Still using pen and paper? Have you considered how much manual timekeeping costs a business?
1. Employee Time Theft
Paper time card 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 reasonably-priced automated system like TimeSource Plus.
2. Inaccurate or Insufficient Records
Without reliable 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 boost employee productivity and loyalty.
4. Increased Overtime
Pen and paper timekeeping systems don’t have built-in alerts to inform managers when employees are approaching or have exceeded their authorized hours. The larger your business, the more unplanned 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 pricey it is to replace staff members.
Numerous studies have established that it costs about 20% of annual salary to replace a team member making less than 50k a year and the costs increase with higher paid employees.* Do the math: for a staff member making $30,000 a year, that would be $6,000.
Automated time and attendance systems allow staff members to handle their time cards and monitor PTO, vacation, and other accruals without having to go through a supervisor or the HR department. When staff members are empowered, they feel better about their jobs which generates 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/, accessed March 31, 2017
Access1Source offers Workforce Management Suite, the powerful, fully-integrated Workforce Management Suite that makes it easy to optimize the performance of your managers, employees, and organization.
Workforce Management Suite includes TimeSource Plus, TimeSimplicity, and TimeWorks Mobile. Workforce Management Suite is designed for busy employers like you who need to streamline scheduling, automate time and attendance tracking, maintain regulatory compliance, and lessen labor costs.
How much can you save? Check our Access1Source ROI Calculator.
We can get you up and running with Workforce Management Suite in minutes. Contact us today to set up a demo.