Economists and financial experts are tripping over themselves on the state of the economy and thus far, many are unable or unwilling to predict whether we are headed for another global recession. Some are pointing fingers at countries loaded with debt and are asking if it’s going to flow in their back yards. At the same time, governments in many countries are telling citizens to watch their spending, while others are implementing austerity measures to curb a freefall in their economies.
Business executives do not like uncertainty in the market-place so when the economy slows, job loss tends to follow. There are many things that keep executives up at the night regardless of the health of the economy. Labour is the highest expense for most companies and the ability to trim that cost during an economic downturn is foremost on the minds of many businesses. One of the most effective tools for managing labour costs is a time and attendance system.
If one or more of the reasons below applies to your company, you need a time and attendance solution to help curb your payroll expenses.
Payroll: If hours are manually keyed into your payroll software at the end of each pay period, chances are errors will occur. The ATS data integration is a seamless process and best of all, it saves time and money.
Reporting: Your employees work on different projects during the course of a shift and you would like to know how many hours are spent on these projects. Using Excel spreadsheets and multiple hand written time sheets is a slow and frustrating process for supervisors and the payroll department. Instead of relying on employees to keep track of the jobs they worked why not switch to an automated time management solution? Our system creates precise records based on the hours that were actually worked.
Buddy Punching: This is when an employee punches a time card for a friend of theirs. When this practice goes unnoticed it can costs a company thousands of dollars a year. The implementation of a biometric time and attendance solution is the answer.
Overtime: In addition to automatic tracking of overtime, an automated time and attendance solution will track: premiums, statutory holidays, multijurisdictional pay policies, vacation and personal time off.
The large amount of evidence gleaned from years of studies, shows that companies who implement an employee time tracking solution receive an immediate cost savings on their annual payroll expense.
To learn more visit us online to view a demo of our time and attendance software.