Your employees could be stealing $800 or more each year with your blessing. Employee time theft is a rising concern across the small business community as workers come in late, take long lunches, clock out early and waste time on Facebook. If just a single employee making $10 an hour is late 15 minutes each workday, you are handing over $800 annually and getting nothing in return. One of the simplest solutions to get that money back is to implement an automated time and attendance system. Most costs are recouped within the first year, and the accumulated benefits far outweigh the initial investment.
Here are just a few advantages of electronic time and attendance systems:
1. Control employee time theft: Don’t let an employee say he was present on a particular day when he wasn’t. An automated system tracks all hours at a particular worksite and gives managers instant access to attendance reports.
2. Automate reporting: Learn what your employees are doing even if you are out of the office. Many automated time and attendance systems send you notifications about late sign-ins, absences or potential errors in time tracking.
3. Maximize efficiency: Most paper attendance systems require the employee to fill out a timesheet, then the supervisor signs it, a senior manager audits in and a payroll agent enters the data into a payment system. You can eliminate duplicate work by letting employees swipe in and out and sending the data directly to payroll. You also eliminate costly human errors.
4. Integrate time and attendance details with payroll: By getting rid of wasteful data entry steps, your company can process more payroll transactions in less time with fewer employees. You don’t have to collect time cards, track down late submissions, calculate hours or contact employees about inaccurate or illegible details. You also avoid the hassle of missing timesheets and paper record-keeping.
5. Gain more flexibility: Archaic paper systems are typically built on time-consuming processes with little documentation. If the payroll technician takes time off during a pay period or, even worse, leaves the company, the business comes to a standstill. With automated systems, payroll personnel can take vacations and the staff still gets paid on time. Most modern systems are so simple that new employees and temporary replacements can be up to speed within a few hours, even if the official payroll representative is not there to conduct the training.
6. Gain business insights: Most paper attendance systems are so complicated that business owners have little time to look for trends. Automated attendance software lets you review a variety of metrics, including the number of employees off on any particular day, high-volume vacation periods, popular lunch times and even projected absences over holiday weekends. You can use staffing reports to coordinate times for training and other events.