Why Tracking Time and Attendance Can Boost your Profits
Most companies today are looking for any break they can find as far as cutting costs is concerned. While many scour through many aspects of their business, they often end up overlooking one simple area that could save them thousands – tracking time and attendance. Tracking time and attendance is a basic function of any company that is often either inadequately managed or taken advantage of by employees. There are a number of areas that tracking time and attendance can help you cut your costs and boost your profits, and although most of them are obvious, common sense type benefits they still manage to be overlooked by many companies. Here is why tracking time and attendance is so important to your business.
The most obvious way that tracking time and attendance helps improve your profits is by ensuring that employees are only getting paid for what they do. Most companies still rely on hourly wages to pay most of their employees, and tracking time and attendance efficiently helps you avoid overpaying. Simply assuming that each employee is working a full day or allowing employees to turn in hours that they're keeping themselves is a recipe for disaster. Even something as simple as coming into work five minutes late can add up quickly when you aren't tracking time and attendance correctly. That five minutes you're paying for adds up to about twenty one hours per year.
Most companies try to do their best at tracking time and attendance, but the process can be tricky. Buddy punching, wherein a pal punches the timecard of their friend who is running late or leaving a bit early, can ruin your efforts at tracking time and attendance and add up to thousands of dollars in overpayment each year. Employees do it because they don't realize the expense involved, and most department managers are so overworked that tracking time and attendance is the last thing they think about. But these issues are only one aspect of tracking time and attendance.
Many companies have employees who are on salary, and they assume that tracking time and attendance isn't as big of a deal. But even your salaried employees need to show up for work and get their job done. Just meeting a quota is fine, and once their quota is met they may be less inclined to work. When you're tracking time and attendance effectively you can ensure that your employees are working a reasonable amount of time each week. This can boost their overall productivity and raise your profits. You don't have to turn tracking time and attendance into a huge burden for your managers, either, since software for tracking time and attendance is readily available.
Unicorn HRO can provide your company with cutting edge tools for tracking time and attendance efficiently. The software is easy to install and simple to use and can reduce buddy punching, overpayment, and much more. With tools for tracking time and attendance you can help boost your company's bottom line and ensure that you're actually getting what you pay for. There are many options for tracking time and attendance effectively, and taking the time to add tracking time and attendance software to your company will be one of the smartest moves you make.