Data is power. With data, business leaders can make clear, confident decisions that drive organizational success. For many businesses, data can uncover opportunities for greater cost-saving efficiencies — and comprehensive workforce management systems like Kronos, collect tones of data and present workforce insights in understandable and in-depth snapshots. Using these insights to pinpoint ongoing unanticipated costs is a smart way to start, but where do you even begin to look?
Time Is Money
Every employee produces an enormous amount of data, from the moment they clock in to the minute they clock out. Clock-ins and clock-outs reveal a lot on their own because both early and late swipes come at an expense. Take a recent example where a hospital system saved $500,000 dollars by tackling irregular punches.
With the help of a workforce consultant partner, Mission Health was able to identify the cost of inconsistent attendance/timekeeping policies and enforcement between its branches, and set forth a plan to tighten its oversight. Importantly, they also brought their many teams into this process.
- Identified early/late punches as an unusual expense
- Uncovered timekeeping/payroll policy discrepancies throughout the system
- Consulted managers across the organization
- Unified policy after achieving consensus
- Configured workforce management solution for system-wide enforcement/compliance
- Communicated and enacted policy change with team trainings
If managing clock-ins and clock-outs alone can save an enterprise hundreds of thousands of dollars, imagine what else workforce systems can help uncover. These solutions can help set forth smarter scheduling and in-depth performance targeting that add even more savings.
Put Goals Into Greater Context
One thing Mission Health seems to have done well is communicate the value of these new policies to its employees. The cost of healthcare is, of course, a major topic of ongoing conversation nationwide, but in a more immediate sense, their efforts to cut costs helped preserve the budgets that keep their people employed. We've made the case for sharing data with your employees before, because it builds transparency and trust around organizational goals.
And as workforce consultants, our team at The WFC Group can help you bring this crucial data to the surface, help set forth new and improved standards and present the value of your efforts in a way that matters most to our employee base. Our conversation starts with you!