That’s how much money employers lose in worker productivity every year due to issues with employee time and attendance, according to recent reports by the Boston Globe and the Denver Post. Whether this is due to employees arriving late, leaving early, or getting their buddies to punch in for them, employees are stealing time and money.
But wait before you turn to your workforce looking for potential suspects. First, you may want to take a look at whether you're still using filing cabinets, filling out paper time cards, or using spreadsheets to track your workforce's time. If you are, there’s a simple way to ensure your workforce isn’t a part of the $400 billion dollar problem – getting the right time and attendance software. And here are the top 5 benefits your organization will see from getting it.
1. Increased productivity
Companies with up-to-date time and attendance software save approximately 5 hours of employee time per pay period while also increasing the data’s accuracy. Now employees are unable to use under-the-table tactics like buddy punching, which leads to this uptick in productivity. You will also see benefits in lower overhead to manage employees due to fewer manual processes like those in payroll.
2. Reduced errors
There’s no denying it, people make mistakes. Employees, managers, the CEO, everybody. So why should we expect any manual process in time and attendance to be totally accurate? Time and attendance software can be relied upon to have accurate data – saving both employees and managers major issues when it comes time for payroll.
3. Increased compliance
Automated time and attendance software helps you stay up to date on all the latest regulations. Many time and attendance software packages will alert you about any changes to the code to help prevent potential violations. Also, since you have all of the accurate workforce data immediately available, it will help you pull up any necessary information if you run into issues.
4. Integration across departments
No longer do you need to manually enter data collected from HR and input it into payroll. The right time and attendance software will integrate across departments seamlessly. This will save you countless man-hours as well as increase the accuracy of data across departments.
5. Increase employee satisfaction
This is the most influential benefit of implementing time and attendance software for companies. The ones who resist are the small group of employee who actually steal time! The employees that don’t take off early or buddy punch become all the more committed to doing a great job because now they know that their less honorable peers won’t get away with shady tactics.
These are just some of the benefits we’ve seen with the implementations and upgrades of time and attendance software with our clients. But we’d love to hear more from you! What other benefits have you seen? Any negatives? Feel free to comment below!