The Department of Labor doubled the salary threshold for employees to qualify as exempt. More than 4 million workers are expected to lose their exempt status. Employees covered by the Fair Labor Standards Act (FLSA) will be entitled to overtime pay.
Labor costs represent the single biggest expense for most organizations, regardless of the industry or their size. In the last decade we’ve seen an increase in the time and attendance solutions that are built for the small business market. Most small employers gravitate towards cost effective, web-based solutions that don’t require upfront software or hardware investment. Web-based punching offers the ease of clocking in and out through a standard web browser making it convenient for office employees and remote staff. Have field service employees? Consider a GPS-based time tracking system.
Studies show that Automated Timekeeping systems can help small businesses reduce overtime by 20%.
Most timekeeping systems are designed to do more than simply collect data. They are powerful tools in labor management, equipped with automatic alert features that proactively warn of impending overtime costs before they hit. The best place to start when selecting a timekeeping system is your payroll advisor. Combining payroll and employee time tracking can streamline end-to-end payroll process and significantly reduce time it takes to collect and submit data for payroll.
Savings with Automated Timekeeping
- Cut and control labor costs
- Eliminate punch approximations
- Reduce clerical costs – Reduce human error, cut administrative time
- Improve Employee Habits – Eliminate “buddy punching,” reduce late arrival/early departures
- Employer Compliance – Labor dispute protection, department of labor compliance, new FLSA rule compliance
- Employee Accountability – Track salary & hourly employees, punctuality, increase productivity
- Convenience – Eliminate paperwork, access records immediately online
- Supervisor Visibility -Track employee behavior, improve staff coverage tools, view by employee
- Scheduling – View, plan then track — improve labor coverage strategy
- Employee Morale -Eliminate burden of tracking time, ensure payroll accuracy
- Manage Growth -Control costs, manage staff