and attendance tracking software, the HR and payroll staff will gain back hours, every payroll cycle.
In fact, when a company replaces its manual time cards with comprehensive time and attendance tracking software, it can shrink its payroll team by more than 75%. Imagine how much costs could save the organisation over the course of a year.
3. Time and Attendance Tracking Software Produces Cost-Saving Reports and Analytics
Better availability of data leads to better decision making. A well-designed time and attendance tracking software can generate useful reports and analytics that will give managers visibility into their workforce so that they can run their business better.
For example, it will help the leadership answer questions like -
- Where is the bulk of the unplanned overtime occurring?
- Who are the chronically tardy employees?
- Which employees are punctual consistently?
Once the team has access to this data, they can take corrective action. In short, by watching the time and attendance analytics, managers can keep a lid on wasteful spending.
4. Centralised System
An automated time and attendance system allow companies and organisations, especially those with an international presence and offices spread across geographies, to implement a standardised clock-in system for all employees to follow, regardless of their physical location. This in turn creates a centralised database, which reduces redundancy and ensures consistency in all information gathered. This greatly saves the organisation time and money.
This also helps the companies greatly reduce expenditure on printing costs, paper, and other items related to stationery when they replace a manual timekeeping procedure with a paperless, automated timekeeping system.
5. Leveraging Cloud-Based Technology
A cloud-based time and attendance system is extremely cost-effective and offers additional benefits, such as low upfront costs, minimal ongoing maintenance expenses, and a secure setup that is globally accessible. Also, cloud-based systems allow companies to do away with the need for in-house IT support personnel, as all data is maintained on an online server that can be accessed through any web-enabled device.
While many businesses are still clinging to the old order of manually maintaining attendance registers, automated systems are a growing reality that is becoming increasingly commonplace and efficient in every way. Computers excel at tasks involving large numbers and complicated calculations, thus freeing up a lot of time for employees during working hours. Organisations have realised allocating human resources to calculate the number of hours clocked in by employees is time-consuming and not the most efficient way to keep track of employee time.
Hence, an increasingly large number of companies around the world are looking to increase profits by better managing their available resources, in order to carry out day-to-day tasks and operations more efficiently. Without a reliable employee attendance management system, organisations will have to face compliance issues, payroll errors, and more. Replacing paper-based timesheets with appropriate attendance management software will help organisations save time, reduce administrative work, maintain accurate attendance records, and eliminate process bottlenecks.