The greatest drain on a company’s resources is poor time and attendance tracking which affects payroll and production to a great degree, resulting in incorrect payments and decreased rates of production. The true impact of the improper management of time and attendance is measured in billions of dollars of lost revenue every year.
Reading the report published by Affinity Live and discussed by the Harvard Business Review, we can very quickly ascertain that the implementation of proper time tracking and payroll software is key to protecting corporate interests . The main protections against lost revenue are comprised of the following:
Accurate Time Tracking
Traditional time tracking methods using paper-based systems lead to lost time taken to manually clock-in and record times, fraudulent attendance records, lost and inaccurate records, late submissions of records and this in turn affects a company’s ability to reliably manage attendance, keeping shifts at optimum capacity and ensuring pay grades are accurately managed throughout each employee’s daily activities.
The simple addition of time and attendance software and biometric hardware allows full control over your workforce. It eliminates, in short order, fraudulent clock-ins or ‘buddy punching’, it streamlines the clocking in process itself by requiring a simple fingerprint scan instead of written or punched cards which leads to savings on cards themselves and the problem of lost or forgotten cards is entirely negated. The digital capture of attendance records lends itself to time and money saving as this data is able to be transferred automatically to your existing payroll software, removing the necessity to have staff recon and capture time records themselves.
Payroll and Payment Processing
The ability to have the time and attendance records automatically synchronized to the payroll software is a massive cost saver as it not only saves your staff time by calculating wages automatically but also allocates the proper pay grade per employee at to-the-second rates to ensure that the employee is not over or underpaid and that excessive breaks or absenteeism is mitigated by ensuring that employees are not paid for time that they did not spend working.
Shift and Leave Management
Time and attendance software comes with leave management and shift scheduling software which assists with ensuring that you are always operating at an optimum capacity without losing precious production rates to absenteeism or inefficient shift scheduling. The time and attendance system can project attendance in simple, effective reports that show when there are deficits or gluts in attendance, allowing you to pivot and reschedule staff on the fly to make sure operating costs are always within acceptable tolerances and that your company operates efficiently.
Keeping licenses and certifications up to date is key to avoiding downtime when your employees need to be re-licensed or passports renewed or your health and safety protocols re-certified. Making sure you are well aware of these dates allows you to get on top of them before they cause a shutdown or get you in hot water.
Avoid Shrinkage and Theft
The secondary benefits of installing access control systems backed by biometrics are that you add an extra layer of security to your workplace by limiting access to employees that aren’t supposed to be there. In this way you protect your stores, warehousing and IT centers by simply denying access to non-essential staff.
In closing, the addition of a time and attendance system backed by biometric access control positively affects profits from the very minute it is installed and activated. Providing tight control over access, to the minute payroll, workforce, and document management which all work in unison to ensure excellent operations management and security, all of which result in savings for the company.