Tracking attendance and time of employees is the most fundamental process for any organisation. Unfortunately, still stuck in the ice-age, many businesses fail to track time or often depend on some manual time tracking technique or tool. It is quite easy to presume how long an employee works during his/her typical 9 to 5 shift. Nevertheless, in several cases, assumptions often fail to synchronize with the reality causing businesses to lose by remunerating employees for the time they didn’t actually work.
Here’s how to know if you are paying your employees for lost time:
What exactly is lost time?
For a number of businesses, the mere idea of lost time infers employee sick leaves and vacations. The truth is that many entrepreneurs and managers often tend to overlook the fact that it is very much likely to lose time in smaller packets that can conjure huge loss of revenue over time. For instance, consider an employee who often shows up late say 10 minutes on a daily basis. Now such an employee who shows 10 minutes late or extends his/her lunch break for 10 minutes daily and works for 20 days in a month would accumulate dozens of hours of his/her pay for the time not worked on a yearly basis. Ultimately, you end up paying that particular employee for the time he/she didn’t work for the organisation. Consider the impact this can have in a span of 2-3 years, the financial implications can be staggering.
Click here to unravel 7 best-kept employee time tracking secrets for HR.
Why manual time tracking has become a passé?
If you have an attendance and time tracking software for your organisation, but you still are using spreadsheets or other manual tool, then you are missing out on the various benefits that an online time tracking system can offer. It is difficult to derive accurate results with a manual time tracker. For instance, is your manual tool capturing accurate details (punch in/punch out details, breaks, late comings, etc.) as and when they occur or your HR has to rely on spreadsheets, guesswork or memories? Employees often forget small details like stepping out of the office for a call or leave a few minutes early. Whether intentional or non-intentional, these things tend to happen and might cause payroll inconsistencies and redundancies affecting your company’s revenue and profits.
A time tracking system that can automate the entire process of employee time tracking offers several benefits. It helps to remunerate the employees for the exact time they have worked. Further, the management enjoys instant access to accurate time and attendance details to help with performance reviews and payroll processing. No need to invest hours in doing the same manually.
The accuracy and precision offered by a time tracking software enables your business to invest the saved time and money in other critical tasks.
Unsure of how much time and money your business is losing due to lost time? Maybe it’s time to introduce an automated time tracking system.
To learn how a cloud based automated time tracking software can aid your HR and mitigate revenue loss, contact us. You can also write to us at firstname.lastname@example.org or give us a shout out here Twitter or Facebook.