Picture This – You Are A Small Company Of About A 100 Employees.
You have a visionary product, laser focused goals for the next quarter and a stupendous team to help you achieve this. Since it is the initial part of your company’s journey, your team obviously puts in extra hours to make it to survival in the competitive market. This very team is your strength. And work pressure should not take the needs of this team for granted and make them work for longer hours without recognition.
Most small businesses rely on the belief that initial work is important and once due revenues pour in, everyone will be rewarded. Although this is right, sometimes this time stretches far too long and exhausts employees if their lives are not made easier. As a most basic example, in this time, employees are expected to work overtime, give their best and also take care of their own attendance by being reminded to sign in and out every day, keep track of their leaves and manage to remember details of attendance if asked. This has frustrated many people I know including myself, as no one wants to keep track of things which are so mundane.
Even The Most Enthusiastic Of Employees Can Get Demotivated If Pushed Up Against The Wall For A Long Time Without Being Rewarded In Some Way.
Small businesses are the heart of entrepreneurship, passionate visions, and enthusiastic talent. The learning curve in start ups and small to medium enterprises is immense, owing to the fact that it has fewer employees who are presented with truck loads of ownership and responsibilities. If your employees are giving you so much of their time and resources, they need to be rewarded for it by getting paid accurately and on a timely basis.
“Finding the right talent is way too hard in itself and if you do manage to crack that, do your best to retain them.”
74% of employers experience payroll losses related to buddy punching. According to Nucleus Research, these losses average 2.2% of gross payroll.
Most organizations look outward to improve their processes. But most answers for improvement lie within the organization – we just need to ask the right questions. We keep looking at different kinds of technology, each of which promise ways in which they can increase efficiency across various functions.
But in this quest for the right technology, enterprises often neglect one of the most critical functions of their model – employee time tracking system. Time and attendance systems based on paper time cards, registers, buddy punching etc. lead to a loss of hundreds of hours and thousands of dollars each year.
“Employees reported stealing roughly 4.5 hours per week, which is equivalent to 6 weeks of vacation!”
Keeping track of employee attendance can be a daunting task if done manually. The biggest challenge here is also to ensure that employers are able to manage employee time effectively so that everyone is productive. This requires keeping detailed records of sick leaves and holidays, as well as ensuring that payroll gets done in an error-free manner and on time.
The scope for manual mistakes remain at its peak, however, this can be reduced by investing in the right technology. But time management and tracking are also of critical importance, as it has many benefits. Switching to an automated system that helps manage attendance and time without any effort on anyone’s part and which also integrates into payroll can make the lives of employers really easy.
The Least Your Employees Need Is Freedom From Keeping Track Of Their Own Attendance.
Let your employees breathe! They anyways have a lot on their plate. An attendance management software and time tracking system can empower both employees and HR teams to move away from documentation and focus on their core responsibilities.
Here are the advantages it provides apart from reduced frustration among employees:
Lesser Time In Processing Payroll
Processing payroll can be daunting. The benefits of a smooth and error free payroll process can potentially convert into creating a culture of happier and more productive employees among many other benefits. An employee attendance and time tracking system which can be integrated with payroll would mean thousands of hours being saved every month for employees and employers which are otherwise spent on recording, tracking, and processing of attendance.
Investing in an automated system can enable businesses to cut their time otherwise spent on calculating payroll and also free employees from getting frustrated. Employees can focus more on their job and responsibilities, rather than feeling over burdened with the task of accounting for themselves.
No Human Error In Bookkeeping
A single wrong entry or a misplaced digit can lead to massive accounting errors if done manually. The scope for human error in such critical tasks is always high. After all, to err is human. Such errors if left uncorrected can affect payroll, and your bottom line. A technological attendance tracking system prevents this and always gives out correct calculations, thus saving all the futility that comes from asking employees to log in and out multiple times a day.
The number of documents for each employee in an organization can be massive, and this progresses geometrically when done for hundreds of them. Even before the real paperwork begins, sifting through, organizing and processing paperwork in itself can be extremely time-consuming. An employee attendance and time tracking system when integrated with payroll eliminates this huge effort and time otherwise spent on paperwork, which can be utilized in other core issues.
Standardized Information Hub
A centralized software that marks attendance and integrates into payroll is a standardized solution to processes for all employees. It is a central database with the same information that can be accessed by any employee from anywhere over any device. The kind of information being accessed can also be controlled. Such an access also creates a sense of trust as it promotes transparency and ensures a level playing field for everyone, rather than critical information being in silos.
Adherence To Laws
Payroll needs to incorporate and abide by strict state and federal labor laws which regulate things like overtime pay and record keeping. Keeping all these laws in mind and doing a manual calculation and look through of laws can create errors which can put employers in legal trouble. With an automated attendance tracking and payroll system, all these concerns automatically get tick marked with just a few clicks. Any update in laws can also be incorporated in the system quickly which can enable enterprises to always stay on the right side of law and eliminate the prospect of being filed with a lawsuit and lose a lot of money in the process.