Why does your new business need to implement a time and attendance solution?
It is unfortunate that a tiny percentage of business owners spend money to improve their businesses internally. So many companies out there forget the fact that enhancing employee productivity is one of the keys to company transformation. They might have the idea but mostly spend more money and resources in other areas such as customer acquisition and marketing. Unfortunately, companies are making losses from neglecting internal systems. For instance, over 80% of employees are guilty of time theft according to a report from Kessler international.
There are many ways to avoid time theft in the office and buddy punching. However, implementing a viable time and attendance solution comes with a number of great advantages. Here are some of the reasons as a way you should implement a time and attendance solution for your new business before it’s too late.
Do away with time theft
As mentioned earlier, over 80% of employees have in the past admitted to time theft. It’s however, costing millions of dollars to US companies as well as other countries. Time theft can be done deliberately or unintentionally when employees spend time in the office doing personal stuff such as receiving personal calls and responding to personal emails among others.
Buddy punching or employees clocking in for their colleagues is one of the most common types of time theft. Fortunately, it’s one of the easiest to eliminate using a reliable time and attendance solution. Some systems can’t be entirely fooled such as those that rely on facial recognition and fingerprint scanning among other biometrics.
Moreover, most systems such as those provided by index time clock, will automatically calculate paychecks from data collected. Such systems do not only save you time, but also improve your relationship with your employees due to transparency.
Improve morale for compliant employees
Sometimes, hard-working and obedient employees might feel overwhelmed which may lead to less productivity when they realize that their colleagues easily get away with time theft. It does not only reduce employee enthusiasm, but it also develops a negative culture such as buddy punching in the office. Furthermore, once employees know that there is nothing in for them for being honest in their attendance, they may try to game the system through buddy punching and submitting incorrect timesheets.
An automated time and attendance solution allows you to identify such issues and prevent them from happening again immediately. When employees feel the management is fair to all and can reward and punish for time management, they are likely to make better decisions when it comes to time management in the office leading to better productivity.
You will avoid inaccuracy
Since you want to have accurate data for you to measure return on investment, implementing a digital time clock solution comes in handy. We are only humans and therefore have the potential to make errors during submission of timesheets as well as the calculation of paychecks. Moreover, in some instances, some employees might try to submit extra hours in order to earn extra unfairly.
Implementing a time and attendance solution gets the job done leading to better services for your employees. It might take a lot of time to correct errors involved in paycheck calculation and timesheets stealing valuable working time. If you have an automated time and attendance solution, the margin for error is very minimal meaning a happier workforce and better data collection for you.
You will save a lot of time and resources
Without a proper time and attendance solution, you are likely to waste a lot of time and resources trying to calculate the money spent on human resource and the actual output from employees. Whether you decide to use a manual system where employees fill in timesheets or calculate pay based on projects, the time spent and resources can be overwhelming.
It’s no secret that paper-based record-keeping is time-consuming and unreliable. A lot can go wrong such as loss of data, extra budget on stationary and storage room and valuable time wasted calculating paychecks. With an automated time and attendance solution, you don’t have to worry about extra papers or storage room as all data is stored in the cloud where it is easily accessed on demand.
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