Still using pen and paper? Have you considered how much manual timekeeping costs a business?
1. Employee Time Theft
Manual time and attendance 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 economical automated system like TimeWorksPlus.
2. Inaccurate or Insufficient Records
Without trustworthy employee hours data, it is hard to make informed decisions about human resource allocation. This, in turn, curtails 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 submit payroll in minutes, they are free to work on company initiatives that improve employee productivity and loyalty.
4. Increased Overtime
Paper time card systems don’t have built-in alerts to alert supervisors when employees are approaching or have exceeded their authorized hours. The larger your company, the more last-minute 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 team members.
Numerous studies have established 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 supervisor or the HR department. When team members are empowered, they feel better about their jobs which triggers 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/
Horizon Payroll Solutions offers Swipeclock Workforce Management Suite, the powerful, fully-integrated Workforce Management Suite that makes it easy to optimize the performance of your supervisors, employees, and company.
Swipeclock Workforce Management Suite includes TimeWorksPlus, TimeSimplicity, and TimeWorks Mobile. Swipeclock Workforce Management Suite is created for busy employers like you who need to streamline scheduling, automate time and attendance tracking, maintain regulatory compliance, and decrease labor costs.
How much can you save? Check our Horizon Payroll Solutions ROI Calculator.
We can get you up and running with Swipeclock Workforce Management Suite in minutes. Contact us today to schedule a demo.