Many factors impact your company’s bottom line, and time and attendance are amongst the top. Attendance and time management are essential to supervising and cultivating a strong workplace and healthy culture. The cost of absenteeism and time theft have a far greater bearing on your bottom line than the cost of wages and benefits.
By implementing and automating a time and attendance software solution, you can:
reduce time theft
reduce labor and administrative costs
reduce tardiness and overtime costs
produce accurate wage projections
Time theft is common and defined as payment to an employee for time that is not actually worked. Inflated payroll combined with lost productivity can cost employers more than $400 billion annually. There are many ways that a company can suffer losses from time fraud:
Whether your workforce is static or mobile, there is a solution that fits your needs.
Monitoring attendance is also critical to ensure a healthy culture, high morale and the fulfillment of your employees’ obligations to your organization. When attendance and punctuality are in alignment, increased productivity is a positive byproduct.
The main advantages of tracking and monitoring time and attendance are:
saving time & money
There are also other tactics that you can evaluate in conjunction with your customized time and attendance system to create a wholistic approach and awareness to your bottom line. Take the time to contact your local local Payroll Vault office to learn more about wrangling in your bottom line.