Still using pen and paper? Have you considered how much manual timekeeping costs a business?
1. Employee Time Theft
Pen and paper timekeeping systems can be exploited in a number of ways from hours padding to buddy punching. Some large employers who switch to an automated system are surprised by the drop in employee hours the very first pay period. Even if you notice just a small reduction, this advantage will compound, quickly paying for the cost of adopting an advanced yet cost-effective automated system like TimeWorksPlus.
2. Inaccurate or Insufficient Records
Without trustworthy employee hours data, it is difficult to make informed decisions about human resource allocation. This, in turn, decreases productivity.
3. Unnecessary Admin Costs
With old school manual timekeeping systems, your admin staff spends tedious hours troubleshooting timesheet inaccuracies and missing information, and then manually entering the data into the payroll system. When your HR staff can process payroll in minutes, they are free to work on company initiatives that increase employee productivity and loyalty.
4. Increased Overtime
Paper time card systems don’t have built-in warnings to inform supervisors when associates are approaching or have exceeded their authorized hours. The larger your business, the more unexpected overtime costs you.
5. Higher Employee Turnover
Inaccurate timekeeping and restricted access to basic information contribute to employee frustration and higher turnover. Many employers don’t realize how costly it is to replace employees.
Numerous studies have shown that it costs about 20% of annual salary to replace an employee making less than 50k a year and the costs increase with higher paid employees.* Do the math: for a team member making $30,000 a year, that would be $6,000.
Automated time and attendance systems allow employees to manage their time cards and monitor PTO, vacation, and other accruals without having to go through a manager or the HR department. When staff members are empowered, they feel better about their jobs which results in increased productivity.
*Heather Boushey and Sarah Jane Glynn, “There Are Significant Business Costs to Replacing Employees,” Center for American Progress, November 16, 2012, https://www.americanprogress.org/issues/economy/reports/2012/11/16/44464/there-are-significant-business-costs-to-replacing-employees/
Accurate Data Payroll Processing offers WorkforceHUB, the unified Human Resources portal that makes it easy to optimize the performance of your managers, employees, and company.
WorkforceHUB includes TimeWorksPlus, TimeSimplicity, and TimeWorks Mobile. We’ve just added onboarding, benefits enrollment, performance reviews, and employee engagement! WorkforceHUB is developed for busy employers like you who need to streamline scheduling, automate time and attendance tracking, maintain regulatory compliance, and reduce labor costs.
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