5 Reasons to Invest in a Time and Attendance Platform
Think you’re accurately capturing your employees’ time? Think again. According to one study, almost 80 percent of the businesses using timesheets admitted they regularly have to make corrections before they can run payroll. Not only can these mistakes cost a business time and money, they also put employers at risk of wage and hour disputes. That’s where a time and attendance platform can help.
Automated time and attendance tracking offers a number of key advantages over manual-based approaches:
- Improved Accuracy: Relying on employees to report their hours can work, but it may also result in errors, inadvertent or not — something called time theft. And even HR professionals who manually track workers’ time can make mistakes. An automated platform can eliminate errors and the risk of overpayment so you only pay for the hours worked and not those scheduled.
- Cost Savings: For HR, tracking attendance and hours is not only tedious, it’s time consuming, detracting staff from more valuable, strategic roles. Digital systems streamline the process, saving you time and resources. And, with systems that also manage PTO, you’ll further boost HR efficiencies.
- Enhanced Employee Morale: An estimated 82 million workers have experienced a paycheck error. And the results can strain employer-employee relations. In fact, according to a study, 49 percent of the American workforce will search for a new job after experiencing just two issues with their paycheck. An automated system will boost accuracy to positively affect productivity, satisfaction, and retention.
- Better Record Keeping: Under the FLSA, employers must keep records of hours worked for non-exempt employees for three years. While employers may use any timekeeping method as long as it’s complete and accurate, automated systems can make record storage and retrieval easier – also valuable in the case of any disputes over compensation as well as when documenting chronically late employees.
- Seamless Payroll Integration: Instead of wasting time using paper-based timecards to calculate payroll, an automated time and attendance platform that integrates seamlessly into your payroll system will result in faster processing. And, because the data is imported directly into the payroll system, you’ll avoid the risk of data entry errors.
To learn more about the benefits of time and attendance tracking for your business, review our Time & Attendance Overview or contact us at 866.658.8800.