Keeping track of employees’ time and their attendance is a huge burden for employers. Are they at work? Are they on vacation? Did they clock in on time? These are all important items to know, but often difficult to manage.
Time is important – to everyone, yet over 40 percent of organizations have not automated timekeeping. And despite its importance, most companies don’t realize how much money they waste on sub-optimal timekeeping.
• According to the American Payroll Association (APA), companies that lack automated timekeeping have up to an 8 percent error rate on their payroll.
• The APA states that 4 hours and 5 minutes are wasted per employee per pay period taking long lunches, being tardy and leaving early.
So now that it’s clear how important timekeeping is, here’s what you should look for to optimize your results:
• Seek out a time and attendance system that has the capability to capture assignments, projects and expenses regardless of location of the employee or office.
• Look for a system designed to identify and alert you of potential payroll issues before they occur. The system should interface with your payroll platform.
• Find a system that allows you to maintain employee data in one location.
• Search for a system that ensures compliance with labor laws, government and union regulations.
Time and attendance systems play an important role for employers by saving time and eliminating the risk of errors with manual tracking. A good system will allow you to collect and organize your employee’s time data simply and accurately, ultimately saving you time and money.
How does your company manage employee time? What challenges do you regularly face?